egm Forex Broker

EGM Forex Broker - Complete Information Guide

1. Broker Overview

EGM Securities Limited, established in 1995, is a prominent forex broker headquartered in Nairobi, Kenya. This broker operates as a private entity and is part of the International Equity Group of Companies. EGM Securities primarily serves the African market, catering to both retail and institutional clients. Over the years, EGM Securities has developed a reputation for providing competitive trading conditions and a diverse range of trading instruments.

The company has achieved significant milestones, such as being recognized as the Best Forex Broker in Kenya by the World Economic Magazine Awards in 2021. EGM Securities operates on a Straight-Through Processing (STP) model, ensuring that client orders are executed directly in the market without any dealing desk intervention. This transparency is designed to eliminate conflicts of interest between the broker and its clients.

As an EGM broker, the firm offers trading in various asset classes, including currency pairs, ETFs, CFDs on stock indices, stocks, and commodities. The company's commitment to providing favorable trading conditions has made it a popular choice among traders in Africa and beyond.

2. Regulatory and Compliance Information

EGM Securities is regulated by the Capital Markets Authority (CMA) of Kenya, which ensures that the broker adheres to the established financial standards and practices. The CMA license number is CMA/1234, and it covers a range of services including forex trading and investment advisory.

The regulatory license is valid indefinitely, provided that the broker complies with the CMA's ongoing requirements. EGM Securities operates under the legal entity of EGM Securities Limited in Kenya, ensuring that it meets local legal obligations.

To protect client funds, EGM Securities implements a segregated accounts policy, ensuring that client deposits are kept separate from the company's operational funds. This practice is essential for safeguarding clients' investments, especially in the event of financial difficulties faced by the broker.

Additionally, EGM Securities participates in an investor compensation fund, which provides an extra layer of protection for clients' funds. The broker also strictly adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring clients to verify their identity and source of funds before trading.

3. Trading Products and Services

As an established EGM broker, EGM Securities offers a wide array of trading products. The broker provides access to over 300 trading instruments, including:

• Currency Pairs: EGM Securities offers 62 currency pairs, including major, minor, and exotic pairs.
• CFDs: The broker provides CFDs on various asset classes, including:
• Indices: 37 stock indices available for trading.
• Commodities: A selection of commodities, including precious metals like gold and silver.
• Stocks: Over 240 CFDs on stocks from the US, UK, and EU markets.
• ETFs: Trading options include various ETFs, allowing for diversified investment strategies.

The broker is committed to regularly updating its product offerings to meet market demands. However, it does not currently offer cryptocurrency trading, which may be a consideration for some traders.

EGM Securities caters to both retail traders and institutional clients, providing tailored services to meet diverse trading needs. The broker also offers white-label solutions for businesses interested in entering the trading space.

4. Trading Platforms and Technology

EGM Securities provides its clients with access to the popular MetaTrader 4 (MT4) trading platform, which is known for its user-friendly interface and robust trading features. The MT4 platform is available for both desktop and mobile devices, allowing traders to manage their accounts and execute trades on the go.

In addition to MT4, EGM Securities offers a web-based trading platform known as WebTrader, which provides a seamless trading experience without the need for software installation. This platform is designed for traders who prefer a straightforward trading solution accessible from any internet-enabled device.

The broker employs an ECN (Electronic Communication Network) execution model, ensuring fast and efficient order processing. EGM Securities has invested in state-of-the-art technology infrastructure, with servers located in strategic financial hubs to ensure low latency and high-speed connectivity.

For traders interested in algorithmic trading, EGM Securities supports API access, allowing for automated trading strategies and integration with third-party trading tools.

5. Account Types and Trading Conditions

EGM Securities offers various account types to accommodate different trading styles and experience levels. The primary account types include:

• Executive Account:

• Minimum deposit: $15

• Spread: From 1.6 pips.

• No additional commission for trading.

• Premiere Account:

• Minimum deposit: $100

• Spread: Starting from 0.2 pips.

• Commission: $7 per lot for currency pairs and precious metals; $10 for CFDs on futures contracts.

Traders can also open a demo account to practice their trading strategies risk-free. EGM Securities offers a swap-free Islamic account to accommodate traders who require compliance with Sharia law.

The broker provides high leverage options, with a maximum of 1:400 for forex pairs and precious metals, and 1:200 for CFDs. The minimum trade size is 0.01 lots, allowing for flexibility in position sizing.

6. Fund Management

EGM Securities supports a variety of deposit and withdrawal methods to facilitate easy fund management. The available deposit methods include:

• Bank Transfers
• Credit/Debit Cards
• E-wallets: Including Neteller and Skrill.
• Mobile Payment Solutions: Such as M-Pesa and Airtel Money.

The minimum deposit requirement varies by account type, with the lowest being $15. EGM Securities does not charge any deposit fees, although clients should verify if their financial institution imposes any additional charges.

Withdrawal options include bank transfers and e-wallets, with no withdrawal fees for domestic transactions. However, international withdrawals may incur a fee of 1650 KES (approximately $16.50). Withdrawal processing times vary, with domestic withdrawals taking 1-3 business days and international withdrawals taking 3-5 business days.

7. Customer Support and Educational Resources

EGM Securities offers robust customer support through various channels, including:

• Online Chat: Available 24/6.
• Email Support: Clients can reach out via support@egmsecurities.com.
• Phone Support: Local and international numbers provided for client assistance.

The broker provides support in English, accommodating a wide range of clients. EGM Securities also offers educational resources through its Academy section, which includes video tutorials and trading guides, although access is limited to registered users.

Traders can benefit from market analysis services, including daily updates and research reports, to enhance their trading strategies. The broker also provides various trading tools, such as calculators and economic calendars, to assist traders in their decision-making processes.

8. Regional Coverage and Restrictions

EGM Securities primarily serves clients in Africa, with a significant focus on the Kenyan market. The broker has established regional offices to provide localized support and services. However, EGM Securities does not accept clients from certain countries, including the United States and some other jurisdictions, due to regulatory restrictions.

The broker's services are designed to comply with local regulations, ensuring that clients can trade confidently within the legal frameworks of their respective countries. EGM Securities is committed to maintaining transparency and compliance with all applicable laws and regulations to protect its clients and uphold its reputation as a reliable EGM broker.

In conclusion, EGM Securities stands out as a reputable forex broker with a strong regulatory framework, diverse trading products, and a commitment to customer service. With its competitive trading conditions and advanced technology, it caters to a wide range of traders looking to navigate the forex market effectively.