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Trading is a stressful and tedious activity without having to worry about struggling with deposit and withdrawal methods. One of the most recent innovations involves mobile money, which is money that is stored in an account that is operated by telecommunications companies.
The mobile telephone number of the user and other details are integral components involved with the transaction process. The unique nature attributed to mobile phone number can also be enhanced further by making use of biometric registration, which ensures extra client fund security.
With innovations such as these, more forex brokers are accommodating deposits and withdrawals made through various mobile money services.
Let’s get started with the full breakdown of the 17 Best Forex Accepting Mobile Money.
Exness is a reputable broker that has been in operation since 2008 and which is well-regulated by Tier-1 as well as Tier-2 regulators including FCA, SFSA, and CySEC.
Spreads that traders can expect will depend on the account types; however, spreads are typically tight and competitive. Exness also charges some of the lowest minimum deposits in the industry, starting from $1. However, when registering a Professional account, there is a $200 minimum deposit requirement. This is still much lower than what other brokers charge on Pro Accounts.
 PROS |  CONS |
| More than adequate maximum leverage offered | Multi-currency account opening not supported |
| Provision of various trading platforms | US Clients not allowed |
| Well-regulated | |
| Wide variety of financial instruments offered |
| Feature | Information |
| Regulation | CySEC, FCA, SFSA |
| Minimum deposit from | $1 |
| Average spread from | 0.0 pips |
| Commissions from | From $3.5 per lot per side |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | None |
| Customer Support | 24/5 |
XM is a highly reputable and well-regulated broker, along with being one of the largest forex brokers in the industry. XM charges fees through a tight spread along with ultra-low commissions.
An advantage that XM offers is that there is a low minimum deposit requirement in addition to traders being offered with a vast variety of financial instruments, spread across several classes including CFDs, equities, commodities, metals, forex, energies, and more.
In addition, traders are also offered with a variety of account types to choose from, each featuring its own dynamic features and the benefit of negative balance protection. XM also offers high leverage ratios, dedicated and prompt customer support, and a variety of bonuses and promotions that traders can use towards trading activities.
| PROS | CONS |
| Competitive trading conditions | No fixed spread accounts |
| Negative balance protection | No US Clients |
| Strict regulation | |
| Variety of account types |
| Feature | Information |
| Regulation | FCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | $1 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:888 |
| Bonuses | Yes |
| Customer Support | 24/5 |
FXTM is a multi-regulated broker that has authorization and regulation through CySEC, FCA, FSC, and FSCA to offer its services to traders in a variety of countries around the world. Even though FXTM charges tight spreads, the average spread is much higher on standard accounts.
FXTM offers commission-free trading on most accounts apart from the ECN account, which has a $2 commission charged per side, adding up to a $4 commission per trade for a standard lot traded.
The minimum deposit requirement starts from $10 on the Cent Account whereas the Standard Account attracts a $100 minimum deposit, which is average when comparing FXTM to other brokers in the industry.
FXTM offers the use of MetaTrader 4 and MetaTrader 5, through which the trade in a variety of financial instruments can be executed at superior trade execution speeds. Traders can choose from several asset classes including forex, cryptocurrencies, stocks, CFDs, commodities, and metals.
| PROS | CONS |
| Commission-free trading offered | Restricted leverage for EU-clients |
| Low minimum deposit | US Clients not allowed |
| Strictly regulated | |
| Variety of account types offered | |
| Variety of financial instruments offered |
| Feature | Information |
| Regulation | CySEC, FCA, FSC, FSCA |
| Minimum deposit from | $10 |
| Average spread from | 0.0 pips |
| Commissions from | $2 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
IQ Option is a Cyprus-based, CySEC-regulated Market Maker broker that has been operating since 2014. Since its establishment, IQ Option has grown into one of the largest online trading brokers, featuring more than 20 million traders originating from over 31 countries worldwide.
Traders are offered with a wide variety of financial instruments spread across multiple asset classes including stocks, forex, cryptocurrencies, commodities, and more.
