Top 8 Locally Based Brokers
FXTM Review
Overall, FXTM is considered low-risk, with an overall Trust Score of 84% out of 100. FXTM is licensed by three Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). FXTM offers three different retail trading accounts as well as Demo and Islamic accounts. FBS is currently not regulated by the CMA of Kenya
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.6/5
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
FXTM Review – 21 key points quick overview:
- ✅ FXTM Overview
- ✅ FXTM At a Glance
- ✅ Regulation and Safety of Funds
- Account Types and Features
- Account Registration
- FXTM Vs easyMarkets Vs FXCM – Broker Comparison
- Trading Platforms
- Range of Markets
- Broker Comparison for Range of Markets
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- How to Deposit Funds with FXTM
- FXTM Fund Withdrawal Process
- Education and Research
- Bonuses and Promotions
- How to open an Affiliate Account with FXTM
- FXTM Affiliate Program Features
- FXTM Corporate Social Responsibility
- Verdict on FXTM
- FXTM Pros and Cons
- FAQ
FXTM Overview
👉 Overall, FXTM is considered low-risk, with an overall Trust Score of 93 out of 100. FXTM is licensed by one Tier-1 Regulator (high trust), two Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). FXTM offers three different retail trading accounts namely a Micro Account, Advantage Account, and Advantage Plus Account. 👉 One of the world’s fastest-growing and finest forex brokers, FXTM or Forex Time, was founded in 2011. Because of its concentration in Africa and Asia, the company grew rapidly throughout Europe and beyond in a short period. 👉 For the broker, solid trading conditions and extensive instruction are its foundation, and they provide trading solutions and services to the world, regardless of the trader’s experience, via their accessible trading across the globe. 👉 This FXTM review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.Distribution of Traders
👉 The distribution of traders with FXTM is as follows:
➡️ Nigeria– 9.62%
➡️ Afghanistan – 8.33%
➡️ Vietnam – 7.41%
➡️ Algeria – 4.08%
➡️ India – 3.65%
➡️ South Africa – 3.4%
Popularity among traders who choose FXTM
🥇 FXTM does not have an extremely large market share in Kenya, but it is a popular broker in the region which places it in the Top 20 brokers suited to Kenyan traders.FXTM At a Glance
| 🏛️ Headquartered | Cyprus |
| ✔️ Kenyan Based Office | Yes, in Lagos, Port Harcourt, and Abuja |
| 👍 Accepts Kenyan Traders? | Yes |
| 📅 Year Founded | 2011 |
| 📱 Kenyan Office Contact Number | Lagos – +234 803 4573 593 Abuja – +234 803 153 4373 Port Harcourt – +234 8167258416 |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 🔎 License Number | FSC Mauritius (C113012295) Exinity Limited Mauritius (C119470 C1/GBL) CySEC (HE310361) and CIF (185/12) FSCA (46614) UK Registration (10599136) FCA (777911) |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | The United States, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus, Hong Kong |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 3 |
| 🚀 Offers a Kenyan Account? | Yes |
| 💻 Dedicated Kenyan Account Manager? | Yes |
| 📈 Maximum Leverage | 1:200 |
| 📈 Leverage Restrictions for Kenya? | No |
| 💳 Minimum Deposit (₦) | 10,000 Kenyan Naira |
| 💳 Kenyan Naira Deposits Allowed? | Yes |
| 💰 Active Kenyan Trader Stats | 1.3 million |
| 👥 Active Kenyan-based FXTM customers | Unknown |
| 💰 Kenya Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | Local Bank Transfers, Bank Wire, Electronic Payment Gateways, Debit Cards, Credit Cards |
| 💰 Segregated Accounts with Kenyan Banks? | Yes |
| 💻 Trading Platforms | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💰 Tradable Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| 🌐 Offers USD/KES currency pair? | No |
| 🌐 USD/KES Average Spread | N/A |
| 📈 Offers Kenyan Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English, Arabic, Chinese (Simplified), Chinese (Traditional), Czech, French, Hindi, Indonesian, Polish, Spanish, Italian, Korean, Malay, Russian, Thai, Vietnamese, Persian, Urdu |
| 👥 Customer Support Languages | Multilingual |
| ⏰ Customer Service Hours | 24/5 |
| 📞 Kenyan-based customer support? | Yes |
| 💰 Bonuses and Promotions for Kenyans | Yes |
| 📚 Education for Kenyan beginners | Yes |
| 📊 Proprietary trading software | Yes |
| 💰 Most Successful Kenyan Trader | Uche Paragon ($20 million net worth) |
| ✔️ Is FXTM a safe broker for Kenyans? | Yes |
| ✔️ Rating for FXTM Kenya | 9/10 |
| ✔️ Trust score for FXTM Kenya | 93% |
| 👉 Open Account | 👉 Open Account |
Regulation and Safety of Funds
👉 FXTM takes regulation and transparency very seriously, as seen by the brand’s globally recognized licenses. Regulations are in place to guarantee that FXTM operates with the utmost honesty and fairness while adhering to stringent regulatory requirements.
