Advertisement
Open an Account With the Lowest-Cost Broker

Pepperstone Minimum Deposit from Kenya

The minimum deposit at Pepperstone is 0 KES (KSh) for clients from Kenya. In other words, there is no minimum deposit if you open an account from Kenya, which is consistent with Pepperstone’s global practice. Brokers that don't require a minimum deposit do so to encourage people to try their service without making a large initial commitment. However, Pepperstone recommends that clients trade with a minimum amount of KES 22000 (which, at time of writing is the equivalent of $200).

The fact that there is no minimum deposit requirement makes Pepperstone an ideal broker for clients in Kenya as they can trade or invest with a small amount. Pepperstone is a good broker to start your investment journey with; you can add more funds to your account later as you get more experienced in managing your investments. Other top forex brokers you might consider from Kenya (see other Kenya forex brokers in our comparison table) are eToro and Capital.com

Pepperstone minimum deposit vs. similar brokers available in Kenya:

 

Pepperstone

eToro

Capital.com

Minimum deposit

KES 0

KES 22000 ($200)

KES 2200 ($20)

Visit Pepperstone
74-89% of retail CFD accounts lose money

Pepperstone deposit fees and deposit methods

 

Pepperstone does not charge a deposit fee for clients in Kenya, which is again consistent with their global practice. This is great because the broker won't deduct anything from your deposits and you only have to calculate with the costs charged by the bank / third-party service provider used to send the money. If you want to know more about Pepperstone fees, check out the fee chapter of our Pepperstone review.

In addition to not charging a deposit fee, Pepperstone offers a range of deposit methods. See how Pepperstone deposit methods compare in Kenya with similar online brokers:

Pepperstone deposit methods vs. similar brokers available in Kenya

 

Pepperstone

eToro

Capital.com

Bank transfer

Yes

Yes

Yes

Credit/debit card

Yes

Yes

Yes

Electronic wallets

Yes

Yes

Yes

The average transfer times for the different methods are:

  • Wire transfer: 2-3 days
  • Credit / debit card and online wallets: instant or a few hours

In  our experience, depositing money at Pepperstone is not a user-friendly process compared to similar brokers. In our methodology, a user friendly depositing process means that the interface is easy to use and figuring out where and how you have to make the transfer is straightforward.

The interface to send the minimum deposit to Pepperstone

 

Deposit currencies

 

KES is not available as a base currency at Pepperstone. If you’d like to use Pepperstone from Kenya, you will have to convert your KES funds into one of the 9 base currencies supported by the broker before you can start trading. Each trading account has a base currency, which means that the broker will hold your deposited money in that currency. At Pepperstone, you can open several trading accounts with different base currencies. Pepperstone supports 9 base currencies (AUD, USD, SGD, HKD, JPY, NZD, EUR, CHF, GBP), while Capital.com offers only 5 base currencies and eToro only one.

Why does this matter? A currency conversion fee will be charged if you deposit in a different currency than the base currency of the target trading account. It's likely not a big deal but something you should be aware of. If you deposit in a major currency, the broker will not convert it. However, if you use a minor currency that is not supported, Pepperstone will convert your deposits and you will be charged a currency conversion fee.

A convenient way to save on currency conversion fees  is to open a multi-currency digital bank account. At digital banks, the account opening only takes a few minutes after which you can upload your existing currency into your new account, exchange it in-app at great rates, then deposit it into your brokerage account for free or with minimal costs.

COMPARE DIGITAL BANKS


Steps of sending the minimum deposit from Kenya

 

The specific process of sending your minimum deposit to Pepperstone might vary slightly from the following, but generally the process involves the following steps:

Step 1: Open your broker account

At most brokers, you can open your trading account online. To open an account, you have to provide your personal details, such as your place and date of birth and employment status, and there is also usually a test about your financial knowledge. The last step of the account opening is the verification of your identity and residency. For this, you usually have to upload a copy of your ID card and a document that validates your proof of residence, for example, a bank statement.

If you don't know which broker is suitable for you, use our broker selector tool.

FIND MY BROKER

Step 2: Make the deposit

Lon into your trading account and find the depositing interface. After this, select one of the deposit methods the broker supports, enter the amount and make the deposit.

The deposit methods can be one of the following:

  • Bank transfer (sometimes called wire transfer): you have to add your bank account number in the deposit interface. The bank account has to be in your name. After this, you need to start a bank transfer from your bank. The broker will give you a reference number that you'll have to enter as a comment in your transaction. This will allow them to identify your deposit.
  • Credit or debit cards: just as with a normal online purchase, you are required to enter the card details. You can only use a card that's in your name. In some cases, like with IC Markets, you'll also need to verify your card by scanning it and sending it to the broker. This is an anti-money laundering measure on their end. Card payment is usually the preferred and most convenient way of depositing money in your brokerage account. Note that some brokers have a limit for card deposits, so for a larger amount you might have to use the bank transfer.
  • Online wallets (i.e.Paypal, Skrill, Neteller, etc.): it works just like any other online purchase. The interface of the wallet will pop up where you'll have to enter your credentials (username and password) and carry out the transaction.

Step 3: Review your transaction

Before confirming the transaction, make sure you review all the data you entered to avoid any mistakes.

Depending on the method you chose, it might take a couple of days for your deposit to show up on your brokerage account. When it happens, the broker usually sends you an email to confirm the receipt of the deposit.

 

Local customer service in Kenya

 

If you encounter any issues with depositing money to your Pepperstone account, worry not. Pepperstone’s customer service is great, its score is 4.5 (read more about the Pepperstone customer service in the detailed review). Several channels are available where they provide quick and relevant answers. Note that they are not available on weekends.

Local customers can call Pepperstone's Nairobi office at the follolwing phone number: +254 2038 93547/8/9

 

->Back to Pepperstone review

Further reading:

Author of this article

Edith Balázs

Author of this article

Edith is an experienced financial journalist having worked for 15+ years as a correspondent for Bloomberg, Dow Jones and The Wall Street Journal covering macroeconomics, stock, currency and fixed income markets. She holds a master's degree in American Studies and Journalism.

Edith Balázs

Senior Editor

Edith is an experienced financial journalist having worked for 15+ years as a correspondent for Bloomberg, Dow Jones and The Wall Street Journal covering macroeconomics, stock, currency and fixed income markets. She holds a master's degree in American Studies and Journalism.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Share

Comments

×