About the firm
FXPesa is a new forex and CFD broker, having launched in 2019. Its headquarters are in Nairobi, Kenya’s capital, and the company’s offices are located all across the nation. EGM Securities Limited owns the trademark and is licensed by Kenya’s Capital Markets Authority (CMA). Because the parent firm is likewise regulated by the CMA and is well-known in the sector, Kenyans regard the company as trustworthy.
FXPesa Trader is an online platform and a PC desktop trading program offered by the company. The broker’s website provides access to both platforms. There is no need to download or install the web platform. Once you have registered for an account, you will have full access to all Forex and CFD markets.The platform is straightforward, easy to use, and equipped with all of the required tools.
The broker’s mobile trading app is called FXPesa Mobile. It may be downloaded for Android (APK) and iOS. Trade execution is simple, and all goods and assets are available. To facilitate easy trading on the go, research and analytical tools are also available.
In addition to the company’s own platform, MetaTrader 4 is also accessible. It has a variety of sophisticated features that are suitable for both novices and professional traders, including automated trading, signals, complex charting, and research and analysis tools. Customers using Windows and Mac can get MT4 for free.
- Index CFDs: 12 global indices
- Forex: 66 currency pairs
- Commodity CFDs include eight commodities, including gold, silver, oil, and platinum.
- Share CFDs-Various stocks are
Please note that cryptocurrencies such as Bitcoin are not available.
Spreads and commissions
For withdrawals and deposits, the firm does not charge commissions. After 180 days of inactivity, however, an inactivity fee will be charged. Typical spreads on an executive account:
- 1.4 euro to US dollar
- 2.2 pound sterling/US dollar
- Australian dollar/Canadian dollar-2.6
- FTSE 100 – 0.7
- 0.028 for crude oil
- -0.42 for gold
Spreads on a Premier account:
- EUR/USD = 0
- -0.25 pound sterling/US dollar
- Australian dollar/Canadian dollar – 1.1
- FTSE 100 – 0.7
- 0.028 for crude oil
- -0.32 for gold
The value for currency pairings is set at 1:400. The maximum ratio for most other instruments is 1:200, whereas the maximum value for indices is 1:50. Margin trading is optional, despite the fact that leverage of up to 1:400 is available. Leveraged trading increases risk by allowing you to boost the market’s availability. While this may result in more profit, it also raises the risk of loss. However, if the market declines, your losses will increase as well. A margin call mechanism exists to safeguard traders. A margin call will occur if your account balance goes below this amount, and you will not be able to initiate a new position until the funds are deposited.
Deposits and withdrawals
There are minimum requirements. An executive account costs $5, whereas a premier account costs $100. Bank transfers take one to three business days to complete, but other deposit options are immediate. Currency conversion fees may be charged from outside sources. Deposit methods include:
- Debit or credit card
- bank transfer
There is no maximum or minimum amount that can be withdrawn. All withdrawals are free, with the exception of e-wallets, which have a fee of 1% up to $30. Customers must complete the whole registration and verification procedure before withdrawing funds, which includes presenting confirmation of identification and residence.
There are two sorts of live accounts available at the firm: executive (standard) and Premier (premium). An executive account requires a $5 minimum deposit, while a premier account requires a $100 commitment. When you open an account with any brokerage firm, you will have access to the same instruments, leverage, and lot size. The spreads are the most significant difference. On an executive account, spreads start at 1.4 pips, and on a premier account, spreads start at 0 pips. For Islamic clients, the brokerage also provides swap-free accounts. Sorry, but there isn’t a cent of accounts accessible.
Customers may test out the service with a demo account, which allows them to practice trading without risking any real money. Users may test MT4 execution and new trading methods using the account’s limitless virtual funds and access to actual market pricing. Clients are not restricted to using MT4; they may alternatively trade using their own online trader or the mobile app.
Offers and promotions
A Karibu incentive of up to $150 is being offered by the organization. Users must first create an account and go through the verification process, then make a deposit of at least $100 and sign up for the bonus. After that, clients will get an extra account balance equal to 30% of the deposit amount. To turn the bonus into cash, customers must first exchange a minimum quantity of FX.
The Kenya Capital Markets Authority regulates EGM Securities Limited (CMA). Equiti Capital UK Limited, which is licensed by the Financial Conduct Authority, handles all transactions (FCA). Because the CMA is Kenya’s highest regulatory agency, clients may have confidence in the platform.
The firm has its own trading academy, which provides instructional tools to investors. In PDF format, the customer portal offers a variety of assistance guides, manuals, and other resources. In their own account, clients may also sign up for free online webinars.