IQ Option offers its own in-house proprietary trading platform that offers fast, clear, and modern solutions for traders. The trading platform is a suitable standalone tool for analysis, featuring numerous things that allows traders to add a competitive edge to their trading.
| PROS | CONS |
| Advanced trading tools | Fixed spread accounts not offered |
| Segregated client funds and member of ICF | Restricted leverage for non-professional traders |
| Strictly regulated | US Clients not allowed |
| User-friendly trading platform | |
| Wide variety of financial instruments |
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $10 |
| Average spread from | 5 pips on GBP/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:30 |
| Bonuses | No |
| Customer Support | 24/5 |
Established in 2005, LiteForex is an online broker that offers ECN forex as well as CFD trading to traders from around the world. Since it was founded, LiteForex has become a global brand with offices located in Asia, Africa, and Europe.
Headquartered in the Marshall Islands, LiteForex also has offices based in Nigeria, Vietnam, Indonesia, Kenya, Cyprus, and several other jurisdictions.
LiteForex offers traders with a variety of financial instruments which can be traded through MetaTrader including forex, metals, commodities, indices, stocks, and cryptocurrencies.
Traders have access to some of the tightest spreads, numerous social trading opportunities and decent execution speeds. The ECN network also helps to ensure that there are minimal requotes along with reliable trading conditions.
| PROS | CONS |
| Advanced trading tools offered | Commission fees not the cheapest |
| Dedicated, multilingual customer support | Limited financial instruments |
| MetaTrader offered | No free VPS access |
| Social trading supported and offered | US, Israel, and Japan clients not allowed |
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $50 |
| Average spread from | 0.0 pips |
| Commissions from | $5 per lot |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Founded in 2015, Tickmill is a well-regulated and award-winning online broker that offers its comprehensive services to both retail and institutional clients from around the world.
Tickmill offers the trade in more than 80 financial instruments spread across several asset classes including forex, commodities, stocks, shares, indices, metals, and more.
Tickmill was established by a group of experienced and professional global market traders who understand the various trading needs of other traders in reaching their full potential. The Tickmill team remain focus on growing the brokerage while paying close attention to the best interest of its traders.
Traders are offered with innovative technology combined with premium trading conditions, tight spreads, competitive commissions, and some of the fastest execution speeds. There is the advantage of no requotes along with a fully automated No Dealing Desk (NDD) execution model and complete transparency.
| PROS | CONS |
| Commission-free trading offered | Cryptocurrency trading not offered |
| Multi-regulated | Fixed spread accounts not offered |
| Variety of trading tools | No US Clients |
| Feature | Information |
| Regulation | FCA, CySEC, FSA |
| Minimum deposit from | $100 |
| Average spread from | 0.0 pips |
| Commissions from | From $1 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Established in 2013, SuperForex is a Belize-based STP and ECN broker that is regulated and authorized with the IFSC. SuperForex works with the goal to exceed the expectation of its customers by providing both quality and innovative online trading services and solutions.
SuperForex is a global broker that offers more than 300 forex and CFD instruments which can be traded through the popular, user-friendly, and dynamic MetaTrader 4.
There are more than 200,000 traders from 150 countries who have registered an account with SuperForex, making use of its competitive trading conditions that consist of competitive spreads, high leverage, and a low minimum deposit requirement.
| PROS | CONS |
| Managed accounts offered | Offshore regulation |
| MetaTrader 4 offered | Only one trading platform offered |
| Multiple trading tools offered | Spreads are not the tightest |
| Social trading supported | US clients not welcome |
| Variety of account types offered |
| Feature | Information |
| Regulation | IFSC |
| Minimum deposit from | $1 |
| Average spread from | Variable |
| Commissions from | None |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Grand Capital is an ECN and Market Maker broker which has been in operation since 2006 and is regulated by FinaCom. Grand Capital is an online broker that has a clear mission in providing traders with some of the best trading conditions in the industry, helping them grow financially.
Headquartered in Russia, Grand Capital has offices based in more than 40 locations worldwide. Traders are offered with the trade in more than 300 financial instruments, which can be traded through the popular and powerful MetaTrader 4 or MetaTrader 5.
Currenex and Swissquote, two popular names in the trading industry, are listed as liquidity providers for Grand Capital, with pricing featured in its offering originating from such liquidity providers.
