Overall according to research in South Africa, FXPesa is considered low risk, with an overall Trust Score of 90 out of 100. FXPesa is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). FXPesa offers 2 retail trading accounts namely an Executive Account and a Premiere Account.
FXPesa at a glance
| 🔍 Broker’s name | FXPesa |
| 🏛️ Headquarters | Nairobi, Kenya |
| 📅 Year founded | 2019 |
| ⚖️ Regulating authorities | CMA, FCA |
| 📒 Demo account | Yes |
| ☪️ Islamic account (swap-free) | Yes |
| ✴️ Segregated accounts | Yes |
| 👨🏼💼Managed accounts | Yes |
| 🔣 Maximum leverage | 1:400 |
| 💰 Minimum deposit | R80 ZAR / $5 |
| ➕ Deposit options | Wire/Bank transfer Debit/Credit cards E-Wallet Mobile payments |
| ➖ Withdrawal options | Wire/Bank transfer E-Wallet Mobile payments |
| 📊 Platform(s) provided | FXPesa Mobile MyFXPesa MetaTrader 4 MetaTrader 5 |
| 📶 OS compatibility | iPhones, iPads, Multi-Terminal, and all Android devices. |
| 🛍️ Tradable assets offered | Forex, Indices, Commodities, US Shares, UK Shares and EU Shares |
| 💬 Languages supported on the website | English |
| 💬 Customer support languages | Multilingual |
| ⏲️ Customer service hours | 24/6 |
EGM Securities Limited, operating under the brand name FXPesa, is a non-dealing desk broker authorized by the Capital Market Authority to facilitate foreign exchange (FX) and contracts for difference (CFD) transactions using an electronic communications network (ECN).
South African traders have access to some of the most open and simple trading solutions with FXPesa, a user-friendly trading platform.
FXPesa Review – 18 Key Point Quick Overview (2022):
FXPesa Pros and Cons- FXPesa Overview
- FXPesa Safety and Security
- FXPesa Account Types and features
- FXPesa Deposit and withdrawal
- FXPesa Fees and Spreads
- FXPesa market instruments
- FXPesa Leverage
- How to set up a Demo Account – Step by Step
- FXPesa Customer support
- FXPesa Education
- FXPesa Research
- FXPesa Customer Reviews
- FXPesa vs AAFX Trading vs 4XCUBE – A Comparison
- FXPesa Awards
- Conclusion
- Disclaimer
- Frequently asked questions
FXPesa is conducted through Kenya EGM Securities Limited, and since EGM is a non-dealing desk broker (NDD), South African customers have instant access to the best available interbank market exchange rates.
FXPesa Pros and Cons
| ✔️ Pros | ❌ Cons |
| You can trade a variety of financial products through FXPesa | There is no ZAR-denominated trading account offered |
| The FCA and CMA have effective oversight over FXPesa | The spreads are much wider on the Executive Account |
| The account verification process is fast and easy | The commissions charged are high |
| There are several trading systems available when trading with FXPesa | Retail traders are not given any negative balance protection |
| A limitless demo account is available across trading platforms | There are withdrawal fees that apply |
| Several local deposit and withdrawal options are offered to South Africans | There is an inactivity fee charged on all FXPesa’s dormant account |
| FXPesa has received several favorable broker evaluations |
FXPesa Overview
According to research in South Africa, FXPesa is considered low risk, with an overall Trust Score of 90 out of 100. FXPesa is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). FXPesa offers two retail trading accounts namely an Executive Account and a Premiere Account.
EGM Securities Limited, operating under the brand name FXPesa, is a non-dealing desk broker authorized by the Capital Market Authority to facilitate foreign exchange (FX) and contracts for difference (CFD) transactions using an electronic communications network (ECN).
South African traders have access to some of the most open and simple trading solutions with FXPesa, a user-friendly trading platform.
FXPesa is one of the first trading platforms to provide fast and flexible local payment choices to customers in Africa overall, especially in Kenya where the broker is based.
Since EGM is a non-dealing desk broker (NDD), South African customers have instant access to the best available interbank market exchange rates.
The Electronic Communications Network (ECN) utilized for trading reduces the need for intermediaries by connecting its clients directly to the market through interbank trading rates.