👉 Strict regulation in several countries helps reassure customers that they are dealing with a reputable and transparent broker.
👉 FXTM is regulated by the following market regulators in these regions:
➡️ In South Africa, ForexTime Ltd is registered as a private company under HE 310361 and the broker is well-regulated by the Financial Sector Conduct Authority (FSCA) as a Financial Service Provider (FSP) in South Africa under FSP 46614. FXTM has held this license since 2016 and has a verified and active status.
➡️ In the United Kingdom, FXTM is regulated through Exinity UK Ltd by the Financial Conduct Authority (FCA) under reference number 777911. The broker trades under three names namely Exinity UK Ltd, ForexTime, and FXTM in the United Kingdom.
➡️ In Mauritius, Exinity Limited is registered in the Republic of Mauritius under C119470 C1/GBL and is well-regulated by the Financial Services Commission (FSC) under C113012295. Exinity Limited Group also holds an FS-1.8 Global Headquarters Administration license through the FSC, with Exinity Limited holding an FS-4.1 category 1 global business license and an SEC-2.1B Investment Dealer License, excluding underwriting.
➡️ In Cyprus, ForexTime Ltd is registered under 310361 in Limassol and the broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 185/12.
👉 FXTM includes the appropriate risk disclosures on its website to alert retail forex traders to the inherent risk associated with trading leveraged forex and CFD products. Due to the complexity of these instruments and the accompanying danger of loss, Kenyan traders must guarantee that they trade only when they possess the appropriate expertise and experience.
👉 Apart from being well-regulated, FXTM and Exinity Limited maintain segregated client money separate from the company’s operating funds. These funds are held in a variety of financial institutions, via a variety of relationships with reputable banks in the different locations where FXTM operates.
👉 Exinity Limited additionally employs Secure Socket Layer (SSL) network security, guaranteeing that all communication is conducted over a secure connection. FXTM makes use of policies for user identity and server authentication, as well as encrypted data transport and a variety of additional protocols.
👉 FXTM maintains strong financial circumstances and adheres to all transparent information procedures and practices.
Account Types and Features
👉 Before you can uncover your next big trading chance in the markets, you must first choose which trading account will assist you in doing so. Each FXTM account type has its own set of settings and conditions that are customized to your trading and investing objectives.
👉 Whether you are a seasoned trader or completely new to the markets, you are certain to find what you are searching for with FXTM.
👉 All three trading account options are accessible in demo mode, allowing you to experiment with the many advantages each offers – all while trading with virtual cash in actual market circumstances.
👉 The account types offered by FXTM include:
➡️ Micro Account
➡️ Advantage Account
➡️ Advantage Plus Account
Live Trading Accounts
Micro Account
👉 FXTM’s Micro Account is designed for new traders and expert traders who are testing their trading techniques. This account provides traders with access to actual market circumstances, but with a lower risk of loss due to everything being denominated in cents.
| Account Feature | Value |
| 💳 Minimum Deposit Required (KSh) | 10,000 Kenyan Naira, or 10 EUR, USD, GBP |
| 📊 Average Spreads | Floating from 1.5 pips EUR/USD |
| 📊 Trading Instruments available | Forex, Precious Metals, Commodities, Forex Indices, Stock Baskets |
| 💰 Commission charges | None |
| 💻 Platforms Supported | Only MetaTrader 4 and FXTM trader |
| 💰 Base Account Currency | US Cent, EU Cent, GBP Pence, or Kenyan kobo |
| 📈 Leverage and Margin | Forex – from 1:3 to a maximum of 1:1000 Metals – up to a maximum of 1:500 |
| 🔎 Order Execution | Instant Execution |
| ✴️ Margin Call (%) | 60 |
| ✴️ Stop-Out Level (%) | 40 |
| ☪️ Islamic Account Option | 1 spread |
| 📈 Quote Decimals on Forex and Special Metals | Forex: 5 decimals (3 on JPY pairs) Metals: 2 decimals for XAUUSD, 3 decimals for XAGUSD |
| 📈 Minimum Volume per trade (lots) | 0.01 |
| 📊 Maximum Orders | 300 |
| 🚀 Maximum Volume per Order | 10 |
| 🚀 Maximum Volume in lots per order | 3000 |
| 🚀 Maximum Pending Orders | 100 |
Advantage Account
👉 The FXTM Advantage Account is the most popular choice for most retail forex traders, as it strikes the optimal mix between competitive trading conditions and access to a diverse selection of financial products. The Advantage account is ideal for experienced traders who use a variety of trading tactics.