Over the years, since its inception, Grand Capital has been honoured with numerous industry awards such as ‘Best Forex Broker’ in China, ‘Stability on the Forex’ Market which was given by MasterForex-V Academy, and numerous others.
| PROS | CONS |
| Competitive trading conditions | Incomprehensive market analysis |
| Multilingual customer support | Lack of education |
| Powerful and intuitive trading platforms offered | Lack of regulation |
| RAMM and LAMM Accounts offered | USA and Japan clients not accepted |
| Variety of funding methods supported |
| Feature | Information |
| Regulation | FinaCom |
| Minimum deposit from | $10 |
| Average spread from | 0.4 pips on ECN Prime |
| Commissions from | $5 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Globex360 is a South African STP broker which is regulated by the FSCA and has been in operation since 2017. When trading with Globex360, traders have access to more than 300 tradable financial instruments from forex, to commodities, and indices.
Traders are also provided with competitive spreads, leverage up to 1:500, and complete fee transparency. As a well-regulated broker, Globex360 aims to enhance and support both the efficiency and the integrity of the financial markets.
| PROS | CONS |
| Copy trading offered | Individual stock CFDs not offered |
| FIX API offered | Lack of education |
| Islamic accounts provided | Limited financial instruments |
| MetaTrader offered | Limited funding options |
| Regulated broker | Not the tightest spreads |
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | $100 |
| Average spread from | 1.2 pips |
| Commissions from | $8 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
FxPesa forms part of the Equiti Global group of companies. It is a forex and CFD broker which is in Kenya, offering traders with a variety of forex pairs and CFDs which can be traded through a proprietary, simplified web-based trading platform.
FxPesa is one of few forex brokers regulated and authorized by the local Capital Markets Authority, which is the watchdog over online forex trading in Kenya. Even though traders do not have a variety of accounts to choose from, the one retail account available offers traders with competitive trading conditions.
Traders are offered with more than 60 forex pairs that can be traded along with CFDs on silver, gold, platinum, oil, 11 indices, and stocks. In addition, FxPesa also offers a higher leverage ratio than other brokers, as high as 1:400, and an average minimum deposit requirement of $100.
| PROS | CONS |
| Adequate leverage | MetaTrader not offered |
| Average minimum deposit requirement | Offshore regulation |
| More than 60 forex pairs to trade | Spreads are not the tightest |
| Proprietary trading platform | |
| Regulated |
| Feature | Information |
| Regulation | CMA |
| Minimum deposit from | $100 |
| Average spread from | 1.6 pips |
| Commissions from | None noted |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/7 |
Established in 2014, Scope Markets is a STP broker which is based in Cyprus and well-regulated as well as authorized by CySEC. Scope Markets offers online trading services to both retail and institutional traders across Europe. This includes an array of forex and CFD financial instruments including forex, indices, shares, commodities, and more.
Traders are offered with a range of trading solutions which are not only compliant, but also flexible, cost-effective, and centred around clients. There is more than 20 years of experience presented by the Scope Markets team, specifically in the financial industry, with partnerships having been built over the years.
Scope Markets states that it is a client-orientated broker that has a clear understanding of the differing needs and objectives of traders including fast executions, minimum slippage, and tight, competitive spreads.
| PROS | CONS |
| 24/5 dedicated support | EU clients only |
| MetaTrader offered | Minimum $200 account balance to be maintained |
| Range of trading instruments | Spreads are marked-up on some accounts |
| Regulated | |
| Variety of account types offered |
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | $6 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:30 |
| Bonuses | None |
| Customer Support | 24/5 |
HFM is a reputable and popular multi-asset broker which is headquartered in Cyprus and regulated and authorised by CySEC, FCA, DFSA, and FSCA in offering traders from around the world with some of the best, most comprehensive trading solutions, conditions, and a trading environment.
Traders are offered with a choice in a variety of tradable financial instruments which are spread across several asset classes including, but not limited to forex, commodities, cryptocurrencies, indices, and more.
| PROS | CONS |
| Competitive trading conditions | US Clients not allowed |
| Islamic account option and demo account provided | |
| Multi-regulated | |
| Numerous account types to choose from | |
| Strong global presence |
| Feature | Information |
| Regulation | CySEC, FCA, DFSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Established in 2014, Olymp Trade is owned as well as managed by Inlustris Ltd, which is registered in Saint Vincent and the Grenadines. Olymp Trade offers traders with a variety of forex, CFD, and digital options trading.