Since this lowers the brokerage fees and transaction expenses that market marker brokers must bear, trading becomes more accessible to a wider audience.
FXPesa is a feasible choice for traders looking for quick execution, minimal slippage, and competitive spreads. The overall distribution of traders who use FXPesa is as follows:
Kenya – 95.7%
United States – 0.8%
Finland – 0.6%
France – 0.4%
South Africa – 0.4%
FXPesa Safety and Security
When traders evaluate brokers, regulation is one of the most crucial components that must be considered, amongst several others. Regulated brokers are required to comply with stringent rules and regulations set by regulatory entities and through this, client fund security can be ensured.
EGM Securities Limited, a non-dealing online foreign currency brokerage, is governed and permitted by the Capital Markets Authority of Kenya to operate locally and across borders.
Under the Foreign Exchange Trading Regulations for the Capital Markets, 2017, one requirement relates to the separation of customer accounts. Client will be informed that they qualify as a “retail customer” when they create a trading account.
Clients of the eligible opponent or counterparty may request a reclassification, and the result will be communicated to them. As per strict CMA guidelines, every customer’s money is meticulously kept apart from other funds.
The funds of each customer are stored in a different bank account and are kept completely apart from the business’s overall operational funds.
Additionally, Equiti Capital UK Limited (07216039) has been authorized and governed by the Financial Conduct Authority (FCA) in the United Kingdom under reference number 528328.
FXPesa Account Types and features
| 🔍 Account Features | 📈 Executive Account | 📈 Premier Account |
| 💵 Minimum Deposit | R80 ZAR / $5 | R1600 ZAR / $100 |
| 📊 Platforms offered | MetaTrader 4 FXPesa Trader MetaTrader 5 |
MetaTrader 4 FXPesa Trader MetaTrader 5 |
| 📈 Typical spreads | 1.4 pips | 0.0 pips |
| 📊 Instruments available | 62 currency pairs 6 precious metals 37 CFDS 240+ Shares |
62 currency pairs 6 precious metals 37 CFDS 240+ Shares |
| 💹 Maximum leverage ratios | Forex and Precious Metals – 1:400 CFDs – 1:200 Equities – 1:20 |
Forex and Precious Metals – 1:400 CFDs – 1:200 Equities – 1:20 |
| ⚖️ Fixed leverage | On MetaTrader 4 and FXPesa Mobile, on forex, precious metals, CFDs, and equities | On MetaTrader 4 and FXPesa Mobile, on forex, precious metals, CFDs and equities |
| ⚖️ Dynamic leverage | On MetaTrader 5 on forex, precious metals, CFDs, and equities | On MetaTrader 5 on forex, precious metals, CFDs, and equities |
| ⭐ Demo account | Yes | Yes |
| 📝 Order execution | Market | Market |
| 📉 Minimum trade size | 0.01 | 0.01 |
| 📈 Maximum Trading Volume for a single trade | 150 lots for major financial instruments | 150 lots for major financial instruments |
| 📈 Maximum volume on open trades | 1500 lots on forex | 1500 lots on forex |
| 📈 Maximum Number of Open or Pending Trades | 500 | 500 |
| 💲 Base account currency | USD | USD |
| 🛑 Stop-out | 30% | 30% |
| 💰 Commission fee | No | R112 ZAR / $7 per standard lot, round turn on forex and precious metals |
| ☪️ Islamic account option | Yes | Yes |
FXPesa comes highly recommended since it provides the best trading conditions and executes orders quickly and consistently. A Premiere account with spreads as low as 0 pips is now available to complement the FXPesa Executive account, which is the entry-level account offered.
Traders can expect fast and reliable order execution on transactions, and there are more than 200 different instruments offered, depending on the kind of trading account employed.
In addition to these two retail accounts, FXPesa also offers an unlimited demo account alongside an Islamic account option for Muslim traders who need halal trading conditions.
