Top 10 Best Forex Brokers that Accept Mobile Money

If you’re a forex trader looking for convenience and ease in handling your financial transactions, then mobile money payments are the solution for you. In this article, we will walk you through the best forex brokers that accept mobile money, putting the power of secure and swift transactions right at your fingertips.

Also Read: Best Forex Brokers in Nigeria

10 Best Forex Brokers That Accept Mobile Money (in 2023)

  1. HF Markets – HFM accepts mobile money deposits and offers a variety of trading accounts
  2. Exness – Exness  is one of the most popular forex brokers in Africa and accepts mobile money deposits
  3. FBS – FBS is a well-regulated broker that accepts mobile money deposits. They offer various trading platforms and account types to suit different trading preferences.
  4. LiteFinance – LiteFinance is a globally recognized forex broker that accepts mobile money payment and allows copy trading
  5. JustMarkets: JustMarkets is a reliable broker that offers a user-friendly trading platform and accepts mobile money deposits. It is regulated by several top-tier authorities.
  6. XM Forex – XM is known for its extensive product range and competitive trading conditions. They accept deposits via mobile money methods and have the easiest registration and approvals
  7. IQ Option – Most innovative forex broker. They offer a diverse range of trading instruments and provide mobile trading apps
  8. Pepperstone – Most regulated forex broker
  9. SuperForex: SuperForex is a globally recognized forex broker that accepts mobile money payments in Zambia.
  10. FxPesa: FxPesa is a CMA-regulated forex broker that accepts mobile money deposits in Kenya, Uganda, and Tanzania
HF Markets Forex Overview
💰 Min Deposit$5
📗 RegulationsASIC, CySEC,
💳 Trading FeesFrom 0.8 pips
⚖️ Max Leverage1000:1
💻 PlatformsMT4, MT5, HFM App
👑 Crypto TradingYes
☪️ Islamic AccountsYes

HF Markets, also known as HotForex, is a well-established and reputable online forex and CFD brokerage firm. It was founded in 2010 by a group of financial professionals and launched its services to traders worldwide.

HotForex offers a wide range of trading instruments, including forex pairs, commodities, indices, cryptocurrencies, and stocks, through various trading platforms, including the popular MetaTrader 4 and 5. The broker provides both retail and institutional clients with access to competitive trading conditions, advanced trading tools, reliable execution, and excellent customer support.

Over the years, HF Markets has received numerous awards and recognitions for its commitment to providing exceptional trading services. The broker has a global presence with offices in various countries, including Cyprus, South Africa, Seychelles, Dubai, and more, enabling them to cater to the needs of traders from all around the world.

HF Markets is regulated by multiple financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) of the United Kingdom, the Financial Services Commission (FSC) of Mauritius, and more. This regulatory oversight ensures that the broker adheres to the strictest operational and ethical standards, providing traders with a safe and secure trading environment.

HFM Mobile Payment Options

One of the standout features of HF Markets is the acceptance of mobile money payments, a necessary feature for Ugandan traders. This method has become increasingly popular in Uganda due to its convenience, speed, and ease of use.

HF Markets supports popular mobile money platforms such as MTN Mobile Money, Airtel Money, and others. This provision speaks volumes about the broker’s commitment to providing tailored services to its Ugandan clients.

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Exness

best forex trading apps with mobile money
Exness Overview
Min Deposit$10
Trading PlatformsMT4, MT5, Exness App
Average Spread0.1
Islamic AccountYes
Account Activation24 Hours

Exness is one of the renowned players in the world of online forex trading. For those looking to understand this broker, especially its mobile payment system, this section will provide a comprehensive overview.

Founded in 2008, Exness has grown to become a reputable player in the global forex trading scene. The forex broker is regulated by several financial authorities, including CySEC in Cyprus and the FCA in the UK. This means they adhere to strict guidelines to protect your funds.

Additionally, client funds are held in segregated accounts, ensuring your money is safe even if the company faces financial challenges. 

Recognizing the growth and popularity of mobile money in Africa, Exness accepts payments through the most common mobile platforms like MTN Mobile Money and Airtel Money. This flexibility allows forex traders in Uganda to deposit and withdraw funds conveniently and quickly, fostering a more efficient trading experience.

FBS

Established in 2009, FBS is a globally recognized forex broker that boasts millions of traders from over 190 countries. Their reputation is built on a foundation of offering a diverse range of account types, user-friendly platforms, and an array of educational resources.

