RECOMMENDED FOREX BROKERS
FXPesa has the potential to be a uniquely operating broker, one that does not follow the conventional rules of typical broker layout and accessibility. Read on to find out if our impressions changed.
FXPesa presents the users with what looks like a personalized dashboard, instead of the traditional home page with multiple sub sections structure. However, where as Trade24x was basically out of order, FXPesa functions smoothly and adequately.
FXPesa is the trading name of EGM Securities Limited. The company is registered in Kenya, and is regulated by the local Capital Markets Authority (CMA).
The authoritarian agency has introduced a tighter oversight on brokers by demanding a minimum of 50 million Kenyan Shillings or $500k as minimum capital for any would-be brokerage firm. The list of regulated entities checks out:
The regulation in Kenya has imposed a restriction on the leverage. In Kenya it is capped at 1:400.
The spread for the EUR/USD spread is 1.6 pips.
The assets that can be traded with are Forex Pairs, Commodities, Indices and Shares. There’s room for some other instruments like Cryptocurrencies, to make this list more complete.
The default language is English, and we did not find a way to change that.
The FXPesa trading platform promises a fast and instant web-trading experience, with a number of technical indicators and drawing tools that will help traders in the long run. However, when compared to the MT4 this one falls short. Nevertheless, the FXPesa trading platform can be considered a threshold trader for more novice users.
The spread for EUR/USD is 1.6 pips, while the leverage is the risky 1:400.
The trader can be accessed via a web browser or on Android mobile devices.
FXPESA MINIMUM DEPOSIT
We could not find a minimum deposit amount. There is a chance that the minimum will reveal itself once a user has registered and proceeds to deposit.
Accounts can be funded by Wire Transfers, Debit/Credit Cards, and Mobile payments. Mobile Payment methods are as follows: Mpesa, Lipa na Bonga, Eazzy Pay, Airtel Money, eLipa, Visa, Master Card.
There are only two types of base currencies: USD and KES.
The process time for Wire Transfers is 1-3 days; for Credit/Debit Cards it’s within one business day. The time a deposit request is processed using the Mobile Payments method is 24 hours.
There are no fees for making a deposit.
FXPESA WITHDRAWAL TIME AND FEES
The methods for withdrawing are Wire Transfer, and Mobile Payments which include Mpesa, Lipa na Bonga, EazzyPay, Airtel money, eLipa, Visa, MasterCard, Vadacom Mpesa (TZS), MTNMoney (UGX).
Bank Transfer, as is expected, can take up to 3-5 working days to arrive, while Mobile Payments are usually transferred to a personal account within 24 hours.
International Bank Transferred are charged with $16.5 per transfer. All other methods are charge free, however this does not rule out the possibility that the payment providers will not charge a commission.
As is with deposits, the minimum withdrawal amount has not been indicated. It’s a value that will probably reveal itself ones one is registered.
FXPesa is an interesting addition to our collection. This one has simplified things, achieving a to-the-point experience that is very refreshing. However, one must not forget the rather uncommon regulation which might raise some questions. We recommend FXPesa, yet we still would trade with a FCA/CySEC broker if we had to chose.