EGM Forex Forex Broker

EGM Forex Broker - Complete Information Guide

1. Broker Overview

EGM Securities Limited, established in 2016, is a prominent forex broker based in Nairobi, Kenya. The company operates as a private entity and is part of the Equiti Group, which is known for its expansive reach in the financial services sector. EGM Securities primarily serves retail clients, particularly in the African market, while also catering to institutional clients.

The company has made significant strides since its inception, notably becoming the first non-dealing online forex broker licensed by the Capital Markets Authority (CMA) of Kenya. This milestone reflects EGM Securities' commitment to regulatory compliance and client security. The firm has also expanded its services to include a variety of trading instruments, thereby enhancing its market presence.

As a non-dealing desk (NDD) forex broker, EGM Securities utilizes advanced trading technologies, including Straight Through Processing (STP) and Electronic Communication Network (ECN), to facilitate direct market access for its clients. This model eliminates conflicts of interest, allowing traders to engage with interbank market rates without intermediary interference. EGM Forex Broker has established itself as a reputable entity in the forex trading landscape, focusing on providing transparent and efficient trading solutions.

2. Regulation and Compliance Information

EGM Securities is regulated by the Capital Markets Authority (CMA) of Kenya, holding the license number CMA 107. This regulatory oversight ensures that the broker adheres to strict operational standards, including the segregation of client funds, which are held in separate accounts to safeguard against misuse.

The CMA license allows EGM Securities to operate within the Kenyan jurisdiction, providing a level of assurance to clients regarding the safety of their investments. The broker complies with the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, further enhancing its credibility in the financial market.

In addition to its local regulation, EGM Securities is part of a broader group that operates under various regulatory bodies across different regions, including the Financial Conduct Authority (FCA) in the UK. This multi-regulatory framework adds an additional layer of security for clients, ensuring that EGM Forex Broker meets international standards for financial services.

3. Trading Products and Services

EGM Securities offers a diverse range of trading products, primarily focusing on forex and Contracts for Difference (CFDs). The broker provides access to over 60 currency pairs, including major, minor, and exotic pairs, catering to a wide array of trading preferences.

In addition to forex, EGM Securities offers CFDs on various asset classes, including:

• Indices: Access to major global indices.
• Commodities: Trading options on key commodities such as gold, silver, and oil.
• Stocks: CFDs on a selection of shares from major markets, including the US and UK.

While EGM Forex Broker does not currently offer cryptocurrency trading, it is continually assessing market demand for new products, indicating a potential for future expansion in this area.

The brokerage also provides robust retail trading services while maintaining a focus on institutional clients, offering tailored solutions that meet the needs of larger trading entities. The introduction of white-label solutions and asset management services further illustrates EGM Securities' commitment to enhancing its service offerings.

4. Trading Platforms and Technology

EGM Securities supports the widely acclaimed MetaTrader 4 (MT4) platform, known for its user-friendly interface and comprehensive trading tools. The MT4 platform is available for desktop, web, and mobile devices, allowing traders to access their accounts and manage trades from anywhere.

In addition to MT4, EGM Securities is in the process of integrating MetaTrader 5 (MT5), which offers advanced features such as additional timeframes, more technical indicators, and enhanced order management capabilities. This allows traders to implement more complex strategies and benefit from improved trading conditions.

The broker operates on a market execution model, ensuring fast and reliable trade execution. EGM Forex Broker's servers are strategically located to minimize latency, providing traders with a seamless trading experience. The broker also supports API access for automated trading, enabling clients to utilize expert advisors (EAs) to optimize their trading strategies.

5. Account Types and Trading Conditions

EGM Securities offers two primary account types:

• Executive Account:
• Minimum Deposit: $15
• Spread: From 1.6 pips
• Commission: No commission charged
• Leverage: Up to 1:400
• Premiere Account:
• Minimum Deposit: $100
• Spread: From 0.2 pips
• Commission: $7 per standard lot on forex and precious metals
• Leverage: Up to 1:200 for CFDs and 1:20 for stocks

Both account types allow for a minimum trade size of 0.01 lots. EGM Securities also offers a demo account for traders to practice their strategies risk-free, alongside Islamic accounts compliant with Sharia law.

The broker's competitive trading conditions, including low spreads and high leverage, make it an attractive option for both novice and experienced traders.

6. Funds Management

EGM Securities provides a range of deposit and withdrawal methods, ensuring convenience for its clients. Supported deposit methods include:

• Bank Transfers
• Credit/Debit Cards
• E-wallets: Neteller, Skrill, and mobile payment solutions such as M-Pesa.

The minimum deposit requirement varies by account type, with the Executive Account requiring only $15. Deposits are processed quickly, typically instant for e-wallets and within 1-3 business days for bank transfers.

Withdrawals can be made through the same methods used for deposits. However, there are specific fees associated with international wire transfers, which incur a charge of approximately $16.50. Withdrawal processing times also vary, with e-wallet withdrawals completed within hours, while bank transfers may take 3-5 business days.

7. Customer Support and Educational Resources

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

• Phone Support: Available during business hours.
• Email Support: Clients can reach out via support@egmsecurities.com.
• Live Chat: Accessible through the broker's website.
• Social Media: Active on platforms like Facebook and Twitter.

The support team is available 24/6, ensuring that traders can receive assistance when needed. EGM Forex Broker supports multiple languages, catering to a diverse client base.

In terms of educational resources, EGM Securities provides access to webinars, trading guides, and market analysis tools. While the educational offerings are beneficial for beginners, the depth of content may not be as extensive as found with some competitors.

8. Regional Coverage and Restrictions

EGM Securities primarily services clients in Africa, particularly in Kenya, where it is regulated. The broker has established a significant presence in the local market, appealing to traders seeking reliable forex trading solutions.

However, EGM Forex Broker does not accept clients from certain regions, including the United States, New Zealand, and several other countries due to regulatory restrictions. This limitation is crucial for potential clients to consider before attempting to open an account.

In summary, EGM Securities stands out as a reputable forex broker in the Kenyan market, offering a range of trading products and services underpinned by a solid regulatory framework. With competitive trading conditions and a commitment to client safety, EGM Forex Broker continues to attract traders looking for a reliable trading partner.