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FXPesa Review

FXPesa is considered average-risk, with an overall Trust Score of 90 out of 100. FXPesa is regulated by Capital Markets Authority (CMA) and the Financial Conduct Authority (FCA). FXPesa was founded in 2019 and is headquartered in Kenya. FXPesa offers a dedicated Kenyan Account Manager and allows Kenyan Shilling deposits. AvaTrade is currently not regulated by the CMA of Kenya

Updated : August 30, 2022

Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Range of Markets


Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons


Overall Rating

Min Deposit

USD 5 / 578 KES


Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5



Total Pairs

Islamic Account


Trading Fees


Account Activation Time

24 Hours

FXPesa Overview

FXPesa Review Overview

👉 According to research in Kenya, FXPesa is popular forex and CFD trading platform. In 2019, they were released.

👉 Kenya’s Capital Market Authority has licensed EGM Securities Limited, a non-dealing desk broker, to handle forex and CFD trades over the Electronic Communications Network (ECN), with FXPesa as the trading name of EGM Securities Limited.

👉 FXPesa, a user-friendly trading platform, offers Kenyan traders some of the most transparent and straightforward trading solutions. Fast and flexible payment methods including M-Pesa, Skrill, and Mastercard are available on FXPesa, which is the first trading platform in Kenya to provide these options.

👉 Kenyan clients can obtain interbank market exchange rates immediately since EGM is a non-dealing desk broker (NDD). The Electronic Communications Network (ECN) that is used to carry out transactions links its customers to the market through interbank trading rates and eliminates the need for any intermediaries.

👉 This reduces transaction costs and brokerage fees experienced by market marker brokers, making trading more affordable. This FXPesa review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

Distribution of Traders

FXPesa Review Distribution of Traders

👉 The distribution of traders with FXPesa is as follows:

➡️️​ Kenya – 95.7%

➡️️​ United States – 0.8%

➡️️​ Finland – 0.6%

➡️️​ France – 0.4%

➡️️​ South Africa – 0.4%

Popularity among traders who choose FXPesa

FXPesa Review Popularity

🥇 FXPesa has the largest market share in Kenya of all other brokers, making this one of the Top 5 forex and CFD brokers for Kenyan traders.

FXPesa At a Glance

🏛 HeadquarteredNairobi, Kenya
🏙 Kenyan Based OfficeYes
✅ Accepts Kenyan Traders?Yes
🗓 Year Founded2019
📞 Kenyan Office Contact Number+254 730 676 002
🤳 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
⚖️ RegulationCapital Markets Authority (CMA), Financial Conduct Authority (FCA)

🪪 License Number• Kenya – AAAAFF7
• United Kingdom – Equiti Capital UK Ltd (07216039), FCA (528328)
⚖️ CMA RegulationYes
🚫 Regional RestrictionsAfghanistan, Bahamas, Burundi, Crimea, Cuba, Democratic Republic of Congo, Eritrea, Haiti, Iran, Israel, Libya, Myanmar, Nicaragua, North Korea, Panama, Somalia, Sudan, Syria, Turkmenistan, United States Minor Outlying Islands, Virgin Islands, United States, Western Sahara, Yemen, Zimbabwe
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts2
📊 PAMM AccountsNone
🤝 Liquidity ProvidersUnknown
💸 Affiliate ProgramYes
📲 Order ExecutionMarket
📊 Average spread0.0 pips EUR/USD
📞 Margin Call100%
🛑 Stop-Out30%
Crypto trading offered?No
💰 Offers a Kenyan shilling Account?No
👨‍💻 Dedicated Kenyan Account Manager?Yes
📊 Maximum Leverage1:400

🚫 Leverage Restrictions for Kenya?No
💰 Minimum Deposit (KES)500 KES equivalent to $5
✅ Kenyan shilling Deposits Allowed?Yes
📊 Active Kenyan Trader Stats70,000+
👥 Active Kenyan-based FXPesa customersUnknown
💳 Kenya Daily Forex Turnover$100 million+
💵 Deposit and Withdrawal Options• Credit Card
• Debit Card
• Bank Wire Transfer
• eWallets
• Mobile Payments
🏦 Segregated Accounts with Kenyan Banks?Yes
📊 Trading Platforms• FXPesa Mobile
• MyFXPesa
• MetaTrader 4
• MetaTrader 5
✔️ Tradable Assets• Forex
• Indices
• Commodities
• US Shares
• UK Shares
• EU Shares
💸 Offers USD/KES currency pair?No
📈 USD/KES Average SpreadN/A
📉 Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on WebsiteEnglish
📞 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/7
👥 Kenyan-based customer support?Yes
✅ Bonuses and Promotions for KenyansYes
📚 Education for Kenyan beginnersYes
📱 Proprietary trading softwareYes
💰 Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✅ Is FXPesa a safe broker for Kenyans?Yes
📊 Rating for FXPesa Kenya8/10
🤝 Trust score for FXPesa Kenya90%
👉 Open an account👉 Open Account