Executive Account
This is the ideal account for South Africans who employ fast-paced and high-volume trading strategies. The unique characteristics of this account are as follows:
| 🔍 Account Features | 📈 Executive Account |
| 💵 Minimum Deposit | R80 ZAR / $5 |
| 📊 Platforms offered | MetaTrader 4 FXPesa Trader MetaTrader 5 |
| 📈 Typical spreads | 1.4 pips |
| 📊 Instruments available | 62 currency pairs 6 precious metals 37 CFDS 240+ Shares |
| 💹 Maximum leverage ratios | Forex and Precious Metals – 1:400 CFDs – 1:200 Equities – 1:20 |
| ⚖️ Fixed leverage | On MetaTrader 4 and FXPesa Mobile, on forex, precious metals, CFDs, and equities |
| ⚖️ Dynamic leverage | On MetaTrader 5 on forex, precious metals, CFDs, and equities |
| ⭐ Demo account | Yes |
| 📝 Order execution | Market |
| 📉 Minimum trade size | 0.01 |
| 📈 Maximum Trading Volume for a single trade | 150 lots for major financial instruments |
| 📈 Maximum volume on open trades | 1500 lots on forex |
| 📈 Maximum Number of Open or Pending Trades | 500 |
| 💲 Base account currency | USD |
| 🛑 Stop-out | 30% |
| 💰 Commission fee | No |
| ☪️ Islamic account option | Yes |
Premiere Account
This is a more exclusive account for experienced South African traders who need additional benefits and the best trading conditions. The list of characteristics on the Premiere Account is as follows:
| 🔍 Account Features | 📈 Premier Account |
| 💵 Minimum Deposit | R1600 ZAR / $100 |
| 📊 Platforms offered | MetaTrader 4 FXPesa Trader MetaTrader 5 |
| 📈 Typical spreads | 0.0 pips |
| 📊 Instruments available | 62 currency pairs 6 precious metals 37 CFDS 240+ Shares |
| 💹 Maximum leverage ratios | Forex and Precious Metals – 1:400 CFDs – 1:200 Equities – 1:20 |
| ⚖️ Fixed leverage | On MetaTrader 4 and FXPesa Mobile, on forex, precious metals, CFDs and equities |
| ⚖️ Dynamic leverage | On MetaTrader 5 on forex, precious metals, CFDs, and equities |
| ⭐ Demo account | Yes |
| 📝 Order execution | Market |
| 📉 Minimum trade size | 0.01 |
| 📈 Maximum Trading Volume for a single trade | 150 lots for major financial instruments |
| 📈 Maximum volume on open trades | 1500 lots on forex |
| 📈 Maximum Number of Open or Pending Trades | 500 |
| 💲 Base account currency | USD |
| 🛑 Stop-out | 30% |
| 💰 Commission fee | R112 ZAR / $7 per standard lot, round turn on forex and precious metals |
| ☪️ Islamic account option | Yes |
Demo Account
Novice traders may use the demo account to practice trading and hone their abilities before opening a real trading account. Advanced and seasoned traders may test their trading strategies on a demo account before using them on a live trading account, protecting them from monetary loss while honing their tactics.
The FXPesa Demo Account is intended to provide new traders with the opportunity to get expertise in the trading market. Demo accounts provide their users with several advantages and while these accounts are the same as live accounts in every way, they do not use real money.
Some of the features included in the demo account are that they provide access to real market prices, unlimited usage, and the MetaTrader 4, MetaTrader 5, mobile, and WebTrader interfaces.
Islamic Account
Even if the practice of halal forex trading is not a new one in the world of finance, there are still very few online brokers that provide Islamic accounts. Brokers mostly do not advertise this form of trading account since it generates a lower profit for them and only a small number of customers are interested in it.
Swap-Free Accounts are another name for Islamic forex accounts since they do not permit the accrual, collection, or payment of interest and are thus halal trading accounts. Islamic forex accounts are also known as halal trading accounts. In contrast to traditional trading accounts, these accounts do neither generate swap profits nor do they incur costs associated with currency swaps.
FXPesa’s Islamic Accounts offer trading in foreign exchange, minor and exotic currency pairs, and precious metals. To convert a live trading account, Muslim traders must first establish and authenticate a live trading account with FXPesa.
After completing these steps, South African traders can contact FXPesa’s customer care staff to seek conversion on their trading account, enabling them to engage in halal trading operations.
FXPesa Deposit and withdrawal
| ➕ Deposit Methods | 💰 Wire / Bank transfer | 💰 Debit / Credit card | 💰 E-Wallet | 💰 Mobile payments |
| 💳 Supported currencies | USD, KES, TZS, UGX | USD, KES, TZS | USD, KES | USD, KES, TZS, UGX |
| 💳 Deposit arrival time | 1-3 Working Days | Instant | Instant | Instant |
| 💳 Fees | Free | Free | Free | Free |
| 💳 Payment methods | I&M Bank Limited | Visa, Mastercard | Skrill, Neteller | Mpesa – Lipa na Bonga – EazzyPay – Airtel money – eLipa – Mastercard, Visa – MTNMoney – (UGX) – Vodacom (TZS) – Tigo (TZS) – Airtel (TZS) |
| ➖ Withdrawal Methods | ||||
| 💳 Supported currencies | USD, KES | ❌ | USD, KES | KES, TZS, UGX |
| 💳 Withdrawal arrival time | 3-5 working days | ❌ | 3 hours | 3 hours |
| 💳 Local withdrawal fees | Free | ❌ | 1% (capped at R480 ZAR / $30, currency equivalent) | Free |
| 💳 International withdrawal fees | R240 ZAR / $15 / 1650 KES | ❌ | 1% (capped at R480 ZAR / $30, currency equivalent) | Free |
| 💳 Payment providers | I&M Bank Limited | ❌ | Skrill, Neteller | Mpesa – Lipa na Bonga – Airtel money – eLipa – MTNMoney (UGX) |
When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.
FXPesa offers traders the following ways through which deposits and withdrawals can be done:
Credit and Debit Card (Visa and Mastercard)
Bank Wire Transfer – I&M Bank Limited
eWallets include Skrill and Neteller
Mobile Payments include MPesa, Lipa na Bonga, Airtel Money, eLipa, and MTNMoney (UGX)
FXPesa Fees and Spreads
| ➕ Deposit Methods | 💰 Wire / Bank transfer | 💰 Debit / Credit card | 💰 E-Wallet | 💰 Mobile payments |
| 💳 Supported currencies | USD, KES, TZS, UGX | USD, KES, TZS | USD, KES | USD, KES, TZS, UGX |
| 💳 Deposit arrival time | 1-3 Working Days | Instant | Instant | Instant |
| 💳 Fees | Free | Free | Free | Free |
| 💳 Payment methods | I&M Bank Limited | Visa, Mastercard | Skrill, Neteller | Mpesa – Lipa na Bonga – EazzyPay – Airtel money – eLipa – Mastercard, Visa – MTNMoney – (UGX) – Vodacom (TZS) – Tigo (TZS) – Airtel (TZS) |
| ➖ Withdrawal Methods | ||||
| 💳 Supported currencies | USD, KES | ❌ | USD, KES | KES, TZS, UGX |
| 💳 Withdrawal arrival time | 3-5 working days | ❌ | 3 hours | 3 hours |
| 💳 Local withdrawal fees | Free | ❌ | 1% (capped at R480 ZAR / $30, currency equivalent) | Free |
| 💳 International withdrawal fees | R240 ZAR / $15 / 1650 KES | ❌ | 1% (capped at R480 ZAR / $30, currency equivalent) | Free |
| 💳 Payment providers | I&M Bank Limited | ❌ | Skrill, Neteller | Mpesa – Lipa na Bonga – Airtel money – eLipa – MTNMoney (UGX) |
The spread list for FXPesa starts from 0.0 pips EUR/USD.
FXPesa is a No-Dealing Desk Broker that uses an Electronic Communications Network (ECN) and offers market execution on trades. FXPesa receives pricing from top liquidity providers and the spreads charged are variable.
The spreads that traders can expect from FXPesa will depend on the financial instrument, market conditions on the day of trading, and the trading account that they use.
FXPesa charges the following typical spreads:
Executive Account – 1.4 pips EUR/USD
Premiere Account – 0.0 pips EUR/USD
While the executive account does not have any commissions, the Premiere Account has a commission charge of $7 per standard lot, round turn on forex and precious metals.