FBS is among the best forex trading apps that accept mobile money. You can instantly fund your FBS account using mobile money. The process is straightforward – select the mobile money option, input the desired amount, and authorize the transaction on your mobile device. Your FBS account will be credited almost instantly.

Withdrawing your earnings to your mobile money wallet is just as simple. Request a withdrawal from your FBS account, verify the transaction, and the funds will typically be in your mobile money wallet within hours.

LiteFinance

forex trading apps that use mobile money
LiteFinance Overview
💰 Min Deposit$50 / 20717 NGN
📗 RegulationsCySEC
💳 Trading FeesFrom 0.8 pips
⚖️ Max Leverage1000:1
💻 PlatformsMT4, MT5, LiteFinance App
👑 Crypto TradingYes
☪️ Islamic AccountsYes

LiteFinance (previously known as LiteForex) is a Forex and CFD broker that has been operating since 2005. With more than a decade in the industry, LiteForex has built a reputation for being client-centric and providing a range of services tailored to both novice and expert traders.

A unique selling point for LiteFinance is its integration with mobile money platforms. This makes it easy for traders, especially those in regions where traditional banking might be less accessible, to deposit and withdraw funds.

LiteFinance primarily supports mobile money transactions in African countries. These include but are not limited to:

  • Kenya via M-Pesa
  • Uganda via MTN Mobile Money and Airtel Money
  • Ghana via MTN Mobile Money
  • Tanzania via Vodacom

If you’re scouting for forex trading apps that accept mobile money, LiteForex should certainly be on your radar. With its strong emphasis on client needs, integration with popular mobile money platforms in various countries, and robust trading tools, it caters to both the modern convenience and core trading needs of its clients.

JustMarkets

If you're looking for a trading platform that accepts mobile money, Justmarkets should undoubtedly be on your radar. Not only does it offer the convenience of mobile money transactions across various countries, but it also provides a robust and reliable trading environment.

Established in 2012, JustMarkets has grown to become a preferred choice for many traders around the globe. This broker, with its years of experience, has fine-tuned its services to offer a seamless trading experience.

Using mobile money on JustMarkets means you can instantly fund your trading account without the need for credit cards or traditional bank transfers. It’s a trading platform that accepts mobile money with open arms, ensuring that your transactions are processed swiftly and securely. This gives you the advantage of capitalizing on market opportunities without waiting for long transaction processing times.

JustMarkets offers various account types to cater to different traders:

  • Standard Account: Ideal for beginners with no commission and a minimum deposit requirement.

  • Pro Account: For the experienced traders, with tighter spreads and a reasonable commission.

  • Raw Spread Account: Best for those who prefer commission-free ECN trading.

XM Forex

XM Forex Overview
💰 Min Deposit$5
📗 RegulationsASIC, CySEC,
💳 Trading FeesFrom 0.8 pips
⚖️ Max Leverage1000:1
💻 PlatformsMT4, MT5, XM App
👑 Crypto TradingYes
☪️ Islamic AccountsYes

XM, established in 2009, has grown rapidly over the years and has earned a reputation as one of the leading forex brokers in the industry. With over 2.5 million clients worldwide, you can be assured you’re dealing with an experienced broker.

XM is regulated by several authorities globally, including CySEC in Cyprus, ASIC in Australia, and IFSC in Belize. This regulation provides you with an extra layer of security in your trading.

XM accepts mobile money deposits in many countries, including Kenya, Ghana, Nigeria, and Uganda. 

IQ Option

IQ Option Overview
🗓️ Year Founded2013
👥 Registered Users40M plus
💰 Minimum Deposit$10
💼 Trading AssetsForex, Commodities, Crypto, EFTs, Options
🔔 Demo AccountsYes

IQ Option is a popular online trading platform that operates in many countries around the world. It began its operations in 2013, and in the span of a decade, it has emerged as one of the most innovative and user-friendly platforms in the forex trading arena.

One of the platform’s strong points is its intuitive and user-friendly design. You’ll appreciate how easy it is to navigate, making it suitable for both beginner and experienced traders

IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC) under the name IQ Option Europe Ltd. CySEC regulation ensures that European clients are protected under a unified EU regulatory framework. But when we’re talking about African countries, the situation becomes a bit more varied.

In many African countries, the direct regulation of IQ Option might be ambiguous or non-existent.

Pepperstone

Pepperstone's mobile money integration is mainly targeted at countries in Africa and some parts of Asia. Mobile money solutions such as M-Pesa (popular in Kenya and Tanzania) and MTN Mobile Money (used widely in Uganda and Ghana) are integrated into the Pepperstone system.

