EGM Securities 2025 Review: Everything You Need to Know
Summary: EGM Securities has garnered mixed reviews, with some users praising its competitive fees and user-friendly trading platform, while others express concerns over customer service and withdrawal processes. The broker offers a low minimum deposit and a diverse range of trading instruments, making it appealing for both novice and experienced traders.
Note: It is important to recognize that EGM Securities operates through different regional entities, which may affect user experience and regulatory oversight. This review aims to provide a fair and accurate assessment based on multiple sources.
Rating Overview
We assign ratings based on comprehensive analysis of user feedback, expert opinions, and factual data.
Broker Overview
Founded in 2016, EGM Securities is headquartered in Nairobi, Kenya, and is regulated by the Capital Markets Authority (CMA) of Kenya. The broker operates as a non-dealing desk (NDD) provider, offering direct access to interbank market rates. EGM Securities primarily utilizes the widely acclaimed MetaTrader 4 (MT4) platform, enabling traders to access a variety of financial instruments, including forex, CFDs on indices, commodities, and stocks. The broker has positioned itself as a competitive option for traders in Africa and beyond, although it does not accept clients from the United States.
Detailed Breakdown
Regulated Geographical Areas/Regions:
EGM Securities is regulated by the Capital Markets Authority (CMA) in Kenya, which is a tier-2 regulatory body. While this provides a level of oversight, it does not offer the same level of protection as tier-1 regulators like the FCA or ASIC. This regulatory status has led to mixed reviews regarding the safety of funds held with the broker.
Deposit/Withdrawal Currencies/Cryptocurrencies:
Deposits can be made in multiple currencies including USD, EUR, and KES. EGM Securities accepts various payment methods, such as bank transfers, credit/debit cards, and mobile payment solutions like M-Pesa. However, the broker does not currently support cryptocurrency trading, which may deter some traders looking for diverse investment options.
Minimum Deposit:
The minimum deposit required to open an executive account is as low as $15, which is competitive compared to other brokers in the market. For the premiere account, the minimum deposit is set at $100.
Bonuses/Promotions:
EGM Securities does not offer any sign-up bonuses or promotional incentives, which is a notable drawback compared to other brokers that attract new clients with such offers. This absence of bonuses may limit its appeal to traders looking for additional incentives.
Tradable Asset Classes:
Traders can access a variety of assets including 62 currency pairs, precious metals, CFDs on indices, and over 240 shares. The diversity in trading instruments allows users to develop a well-rounded trading strategy.
Costs (Spreads, Fees, Commissions):
The spreads offered by EGM Securities are generally competitive, starting from 1.4 pips for the executive account and as low as 0.2 pips for the premiere account. However, the premiere account incurs a commission of $7 per standard lot for precious metals, which may affect overall trading costs. Additionally, there are no deposit or withdrawal fees, but international wire transfers incur a fee of $15.
Leverage:
Leverage options are available up to 1:400 for forex pairs and 1:200 for CFDs, which can amplify both potential gains and losses. Traders should exercise caution when utilizing high leverage.
Allowed Trading Platforms:
EGM Securities primarily supports the MetaTrader 4 platform, which is known for its robust features, including automated trading capabilities through Expert Advisors (EAs). Although the broker also mentions the availability of MT5, the focus remains primarily on MT4.
Restricted Regions:
EGM Securities does not accept clients from the United States, which may limit its market reach and accessibility for certain traders.
Available Customer Support Languages:
Customer support is primarily offered in English, with assistance available through various channels, including live chat, email, and phone. However, user reviews indicate that response times can be slow, which may lead to frustration among traders needing immediate assistance.
Repeat Rating Overview
Detailed Analysis of Ratings
Account Conditions (7/10):
The low minimum deposit requirement is a significant advantage for new traders. However, the limited number of account types may not cater to more experienced traders seeking specialized features.
Tools and Resources (6/10):
While EGM Securities offers the MT4 platform, the availability of educational resources and trading tools is limited. Users may find the lack of comprehensive training materials a disadvantage.
Customer Service and Support (5/10):
EGM Securities provides multiple support channels, but user feedback suggests that response times can be slow. This can be a critical issue for traders requiring timely assistance.
Trading Setup (6/10):
The trading experience is generally smooth, but the absence of advanced trading tools and features may hinder traders looking for a more sophisticated environment.
Trustworthiness (7/10):
The broker is regulated by the CMA, providing a level of oversight, but its tier-2 status may not offer the same level of security as tier-1 regulated brokers.
User Experience (6/10):
Overall user experience is satisfactory, but some traders have reported issues with withdrawal processes, which can impact their trust in the broker.
In conclusion, EGM Securities presents a viable option for traders seeking a low-cost entry into the forex market, particularly in Africa. However, the broker's limitations in customer service, educational resources, and the lack of bonuses may deter some potential clients. As always, traders should conduct thorough research and consider their trading needs before opening an account.
