is FXPesa legit, how are their services?

@morris01kenyatta - 7 months ago - Forex Brokers

I have been thinking of trading with FXPesa just to try them out and use them as a standby broker. Please anyone traded with them? how do they rank when compared to other major brokers in Kenya?

@hosea_makelele - 6 months ago

sure they are a legitimate regulated organization and i do not think they are going to run away with your money. Visit the CMA website to see the list of legit brokers in kenya https://licensees.cma.or.ke/licenses/5/

@emma_durban - 7 months ago

They are legit because they are approved by the Capital Markets Authority Kenya, but their services which i experienced were not too good. The trading platforms are slow, and the customer support is lagging behind what is offered by other brokers like HFM & Exness.

@njunga_22 - 7 months ago

FXPesa is axctually a trading name, the real company behind it is UK based Equity Group (EGM Securities).

EGM Securities has gotten a licrnse from CMA Kenya to operate the FXPesa brand name so yes they are 100% legit.

FXPesa is also authorized by the CMA Kenya to offer Nairobi Stock Exchange Derivatives (Futures on NSE stocks).

However, where some people have a problem with FXPEsa is in their spread which I think is high and not too transparent.

Some also complain about their customer service. It depends on who you ask, for me they are okay but you need to be an experienced trader before using them.

@chaka_muanzi - 7 months ago

If legit means having a license from the Kenyan government, then yes FXPesa is legit because they have not one but two licenses from the Capital Markets Authority Kenya.

But would I trade with FXPesa? My answer will be no because i tried theor demo accout and didnt like what I saw.

Freezing platforms, lack of trading tools, and insuufficient beginner education.

@karbin - 6 months ago

Yes, FxPesa are legal in Kenya. They are a CMA licensed non-dealing online forex broker. Are they good or bad, that is another question. I've never traded with them so I don't know.

But their spreads are not low. 1.4 pips on eurusd on Standard account. Around 0.7 pips (0 pips plus 7 USD roundturn commission) on Premier account.