| Account Feature | Value |
| 💳 Minimum Deposit Required (KSh) | 80,000 Kenyan Naira, or 500 USD, EUR, GBP |
| 📊 Average Spreads | From 0.0 pips EUR/USD |
| 📊 Trading Instruments available | Forex, Precious Metals, Commodities, Indices, Forex Indices, Stock Baskets, Stock CFDs on MetaTrader 5, Individual Stocks on MetaTrader 5 |
| 💰 Commission charges | An average between $0.40 and $2 according to the trading volume |
| 💻 Platforms Supported | A choice between MetaTrader 4 and MetaTrader 5, and use of FXTM trader |
| 💰 Base Account Currency | USD, EUR, GBP, or NGN |
| 📈 Leverage and Margin | Floating, up to 1:2000 |
| 🔎 Order Execution | Market Execution |
| ✴️ Margin Call (%) | 80 |
| ✴️ Stop-Out Level (%) | 50 |
| ☪️ Islamic Account Option | Yes |
| 📈 Quote Decimals on Forex and Special Metals | Forex: 5 decimals (3 on JPY pairs) Metals: 2 decimals for XAUUSD, 3 decimals for XAGUSD |
| 📈 Minimum Volume per trade (lots) | 0.01 |
| 📊 Maximum Orders | Unlimited |
| 🚀 Maximum Volume per Order | 100 |
| 🚀 Maximum Volume in lots per order | Unlimited |
| 🚀 Maximum Pending Orders | 300 |
Advantage Plus Account
👉 The Advantage Plus account is for expert traders and professionals who want extra capabilities and access to some of the finest trading conditions available. This account is ideal for traders who are active, day traders, or high-frequency traders. This account has the following features:
| Account Feature | Value |
| 💳 Minimum Deposit Required (KSh) | 80,000 Kenyan Naira, or 500 USD, EUR, GBP |
| 📊 Average Spreads | From 1.5 EUR/USD |
| 📊 Trading Instruments available | Forex, Precious Metals, Commodities, Indices, Forex Indices, Stock Baskets, Stock CFDs on MetaTrader 5, Individual Stocks on MetaTrader 5 |
| 💰 Commission charges | None |
| 💻 Platforms Supported | MetaTrader 4, MetaTrader 5, FXTM trader |
| 💰 Base Account Currency | USD, EUR, GBP, or NGN |
| 📈 Leverage and Margin | Floating, up to 1:2000 |
| 🔎 Order Execution | Market Execution |
| ✴️ Margin Call (%) | 80 |
| ✴️ Stop-Out Level (%) | 50 |
| ☪️ Islamic Account Option | Yes |
| 📈 Quote Decimals on Forex and Special Metals | Forex: 5 decimals (3 on JPY pairs) Metals: 2 decimals for XAUUSD, 3 decimals for XAGUSD |
| 📈 Minimum Volume per trade (lots) | 0.01 |
| 📊 Maximum Orders | Unlimited |
| 🚀 Maximum Volume per Order | 100 |
| 🚀 Maximum Volume in lots per order | Unlimited |
| 🚀 Maximum Pending Orders | 300 |
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 FXTM 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
👉 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.
👉 FXTM offers its Muslim traders the opportunity to convert any of the three live trading accounts to an Islamic Account, exempting them from overnight fees.
Account Registration
👉 Opening an account with FXTM is a simple online process that takes just a few minutes. On the website, a simple form must be completed in which Kenyan traders must supply personal, financial, and other information to establish the trader’s risk tolerance and trading experience.
👉 To comply with KYC requirements, traders must confirm their email addresses and produce evidence of their identity and physical address. After verifying the account, traders may deposit money in their base currency.
