FXGT Broker Review For Kenya In 2024

FXGT Broker Review Basics

🏛️ Based in	Seychelles, South Africa
⚖️ Regulation	CySEC, FSA, FSCA
💰 Minimum Deposit	$5(Ksh.800)
💳 Deposit Options	VISA, MasterCard, Bank Wire, Neteller, Fasa Pay, Skrill, Crypto
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Neteller, Fasa Pay, Skrill, Crypto
📌Open an account	Start Trading with FXGT

Our Opinion About FXGT

On balance, Our FXGT broker review team believes that FXGT is a solid choice as a forex and CFD broker for active traders in Kenya. Their strengths include:

• Multi-jurisdictional regulation instills confidence that client funds and data are secure, and that the broker adheres to good business practices. Local regulation would improve perceptions.
• Trading costs are quite competitive – ECN account spreads below 1 pip and low commissions create favorable conditions for active traders.
• MT4/MT5 platforms provide industry leading technology, ideal for automated trading. Mobile and WebTrader expand access.

Overall, FXGT hits the key marks traders should look for around regulation, costs, and technology. The extensive tradable markets across forex, indices, commodities, stocks, and cryptocurrencies also expand possibilities.

Regulation And Safety

As a global broker, FXGT holds regulation in several major regulatory jurisdictions:

• Cyprus Securities and Exchange Commission (CySEC) – License No. 382/20
• Financial Sector Conduct Authority (FSCA) South Africa – FSP No. 48896
• Financial Services Authority (FSA) Seychelles – License No.SD019

Complying with the stringent licensing requirements in these jurisdictions provides traders assurance that FXGT adheres to fair operating practices and strong risk management controls. It also means client funds are segregated in top-tier banks for additional security. For Kenyan traders who prioritize regulation, trading with a broker like FXGT regulated in well-respected jurisdictions like CySEC and FSCA provides peace of mind.

FXGT Forex Broker Review: Legit or Scam?

With multi-jurisdictional regulation, FXGT meets the criteria of a legal, legitimate brokerage and not a scam operation. They have been in business since 2020 with a clean record, another good sign.

Traders should as always proceed with caution when evaluating brokers, but FXGT does not raise any immediate red flags that would indicate a scam broker. The domains all use SSL encryption and reviews from customers online are generally positive regarding customer service and withdrawals.

Of course, it remains good practice to start with small deposit sizes and test services first hand when evaluating a new broker. But FXGT passes the baseline checks in terms of operating a legal business with satisfied customers.

FXGT Trading Instruments

FXGT offers trading access to the following instruments:

• Forex: Major, minor, and exotic currency pairs – over 90 pairs total
• Indices: Major stock indices like S&P 500, FTSE 100, DAX30, Nikkei, and more
• Commodities: Crude oil, natural gas, gold, silver, platinum, palladium
• Cryptocurrencies: Bitcoin, Ethereum, Litecoin
• Stocks: US stocks like Apple, Tesla, Facebook, Google, and some EU stocks

The forex pairs cover the majors and minors, but also some more exotic crosses like USD/TRY, USD/ZAR, and USD/MXN that may appeal in certain trading strategies.

The commodity coverage hits the key metals, energies, and agricultural commodities most frequently traded. Cryptocurrency trading is also available on core coins like Bitcoin and Ethereum.

Overall, FXGT provides access to all the major asset classes an active trader is likely to be interested in, including CFDs to trade indices, commodities, stocks, and cryptos alongside the forex pairs.

FXGT Account Types

Type	Average Spread	Min. Deposit	Max. Leverage	Commission
Mini	10 points	$5	1:1000	$0
Standard	10 points	$5	1:1000	$0
ECN	0.0 points	$5	1:1000	0.1% – $6
Pro	5 points	$5	1:1000	$0

The pairs offered are consistent across account types, with differences in leverage limits, spreads, commission rates, and added features like complimentary VPS with Pro accounts.

Traders should consider their deposit size, desired leverage, spreads, and add-ons to determine which account type makes sense for their needs. The ECN account offers the most advanced institutional grade access.

