FXPesa Basics
| 🏛️ Based in | Limassol, Cyprus |
|---|---|
| ⚖️ Regulation | CMA, FCA |
| 💰 Minimum Deposit | $5 |
| 💳 Deposit Options | VISA, MasterCard, Neteller, Skrill, Bank Wire, M-Pesa, EAZZYPAY, & more. |
| 💳 Withdrawal Options | VISA, MasterCard, Neteller, Skrill, Bank Wire, M-Pesa, EAZZYPAY, & more. |
| 📌Open an account | Start Trading with FxPesa |
Our Opinion About FXPesa
FXPesa is an online forex broker. The company first launched in 2016 and has now been offering online trading services in Africa for several years. FXPesa is a regulated broker based in Kenya. Despite being a relatively new company, compared to others on this site, FXPesa has already built a strong reputation within the forex industry. They are widely considered to be a trustworthy service provider, and in our opinion, are a great choice for forex traders living in Africa.
The first thing you should know about FXPesa is that they offer a great online trading experience. They have great trading accounts, fair trading conditions, and fast trade execution. There are two main account options. The accounts both come with access to over 200 trading instruments. They also come with low minimum deposits, low trading costs, and high leverage. This means that, as a forex trader, you should have everything you need to access the market
The next thing you should know about FXPesa is that they offer excellent educational resources and trading support. They have a nice selection of glossaries, guides, eBooks, eBooks, and webinars. They also offer daily market analysis. When it comes to trading tools, they have one of the top online trading platforms – MetaTrader4. This, in combination with their great trading conditions, enables them to offer a great all-round online trading service. Find out more below.
Regulation And Safety
FXPesa is licensed via its parent company EGM Securities. They were one of the first non-dealing forex brokers to be licensed in Kenya.
Client Fund Safety
As a licensed broker, FXPesa offers a high level of client fund safety. They operate based on a segregated account policy. This means that client funds are held separately from company funds. This also ensures that client funds are never used for operational purposes.. However, unlike other brokers in Africa, FXPesa does not offer negative balance protection. This means that traders must use proper risk management to maintain a good account balance and avoid falling into any debt
FXPesa: Legit Or Scam?
FXPesa is a legit broker. They have been up and running for several years now. In that time, they have acquired the proper licences and established a solid client base in Africa. As a regulated company, they respect all local legal requirements and offer a good level of client fund protection. When it comes to trading, they provide good account options and a fair online trading service. When it comes to funding, they offer a good range of payment options and most importantly, fast withdrawals. In our opinion, they are a fair and trustworthy forex broker.
FXPesa Trading Assets
FxPesa has a good range of markets. They give you access to 200+ trading instruments across 4 different asset classes. You can choose from forex pairs, shares, indices, and commodities.
Trading Instruments
- Forex: They provide access to 7 major pairs, 21 minor pairs and 38 exotic pairs.
- Commodities: They have 8 commodities including Gold, Silver, Oil and Platinum.
- Indices: They provide CFD trading on 12 indices including the Germany 30 and the US SPX 500.
- Shares: They provide CFD trading on a large selection of US shares, EU shares, and UK shares.
FXPesa Account Types
FXPesa has two trading accounts – the Executive Account and the Premiere Account. The trading accounts come with low minimum deposits, low trading costs, and fast trade execution. They should provide you with optimal conditions for trading.
| Type | Spreads | Min. Deposit | Max. Leverage | Commission |
|---|---|---|---|---|
| Executive | From 1.4 pips | $5 | 1:400 | $0 |
| Premiere | From 0.0 pips | $100 | 1:400 | $7 per lot |
FXPesa Executive Accounts
The Executive Account is a good option for beginner traders in Africa. The FXPesa minimum deposit for this account is only $5. This means it is an affordable, low-risk option for people who are just starting out.. It is one of the lowest minimum deposits in this industry. This means it is a competitive account offer and very few brokers have such low starting rates. As you can see, the Executive Account also comes with low trading costs and great trading conditions. You can use it to trade over 200 instruments. It also comes with access to MetaTrader4, MetaTrader5, or the FxPesa trading platform.
