Last Updated on February 19, 2024 by Patrick Mahinge
There are so many forex brokers to choose from, so how do you know which one is the best for you? In this blog post, we will review FxPesa, which is one of the CMA licensed forex brokers in Kenya.
The aim of this FxPesa review is to help you decide whether FxPesa is the right fit for your trading needs. Each broker has its own strengths and weaknesses, so it’s important to consider all of them before making a final decision. So without further ado, let’s get started!
What is FxPesa?
FxPesa is a CMA regulated Forex broker that has been doing business in Kenya since 2019. The company offers a variety of products and services, and cater to forex traders of all experience levels.
FxPesa has been one of the most reliable forex brokers in Kenya. They have a strong commitment to their clients and always put their needs first. Their research and analysis team provides traders with up-to-date information and market insights so they can make informed trading decisions.
In this FxPesa review, we will take an in-depth look at the company and its offerings. We will also compare it to other brokers to see how it stacks up. So, if you are looking for a reliable Forex broker, keep reading!
Is FxPesa Legit?
Yes, FxPesa is a legit forex broker. They are licensed and regulated by the Capital Markets Authority of Kenya, which means that they have to follow a strict code of conduct. They offer a wide range of trading products, including Forex, CFDs, and metals. They also offer 24/5 customer support. So far, they have not received any complaints from clients.
Additionally, FxPesa is considered legit because its parent company, Equiti Capital, is a group of forex brokers with many years of experience and who are regulated in multiple top-tier jurisdictions.
But don’t confuse FxPesa with PesaFx, which is an impostor and most likely a scam. Additionally, make sure that whenever you’re depositing money into your account that you’re on the official FxPesa website which is https://fxpesa.com/home.
That said, it’s always important to do your own research before opening an account with any forex broker in Kenya. Make sure to read reviews from other traders, and check out the company’s licensing and regulatory information to get a sense of how reputable they are.
Customer Service Experience at FxPesa
I’ve contacted FxPesa customer service a few times and each time I had a positive experience. The reps were always polite, helpful, and quick to respond. They resolved my issues quickly and efficiently. Their staff has been knowledgeable and professional.
I contacted them a few weeks ago because I was having trouble logging into my account. The representative who helped me was very patient and walked me through the process step by step until I was able to log in. Overall, I’ve been happy with the level of customer service that FxPesa provides.
There’re several options that you can use to contact FxPesa support including:
- Live Chat: The quickest way to get in touch with a FxPesa representative sis through the live chat option on their website
- Phone Call: FxPesa’s Live Phone Call Support is a toll free service that is available to all clients. The support team can be reached by dialing the following number: 0 800 211 185
- Email Support: FxPesa provides excellent email support for all of its clients. I contacted FxPesa support by email and received a response within 1 hour. The support team was friendly and helpful, and I was able to resolve my issue quickly.
- Local Office: The FxPesa Nairobi office supports walk-in clients from Monday to Friday between 9am and 5pm.
How to Open an Account With FxPesa
To open an account with FxPesa, traders will have to visit the company’s official website and fill out an online form. The company requires basic information such as name, date of birth, email address, and phone number. You’ll also need to provide proof of identity and residency.
Once you’ve submitted the required information, FxPesa will review it and contact you if they have any questions. Once your account is approved, you’ll be able to start trading. To get started, simply deposit funds into your account and choose a trading platform.
After providing the above details, traders can then choose from 2 FxPesa account types, each with its own set of features and benefits. FxPesa also offers a demo account for traders who want to try out the platform before opening a live account.
Once your trading account is open, you can begin trading immediately. FxPesa offers a variety of products and services, including Forex trading, CFDs, indices, and metals trading. They offer a variety of platforms to suit the needs of all traders, from beginners to experienced professionals.
FxPesa Account Types
There are a few different account types that you can choose from when opening an account with FxPesa. Each of these accounts has its own set of benefits and features, so it’s important to select the account that will best suit your needs.