Regulation and Safety of Funds

FXPesa Review Regulation And Safety

👉 FXPesa is the trade name of EGM Securities Limited, a registered non-dealing online foreign currency brokerage firm in Kenya governed and authorized by the Capital Markets Authority.

👉 It is licensed and regulated by the 2017 Capital Markets, Foreign Exchange Trading regulations. Among other things, the rules mandate the segregation of customer accounts. All clients are classified as retail customers, and they will be informed of this when their trading account is approved and opened.

👉 An eligible counterparty customer or an eligible opponent client can request that their categorization be changed, and they will get notification of their request’s acceptance or denial. In compliance with CMA Regulations, all customers’ funds are properly segregated, irrespective of their categorization.

👉 A separate bank account is maintained for each client’s finances, which are not part of the firm’s assets or funds at all. In addition, Equiti Capital UK Limited (07216039) is both authorized as well as regulated by the Financial Conduct Authority (FCA) in the United Kingdom under reference number 528328.

Account Types and Features

FXPesa Review Account Types

👉 With rapid and reliable order execution and the best trading conditions on the market, FXPesa is a recommended choice for Kenyan traders. The Premier account, which has spread as low as 0 pips, is now available alongside the FXPesa Executive account.

👉 A single trading account may provide traders great execution on transactions involving more than 200 instruments, depending on the account type that traders choose.

➡️ Executive Account

➡️ Premiere Account

Live Trading Accounts

Executive Account

FXPesa Review Executive Account

👉 The Executive Account is the perfect account type that is suited to high volume traders and professionals who need competitive trading conditions.

Account FeatureValue
💰 Minimum Deposit500 KES equivalent to $5
📲 Platforms OfferedMetaTrader 4, FXPesa Trader, and MetaTrader 5
📊 Typical Spreads1.4 pips
🔧 Instruments Available62 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 LeverageOn MetaTrader 4 and FXPesa Mobile, on forex, precious metals, CFDs and equities
📉 Dynamic LeverageOn MetaTrader 5 on forex, precious metals, CFDs and equities
✔️ Demo Account Offered?Yes
📱 Order ExecutionMarket
📉 Minimum Trade Size0.01
💵 Maximum Trading Volume for a single trade150 lots for major financial instruments
💻 Maximum Volume on Open Trades1500 lots on forex
5️⃣ Maximum Number of Open/Pending Trades500
💵 Base Account CurrencyUSD
🛑 Stop-out30%
💸 Commission ChargesNone

Premiere Account

FXPesa Review Premiere Account

👉 This account offers Kenyan traders the best trading conditions and additional features to give them a competitive trading experience.

Account FeatureValue
💰 Minimum Deposit11,000 KES equivalent to $100
📲 Platforms OfferedMetaTrader 4, FXPesa Trader, and MetaTrader 5
📊 Typical Spreads0.0 pips
🔧 Instruments Available62 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 LeverageOn MetaTrader 4 and FXPesa Mobile, on forex, precious metals, CFDs and equities
📉 Dynamic LeverageOn MetaTrader 5 on forex, precious metals, CFDs and equities
✔️ Demo Account Offered?Yes
📱 Order ExecutionMarket
📉 Minimum Trade Size0.01
💵 Maximum Trading Volume for a single trade150 lots for major financial instruments
💻 Maximum Volume on Open Trades1500 lots on forex
5️⃣ Maximum Number of Open/Pending Trades500
💵 Base Account CurrencyUSD
🛑 Stop-out30%
💸 Commission Charges$7 per standard lot, round turn on forex and precious metals

Demo Account

FXPesa Review Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

👉 There is a certain degree of risk involved when trading financial markets and FXPesa offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

Islamic Account

FXPesa Review Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

👉 FXPesa offers swap-free Islamic Accounts to Muslim traders who trade forex major pairs, minor, and exotic pairs, and precious metals. Muslim traders must register a live trading account with FXPesa and verify their account before contacting customer support to convert the live trading account.