FXTM Vs easyMarkets Vs FXCM – Broker Comparison
| 🥇 FXTM | 🥈 easyMarkets | 🥉 FXCM | |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius | BVI FSC, CySEC, ASIC, FSA | FCA, ASIC, CySEC, FSCA |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 • FXTM Trader | • easyMarkets Platform • MetaTrader 4 • TradingView | • Trading Station • MetaTrader 4 • NinjaTrader • ZuluTrade • Capitalise AI • TradingView Pro • QuantConnect • MotiveWave • AgenaTrader • Sierra Chart • SeerTrading • NeuroShell Trader |
| 💰 Withdrawal Fee | Yes | No | Yes, bank wire |
| 📈 Demo Account | Yes | Yes | Yes |
| 📊 Min Deposit | 1,100 KES | 2,800 KES | 5,700 KES |
| 💰 Leverage | 1:2000 | Up to 1:400 | • 1:30 (FCA) • 1:400 (Other Reg) |
| 💳 Spread | 0.0 pips, Variable | Fixed, 0.03 USD | From 0.2 pips EUR/USD |
| ✴️ Commissions | From $0.4 to $2 | None | $25 per $1m traded |
| 💳 Margin Call/Stop-Out | • 40% to 50% (M) • 60% to 80% (S/O) | 70%/30% | 100%/50% |
| 📊 Order Execution | Market, Instant | Market | Market |
| 💰 No-Deposit Bonus | No | No | No |
| 💰 Cent Accounts | No | No | No |
| 📊 Account Types | • Micro Account • Advantage Account • Advantage Plus Account | • Standard Account (Web/App and MT4) • Premium Account (Web/App and MT4) • VIP Account (Web/App and MT4) | • Spread Betting • CFD Trading • Active Trader • Professional Trader |
| ⚖️ CMA Regulation | No | No | No |
| 💵 KES Deposits | Yes | Yes | No |
| 💳 Kenyan Shilling Account | Yes | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/5 |
| 🛍 Retail Investor Accounts | 3 | 3 | 3 Retail, 1 Pro |
| ☪️ Islamic Account | Yes | Yes | Yes |
| 📉 Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| 📈 Maximum Trade Size | 100 lots | 50 lots | 50 million per trade on Forex |
| ⏰ Minimum Withdrawal Time | Instant up to 24 hours | Instant | Instant |
| ⏰ Maximum Estimated Withdrawal Time | Up to 5 working days | Up to 5 Days | Up to 2 working days |
| ✔️ Instant Deposits and Instant Withdrawals? | Yes, instant deposits | Yes | Yes |
Trading Platforms
👉 FXTM offers Kenyan traders a choice between these trading platforms:
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ FXTM Trader
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
MetaTrader 4
👉 Markets and hundreds of other financial products, such as foreign exchange, commodities, CFDs, and indices, are all accessible via FXTM trading on MT4. It is free to use and gives you all the tools you need to keep track of your investments and analyse the markets.
👉 MetaTrader 4 for PC is required to get the complete technical analysis toolbox. Whether you trade FX, commodities, or indices, the MT4 platform has back-office reporting capabilities in addition to front-end terminals.
👉 MT4 is a fast, simple, and user-friendly trading platform that comes equipped with everything you need to explore the markets in style.
MetaTrader 5
👉 MetaTrader 5 for PC is a professional technical analysis toolset that includes MQL5, over 80 indicators and tools, and the ability to examine up to 100 charts.
👉 Whichever market you trade, the MT5 trading platform provides a more intelligent and adaptable trading system with unmatched multi-currency and multi-language capabilities. Trading on MT5 with FXTM will ensure that you have more access to a wide range of financial markets.
👉 It incorporates robust functionality, fundamental technical analysis, copy trading, and automated trading, providing you with the greatest tools and equipment available. Additionally, MetaTrader 5 is entirely free to download on Linux, macOS, and Windows computers.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
MetaTrader 4
👉 To monitor and analyze the markets in real-time, MetaTrader 4 combined with FXTM provides easy-to-read, interactive charts. There are also more than 30 technical indicators at your disposal to assist you spot market patterns and recommendations for when to enter or leave the market.
👉 With its sophisticated security system and multi-device capabilities, MT4 allows you to trade with total confidence and at your own pace. Multi-Account Manager (MAM) on MT4 is also available for traders with several accounts for easier management and comfort.
👉 With this straightforward web-based trading solution, trading on MT4 becomes much easier. All you need is an internet connection – there is no need to download any software! Simply log in to your FXTM account and choose your preferred browser.
MetaTrader 5
👉 FXTM makes trading using the MT5 online platform simpler by requiring no software download. All you need is an internet connection to use this straightforward web-based trading solution! Simply connect to your FXTM account, choose a browser, and begin trading.
👉 MT5 also features a multi-threaded strategy tester, cash transfer across accounts, and an alert system that keeps you informed of all the latest market occurrences. In addition, traders may engage with one another through the inbuilt MQL5 community chat, which helps traders feel more powerful and confident.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ FXTM Trader
MetaTrader 4
👉 In the wake of the launch of MT4 to mobile devices, traders are no longer limited to conventional laptops or desktop computers. Instead, with a few touches on your Android or iPhone, you will be able to respond to market changes at lightning speed.
👉 Combined with financial markets that operate around the clock, this is ideal for the working investor.
MetaTrader 5
👉 The new trading experience provided by the mobile application provides traders with more freedom and choice while trading. You can react to market fluctuations in a couple of seconds using the app on your Android or iPhone.
👉 This unrestricted ability to trade at any time of day, Monday through Friday, is great for the contemporary trader who is often pressed for time.
👉 Install MT5 on any popular iOS or Android smartphone to have unlimited market access regardless of where you are or what you are doing.
FXTM Trader
👉 The mobile trading world is going to expand, even more, courtesy of FXTM’s brand-new forex trading app. The need for investing applications has increased in recent years, and FXTM Trader is available to address those demands – and enhance traders’ online trading experiences.
👉 Global markets are constantly changing, and our traders are no exception. With FXTM’s new forex trading app, you can enter and exit positions instantly, check real-time currency rates, manage your trading accounts, and remain one step ahead of the markets – from anywhere, at any time.
Range of Markets
👉 Kenyan traders can expect the following range of markets from FXTM:
➡️ Forex major pairs (Majors, Minors, Exotics)
➡️ Spot Metals
➡️ Individual Stocks
➡️ Commodities
➡️ Forex Indices
➡️ Index CFDs
➡️ Stock CFDs
➡️ Stock Baskets
Broker Comparison for Range of Markets
| 🥇 Exness | 🥈 easyMarkets | 🥉 FXCM |
|
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | No | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | No | Yes | Yes |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | No | No |
Trading and Non-Trading Fees
Spreads
👉 FXTM charges variable spreads that are decided by the kind of account used by traders, the financial instrument traded, and the market conditions on the trading day.
👉 Kenyan traders may anticipate the following average spreads from FXTM:
➡️ Micro Account – from 1.5 pips EUR/USD
➡️ Advantage Account – from 0.0 pips EUR/USD
➡️ Advantage Plus Account – from 1.5 pips EUR/USD.
Commissions
👉 FXTM charges these fees solely on the Advantage Account, which has the narrowest spreads, starting at 0.0 pips. The commission fees on the Advantage Account can vary from $0.40 to $2 per transaction, depending on the trader’s total trading volume.
Overnight Fees, Rollovers, or Swaps
👉 When traders maintain positions overnight, overnight fees might be debited/credited from the trading account. FXTM is upfront about the typical fees charged/debited based on the trading instrument being held, the size of the position, and the duration of the position.
👉 Typical overnight fees that Kenyans can anticipate include some of the following:
➡️ EUR/USD – a short swap of 0.06 pips and a long swap of -0.39 pips
➡️ XAG/USD – a short swap of -0.05 pips and a long swap of -0.08 pips
➡️ XAU/USD – a short swap of -0.7 pips and a long swap of -3.4 pips
Deposit and Withdrawal Fees
👉 While FXTM does not charge any deposit fees for any of the payment options available, the following payment types do impose withdrawal fees:
➡️ FasaPay – 0.5%
➡️ African Local Solutions (D) – 1 USD
➡️ Latin American Solutions (Mexico) – 1% + 1 EUR
➡️ African Local Solutions (C) – 1 USD
➡️ Vietnamese Bank Transfer – 4%
➡️ South-East Asia Online Banking – 1.4%
➡️ Nganluong – 1.1% + 0.05 USD
➡️ Credit and Debit Cards – 2 EUR, 3 USD, or 2 GBP
➡️ WebMoney – 2%
➡️ Money – 1.5%
➡️ QIWI – 1.5%
➡️ Perfect Money – 0.5%
➡️ Konnexone – 2%
➡️ Bank Wire Transfer – 30 EUR
Other Fees
👉 FXTM charges an inactivity fee of $5 when the trader’s trading account shows no trading activity for 6 consecutive months.