- Executive Account: The first FxPesa account type is the Executive Account. This is the most basic account and is perfect for those who are new to Forex trading. It offers low spreads (1.4 pips), no commissions, and enables traders to use leverage up to 1:400. The account has a low minimum deposit of just $5.00.
- Premier Account: The next FxPesa account type is the Premier Account. This account gives you direct access to interbank liquidity, which means that you’ll have access to tighter spreads and faster execution speeds. It also comes with a number of benefits such as a 30% deposit bonus when depositing more than $100.
- Demo Account: The FxPesa demo account allows you to trade with virtual money and practice your trading strategies. This is a great way to learn how the trading platform works and develop a Trading strategy before risking any real money.
FxPesa Minimum Deposit
There are 2 types of FxPesa trading accounts, and the minimum deposit required varies depending on the type of account. For example, the minimum deposit for an Executive account is $5, while the minimum deposit for a Premier account is $100. To find out more information about the different types of accounts and their respective minimum deposits, please visit FxPesa’s website.
When looking for a forex broker, one of the most important factors to consider is the minimum deposit required to open an account. This seems like a fair and straightforward requirement, but it can be deceptive.
When a forex broker advertises that they have a “minimum deposit” of $5, they’re not telling the whole story. The minimum deposit is just the amount you need to open an account with the broker. However, in order to be successful in forex trading, a person needs to have a lot of money at their disposal so that they can make trades on margin and reap larger profits.
So, although the minimum deposit at FxPesa lies at $5, we don’t recommend you start trading with such a low amount.
FxPesa Spreads & Fees
FxPesa is a good broker, but their spreads on the Executive account are not ideal. They tend to be on the high side, which can make it difficult to make a profit on your trades.
The spreads offered by FXPesa are not ideal, especially when compared to some of the other CMA licensed forex brokers.
For example, Pepperstone offers starting spreads as low as 0.6 pips on the EUR/USD pair, while FXPesa starts at 1.4 pips. This can make a big difference in terms of profitability, especially for traders who are looking to scalp or trade frequently. Other forex brokers such as XM Forex and HotForex also have much lower spreads compared to FxPesa.
Of course, FxPesa has many other features that make it attractive to beginner forex traders, so it really depends on what you’re looking for in a broker.
On the Premier Account, FxPesa charges a commission of $7 per round turn (buy and sell). The commission is charged on all forex pairs and precious metals.
A round turn is the purchase and sale of the same security or currency pair. For example, if you buy EUR/USD, then sell/close EUR/USD, that would be a round turn.
The Advantages of Trading With FxPesa
FxPesa offers a range of flexible and innovative trading options, making it an ideal broker for both novice and experienced traders. There are a number of advantages to trading with Fx Pesa. Some of the key benefits include:
- FxPesa is licensed and regulated by the CMA, which increases trustworthiness.
- FxPesa has a wide variety of tradeable products available for traders, including forex, CFDs, commodities, and indices
- FxPesa offers a wide variety of educational materials to help beginner traders learn about forex and CFD trading.
- The customer service team is available 24/5 to help traders with any questions or issues they may have.
- Trading platforms available for desktop, mobile and tablet devices
- Leverage up to 400:1 on forex trades
- No hidden fees or charges: With FxPesa, you know exactly what you’re paying for. There are no hidden fees or charges, so you can be sure your trading experience is as transparent as possible.
The Disadvantages of Trading With FxPesa
There are also a few disadvantages to trading with FxPesa:
- -The spreads can be relatively high compared to other brokers.
- The platform can be a little confusing for inexperienced traders.
Final Thoughts on FxPesa Review
FxPesa is a forex broker that offers trading in foreign exchange and contracts for difference (CFDs). The company has been operating in Kenya since 2019 and has grown to become one of the largest Forex brokers in Kenya.
Furthermore, FxPesa’s customer support is top-notch and always available to help traders with any issues they may encounter. If you are looking for a reliable and reputable broker to trade with, then be sure to consider opening an account with FxPesa.