If you’ve been on the lookout for trading apps that accept mobile money, then Pepperstone might be the forex broker you’ve been searching for.

  • Kenya and Tanzania: With M-Pesa, you can seamlessly transfer funds to and from your Pepperstone trading account. Considering how integral M-Pesa is to the financial infrastructure of these countries, this integration is incredibly beneficial for traders in these regions.

  • Uganda and Ghana: MTN Mobile Money users can take advantage of easy deposits and withdrawals. Given the broad reach of MTN Mobile Money in these countries, it’s evident that Pepperstone has put in the effort to cater to the needs of traders here.

Founded in 2010, Pepperstone is an Australian-based online forex and CFD broker. It boasts a strong reputation in the trading community and is regulated by several top-tier authorities, ensuring you’re partnering with a legitimate and transparent broker.

Pepperstone offers both the MetaTrader 4 and MetaTrader 5 platforms, as well as cTrader, which is particularly popular among advanced traders. These platforms are renowned for their user-friendly interfaces and advanced charting tools.

Pepperstone is regulated by some of the most respected authorities in the financial industry, including the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA). These regulatory bodies ensure that Pepperstone adheres to strict financial standards, thus safeguarding traders’ funds.

SuperForex

SuperForex is an international brokerage house licensed by the International Financial Services Commission (IFSC). Established in 2013, the broker offers over 400 currency pairs, CFDs, indices, and commodities.

best trading platform that accept mobile money

SuperForex stands out among all the forex trading apps that accept mobile money, with a tailored system that integrates seamlessly with popular mobile money platforms.

SuperForex’s mobile money services are particularly beneficial if you’re based in Africa. Here’s a breakdown of countries where SuperForex supports mobile money transactions:

  1. Kenya – Through M-Pesa, the most popular mobile money platform in Kenya.
  2. Uganda – Supported through MTN Uganda and Airtel Money.
  3. Tanzania – Via Vodacom Tanzania.
  4. Ghana – Through MTN Ghana.
  5. Nigeria – Though not fully a mobile money, SuperForex accepts Nigerian Naira payments via local banks, which complements mobile solutions in the country.

SuperForex offers the ever-popular MetaTrader 4 (MT4) platform. If you’re familiar with Forex trading, you’d know that MT4 is one of the industry’s leading platforms, praised for its user-friendly interface, advanced charting tools, and algorithmic trading capabilities. Additionally, for traders who prefer on-the-go trading, SuperForex provides mobile versions of the MT4 platform.

FXPesa

FxPesa is a Kenyan-based forex broker that offers online trading services to clients in Kenya and other African countries. It is regulated by the Capital Markets Authority (CMA) of Kenya, which is responsible for overseeing the securities industry in Kenya.

FxPesa Overview
📋 RegulationCapital Markets Authority (CMA)
💰 Minimum Deposit$20
💻 Trading PlatformsMT4, WebTrader
⚖️ Maximum Leverage1:400
✍️ Copy/Social Trading No
₿ Cryptocurrency TradingYes
💳 Average Spread1.6 pips

FXPesa is among the prominent names that surface when we talk about forex brokers that accept mobile money in Uganda, Kenya, and Tanzania.

FxPesa offers a range of trading instruments, including forex, commodities, and indices, and provides a user-friendly trading platform that is accessible via desktop and mobile devices. The broker also offers a range of educational resources, including webinars and trading guides, to help traders improve their skills and knowledge.

Known for its robust trading platform and, notably, its acceptance of mobile payments, FxPesa has carved out a substantial presence in the Ugandan Forex trading landscape.

Established by EGM Securities Ltd in 2019, FxPesa operates as a non-dealing online forex broker. Its parent company has a strong presence in various parts of the world, making it one of the most reputable forex brokers in East Africa despite its young age.

FxPesa operates under the regulatory oversight of the Capital Markets Authority (CMA) in Kenya. This regulation is a vital assurance for traders, knowing that the broker operates under strict legal requirements designed to protect consumer interests.

The broker employs high-level security measures to protect users’ data and funds. Using Secure Socket Layer (SSL) technology, FxPesa ensures that all transactions are encrypted, providing traders with peace of mind about their investment’s safety.

For beginner forex traders, FxPesa provides a wealth of educational resources. From webinars, and eBooks, to tutorials, the broker helps traders navigate the Forex market and refine their trading strategies.

Your Journey to Successful Forex Trading Begins with FxPesa

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The Rise of Mobile Money in Uganda

In recent years, Uganda has witnessed a significant digital shift, particularly in the financial sector. Mobile money has surfaced as a compelling force in the financial landscape.

