EGM Securities is a Forex broker that deals in cryptocurrencies, forex trading, commodities, stocks, equities and metals. The broker offers 2 types of trading accounts on the popular MT4 trading software. Whereas the trading conditions offered by this broker seams to be good, there are certain issues that traders will have against this broker. EGM Securities is quite controversial and although there are certain advantages that are tied to using this broker as long as they will not steal from you, the disadvantages also surpass the advantages. So in this review of the EGM Securities Kenya broker, we will talk about everything you need to know about the broker.
At this juncture, we should start with discussing their 2 different types of account packages. These are labeled Executive and Premiere. The executive account requires a deposit of $200 while Premiere requires a deposit of $5,000. Minimum lot size that can be purchased is 0.01 lot and leverage is up to 1:400. Moreover, average pips EURUSD as advertised on their website start at 1.6 pips. These trading conditions can be excellent for a trader who knows the impact of pips in their trading. If spreads are too higher, then the chances of losing a trade is also high. On the other hand, if spreads are tight and reasonable, then traders are able to increase their chances of making money.
Having said that, we will jump straight into the meat of the content, describing what this broker can do for you and what they cannot. But if you want to head straight to a regulated broker with less controversy or one that will give you a peace of mind while trading on their platform, our advice is to the best forex broker page and select any of the brokers listed there.
Official trading website and login: egmsecurities.com.
EGM Securities Review
EGM Securities offers trading of Forex and other assets in the popular MT4 trading platform. This is something that all traders will love because it is the most widely used trading software on the internet. Just in case you don’t know what MT4 trading software is, we will let you know that it is the industry standard for the last decade although competitors have recently joined the industry with some other trading platforms. These are yet to be accepted by traders.
Now, the MT4 trading software is interesting because it comes loaded with all the necessary tools needed to become a successful trader. By the way, it has a charting feature that is diverse and compatible with all types of trading indicators, whether manual or automated. If you just bought a trading indicator or a software for automated trading, you would quickly load it up on the software to start trading. It is even easier to use MT4 trading platform. No wonder traders are always considering brokers who have MT4 and its successor MT5 trading software.
Trading conditions seem fair enough
EGM Securities provides highlights of what traders can expect from their platform. With the kind of spreads which they are announcing, we can say that this broker offers friendly spreads. But again we have to test their live trading environment to determine whether or not this is the case. In terms of minimum deposit, it is at $200 which is relatively affordable for most traders although there’s still need to provide a lower minimum since some Forex brokers offers allow traders to start with as little as $50. Therefore, it’s upon you to choose whether or not you want to find brokers who allow trading with such a small deposit.
Leverage is also good. At 1:400, this leverage fits most trading styles out there. Unless you want something as high as 1:500, this can be described as an advantage to using this broker as long as they are not a scam. On top of this, the broker promises to offer a variety of trading assets which include Crypto currencies, Forex, commodities and so on. You can’t miss your favorite asset for trading on this platform. Now in the next section of this review, we will start discussing the negatives that are associated with trading on this brokers platform.
EGM Securities License
EGM Securities is the trading name of EGM Securities Limited (company registration number PVT-AAAAFF7), which is authorised and regulated by the Capital Markets Authority(CMA), and has its registered address at 22 Riverside Drive, Riverside Green Suites, 1st Floor Cedar Suite, Westlands, Nairobi, Kenya.
Now Forex broker regulation in Kenya just started about 2 years ago by the CMA licensing. Forex brokers who operate in this jurisdiction are not subjected to strict regulatory conditions like those in UK and USA. It can also be a safe haven for scam brokers too due to the absence of regulatory conditions which restricts them from doing their evil. Currently, CMA license should not be akin to 100% legitimacy. You might want to take this warning seriously because it could mean that EGM Securities is operated by skilled con artists whose mission is to lure people into making deposits so they can steal their funds.
Advertised spread are different from demo spread
This broker seriously needs to up their game in terms of how they market their services to customers out there. When we downloaded their MT4 software to test things out, we noticed that the spread on their MT4 demo is different from what the promised on their website. We do not know why these two figures are from one another but either way, this should make you uncomfortable. The benchmark EUR/USD spread is floating well above 2 pips, which is above the industry’s average. This is yet another gimmick used by many of the forex broker scams. Basically, they are trying to earn your trust by advertising industry accepted pips whereas the real pip is way above the acceptable figure. However, there is a catch.
All the promises shown are not legit. They might have fulfilled few in the beginning, but certainly you will not get everything you wanted. So, never risk your money because the chances of you getting it back is slim to none.
Compare EGM Securities
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EGM Securities Review Conclusion
Although this broker seems to provide attractive trading conditions which might fool novice to sign up and make a deposit, the risk of losing money here is very real. One thing we have been advising traders not to do is to become careless with their money when it comes to choosing brokers. We have since decided to list good brokers here to clear things out in case a trader does not know what to do.