Account Registration

FXPesa Review Account Registration

👉 Input the necessary information: Open a real FXPesa account by clicking on the icon that says “Open Real Account” at the top of the homepage. After that, fill in the information required in the open fields on the application.

👉 Now that the trader has chosen their trading account type and password, it is time to get started. Kenyan traders can choose from one of two account kinds between the Executive and Premiere accounts.

👉 Once the trader has logged into the FXPesa dashboard, they will be prompted to verify the trading account information as part of the KYC process. To verify the trader’s identity, they must submit a copy of their driver’s license and a utility bill.

👉 To provide proof of identity, traders can submit a copy of their passport. In addition, traders must attach a bill that shows their residential address to provide address evidence.

👉 The trader will receive an email with all the information of their trading account once they check their registered email. Next, the trader can easily access their chosen platform after entering those credentials.

How to Register Your Account 

👉 Step 1 – Go to the official FXPesa website

➡️ When you are on the website click on “Real Account”. 

FXPesa Review How to Register Your Account Step 1 

👉 Step 2 – Fill Out Your Details

➡️ Fill out your contact details, your personal information, and then your trading experience.

FXPesa Review How to Register Your Account Step 2

FXPesa Vs FXTM Vs FBS – Broker Comparison

⚖️ RegulationCMA, FCA

📱 Trading Platform• FXPesa Mobile
• MyFXPesa
• MetaTrader 4
• MetaTrader 5
• MetaTrader 4
• MetaTrader 5
FXTM Trader
• MetaTrader 4
• MetaTrader 5
FBS Trader
• CopyTrade
💰 Withdrawal FeeYesYesYes
📊 Demo AccountYesYesYes
📈 Minimum Deposit500 KES2,700 KES100 KES
📈 Leverage1:4001:2000Up to 1:3000
📊 Spread0.0 pips

0.0 pipsFrom 0.0 pips
💰 CommissionsFrom $7From $0.4From $6
✴️ Margin Call/Stop-Out100%/30%60%/40%, 80%/50%40% and 20%
✴️ Order ExecutionMarketMarket/InstantSTP, ECN
💳 No-Deposit BonusNoNoYes
📊 Cent AccountsNoNoYes
📈 Account Types• Executive Account
• Premiere Account
• Micro Account
• Advantage Account
• Advantage Plus Account
FBS Cent Account
• FBS Micro Account
• FBS Standard Account
• FBS Zero Account
• FBS ECN Account
• FBS Crypto Account
⚖️ CMA RegulationYesNoNo
💳 KES DepositsYesYesYes
📊 Kenyan shilling AccountNoNoNo
👥 Customer Service Hours24/724/524/7
📊 Retail Investor Accounts236
☪️ Islamic AccountYesYesYes

Overall Rating

Min Deposit

USD 5 / 578 KES


Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5



Total Pairs

Islamic Account


Trading Fees


Account Activation Time

24 Hours

Trading Platforms

FXPesa Review Trading Platforms

👉 FXPesa offers a choice between these trading platforms:

➡️ FXPesa Mobile

➡️ MyFXPesa

➡️ MetaTrader 4

➡️ MetaTrader 5

👉 Traders can trade on the go with FXPesa Mobile. Because it is compatible with both Android and iOS, it is a great choice for multi-device users. Traders can use the MyFXPesa account management page through their mobile phone to trade a variety of financial instruments.

👉 FXPesa Mobile has unlimited access to MyFXPesa, an account administration interface. Traders can check their trade records, add money to their account using their chosen payment methods, and customize their account settings to suit their own needs and preferences.

👉 In addition, the site has a live chat feature that is accessible around the clock for any concerns that may arise. MT4 is the most used forex trading platform in the world. The MT4 platform is also available via FXPesa. The trading environment is rapid and reliable, and it provides a wide range of features. One large benefit is that MT4 simplifies the online trading experience.

Desktop Platforms

FXPesa Review Desktop Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

👉 MT4 has several features that make trading easy and pleasant, as well as built-in tools that may help traders improve their results.

