FXPesa Review

👨 Broker	EGM Securities
👨 Trading Name	FXPesa
👨 Accepts Kenyan Traders?	Yes
📅 Year Founded	2018
⚖ Regulators	CMA Kenya
⚖ CMA Forex Broker License No.	107
⚖ CMA Derivative Broker License No.	120
📈 CFD Instruments	Forex, Commodities, Indices, Shares, ETFs
🚀Leverage	1:400
🔎Auditors	-
💻 Platforms	MT4, MT5
📋Account Types	Standard, Premier
💰 Minimum Deposit	$0
💱Base Currency	USD only
📞Live Support	24/5
🏖️ Inactivity Fee	varies
❌Number of retail investors who lose money at FXPesa	63.3%
✅Reason to Trade	CMA Regulated No Minimum Deposit Broad Range of Markets Accepts MPESA
❌Reason to Avoid	No KES Account Currency Inadequate Trading Tools Customer Support is not Great

Regulation - 10/10

Is FXPesa Regulated in Kenya?

Yes, EGM Securities (Trading as FXPesa) is locally licensed & regulated here in Kenya by the Capital Markets Authority (CMA) as a non-dealing forex broker with license number 107.

EGM Securities also holds CMA license number 120, that authorizes them to offer derivatives on Nairobi Stock Exchange Products.

EGM securities is also a member of a UK based parent company called The Equiti Group who are licensed by the Financial Conduct Authority (FCA) United Kingdom.

EGM Securities is also regulated by the Financial Services Authority (FSA) Seychelles.

FXPesa Regulation Summary

📍Country	⚖️Regulator	#️⃣License No.	📅Date License Issued
Kenya	CMA	107	2019
Kenya	CMA	120	2020
United Kingdom	FCA	528328	2011
Seychelles	FSA	SD064

Range of Markets - 7/10

FXPesa allows leverage up to 1:400 in Kenya

All FXPesa instruments are offered through CFDs meaning you don't own the underlying assets.

🛒CFD	#️⃣Number	🚀Leverage	🌙Swap Free Trading	📅What is missing?
Forex	60+	1:400	No	No US Dollar Index & Forex Baskets
Shares	1,500+	1:20	No	No Kenyan Share CFDs
Indices	28	1:200	No	No Kenyan/African Indices
Commodities	18	1:400	No	-
ETFs	46	1:200	No	No ETFS on African/Kenyan companies
Bonds	Unavailable	Unavailable	Unavailable	Unavailable
Crypto	Unavailable	Unavailable	Unavailable	Unavailable

1. Forex CFDs

FXPesa lets you trade over 60+ forex pairs which include major, minor and exotics; with up to 1:400 fixed leverage.

2. Index CFDs

FXPesa lets you trade over 28 spot & futures indices which include Nasdaq, VIX, etc. with up to 1:200 fixed leverage. However, currency indices/baskets such as the US Dollar Index (DXY) are unavailable.

3. Commodity CFDs

FXPesa lets you trade 18 spot & futures commodity indices on both soft & hard commodities

CFDs on Gold, Platimum, Grade Copper, Cocoa, Carbon Emissions, Oil, Gas etc. are on offer at FXPesa

3. Share CFDs

FXPesa allows you trade CFDs on hundreds of UK, EU & US shares using up to 1:20 leverage.

4. ETF CFDs

You can trade 46+ ETF CFDS based on US Shares at FXPesa, with up to 1:200 leverage.

Account Types - 5/10

1. Demo Account

FXPesa Demo Account is free for you to experiment with the market.

2. Standard Account

This account is suitable for new and intermediate traders, providing advanced market analytics, no minimum deposit, and no commission when trading.

3. Premier Account

The Premier account is ideal for you if you’re trading advanced and high-volume trades. This account offers a tight pip spread and a high minimum deposit.

4. Copy Account

To copy trades on FXPesa, you must open a Copy Account from your client area.

Account Management - 5/10

FXPesa Account Currencies

FXPesa does not offer KES account currency (they were disabled). You can only open your trading account in USD account currency.

Negative Balance Protection

FXPesa offers Negative Balance Protection meaning if your account balance every slips into negative, FXPesa will bring your balance back to zero. This also means you cannot lose more than you deposited.

Maximum Number of Trading Accounts Allowed

FXPesa allows you to open a maximum of 3 trading accounts only.

FXPesa Leverage Type

FXPesa offers fixed leverage and not dynamic leverage. This means that even when volatility is high, your leverage will not be reduced by FXPesa.

How Do I Open an FXPesa Account?

FXPesa Withdrawal & Deposit Conditions - 9/10

What is FXPesa Minimum Deposit?

The FXPesa minimum deposit is $0 on the Standard Account and $100 on the Premier Account

How To Deposit

1. Mobile Money

FXPesa accepts payment methods like MPesa, EAZZYPAY, Airtel Money, MTN & Airtel UG, Vodacom, HaloPesa & TigoPesa, and Airtel TZ.

These have an instant deposit processing time & accept KES, UGX, and TZS currencies.

