FXPesa Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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I withdrew more than $ 5000 from my Trading account on this platform. It was removed from the board, but absolutely nothing has come to my bank,. I am looking for a solution to this and I want help
FXPesa has emerged as a prominent forex and CFD broker in Kenya, offering a range of trading options for both novice and experienced traders. Overall, the broker has received mixed reviews, with users praising its low minimum deposit and user-friendly platforms, while concerns regarding higher spreads and limited asset classes have been noted. This review aims to provide a comprehensive overview of FXPesa, highlighting its key features, advantages, and drawbacks.
Note: It is essential to recognize that FXPesa operates under different entities in various regions, which may affect user experience and regulatory oversight. This review incorporates a balanced approach to ensure fairness and accuracy in evaluating FXPesa's offerings.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8 |
| Tools and Resources | 7 |
| Customer Service and Support | 6 |
| Trading Setup | 7 |
| Trustworthiness | 8 |
| User Experience | 7 |
| Additional Features | 6 |
We evaluate brokers based on a comprehensive analysis of user feedback, expert opinions, and factual data.
Founded in 2019, FXPesa is the trading name of EGM Securities Limited, which is regulated by the Capital Markets Authority (CMA) of Kenya. The broker specializes in forex and CFD trading, providing access to popular trading platforms such as MetaTrader 4 (MT4) and its proprietary FXPesa Trader. FXPesa offers a variety of asset classes, including forex pairs, commodities, and indices, catering primarily to the East African market.
FXPesa is regulated by the Capital Markets Authority (CMA) of Kenya, ensuring compliance with local financial regulations. Additionally, it is associated with Equiti Capital, which is regulated in the UK by the Financial Conduct Authority (FCA). This dual regulatory framework aims to enhance trust and security for traders in Kenya and beyond.
FXPesa primarily operates in USD, with the option for deposits in Kenyan Shillings (KES) through local payment methods such as M-Pesa. However, it does not support cryptocurrency trading, which may limit options for traders interested in digital assets.
The minimum deposit required to open an account with FXPesa is as low as $5 for the Executive account, making it accessible for beginner traders. The Premiere account, which offers better trading conditions, requires a minimum deposit of $100.
FXPesa provides a welcome bonus of 30% for new traders who deposit a minimum of $100. This bonus can enhance trading capital, but it is subject to specific terms and conditions.
FXPesa offers a range of trading instruments, including:
FXPesa's spreads start at 1.4 pips for the Executive account, while the Premiere account offers spreads from 0.0 pips, subject to a commission of $7 per lot. While the commission-free Executive account may appeal to new traders, the higher spreads could impact profitability, especially for frequent traders.
FXPesa provides a maximum leverage of 1:400 on forex trades, allowing traders to amplify their positions. However, it is crucial to exercise caution when using high leverage, as it can significantly increase the risk of losses.
Traders can access FXPesa's services through various platforms, including:
FXPesa does not accept clients from several countries, including the United States, Afghanistan, and Iran, due to regulatory restrictions. This limitation may affect traders seeking to open accounts from these regions.
FXPesa offers customer support primarily in English and Swahili, with various channels available for assistance, including live chat, email, and phone support.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8 |
| Tools and Resources | 7 |
| Customer Service and Support | 6 |
| Trading Setup | 7 |
| Trustworthiness | 8 |
| User Experience | 7 |
| Additional Features | 6 |
FXPesa provides two primary account types: Executive and Premiere. The Executive account requires a minimum deposit of just $5 and offers commission-free trading with spreads starting from 1.4 pips. However, the spreads are relatively high compared to competitors. The Premiere account, requiring a $100 deposit, offers tighter spreads but incurs a commission, which may deter some traders.
While FXPesa offers educational resources, including webinars and trading guides, the depth of research tools is somewhat limited compared to other brokers. This could impact the ability of traders to conduct thorough market analysis.
Customer service is available 24/5, but some users have reported that support is not always responsive. The availability of live chat is a plus, but the overall experience may vary depending on the time of contact.
The trading experience on FXPesa is generally positive, with a user-friendly interface on both MT4 and FXPesa Trader. However, the lack of negative balance protection is a concern for risk management.
With regulation from the CMA and the FCA, FXPesa is considered a trustworthy broker, though the absence of negative balance protection raises some flags for risk-averse traders.
Users appreciate the low minimum deposit and the user-friendly platforms, but the higher spreads and limited asset classes may deter some traders from fully committing to FXPesa.
In conclusion, FXPesa offers a competitive trading environment for Kenyan traders, particularly those new to forex. However, potential users should weigh the pros and cons carefully, particularly regarding spreads and available trading instruments. Overall, FXPesa remains a viable option for those looking to enter the forex market in East Africa.