FXPesa Premiere Accounts
The Premiere Account is a great option for more experienced traders in Africa. The minimum deposit is slightly higher – but it’s worth the extra funds. This is because the FXPesa Premiere Account comes with much better trading conditions including high leverage, fast trade execution, and most importantly, zero spreads. As you can see, the trading costs are very low. With the Premiere Account, you can trade a wide range of forex instruments. You can also choose from either the MetaTrader4, the MetaTrader5, or the FxPesa trading platform.
FXPesa Demo Accounts
FXPesa also offers a free demo account. The demo account operates with virtual money (not real funds) and is a good option for new traders. It comes with $10,000 of virtual credit. You can use the demo account to learn new skills and test your trading strategies. You can also use it to get a feel for their trading platforms and trading environment.
FXPesa Spreads
FXPresa offers good spreads. The spreads vary depending on your account type. For example, you can trade with spreads starting from 1.4 pips on the Executive Account, and 0.0 pips on the Premiere Account.
FXPesa Commissions
FXPesa offers low commissions. The commission fee varies depending on your account type. For example, you can trade with commissions starting from $0 on the Executive Account, and $7 per lot on the Premiere Account.
Base Currencies
The base currency on both trading accounts is USD. This means that you may incur a small conversion fee on any non-USD deposits.
FXPesa Registration – How To Open A Trading Account
As part of our forex FXPesa review, we checked the account registration process. If you live in Africa, then you are eligible to open an FXPesa trading account. The registration process is quite straightforward. The first thing you need to do is visit their website and register online. This is so that they can register your personal details. At this stage of the process, you also need to choose an email address and password. This is so that they can create your account and login details.
The next step is to complete a short quiz about online trading. This is so that FXPesa can find out what you know about trading and decide whether their services are suitable for you. At this stage, all you need to do is answer a few questions to show FXPesa that you know how to trade. If you pass the test, you can proceed to account verification.
FXPesa Registration – How To Verify A Trading Account
As part of the verification process, FXPesa needs to check your personal details. For this reason, they ask for copies of certain personal documents. For example, you will need to send them a primary form proof of ID. This could be a copy of your passport or driving licence. You will also need to give them a secondary form of ID. This could be a utility bill, a bank statement, or a government issued tax document.
The account verification process is also sometimes known as the ‘KYC’ (Know Your Customer) process. It is a legal requirement for all licensed brokers. After you have completed the process, and provided copies of your documents, FXPesa will activate your online trading account. You can then add funds and start making trades.
FXPesa Bonuses
As a special offer for new traders, FXPesa offers a small welcome bonus when you open a Premier Account. You can receive a 30% cash return when funding $100. In order to get the bonus, you need to register for an account, complete the KYC account verification process, make the minimum deposit, and start trading. As with any special offer, terms and conditions apply. You can check their website for more details.
FXPesa Payment Methods
As part of our FXPesa review, we checked their payment process. As the FXPesa minimum deposit amount is so low, opening an account is fairly easy. They also offer a wide range of convenient payment methods, enabling you to enjoy quick deposits and fast withdrawals.
FXPesa Deposits
You can fund your account using debit card, credit card, and wire transfer. You can also deposit money using other popular e-wallets such as Neteller and Skrill. If you’re looking for more options, you can also try other FXPesa deposit methods including M-Pesa, EAZZYPAY, Airtel Money, MTN, Airtel UG, Vodacom, Airtel TZ, HaloPesa & TigoPesa. There are no deposit fees. The deposit time varies depending on your deposit method.