Trading Tools

FXGT incorporates several useful trading tools to assist with analysis and risk management:

• Trading Signals: Get notified of potential trade opportunities identified by the broker’s analysts. Signals can be customized by asset class preferences.
• Live News Feed: A news crawler that provides real-time news updates that may impact markets.
• Economic Calendar: Scheduled events and release times for key economic reports, earnings, central bank meetings, and more.
• Autochartist: Scan for technical pattern breakouts across forex and CFD markets.
• Trading Calculator: Calculate required trade size based on risk parameters. Computes pip value, fees, position size, and more.
• Education Center: Video tutorials, trading guides, webinars and other learning resources.

The suite of trading tools aims to provide market color, ideas generation, calender event tracking, pattern recognition, and risk management – catering to different elements of the trading process.

FXGT Leverage, Spread and Commissions

Leverage up to 1:1000 is available, with limits that vary by account type. This provides substantial trading flexibility; however, we encourage traders to use leverage judiciously based on risk appetite.

Spreads on FX pairs start from 1.2 pips on the Standard Account for EUR/USD, which is competitive. Average spreads run around 0.9 pips on the ECN accounts.

ECN account holders pay a small commission per trade, with rates based on monthly volume tiers ranging from 0.1% down to $6 per lot. So active ECN traders can reduce the commission rates further through higher volume.

Overall, FXGT offers above average spreads and competitive commission rates, particularly via ECN accounts. This helps keep trading costs low which is positive.

FXGT Deposits and Withdrawals

• Visa, MasterCard, Maestro Card
• Bank Wire Transfer
• E-wallets like Neteller, Skrill, FasaPay
• Cryptocurrency: Bitcoin, Ethereum

The funding minimum is $5 for initial deposits, lower than many competitors. No deposit fees apply, though third party payment providers may charge fees.

Withdrawals are processed within 1 business day, with typical delivery times of 3-5 days. No withdrawal fees are charged for the first two withdrawals per calendar month, though third party providers may levy fees. Bank wire withdrawals require a $50 minimum.

The funding options cater to traders in Kenya and FXGT does not impose any troublesome withdrawal delays, caps, or fees, which is positive.

FXGT Bonuses and Promotions

The forex broker routinely offers trading bonuses, contests, and other promotions including:

• No deposit bonus of up to $30
• Welcome bonus of up to $50
• VPS Sponsorship
• 25% Unlimited Loyalty Bonus

FXGT Trading Platforms

FXGT delivers trading access across these platforms:

• MT4: Industry standard Metatrader 4 platform with advanced charting, technical indicators, Expert Advisors (EAs), and extensive customization options. Available on desktop, web, and mobile.
• MT5: Multiasset Metatrader 5 platform for trading forex, stocks, futures, options, indices, and cryptos from a single account. More advanced features compared to MT4.
• Web Trader: Browser-based trading via the FXGT web platform accessible on any internet connected device.

The MT4 and MT5 options are ideal for more advanced traders. MT4 in particular is widely used across the industry given its highly developed architecture for automated trading via EAs. WebTrader provides quick access for traders on the move without platform downloads.

FXGT Customer Support

FXGT provides customer support through these channels:

• Live Chat: Direct chat accessible through the website and trading platforms.
• Email: [email protected] for general inquiries.
• Phone: Toll-free local telephone numbers available internationally.
• FAQ section: FAQ database covering common questions

Our Verdict

For traders in Kenya seeking a well-regulated international broker with competitive spreads, FXGT is worthy of strong consideration. Their pricing, platforms, instruments, and support capabilities make them a leading choice.

Ideal traders on FXGT would be active participants focused on forex and CFD markets, interested in automated trading via MT4/MT5, and prioritizing regulatory oversight for funds safety. Islamic traders may be better served elsewhere.

But for active traders who align with their strengths, we recommend FXGT as a top brokerage choice for Kenya traders in 2024. Open a risk-free demo account to test their services yourself.

FXGT Forex Broker Review – Similar Brokers

Other regulated international brokers popular in Kenya that may suit active traders include: