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FXPesa Review – FXPesa.com Scam or Legit?

FXPesa is an offshore Forex and CFD broker licensed by Capital Markets Authority(CMA) Kenya, and promises to provide the best quality of service to its customers. Their platform is very basic and straight to the point. The major factor which peaked our attention while going through this broker is the bonus they advertise which is $150 on first time deposit.

If you have an ounce of experience in trading or markets in general then you will know for sure that the bonus like this comes with an unfavourable terms and condition. Continue reading our impartial review which will give you all the insights about how this offshore broker work.

FXPesa is powered by EGM Securities, which is authorised and regulated by the Capital Markets Authority, and has its registered address at 22 Riverside Drive, Riverside Green Suites, 1st Floor Cedar Suite, Westlands, Nairobi, Kenya. Their mobile phone number is :+254 207640727 and support can be reached via email address at: support@fxpesa.com.

FXPesa Forex Broker

FXPesa Review

FXPesa does not inform users of ownership status. Looking carefully at this site, broker in question does not name any member of their team. There’s no mention of the people who run this website, let alone, owners of FXPesa. And this makes this brokerage firm an anonymous entity. Due to its anonymous status, we feel that depositing money with FXPesa is hazardous. How can investors deposit money to an unknown entity?

FXPesa Forex broker anonymous group

Why has the broker failed to issue names of their advisory team? A search on the web would have revealed whether names mentioned were true. And this is a good reason not to mention names, they know experts would investigate. Having to verify names of people who will be handling your funds is imperative to any investors. At all times, strive to know who you’re in bed with when it comes to any online investment opportunity.

FXPesa Account Bonus

You can receive a trading bonus of up to $150 when you open your account. New investors who have never dealt with bonuses from brokers before, should read the terms and conditions, before accepting a bonus! You will need massive trading volume before you can withdraw your money.

We have received many complaints from traders about withdrawal problems, which stem from their accepting a bonus.

Trading Platform

FXPesa is offering 3 platforms (FXPesa Trader, FXPesa Mobile and myFXPesa) and broker claims they are completely web based. Th FXPesa Trader features numerous easy to use technical indicators and drawing tools to aid your market analysis and trading. FXPesa Mobile is the mobile application for FXPesa and gives you access to the myFXPesa which is the account management portal where you deposit and withdraw.

Considering that the FXPesa platform is relatively new, most traders will surely prefer trading on the MT4 – the most popular forex trading platform for more than a decade now. This is due to the software’s user-friendly interface and the full set of professional tools and features it supports. The latter include more than 50 in-build market indicators, various charting tools and an option to run automated trading sessions, using customizable trading bots (Expert Advisors). Generally, Forex brokers provides MT4, like GCG Asia and Fusion Markets.

Broker Analysis

Headquater: Kenya

Minimum deposit: $100

Spread: High spread with EUR USD spread on the FXPesa web based trading platform above 1,6

Leverage: As high as 1:400

Assets: Forex pairs, Exotic pairs, CFDs on stocks, Indices and Precious metal like gold.

Deposit Method: VISA and MasterCard, bank wire as well as local e-wallets like MPesa, Airtel Money and Equitel.

Support MT4: Not available

License: CMA Kenya Licensed.

FXPesa Trading Account

FXPesa offers only one type of standard account with a minimum deposit requirement of $100 and leverages as high as 1:400. There are upto 60 Forex pairs to select together with exotic pairs on USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDMXN, USDNOK, USDHKD, USDDKK and USDCNH. CFDs on indices, stocks and precious metals like gold, silver and oil are traded. However, their are no crypto currency assets.

FXPesa License

When the Forex Broker Expert reviews an online broker to know whether it can be trusted, the first thing we check is a valid license.

FXPesa is regulated in Kenya by the Capital Markets Authority Kenya under license number 107. Outside Kenya, FXPesa is unauthorized.

Most of the best Forex brokers come from firms with solid financial regulations, that file regular reports for 3rd party audit. This broker would benefit greatly in following their lead.

Our best advise

While it’s clear that the FXPesa service has been on the market for quite some time, it seems that they have fallen behind the times. This broker needs to upgrade on their licensing status dramatically. Typically a broker will get a license from CySEC in Europe, or from the FCA in United Kingdom.

Trading at a regulated Forex broker is the smart thing to do, and you can go here to see reviews of licensed brokers.

If you are currently using this broker, please share your experience with other investors in the comment section below.

 

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