➡️ Access to various markets

➡️ Multiple chart timeframes

➡️ Several order types along with one-click trading

➡️ The use of Expert Advisors

➡️ Strategy tester

➡️ A range of built-in indicators and graphical objects

👉 MetaTrader 5 is the next-gen involving comprehensive trading tools, fully customizable solutions, access to global financial markets, and more. MT5 is the newest update on MetaTrader that is designed to suit both beginner and professional traders.

WebTrader Platforms

FXPesa Review WebTrader Platforms

➡️ MetaTrader 4 WebTrader is offered to all internet browsers

➡️ MetaTrader 5 WebTrader is offered to all internet browsers

👉 Millions of traders throughout the globe have been using MT4 for years. Users of all skill levels find it appealing because of its user-friendly interface. MetaTrader 5 is the updated version that provides Kenyan traders with additional indicators, trading tools, chart timeframes, and more.

Trading App

FXPesa Review Trading App

👉 FXPesa offers the following mobile trading apps:

➡️ FXPesa Mobile

➡️ MetaTrader 4 Mobile

➡️ MetaTrader 5 Mobile

➡️ MyFXPesa

👉 Investing in currencies and stocks has never been easier thanks to FXPesa’s mobile platform. Intelligent indicators and drawing tools are also offered, along with advanced chart layouts. This cloud-based platform allows traders to access research and transaction data and get price alerts on any device that the trader has access to.

👉 For major currency pairings, cryptocurrencies, stock indexes and precious metals, it provides real-time quotes for all these assets. Access to news from the Asian, European, and American markets is also included.

👉 MetaTrader 4 and MetaTrader 5 offer Kenyan traders a full suite of features and functions through mobile apps that can be downloaded on iOS and Android devices.

👉 Kenyan traders can easily access MyFXPesa via FXPesa Trader and it is completely linked with FXPesa Mobile, making it the ultimate account management site. Traders can easily fund the trading account using a range of payment methods, see the trade history, and customize the trading account settings.

Range of Markets

FXPesa Review Range of Markets

👉 FXPesa offers a wide range of markets that include:

➡️ Forex

➡️ Indices

➡️ Commodities

➡️ US Shares

➡️ UK Shares

➡️ EU Shares

Broker Comparison for Range of Markets

➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyNoNoYes
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoNo

Trading and Non-Trading Fees


FXPesa Review Spreads

👉 FXPesa charges the following spreads:

➡️ Executive Account – 1.4 pips EUR/USD

➡️ Premiere Account – 0.0 pips EUR/USD


FXPesa Review Commissions

👉 Commissions of $7 are charged per standard lot, round turn on forex and precious metals.

Overnight Fees, Rollovers, or Swaps

FXPesa Review Overnight Fees

👉 With FXPesa, Kenyans can trade “rolling spot” currency. Subsequently, all open positions from 23:59:45  to 23:59:59 server time will be automatically rolled over to a new value date. A swap fee or credit is imposed on these positions according to the trader’s position, position size, and the financial instrument that is being held open.

👉 Some typical overnight fees that Kenyan traders can expect with FXPesa include:

➡️ BTC/USD – a long rate of -25.15 and a short rate of -24.85

➡️ EUR/USD – a long rate of -4.8 and a short rate of 1.36

➡️ RUSS2000 – a long rate of -2.17 and a short rate of -1.83

➡️ UKOILRoll – a long rate of 29.17 and a short rate of -49.17

➡️ XAG/USD – a long rate of -1.444 and a short rate of -0.549

➡️ XAU/USD – a long rate of -4.954 and a short rate of -0.841

Deposit and Withdrawal Fees

FXPesa Review Deposits And Withdrawals

👉 FXPesa does not charge any deposit fees but charges the following withdrawal fees:

➡️ eWallets are charged a fee of 1% up to a maximum of $30, or currency equivalent in KES.

➡️ Bank Wire Transfer for International Withdrawals attracts a fee of 15 USD or 1,650 KES.

Deposits and Withdrawals

FXPesa Review Deposits And Withdrawals

👉 FXPesa offers the following deposit and withdrawal methods:

➡️ 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)

How to Deposit Funds with FXPesa

FXPesa Review How to Fund Your Account

👉 To deposit funds, Kenyans can follow these steps:

➡️ Log into the Client Portal

➡️ Navigate to the lefthand side of the dashboard and click on “Deposits” to view the available deposit options.

➡️ Select the “Deposit Options” to view the comprehensive list of deposit options

➡️ Select the trading account and complete the short deposit form indicating the deposit currency and amount.