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 KES
Regulators
FSA, FCA, ASIC, DFSA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Deposits and Withdrawals
👉 FXTM offers the following deposit and withdrawal methods:
➡️ FasaPay
➡️ Online Banking 2
➡️ South-East Asia Online Banking
➡️ Telepay Local Transfer
➡️ African Local Solutions (C)
➡️ Turkish Local Transfers
➡️ PayR LATAM
➡️ South Arabian Peninsula Local Transfer
➡️ Local Indian Solutions
➡️ African Local Solutions (D)
➡️ Vietnamese Bank Transfer
➡️ Ghana Local Transfers
➡️ Latin American Solutions
➡️ Sub-Saharan Africa and Dubai Local Transfer
➡️ TC Payment
➡️ Latin American Solutions via Skrill
➡️ Latin American Local Transfers
➡️ Moroccan Local Transfer
➡️ Nigeria Local Bank Wire Transfer
➡️ Indonesian Local Transfer
➡️ Algerian Local Transfers
➡️ Local Transfer for India and Pakistan
➡️ Local Exchange House
➡️ Afghan Local Transfers
➡️ Laos Local Transfers
➡️ Nganluong
➡️ GlobePay
➡️ Egypt Local Transfer
➡️ Bangladeshi Local Transfer
➡️ Iraqi Local Transfer
➡️ Palestinian Local Transfers
➡️ Online Banking Thailand
➡️ China Online Banking (P)
➡️ Visa
➡️ Mastercard
➡️ Google Pay
➡️ Maestro
➡️ Skrill/Moneybookers
➡️ VLOAD
➡️ TC Pay Wallet
➡️ Alfa-Click
➡️ Neteller
➡️ WebMoney
➡️ Yandex.Money
➡️ QIWI
➡️ Perfectmoney
➡️ Konnexone
➡️ Bank Wire Transfer
Deposit Currencies, Fees, and Processing Times
| 💳 Payment Method | ✔️ Accepted Currencies | 💵 Withdrawal Fee | ⏰ Deposit Processing Time | 💰 Withdrawal Processing Time |
| FasaPay | USD, IDR | 0.5% | Instant | 24 hours |
| Online Banking 2 | CNY | – | 24 Hours | – |
| South-East Asia Online Banking | MYR, THB, IDR, VND | 1.4% | Instant | 24 hours |
| Telepay Local Transfer | – | – | 24 hours | 24 hours |
| African Local Solutions (C) | NGN | 1 USD | 1 – 2 Days | 48 hours |
| Turkish Local Transfers | TRY | – | 24 hours | 24 hours |
| PayR LATAM | MXN, BRL, CLP | – | 1 – 2 Days | – |
| South Arabian Peninsula Local Transfer | YER, SAR, SDG | – | 24 hours | 24 hours |
| Local Indian Solutions | INR | – | 24 hours | 24 hours |
| African Local Solutions (D) | NGN, GHS, RWF, TZS, XAF, KES, UGX, ZAR, BIF, ZMK | 1 USD | Instant | 24 hours |
| Vietnamese Bank Transfer | VND | 4% | 24 hours | 24 hours |
| Ghana Local Transfers | GHS | – | 24 hours | 24 hours |
| Latin American Solutions | MXN | Mexico – 1% + 1 EUR | 1 – 2 days | 3 – 4 days |
| Sub-Saharan Africa and Dubai Local Transfer | XOF, SOS, NGN, AED | – | 24 hours | 24 hours |
| TC Payment | – | – | 1 Hour | 24 hours |
| Latin American Solutions through Skrill | USD | – | – | 3 – 4 days |
| Latin American Local Transfers | UYU, MXN, PEN, CLP, COP | – | 24 hours | 24 hours |
| Moroccan Local Transfer | MAD | – | 1 day | 24 hours |
| Indonesian Local Transfer | IDR | – | 24 hours | 24 hours |
| Algerian Local Transfers | DZD | – | 24 hours | 24 hours |
| Local Transfer for India and Pakistan | – | – | 24 hours | 24 hours |
| Local Exchange House | – | – | 24 hours | 24 hours |
| Afghan Local Transfers | AFN | – | 24 hours | 24 hours |
| Laos Local Transfers | LAK | – | 24 hours | 24 hours |
| Nganluong | VND | 1.1% + 0.05 USD | Instant | – |
| GlobePay | GBP, USD, EUR | – | Instant | 24 hours |
| Egypt Local Transfer | EGP | – | Instant | 24 hours |
| Bangladeshi Local Transfer | BDT | – | 24 hours | 24 hours |
| Iraqi Local Transfer | IQD | – | 24 hours | 24 hours |
| Palestinian Local Transfers | ILS | – | 24 hours | 24 hours |
| Online Banking Thailand | THB | – | Instant | 24 hours |
| China Online Banking (P) | CNY | – | 24 hours | 48 hours |
| Visa | EUR, USD, GBP | 2 EUR, 3 USD, 2 GBP | Instant | 24 hours |
| Mastercard | EUR, USD, GBP | 2 EUR, 3 USD, 2 GBP | Instant | 24 hours |
| Google Pay | EUR, USD, GBP | – | Instant | – |
| Maestro | EUR, USD, GBP | 2 EUR, 3 USD, 2 GBP | Instant | 24 hours |