Olymp Trade has also won more than 8 broker awards from its inception, with the most recent being the 2018 award for ‘Best Trading Platform’.
| PROS | CONS |
| Low minimum deposit requirement | No MetaTrader |
| Market news as well as analysis | No regulation |
| Multilingual customer support available 24/7 | Social trading not offered |
| Proprietary trading platform | Trade automation not supported by trading platform |
| Training resources offered | US and UK clients not accepted |
| Feature | Information |
| Regulation | None |
| Minimum deposit from | $10 |
| Average spread from | None charged |
| Commissions from | 0.00400% |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | No |
| Customer Support | 24/7 |
ExpertOption is an online trading platform which offers the trade in more than 100 different financial assets including forex, stocks, commodities, and cryptocurrencies. Established in 2014, ExpertOption has seen more than 13 million accounts opened since its inception.
There are more than 100 account managers and ExpertOption is one of the most popular and well-known platforms in the industry.
| PROS | CONS |
| Demo Account offered | Offshore regulation |
| Low minimum deposit | US and UK traders not accepted |
| More than 100 account managers | |
| Trading platform available on multiple devices | |
| Variety of financial instruments offered |
| Feature | Information |
| Regulation | VFSC, FMRRC |
| Minimum deposit from | $10 |
| Average spread from | None charged |
| Commissions from | None |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/7 |
TemplerFX is a Saint Vincent and the Grenadines-based broker that has been in operation since 2004. It forms a part of Templer Ltd. and is a STP and NDD broker that offers traders with the trade in a wide variety of financial instruments including forex, energies, metals, shares, CFDs, and more.
In addition, traders are also offered with the use of a variety of trading platforms such as MetaTrader and its own proprietary trading platform TemplerFX Trader.
| PROS | CONS |
| Choice in powerful trading platforms | Not regulated |
| High leverage up to 1:2000 | US, UK, EU, Canada, Turkey, Israel, and Japan clients not accepted |
| Low minimum deposit requirement | |
| Variety of account types | |
| Variety of payment methods supported |
| Feature | Information |
| Regulation | None |
| Minimum deposit from | $1 |
| Average spread from | 0.5 pips |
| Commissions from | None indicated |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Regulated by FSCA and based in South Africa, CM Trading is a popular STP broker which has been in operation since 2011. CM Trading is an online trading broker that offers its comprehensive trading services and solutions to traders from around the world.
With CM Trading, traders can trade a variety of financial instruments including, but not limited to forex, commodities, cryptocurrencies, stocks, shares, and more.
Since its inception in 2011, CM Trading has won numerous industry rewards including ‘Best Performing Broker in Africa, and ‘Best Financial Broker in Africa’. CM Trading employs only the latest technology and strives to transform trading into a simple and enjoyable activity while consistently innovating and improving services to help traders fulfil their trading needs and objectives.
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | $250 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:200 |
| Bonuses | Yes |
| Customer Support | 24/5 |
| Feature | Information |
| Regulation | VFSC, FMRRC |
| Minimum deposit from | $10 |
| Average spread from | None charged |
| Commissions from | None |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/7 |
Anzo Capital is a Belize-based ECN and STP broker which has been in operation since 2016 and is regulated by the IFSC. As an online trading broker, Anzo Capital is focused on providing a secure online trading environment along with essential trading tools and resources.
Traders have access to trade more than 80 forex pairs and a few commodities and equity indexes. Traders are also offered with competitive variable spreads, fast execution with no requotes, and negative balance protection.
| PROS | CONS |
| DMA via the ECN accounts | Limited customer service channels |
| MetaTrader offered | Limited instruments offered |
| MQL5 trading signals offered | No third-party insurance on client funds |
| MyFXBook AutoTrade offered | No US clients |
| Regulated | Offshore regulation |
| Feature | Information |
| Regulation | IFSC |
| Minimum deposit from | $100 |
| Average spread from | 0.1 pips |
| Commissions from | $0 – $12 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Mobile money is money that is stored in an account that is operated by telecommunications companies.
This allows for traders to have a variety of options that make deposits and withdrawals so much more easier and safety, provided that mobile devices offer security features such as 2-Step verification, biometric authentication, and more.
Yes, however, this will also depend on the mobile device’s security features and whether the trader’s device is lost or stolen with the sim card and subsequent number that they use.
The brokers that are featured in this list are some of the best forex brokers that make provision for this payment method.
Yes, these forex brokers offer beginners a variety of educational resources, tools, and materials to get them started on their trading journey.
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