FXPesa market instruments
| 🔍 Trading platforms | ✅ Availability |
| 📊 Forex | Yes |
| 📊 Indices | Yes |
| 📊 Commodities | Yes |
| 📊 US Shares | Yes |
| 📊 UK Shares | Yes |
| 📊 EU Shares | Yes |
FXPesa offers the trade in Forex, Indices, Commodities, US Shares, UK Shares, and EU Shares
FXPesa Leverage
Leverage is a tool that is offered by numerous brokers to traders. With leverage, traders can open larger positions, allowing traders more exposure to the market in which they are trading despite their initial deposit.
FXPesa provides a maximum leverage of 1:400 on forex major pairs. The leverage that South Africans can expect will depend on the financial instruments and several other factors. South Africans are urged to use leverage with care as FXPesa does not offer negative balance protection.
How to set up a Demo Account – Step by Step
To register a demo account with FXPesa, traders can follow these 10 steps:
Step 1 – Go to FXPesa’s website
Go to FXPesa’s website and choose “Demo Account” from the main menu.
Step 2 – Fill in the form
This will automatically load an electronic registration form where traders must provide some personal information and valid contact info to receive a PIN before they can submit the registration and start demo trading.
FXPesa Customer support
FXPesa offers customer support 24 hours a day, 6 days a week through the following communication channels:
Live Chat
Telephone
Email
FXPesa Education
FXPesa provides traders with the following educational and training:
Webinars
Videos
Glossary
Infographics
FXPesa Research
FXPesa provides the following research tools, materials, and resources:
Economic calendar
Trading Calculator
Market Analysis
FXPesa Customer Reviews
the best foex company i ever deal with…
the best foex company i ever deal with in Africa specially in kenya// so qiuck in deposit also in withdrawing more convianient really really i liked so much,,,,,,,,,,,,,,,,,,,, thank you EGM and Fxpesa keep going guys
FXPesa vs AAFX Trading vs 4XCUBE – A Comparison
| 🔎 Broker | 🥇 FXPesa | 🥈 AAFX Trading | 🥉 4XCUBE |
| 💰 Minimum Deposit | R80 ZAR / $5 | $100/R1 600 | $5/R80 |
| 📝 Sign-Up Bonus | ☑️ Yes | – | ☑️ Yes |
| ➕ Max. Leverage | 1:400 | 1:2000 | 1:400 |
| 💵 Currency Pairs | – | – | 48 |
| 🚀 Open an Account | 👉 Open Account | 👉 Open Account | 👉 Open Account |
FXPesa Awards
One of the most important things traders examine when choosing a forex and CFD broker is the number of awards the broker has received for their service, platform, customer support, and a variety of other components.
At the time of writing, FXPesa does not have any information on any recent awards or recognition.
Conclusion
FXPesa has a straightforward price structure, albeit its trading spread is wider than that of certain competitors. For customers in South Africa, the fact that FXPesa’s parent business, EGM Securities, is regulated is a major guarantee of safety.
Regardless of your current level of trading expertise, FXPesa’s dedicated education center has several resources to help you improve your knowledge. High-quality, no-cost educational materials are compiled in the broker’s training.
Disclaimer
Trading forex and other leveraged products contain an elevated level of risk and are not suitable for all investors. It is possible to lose more money than you invest while trading the high-risk financial instruments, and your losses may surpass your initial investment.
Before participating in such activities, ensure that you have a thorough understanding of the dangers and, if necessary, seek independent advice, according to research in South Africa.
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Frequently asked questions
Who owns FXPesa?
EGM Securities owns FXPesa. EGM Securities is based in Kenya and is regulated by the Capital Markets Authority in Kenya.
Is FXPesa on MT5?
Yes, FXPesa offers MetaTrader 5 to South Africans along with its proprietary trading platforms and MetaTrader 4.
Does FXPesa offer a ZAR Account?
No, FXPesa does not offer a ZAR-denominated account.
Is FXPesa Regulated?
Yes, FXPesa is regulated by CMA and FCA through its parent company.
What is the minimum deposit for FXPesa?
The minimum deposit to register a live trading account with FXPesa is R80 ZAR /$5.
Addendum/Disclosure
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
Featured SA Shares Writer and Forex Analyst.
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