The increased accessibility and adoption of mobile phones have facilitated this financial revolution, making mobile money an indispensable part of Ugandans’ everyday lives. As per the Uganda Communications Commission, as of 2022, mobile money subscriptions surpassed 27 million, indicating its growing significance.

Some of the most popular mobile money payments solutions that you can use with forex brokers that accept mobile money include:

      1. MTN Mobile Money: A secure electronic service that allows users to store, send and receive money quickly and safely.

      1. Airtel Money: A convenient, fast, and secure mobile wallet that lets you carry out money transfers, pay bills, and do much more.

      1. Africell Money: A mobile payment service that allows users to conduct various financial transactions directly on their mobile devices.

      1. PayWay: A web-based payment platform that supports various payment methods, including mobile money.

    Frequently Asked Questions

    Can I use any mobile money system for forex trading in Uganda?

    The availability of specific mobile payment options depends on the forex broker. Not all brokers support all mobile payment systems. It’s best to check the broker’s payment options before signing up. However, most of the forex brokers reviewed above will accept MTN Uganda.

    Are mobile payments safe for forex trading?

    Yes, mobile payments are generally safe for forex trading. However, it’s crucial to ensure that the broker you choose uses secure payment gateways and adheres to strict regulatory standards to safeguard your funds.

    Are there transaction fees involved with mobile payments?

    Yes, most mobile payment systems charge a small fee for transactions. The fee varies from one platform to another, and it’s advisable to understand these costs before making a decision.


    Top Countries That Use Mobile Money Payments

    Ghana

     

    Forex brokers that accept mobile money in Ghana include:

    • XM
    • FXTM
    • OctaFX
    • HotForex
    • Exness
    • Tickmill
    • IronFX

     

    Forex brokers that accept mobile money in Kenya include:
    • XM
    • FXTM
    • OctaFX
    • HotForex
    • Exness
    • Tickmill
    • IronFx

    Uganda

    MTN Mobile Money is the mobile money service available in Uganda.

    Forex brokers that accept mobile money in Uganda include:

    • XM
    • FXTM
    • OctaFX
    • HotForex
    • Exness
    • Tickmill
    • IronFX
    •  
    1.  
    2.  
    3. Cameroon
    • Mobile money is becoming a popular payment method for forex trading in Cameroon
      5

      .

    • Forex brokers that accept mobile money in Cameroon include:
      • XM
      • FXTM
      • OctaFX
      • HotForex
      • Exness
      • Tickmill
      • IronFX
    1. Tanzania
    • Mobile money is a popular payment method in Tanzania, with Vodacom’s M-Pesa being the most widely used
      2

      .

    • Forex brokers that accept mobile money in Tanzania include:
      • XM
      • FXTM
      • OctaFX
      • HotForex
      • Exness
      • Tickmill
      • IronFX
    1. Rwanda
    • Mobile money is a popular payment method in Rwanda, with MTN Mobile Money being the most widely used
      2

      .

    • Forex brokers that accept mobile money in Rwanda include:
      • XM
      • FXTM
      • OctaFX
      • HotForex
      • Exness
      • Tickmill
      • IronFX
    1. Zambia
    • Mobile money is a convenient payment option for forex traders in Zambia
      4

      .

    • Forex brokers that accept mobile money in Zambia include:
      • XM
      • FXTM
      • OctaFX
      • HotForex
      • Exness
      • Tickmill
      • IronFX

    Kenya

    Kenya has witnessed the rise of several major mobile money providers, including Safaricom’s M-Pesa, Airtel Money, T-kash by Telkom Kenya, and Equitel by Equity Bank. M-Pesa, launched in 2007, has been the dominant player, boasting a vast network of agents and subscribers.

    M-Pesa is the most popular mobile money payment system in Kenya with over 20 million subscribers. It was launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. M-PESA allows users to send and receive money, pay bills, and buy goods and services using their mobile phones

    Ghana

    Mobile money payment systems have become increasingly popular in Ghana, with mobile phones officially becoming the most used medium of payment in the country. One of the challenges to the adoption of mobile payment systems in Ghana is the lack of awareness. Many Ghanaians are not aware of the benefits of using mobile money in their forex trading endeavors.

    Airtel/Tigo, MTN, and Glo are the telecom companies that drive mobile money usage in Ghana

    Mobile Money in Zambia

    Zambia has a thriving mobile money market, with several prominent providers operating in the country, including MTN Mobile Money, Airtel Money, and Zamtel Kwacha.