FXPesa Withdrawals
You can withdraw money using debit card, credit card, and wire transfer. You can also make withdrawals via popular e-wallets such as Neteller and Skrill. If you’re looking for more options, FXPesa offers a few other withdrawal methods including M-Pesa, EAZZYPAY, Airtel Money, MTN, Airtel UG, Vodacom, Airtel TZ, HaloPesa & TigoPesa. There are no withdrawal fees for most FXPesa withdrawal methods. That said, you should always check with your 3rd party payment provider as well, to see if they charge any additional fees. The withdrawal time varies depending on your withdrawal method.
FXPesa Trading Platforms
FxPesa offers three trading platforms – MetaTrader4, MetaTrader5, and the FxPesa trading platform. They are all available on desktop, tablet, and mobile.
MetaTrader4 (MT4) is a good option for new forex traders in Africa. It is very user-friendly. You can use the platform to trade all of your favourite forex and CFD trading instruments such as indices and shares. The FXPesa MetaTrader4 trading platform also has plenty of advanced charting tools, as well as 4 order execution types, 30 technical indicators, and 23 analytical objects. You can use these tools to manage your trades.
MetaTrader5 (MT5) is a good option for experienced traders in Africa. It is very easy to use. As with MetaTrader4, you can use the platform to trade all of the top financial markets. The FXPesa MetaTrader5platfor has a great selection of trading features including 6 order execution types, 38 indicators, and 37 analytical objects. You can use these tools to carry out market analysis and implement your trades.
Education And Research
FXPesa has a great selection of educational resources. You can choose from educational videos, forex guides, trading glossaries, infographics, and webinars.
Their videos, in particular, are a nice resource for new traders. They teach you about currency pairs, forex pips, margin, and leverage. They also help you understand other concepts about trading psychology and risk management strategies. The videos, in combination with the training guides and trading glossaries, will help you learn new forex terminology and develop a basic understanding of how the forex market works.
FXPesa Customer Support
FXPesa provides great customer support. Their team is very helpful and offers a high level of customer service. They will help you with any queries you may have. They speak several languages and are available 24/5, Monday to Friday. You can contact them during those working hours via email, phone and live chat.
Our Verdict
FxPesa is a new, reliable forex broker serving the local market. They endeavour to provide the best possible trading conditions and to succeed in offering two great, low-cost account options. As a regulated company, they also provide a secure trading environment and excellent client fund protection. They also place a high value on forex education, trading support, and customer support.
FXPesa Forex Broker Review FAQ
Yes, FXPesa in Africa is a good forex broker. They have a good range of account types, all of which have very low minimum deposits. FXPesa offers around 200+ trading instruments including forex, stocks, indices, and commodities. They also provide high leverage, low trading costs, and fast trade execution, making for optimal traditions. In our opinion, FXPesa is a good broker and a good choice for African traders.
Yes, FXPesa is a legit broker. They provide a reliable online trading service. They also provide good trading platforms, useful trading tools, and helpful customer support. When it comes to client fund safety, they operate using strict client fund protection measures. They also offer convenient payment methods, no fee deposits, and fast withdrawals.
Yes, it is a regulated broker. FXPesa is licensed via its parent company EGM Securities. EGM Securities Limited (FXPesa) was the first non-dealing forex broker regulated by the local regulator of Kenya CMA in February 2018 under licence No. 107.
FXPesa is a great broker. They have a great choice of account types. They also have excellent trading conditions, cutting-edge trading platforms, and useful trading tools. However, if you want to consider other options, there are also many other great forex brokers. We recommend looking at HotForex, FXTM, FXPro, and Pepperstone.
In our opinion, the Executive Account is FXPesa’s best trading account. The minimum deposit is only $5 which makes it a low-risk option for new traders. It also comes with low trading costs and great trading conditions. With the Executive Account, you can use either MetaTrader4, MetaTrader5, or the FXPesa trading platform.
Ready to start trading? Open an FxPesa trading account. Looking for more information? Check out our other forex broker reviews.