| Skrill/Moneybookers | EUR, USD, GBP, PLN, CZK | – | Instant | 1 working day |
| VLOAD | USD, EUR | – | Instant | 24 hours |
| TC Pay Wallet | USD, EUR, AED | – | Instant | 24 hours |
| Alfa-Click | RUR | – | Instant | – |
| Neteller | EUR, INR, USD, GBP, PLN, NGN | – | Instant | 24 hours |
| WebMoney | USD, EUR, RUR | 2% | Instant | 24 hours |
| Yandex.Money | RUR | 1.5% | Instant | 24 hours |
| QIWI | RUR | 1.5% | Instant | 24 hours |
| Perfectmoney | USD, EUR | 0.5% | Instant | 24 hours |
| Konnexone | USD | 2% | Up to 1 Day | Up to 1 Day |
| Bank Wire Transfer | GBP, USD, EUR | 30 EUR | 3 to 5 days | 24 hours |
How to Deposit Funds with FXTM
👉 To deposit funds to an account with FXTM, Kenyan traders can follow these steps:
➡️ Step 1: Log into MyFXTM and navigate to My Money
➡️ Step 2: Open the “Deposit” page
➡️ Step 3: Select the account or wallet that you want to fund and complete the required fields
➡️ Step 4: Confirm the deposit details
➡️ Step 5: Complete any additional steps according to your payment provider
FXTM Fund Withdrawal Process
👉 To withdraw funds from an account with FXTM, Kenyan traders can follow these steps:
Step1: Log into MyFXTM and navigate to My Money
Step 2: Open the “Withdraw” page
Step 3: Choose a payment method and click on “Withdraw” next to it
Step 4: Choose the account or the wallet from where funds will be withdrawn and complete the required fields
Step 5: Select a reason for the withdrawal and click on “Submit”
👉 Kenyans must note that withdrawals must be made in proportion to the deposits that they made and per the deposit method that was used for the initial deposit.
👉 Withdrawals are handled within 24 hours by FXTM’s Back Office Department. However, the time required for monies to be sent into the trader’s bank account will vary depending on the payment method utilized.
Education and Research
👉 FXTM offers the following Educational Materials:
➡️ Forex trading guides
➡️ eBooks
➡️ Forex Glossary
➡️ Educational Videos
➡️ Articles and tutorials
👉 FXTM offers Kenyan traders the following Research and Trading Tools:
➡️ Daily Market Analysis
➡️ Podcasts
➡️ Economic Calendar
➡️ Forex Market News Timeline
➡️ Market Analysis Videos
Bonuses and Promotions
👉 FXTM offers Kenyan traders the following bonuses and promotions:
➡️ Forex Trading Promotions
➡️ Refer a friend bonus
➡️ Forex Trading Contests
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 KES
Regulators
FSA, FCA, ASIC, DFSA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
How to open an Affiliate Account with FXTM
👉 To become an affiliate, Kenyans can:
➡️ Complete the affiliate application form which takes 2 minutes to complete. The application requires some personal information, business information, and additional information such as the company name and the prospective partner’s FXTM ID if they have previously registered with the broker.
➡️ Next, the affiliate can navigate to the “Tools” section of the Affiliate Portal to receive their banners, links, and widgets that can be placed on the affiliate’s website.
➡️ Lastly, Affiliates can start earning from clients and their trading activities according to the affiliate’s CPA level and dynamic rebates.
👉 As an affiliate, you are not needed to have any prior knowledge of forex or to meet customers in person.
👉 All you need is a high-traffic blog, website, and/or a sizable following on social media. You will be supplied with a comprehensive set of marketing tools to help you promote FXTM, and you will earn a fee once your suggested customers begin trading.
👉 There is a 30-day Qualifying Period during which you will earn a high CPA depending on the number of active traders. After the 30-day trial period expires, you will continue to profit for the remainder of your customers’ trading lifespan.