2. eWallets

You can make deposits through Neteller and Skrill and have an instant deposit processing time. These deposit methods accept USD and KES currencies.

3. Credit Cards

You can make deposits through Mastercard and Visa with an instant deposit processing time. These methods accept USD, KES, TZS, and UGX currencies.

4. Local Bank Transfer

Deposits via local Kenyan banks take 24hours & deposits via international banks can take up to 5 days. These methods accept USD, KES, TZS, & UGX currencies.

FXPesa Welcome Bonus

FXPesa gives a welcome bonus to new clients who make their first deposit.

FXPesa bonus also known as 30% Karibu bonus gives you up to $150 extra when a new account is funded.

The FXPesa bonus is only available when you make an initial deposit of $100.

The FXPesa bonus is capped at $150, for example, if an initial deposit of $700 is made, 30% of $700 is $210 but will receive $150 as that’s the maximum to be paid out.

FXPesa Minimum Withdrawal

The minimum withdrawal for FXPesa is 0 KES & the fastest way to withdraw at FXPesa is through MPESA.

FXPesa Fees - 4/10

1. Spreads

The Standard Account has a spread starting from 1.4 pips. The Premier Account has a spread starting from 0.0 pips.

2. Commission

The Standard Account doesn’t charge any commission on trades while the Premier Account charges a commission of $3.5 per lot per side. However, some trading instruments are charged different commissions.

The commissions on commodities range from $0 to $10 per lot.

The commissions when trading the Indices CFDs range from $0 to $10 per lot.

Trades on US Shares are commission-free, EU and UK shares have a commission charge of 16%.

3. Swaps

Major and minor currency pairs and precious metals are not charged swap fees on Swap-free accounts.

You’ll be charged swap fees on exotic currency pairs and other CFDs.

4. Inactivity fee

FXPesa charges an inactivity fee on dormant account which is calculated as 3 basis point plus the SOFR rate.

5. Deposit & Withdrawal fee

FXPesa does not charge deposit fees but a 1% up to $30 fee is charged on Neteller & Skrill withdrawals.

MPesa, Card, & Local Bank withdrawals are all free of charge at FXpesa.

Trading Platforms - 5/10

1. MetaTrader

FXPesa has MT4 & MT5 platforms and you can test them out using the Demo Account.

2. EquitiTrader Mobile App

FXPesa also has their homegrown mobile app they call EquitiTrader but its not very sophisticated and is best for learning.

3. FXPesa Copy Platform

FXPesa copy trading does not work on MT4, MT5 & even the EquitiTrader app. To copy trades, you must logon to the FXPesa copy platform.

FXPesa Tools - 4/10

FXPesa offers a few trading tools but you need to logon to the FXPesa portal to be able to use the tools, since they are not integrated into your MetaTrader.

1. Markets Overview Tool

This tools uses artificial intelligence to sort different instruments and tell you which one has more trading opportunity.

2. Research Terminal Tool

Uses artificial intelligence to sort news & shows you the market sentiment.

3. Economic Calendar Tool

Shows you the dates when important economic data which can move prices, is expected to be released.

4. FXPesa Copy Trading - 2/5

First, you need to open a special account called an FXPesa Copy Account in USD currency only.

The Copy Account is where you will deposit the funds you want to assign to coping trades of others.

Copy trading is unavailable on any FXPesa MetaTrader platforms. Instead, FXPesa has created a special copy platform where you login to start copying trades.

There is no minimum deposit for copy trading at FXPesa, instead you assign the amount you want and move it to your copy account.

As a copier, you can only connect to 2 strategy providers at a time and this is lower than what most competition allows.

Customer Support - 7/10

1. Live Chat

FXPesa has live chat where you can chat with an agent or a virtual assistant. However, we noticed that the virtual agent doesn't always provide answers to some questions.

We also noticed long hold times while waiting for the virtual assistant to transfer us to a live agent.

2. Toll-free Telephone

FXPesa toll-free phone lines are open 24/6 and you can call in with your queries.

3. Email Support

FXPesa also has dedicated email addresses for complaint resolution. Replies are typically within 30 minutes.

3. FXPesa Academy

Educational support is also available through the FXPesa Academy but the learning materials are insufficient & not comprehensive (limited to YouTube videos & webinars).

4. Demo Account

FXPesa provides a demo account for you to learn & test out your strategies using virtual funds. You can also try out FXPesa trading tools on your demo account for 2 weeks.

Video Review of FXPesa

Final Verdict - 6.2/10

📷 Broker	📷 Regulation	Deposit & Withdrawals	Account Types	Account Management	Range of Markets	Fees	Platforms	Tools	Support	Score
HFM	10	10	10	10	8	7	5	8	9	8.6
Pepperstone	10	10	8	6	9	6	10	8	7	8.2
Exness	10	10	10	6	5	7	8	5	8	7.8
FXPesa	10	9	5	5	7	4	5	4	7	6.2
Scope Markets	10	5	5	6	9	6	3	3	7	6

FXPesa lacks sufficient trading tools & the fees are high so we dont recommend them for beginners.

FXPesa is the best forex broker for expert traders who know how to navigate the market even without sufficient tools.