FXPesa Review 2021

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FXPesa Facts & Figures

FXPesa offers forex and CFD trading from its headquarters in Kenya.

Bonus30% deposit bonus up to $150
InstrumentsCFD, Forex, Stocks
Demo AccountYes
Min. Deposit$5
Payment MethodsCredit Card, Debit Card, EasyPay, Neteller, Skrill
Min. TradeNo minimum
Regulated ByCMA
MetaTrader 4Yes
MetaTrader 5No
STP AccountNo
ECN AccountNo
DMA AccountNo
Mobile AppsMT4, FXPesa Trader
Margin TradingYes
Auto TradingYes (EAs)
Social TradingNo
Copy TradingNo
Trade SignalsMT4
Islamic AccountYes
Trade leveraged CFDs on popular financial assets, including indices and commodities.
FTSE SpreadFrom 0.7 pips
GBPUSD SpreadFrom 0.2 pips
Oil SpreadFrom 0.028 pips
Stocks SpreadNot Available

FXPesa offers 66 currency pairs, including all majors, plus a selection of minors and exotics.

GBPUSD SpreadFrom 0.2 pips
EURUSD SpreadFrom 0 pips
EURGBP SpreadFrom 0.2 pips
Risk Warning – Your capital is at risk

FXPesa is a retail trading broker based in Kenya. Clients can trade a broad range of currency pairs, plus CFDs on indices, commodities and shares. This FXPesa review will cover everything you need to know about the broker, including typical spreads, leverage, deposit methods and withdrawal options.

FXPesa Headlines

FXPesa is a relatively new forex and CFD broker that was established in 2019. Its headquarters are in Kenya, in the capital Nairobi, and the company has offices scattered around the country.

FXPesa is the trading name of EGM Securities Limited and is regulated by the Capital Markets Authority (CMA) of Kenya. The company is considered trustworthy by Kenyans, as the parent company is also regulated by the CMA and is well-known in the industry.

The broker provides services to most global traders, however, some countries, such as the USA and Israel, are excluded.

Trading Platforms

FXPesa offers both a web platform and a desktop trading app for PC, known as FXPesa Trader. Both platforms are available through the broker’s website. With the web-based platform, no download or installation is required. Once you sign in with your account login details, you’ll receive full access to all forex and CFD markets. The platform is simple, easy to navigate and provides all the tools required.

In addition to the proprietary platform, MetaTrader 4 (MT4) is also available. MT4 is one of the most popular trading platforms in the industry. While the layout can seem a little dated, navigation is intuitive, making it easy to open and close trades. MT4 is equally suitable for beginners and advanced traders and comes with a host of additional features, including automated trading, signals, advanced charts, plus research and analysis tools. MT4 is free to download for clients on both Windows and Mac.


FXPesa specialises in forex pairs and CFDs. The key assets available include:

When comparing FXPesa vs competitors like Scope Markets, the broker offers a substantial range of trading instruments.

Note, cryptocurrencies like Bitcoin are not available.

FXPesa MetaTrader 4
MetaTrader 4

Spreads & Commission

FXPesa does not charge a commission and there are no deposit and withdrawal fees. However, there is an inactivity charge after 180 days with no account movement.

Typical spreads vary between the Executive account (the standard account) and the Premier account (the broker’s top-tier service).

Typical spreads on the Executive account:

Typical spreads on the Premier account:


The maximum leverage available at FXPesa varies by asset. For currency pairs, this is set at 1:400. For most other instruments, the maximum is 1:200, while indices are 1:50. Although leverage up to 1:400 is offered, trading on margin is optional.

Leveraged trading increases risk by allowing greater market exposure. While this can mean larger profits, the potential for losses is also increased. For example, if you open a trade with a $100 deposit, your market exposure will be $40,000. If the asset’s value moves in your favour, profits are 400x what they would have been without leverage. But equally, if the market declines, your losses are also multiplied.

To protect traders, FXPesa implements a margin call system. If your account balance drops below the specified amount, a margin call occurs and you will not be able to open a new position until funds are deposited.

Mobile Trading

FXPesa Mobile is the broker’s mobile trading application. It is available to download on Android (APK) and iOS. All products and assets are available and trade execution is simple. Research and analysis tools are also offered, ensuring a seamless on-the-go trading experience.

FXPesa mobile trading
Mobile app

Deposits & Withdrawals

FXPesa charges no fees on deposits, however, there are minimum thresholds. For the Executive account, this is just $5, while the Premier account is $100. Bank transfers typically take one to three working days to be processed, while other methods, such as MPesa deposits, are instant. Fees may be incurred externally for currency conversions.

Deposit methods include:

FXPesa has no withdrawal limit or minimum withdrawal amount. Bank transfer withdrawals are processed within three to five working days, while e-wallet and mobile payments take around three hours.

