When it comes to choosing the best forex broker in Kenya, two names stand out: FXPESA and HFM (formerly HotForex). Both are well-regarded, regulated, and trusted across Africa. But which one truly meets your trading needs?
In this detailed guide, we will compare FXPESA vs HFM based on key features such as regulation, trading platforms, spreads, account types, fees, deposit and withdrawal methods, educational resources, and customer support. Whether you’re a beginner or an experienced trader, this comparison will help you make the right choice.
🏦 Overview of FXPESA and HFM
What is FXPESA?
FXPESA is a brand owned by EGM Securities Ltd, the first non-dealing online forex broker to be licensed by the Capital Markets Authority (CMA) in Kenya. FXPESA offers beginner-friendly access to global markets and supports convenient deposit options like M-Pesa, which makes it ideal for Kenyan traders.
What is HFM?
HFM, previously known as HotForex, is an award-winning broker that operates globally. It is regulated in several top-tier jurisdictions and offers advanced trading tools. HFM is known for its wide range of account types and favorable trading conditions, including zero spread accounts.
🛡 Regulation and Safety
Both FXPESA and HFM are legally regulated in Kenya.
| Feature | FXPESA | HFM |
| Local Regulation | CMA (Kenya) | CMA (Kenya) |
| Global Licenses | FCA (UK) | FCA (UK), CySEC (EU), FSCA (SA), DIFC |
| Fund Segregation | Yes | Yes |
| Negative Balance | Yes | Yes |
👉 Verdict: Both brokers are secure, but HFM’s global regulation gives it an extra edge for international credibility.
🧾 Account Types
FXPESA Offers:
- Executive Account: Variable spreads, no commission.
- Premier Account: Raw spreads, commission-based.
- Demo Account: Practice trading for free.
HFM Offers:
- Micro Account: Low deposit, suitable for beginners.
- Premium Account: More flexibility for experienced traders.
- Zero Account: Raw spreads with commission.
- HF Copy Account: Social copy trading.
- PAMM Account: Great for investors and fund managers.
👉 Verdict: HFM offers more diversity, making it ideal for traders at all levels.
💵 Minimum Deposit Requirements
| Broker | Minimum Deposit |
| FXPESA | $5 (Micro), $100 (Executive) |
| HFM | $5 (Micro), varies for other accounts |
Both brokers offer low entry barriers, which is perfect for new traders in Kenya.
📈 Spreads, Commissions, and Trading Fees
FXPESA
- Executive Account: From 1.4 pips, no commission.
- Premier Account: From 0.0 pips + $7 commission per lot.
HFM
- Micro/Premium: From 1.2 pips, no commission.
- Zero Account: From 0.0 pips + $6 commission per lot.
👉 Verdict: HFM offers slightly tighter spreads and lower commissions on its Zero Account.
💻 Trading Platforms
FXPESA:
- MetaTrader 4
- FXPESA Mobile App
- WebTrader
HFM:
- MetaTrader 4
- MetaTrader 5
- WebTrader
- Copy Trading via HFcopy
👉 Verdict: HFM supports MT5, a more advanced platform than MT4. FXPESA is simpler and more user-friendly for beginners.
💳 Deposit and Withdrawal Methods
Both brokers offer easy local deposit methods, including M-Pesa.
| Method | FXPESA | HFM |
| M-Pesa | ✅ | ✅ |
| Bank Transfer | ✅ | ✅ |
| Visa/Master | ✅ | ✅ |
| Skrill/Neteller | ✅ | ✅ |
| Crypto | ❌ | ✅ |
👉 Verdict: HFM supports cryptocurrency, which may be important to advanced users.
📚 Educational Resources
FXPESA
- Webinars (locally tailored)
- Trading guides
- Basic tutorials
HFM
- Forex courses
- Live webinars
- Market analysis
- eBooks
👉 Verdict: HFM has more extensive learning resources, but FXPESA provides Kenya-focused education.
☎ Customer Support
| Feature | FXPESA | HFM |
| Live Chat | ✅ | ✅ |
| Phone Support | ✅ | ✅ |
| ✅ | ✅ | |
| Local Offices | Nairobi | Nairobi, Lagos, Johannesburg |
👉 Verdict: Both brokers offer strong support, but FXPESA is more locally present and better for face-to-face help in Kenya.
✅ Pros and Cons
✔ FXPESA Pros
- Licensed by CMA Kenya
- Beginner-friendly interface
- Fast M-Pesa deposits
- Responsive local support
❌ FXPESA Cons
- Limited trading platforms (No MT5)
- Fewer account types
✔ HFM Pros
- Global reputation and regulation
- Tight spreads on Zero Account
- Advanced tools and platforms (MT5, HFcopy)
- Crypto deposits available
❌ HFM Cons
- Slightly complex for beginners
- Wider range of features may overwhelm new users
🏁 Final Verdict
So, which is better – FXPESA or HFM?
| Situation | Best Broker |
| If you’re a complete beginner in Kenya | FXPESA |
| If you want lower spreads and more tools | HFM |
| If you need fast Mpesa deposits | Both |
| If you want crypto support | HFM |
| If you prefer local support | FXPESA |
| If you want copy trading | HFM |
Both brokers are excellent choices, but your decision should depend on your trading level and priorities.
💬 12. Frequently Asked Questions
Q1: Which broker is more beginner-friendly?
FXPESA is easier to use for first-time traders thanks to its simple mobile app and local customer support.
Q2: Can I deposit with M-Pesa on both platforms?
Yes. Both brokers fully support M-Pesa deposits and withdrawals in Kenya.
Q3: Does FXPESA offer Copy Trading like HFM?
No. Copy trading is only available on HFM via HFcopy.
Q4: Which one has lower trading costs?
HFM, especially on the Zero Account, generally offers lower spreads.