➡️ Verify the information and finalize the deposit

How to Withdraw Funds with FXPesa

FXPesa Review How to Withdraw Funds

👉 To withdraw funds from a trading account, Kenyan traders can follow these steps:

➡️ Log into the Client Portal

➡️ Select the option for “Withdrawals” on the dashboard

➡️ Choose the preferred payment method

➡️ Enter the details on the withdrawal request such as the amount and currency

➡️ Submit the withdrawal request

FXPesa Education and Research

FXPesa Review Education And Research

👉 FXPesa offers the following Educational Materials:

➡️ Webinars

➡️ Videos

➡️ Glossary

➡️ Infographics

👉 FXPesa offers Kenyan traders the following Research and Trading Tools:

➡️ Economic calendar

➡️ Trading Calculator

➡️ Market Analysis

Bonuses and Promotions

FXPesa Review Bonuses And Promotions

👉 FXPesa offers Kenyan traders the following bonuses and promotions:

➡️ Deposit bonus of 30% on the Premiere Account when Kenyans deposit $100 (500 KES) or more.

FXPesa Affiliate Program

FXPesa Review Affiliate Program

👉 By working with a trusted local market leader, Kenyan partners can improve their overall income. As part of its partnership program, FXPesa rewards all Introducing Brokers, partners, and affiliates regardless of their size. Once the affiliate connects their client to FXPesa, the broker will handle the rest.

👉 When Kenyan affiliates refer a new customer, the affiliate will get a percentage of their profits. MPesa or any other desired payment method can be used to withdraw the commission whenever the affiliate chooses, without any hassles.

👉 FXPesa offers complete transparency, providing affiliates access to the Partner portal where they can use a range of reporting tools, providing them access to client activity tracking.

👉 Personal account managers are assigned to every FXPesa partner, and they are there to help Kenyans get started and expand their companies.

👉 The online and off-line marketing efforts of Kenyan affiliates can increase with the support of FXPesa. With the support and assistance of FXPesa, partners can connect with more traders, increase their overall network, and grow their company.

Verdict on FXPesa

👉 Registered broker FXPesa, formed in 2019, provides over 200 trading products, such as forex, stock CFDs, indices, metals, and commodities all from a single trading account. There is a specialized training centre, as well as trading systems that are both powerful and easy to use.

👉 FXPesa provides great trading conditions, such as low spreads, low fees, and rapid trade execution speeds, at the best available rates. Customer support is provided 24 hours a day, seven days a week, and a variety of easy deposit and withdrawal options are available for customers to choose from.

👉 Beginners and seasoned traders both may benefit from the trading firm’s free educational resources, which include webinars. To be the broker of choice for traders of all levels, FXPesa provides dependable customer service, clear pricing, low-latency transaction execution, and platform stability.

👉 FXPesa’s parent firm, EGM Securities, is regulated by the CMA, which guarantees the safety and security of customers in Kenya. In addition, they provide a user-friendly account administration interface and different platforms with online access and mobile apps.

FXPesa Pros and Cons

✔️ Pros❌ Cons
Several financial instruments can be tradedThe spreads are higher on the Executive Account
FXPesa is well-regulated by the FCA and CMAThe commission fees are not the lowest
The account verification is simple and quickThere is no KES-denominated account
There is a choice between trading platformsWithdrawal fees are charged
There is an unlimited demo accountThere is no negative balance protection on ECN accounts
There are local Kenyan deposits and withdrawals offered
Kenyan traders can deposit and withdraw funds in KES
There are many positive broker reviews for FXPesa
There is maximum leverage of 1:400 offered

Overall Rating

Min Deposit

USD 5 / 578 KES


Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5



Total Pairs

Islamic Account


Trading Fees


Account Activation Time

24 Hours

Frequently Asked Questions


Is FXPesa regulated and by whom?

Yes, FXPesa is regulated by Capital Markets Authority (CMA) and Financial Conduct Authority (FCA).

What is the minimum deposit required to register an account with FXPesa?

500 KES equivalent to $5.

What is the overall rating for FXPesa out of 10?


Is FXPesa suitable for beginner and professional traders?

Yes, FXPesa is an ideal broker that can be used by beginner and professional traders.

Which deposit currencies can I use to make a deposit?

You can use the following deposit currencies when you make a deposit:

  • USD
  • KES
  • TZS
  • UGX


9/10 - (2 votes)