Withdrawals are free for all methods except e-wallets (Skrill and Neteller), which charge a 1% fee, capped at $30. Before withdrawals can be made, customers must complete the full registration and verification process by providing proof of identity and address.

Demo Account

Clients can trial the service using a demo account, which can be used to practise trading without having to risk real funds. The account has unlimited virtual funds and access to real market pricing, allowing users to trial MT4 execution and new trading strategies. Clients are not limited to MT4, they can also trade through the proprietary web trader, as well as the mobile app.

Deals & Promotions

FXPesa offers a Karibu bonus up to $150. To access this, clients must register for an account and complete the verification steps, then deposit at least $100 and opt-in for the bonus. Customers will then receive an additional account balance equivalent to 30% of the deposit amount. Clients must then trade the minimum FX volume to convert the bonus into cash.

Note, the broker does not currently run referral schemes or provide a no deposit bonus.


FXPesa, or more specifically its parent company, EGM Securities Limited, is regulated by the Capital Markets Authority of Kenya (CMA). All transactions are processed by Equiti Capital UK Limited, which is regulated by the Financial Conduct Authority (FCA). The CMA is the top regulatory body in Kenya, giving clients a degree of trust in the platform.

Additional Features

FXPesa runs its own trading academy, providing investors with educational resources. The client portal hosts a selection of PDF help guides, tutorials, and more. Clients can also sign up to free online webinars within the members’ area.

In addition, FXPesa has a dedicated news section, providing economic insights and articles on recent events. This is a great opportunity for traders to discover new investment opportunities.

Live Accounts

FXPesa offers two live account types: the Executive (standard) account and the Premier (premium) account. The minimum deposit for an Executive account is $5, while for the Premier account, it’s $100. Both options provide access to the same instruments, leverage and lot size when you create an account. The key difference comes in the spreads. Typical spreads start at 1.4 pips on the Executive account, while they start at 0 pips on the Premier account.

The brokerage also offers swap-free accounts, suitable for Islamic customers. Unfortunately, there is no cent account available.


There are several advantages to trading with the online platform:


Disadvantages of trading with FXPesa include:

Trading Hours

Trading hours vary by asset. Forex is available to trade 24 hours a day, five days a week and is closed on weekends. Other assets, such as commodities and share CFDs, are available to trade when their respective exchanges are open.

Customer Support

Customer care and support are priorities for the company. Whether you have lost your account ID or have forgotten your password and need to reset it, the firm has a team on hand to help. The helpline is available 24 hours a day, six days a week. The details of all services are captured below.

The broker can also be reached via Telegram and Facebook.


One of the biggest disadvantages is that FXPesa does not offer two-factor authentication (2FA). This presents a security concern, as hackers only need to break through one level of protection to access your account.

For those looking to utilise leverage, the broker does not provide negative balance protection. This means clients are at risk of losing more than their deposit amount. As a result, traders should be cautious and consider their risk appetite before they start margin trading.

FXPesa Verdict

FXPesa is a popular Kenyan forex and CFD broker. It offers a wide range of financial instruments, including forex pairs, indices, commodities and shares. It also provides access to more currencies than many of its competitors, making it a strong choice for aspiring FX traders. And by signing up for the premium account, traders get access to competitively low spreads. So, if you are looking to start trading in Kenya or abroad, it could be worth considering FXPesa.

Accepted Countries

FXPesa accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use FXPesa from United States, Israel.

Alternatives to FXPesa

If you are looking for alternatives to FXPesa we have compiled a list of the top 5 brokers that are similar to FXPesa below. This list of brokers like FXPesa is in order of similarity and only includes companies that accept traders from your location.

  1. Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
  2. Rockfort Markets – Rockfort Markets is a New Zealand broker with a competitive range of assets, trading platforms and market conditions.
  3. EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
  4. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  5. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.


How Does FXPesa Work?

FXPesa is a forex and CFD broker that offers retail trading on popular financial markets. Clients must deposit a minimum of $5 and can open trades using leverage up to 1:400.

Is FXPesa Regulated?

Yes, FXPesa is regulated by the Capital Markets Authority of Kenya (CMA). Whilst not widely recognised internationally, CMA is the top financial regulator in Kenya.

Who Owns FXPesa?

FXPesa is owned by EGM Securities Limited. The regulated company is run by established professionals who have decades of experience operating in financial services.

Is FXPesa Legitimate?

Yes, FXPesa is a legitimate retail trading broker that provides clients with FX and CFD investing opportunities.

How Much Capital Do I Need To Trade With FXPesa?

The minimum deposit for the standard FXPesa account is $5. For the premium account, the minimum deposit is $100.

FXPesa offers forex and CFD trading from its headquarters in Kenya.

FXPesa vs Other Brokers

Compare FXPesa with any other broker by selecting the other broker below.