👉 Additionally, affiliates may monitor their activity and CPA through their own comprehensive and sophisticated Affiliate Panel.
FXTM Affiliate Program Features
👉 The partnership program provides customers with a one-of-a-kind set of perks that gives them a considerable competitive edge in the forex partnership market.
👉 Divided between a ground-breaking hybrid Affiliate Program and a robust Introducing Brokers Program, the system caters to a variety of partner types, including bloggers, social media influencers, and Forex trainers.
👉 Each program provides an entry point into one of the world’s major financial markets, and each has been designed to exactly meet the unique demands of prospective partners.
👉 The distinction between an Affiliate and an Introducer is that Introducers often keep direct touch and a more personal connection with their customers, whilst Affiliates conduct most of their interactions online.
👉 Additionally, Introducers are compensated via progressive rebates, while Affiliates are compensated on a CPA basis for each Qualified Active Trader and earn long after the Qualification Period has expired.
👉 To maximize the benefits of the partnership programs, choose the one that is most appropriate for you and your kind of company. The affiliate program of FXTM offers the following benefits to partners:
➡️ Progressive CPA for qualifying active traders
➡️ Weekly dynamic rebates
➡️ Guaranteed payments
➡️ Increased CPA levels with more clients being referred to FXTM
➡️ A choice between three affiliate levels
➡️ Full access to updated statistics and hourly reports
FXTM Corporate Social Responsibility
👉 As the FXTM brand evolves and expands globally, the broker is committed to supporting and participating in financial, social, and cultural events.
👉 This demonstrates FXTM’s position as a local broker – the broker’s participation in a varied variety of events and activities demonstrates its active involvement not just in the financial business, but also in the communities in which the broker operates.
Verdict on FXTM
👉 FXTM is a highly regulated broker that is regulated by the Financial Services Commission of South Africa (FSCA) and internationally by top-tier regulators such as the FCA in the United Kingdom and CySEC in Cyprus, which means that trading with them is safe or low risk for Kenyan traders.
👉 Additionally, they feature a strong customer support staff (live chat and phone) that works around the clock to provide excellent service, a simple account setup procedure, and a variety of deposit/withdrawal methods, including KES.
👉 Opening an account is simple; FXTM offers one of the lowest deposit requirements in the industry, and trading conditions are favorable, with low spreads, outstanding customer service, and Forex education.
👉 On the downside, there is a withdrawal charge and stock spreads are greater than that of competitors. In addition, FXTM does not offer a KES-denominated account to Kenyan traders and the broker does not yet have regulation through the Kenyan Capital Markets Authority (CMA).
FXTM Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and award-winning forex broker | Inactivity fees are charged on dormant accounts |
| There is a dedicated customer support team available | FXTM does not offer its services to United States clients |
| There are several easy and quick funding and withdrawal methods offered | |
| There are three dynamic retail investor accounts to choose from with high maximum leverage ratios | |
| Low minimum deposit requirements and commission-free trading offered | |
| Deposit fees are not charged on any of the payment methods offered and the processing times on withdrawals are quick | |
| There is a selection of educational tools offered and research tools for experienced traders | |
| There is dedicated customer support offered in multiple languages |
FAQ
Is FXTM a reliable broker for Kenyan Traders?
Yes, FXTM is a reliable and safe broker that is low risk, with a trust score of 93 out of 100. In addition, FXTM is a verified company on Trustpilot with a rating of 3.4 and over 690 reviews.
Can Kenyans register a KES account with FXTM?
No, while Kenyans can register a live trading and demo account with FXTM, there is no option to set the Kenyan shilling as the account base currency.
What is the minimum deposit for FXTM?
The minimum deposit when you register a Micro Account with FXTM is 1,100 KES or an equivalent of 10 USD, EUR, GBP, or 10,000 NGN.
How fast are FXTM’s withdrawals?
FXTM’s withdrawals are processed within 24 hours upon receipt of the withdrawal request. However, it can take some time for the funds to reflect in your bank account depending on the withdrawal method that you used.
What is the overall rating for FXTM?
We give FXTM an overall rating of 9/10. Overall, FXTM is one of the best forex and CFD brokers and we rated it highly because of its regulatory status, trading conditions, high leverage, powerful trading platforms, a large variety of deposit and withdrawal options, and low minimum deposit requirement.
Which live accounts can I register with FXTM?
When you sign up with FXTM, you can choose between:
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.
