We all know that there are a lot of forex brokers. Some are better than others in some aspects, but it’s generally pretty tough to find a brokerage that’s perfect for you. FxPesa is based in Kenya and is also open to worldwide customers. One such broker might be worth your while if you’re looking to try something new. Like other brokers on this list, they offer MT4 web trader platforms, fantastic customer service, and low fees. We wrote this review of FxPesa Kenya to help you decide whether it’s the right option for your trading needs!
FxPesa is a fully regulated forex broker and part of the Equiti Capital Group, including EGM Securities. The parent company, EGM Securities, is regulated by the Capital Markets Authority (CMA) in Kenya and holds an FCA license for its UK branch.
FxPesa offers Forex trading services to clients across Africa, including Kenya, Uganda, Tanzania, and Zambia. In addition to providing Forex trading services, FxPesa also provides CFDs on indices such as the S&P 500 index (SPX), Dow Jones Industrial Average (DJIA), and Nasdaq 100 index (NDX).
In addition to offering multiple ways to fund your account with them, FX Pesa allows you to withdraw funds using Mpesa or Bank transfer and credit cards like Visa or MasterCard.
FxPesa Safety and Regulation
As a regulated broker, FxPesa has been cleared to operate as a financial services provider by the Capital Markets Authority of Kenya. Many other jurisdictions worldwide also regulate them, such as FCA (UK) and MIFID II (EU).
FxPesa is licensed to operate in Kenya and East Africa, offering its clients a wide variety of trading instruments and multiple currency pairs, including USD/JPY, EUR/USD, GBP/USD, etc.
Trading Instruments at FxPesa
FxPesa offers trading in forex, commodities, indices, stocks, and bonds.
- Commodities include Silver (XAG), Gold (XAU), Platinum (PLAT), and more.
- CFD trading on eight commodities like silver, gold, platinum etc.
- 66 currency pairs (majors, minor and exotic pairs)
Forex Broker Trading Platforms
FxPesa Forex broker offers its clients a wide range of trading platforms. They are:
- Mobile trading Platform- FxPesa mobile platform is not the most advanced mobile platform, but it is easy to use. The user interface is simple, and the trader can easily place trades using a smartphone or tablet device. You can also check your account balance and determine how much money you have deposited into it on your mobile phone or tablet device using this platform.
- Web-based trading platform-This web-based platform is straightforward to use, thanks to its clear interface, which makes placing trades very convenient for traders who don’t want fancy designs but only want things done quickly without having too much confusion while making transactions at FxPesa Kenya forex broker.
- MT4 Platforms -FxPesa provides MT4 platforms, which are relatively easy for novice traders in Kenya because they come with many tools that help them manage their funds more efficiently.
- MyFxPesa -This section allows users to view their account balances and deposit/withdrawal history. In other words, it is a client account management portal that simplifies everything.
FxPesa Fees, Leverage, Spreads and Commissions
FxPesa spreads are typically 1.4 pips on the standard pair of EUR/USD and GBP/USD, although you will probably find even higher spreads for for exotic pairs and CFDs.
FxPesa commissions start at $7 per lot for trading on your premium account (the first tier), while they are completely free on their Executive Account. The maximum leverage offered by FxPesa is 1:400, but it is lower for exotic pairs such as the Japanese Yen (JPY) and Swiss Francs (CHF).
Free deposits and withdrawals are available via bank transfer or credit card payments. However, keep in mind that there may be additional fees involved when depositing money into your account, depending on the payment provider.
FxPesa Account Types
FX Pesa offers two account types to its clients: The Executive Account and the Premier Account. The Executive Account has spread from 1.4 pips, while the Premier Account has 0 spread (i.e., flat rate). Clients can open an account by completing a simple application form on FXPesa’s website, which takes only a few minutes to complete. Once your application is approved, you’ll receive an email confirmation with instructions on funding your account and starting trading.
Using Mpesa with FxPesa
When dealing with Fx Pesa, you can also use M-Pesa to help fund your account. Mpesa is a mobile money transfer service provided by Safaricom, Kenya’s largest mobile network operator. It allows users to send and receive money through their phones via text messages or a web interface.
To use this method of funding your account, you must have an M-Pesa account and have already registered it with FX Pesa. You will need at least KES 500 sent from your mobile phone number. However, as mentioned above, if you are premium member, FX Pesa minimum deposit will be KES 10,000 instead of KES 500 for a premier account (Currency conversion rates apply)
FxPesa Bonuses, Promotions, and Customer Support
There are several bonuses and promotions available to new clients. The first is the 30% initial deposit bonus. This bonus is subject to some restrictions. The maximum bonus tied to this offer is $150. Upon verification, it will be automatically credited to your account, but its withdrawal must wait until a specific trading volume.
Customer support is another area where we think that FxPesa is doing a great job. They have a dedicated customer support team that is available 24/7 to help you with any issues that you may have. You can contact them via live chat or email, and they will answer within minutes, which is not bad at all. In addition, they have a detailed FAQ section on their website where you can find answers to common questions.
FxPesa is a great online trading platform for all kinds of traders. It offers a good selection of instruments and a bunch of trading platforms. We also like the fact that you can use Mpesa to make deposits and withdrawals, which means it’s easy for Kenyan traders to get started with this broker. We recommend FxPesa as a good choice for your online trading needs if you are from Kenya or live in another country.