    Forex traders in Zambia have embraced mobile money payment systems as a convenient and secure method for depositing and withdrawing funds from forex trading accounts.

    Mobile Money in Nigeria

    Mobile money payment systems have gained immense popularity in Nigeria, revolutionizing the way individuals conduct financial transactions. 

    The major players in the Nigerian mobile money market include MTN Mobile Money, Airtel Money, Glo Mobile Money, and 9mobile’s 9pay.

    For those looking for the best forex brokers that accept mobile money in Nigeria, it is essential to consider factors such as reliability, security, and transaction fees. Some of the popular forex brokers in Nigeria that accept mobile money payments include FXTM, HotForex, XM, and Alpari. These brokers provide a seamless and secure trading experience, allowing users to deposit and withdraw funds using their mobile money wallets.

    Mobile Money in Cameroon

    Mobile money services in Cameroon are primarily offered by two major telecom operators, MTN Mobile Money and Orange Money. These services have experienced widespread adoption due to their ease of use and flexibility. 

    Users can register for a mobile money account by visiting an authorized agent, providing necessary identification documents, and linking their mobile number to their account. The growing adoption of mobile money in the country is attributable to factors like increasing smartphone penetration, improving internet connectivity, and a growing need for convenient financial services.

     As for forex brokers that accept mobile money, eToro, XM, and OctaFX are among the best options available for individuals looking to trade in the forex market using mobile money. 

    Mobile Money in Tanzania

    Mobile money payment systems, such as M-Pesa, Tigo Pesa, and Airtel Money, have witnessed significant growth and adoption in Tanzania over the years. According to the Tanzania Communications Regulatory Authority (TCRA), as of 2021, there were over 35 million registered mobile money accounts in the country.

    Several forex brokers operating in Tanzania have recognized the popularity and convenience of mobile money payment systems. Some of the best forex brokers that accept mobile money payments in Tanzania include:

    a) Exness: Exness is a reputable forex broker that accepts mobile money payments through popular platforms like M-Pesa, Tigo Pesa, and Airtel Money, providing users with a convenient and secure payment option.

    b) OctaFX: OctaFX is another forex broker that accepts mobile money payments, allowing traders to deposit and withdraw funds using mobile money platforms.

    c) HotForex: HotForex is a trusted forex broker that supports mobile money payments, offering users the flexibility to fund their trading accounts through mobile money platforms.

    Here are some of the countries in Africa where mobile money payment systems are extensively used:

    1. Kenya:
    Kenya is widely recognized as the birthplace of mobile money with the launch of M-Pesa by Safaricom in 2007. M-Pesa, which now dominates the market, allows users to send and receive money, pay bills, purchase goods and services, and access loans using their mobile phones. The service currently boasts of over 40 million users.

    2. Tanzania:
    In Tanzania, mobile money services are also dominated by M-Pesa, which was launched in 2008. Other notable options include Tigo Pesa by Tigo and Airtel Money. These services have made significant contributions to financial inclusion, providing access to banking services to millions of Tanzanians.

    3. Uganda:
    Uganda has also experienced rapid growth in mobile money adoption. MTN Mobile Money and Airtel Money are the major players in this market. Mobile money services in Uganda have expanded beyond transferring money and enable users to pay for utilities, school fees, and even access health insurance.

    4. Ghana:
    Ghana has witnessed a surge in mobile money usage in recent years. Mobile money providers such as MTN Mobile Money, Airtel Money, and Vodafone Cash compete in this market. The convenience and accessibility of mobile money have facilitated financial inclusion, especially in rural areas.

    5. Nigeria:
    Although Nigeria has a relatively lower penetration rate compared to other African countries, its mobile money ecosystem is rapidly growing. Providers like Paga, OPay, and FirstMonie have gained popularity, offering services such as money transfers, bill payments, airtime purchase, and even banking services.

    6. Rwanda:
    Rwanda has been successful in driving financial inclusion through mobile money platforms like MTN Mobile Money and Airtel Money. These services have played a crucial role in extending financial services to rural areas and facilitating cashless transactions.

    7. South Africa:
    While traditional banking is more prevalent in South Africa, mobile money adoption is also on the rise. Major mobile money providers include FNB Wallet, Absa CashSend, and EcoCash. These services are expanding access to financial services, especially for the unbanked population.

    Overall, mobile money payment systems have transformed the financial landscape in several African countries, empowering individuals with access to basic financial services, promoting economic growth, and facilitating cashless transactions.

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