FXPesa Review, It is a Kenya-based Forex and CFD Brokerage that is a part of the Equiti Global Group. Licensed by Capital Markets Authority, there are more than sixty currency pairings available on their exchange. These include notable airings like the USD/SEK, USD/CNH, USD/NOK and USD/ZAR. Additional instruments with FXPesa include contracts-for-difference on gold, silver, platinum, oil, stocks and eleven indices. Unfortunately, there aren’t any cryptocurrency assets maintained on this exchange. Regardless, FXPesa has become popular in East Africa amongst retail clients and institutional traders. Thin spreads and low commissions have drawn traders to their platform, which has been open for only two years. However, those operating the company have decades of combined experience in the CFD and Forex Markets. Clients can anticipate dependable trading environments; top of the line security programs and multiple options for depositing.
Licensing and Regulation
FXPesa is governed by Capital Markets Authority, a Kenyan-based financial regulator that oversees CFD and FX business affairs. This license is offshore, meaning that it isn’t limited to a single jurisdiction. East Africa-wide distribution of their trading products follows, with numerous supervisions and laws determining how FXPesa conducts business. Ultimately, this protects consumer funds. In order to be issued a license, applicants are required to invest 50,000.00 Kenyan Shillings into the capital minimum. However, FXPesa maintains a far more significant amount of funds in the case of an emergency. This capital minimum guarantee’s that if the exchange is ever attacked, creditors and clients will both be protected. Furthermore, FXPesa must provide regularly updated file reports and account documentation to the CMA. Subsequently, this allows the regulator to audit the exchange monthly. FXPesa promises that every trading account is insured up to $50,000.00.
Currenttly, there are only sixteen exchanges that hold a license with the Capital Markets Authority. FXPesa is the largest operator out of the sixteen, but their license doesn’t allow them to maintain cryptocurrency contracts-for-difference. This is why the exchange is currently in the process of applying for their Uganda Securities Exchange License and Financial Conduct Authority License. These licenses would allow FXPesa to provide a multitude of new products to consumers in the East African region. Through this license, FXPesa can empower an entire area to become financially successful on the worldwide stage.
FXPesa is a versatile exchange that enables clients to trade through the Windows and Mac operating systems. However, they also allow traders to access their trading services through Apple or Android devices. This is accomplished through the Safari and Chrome browsers on the respective operating systems. Through the mobile site, clients can access all the Forex and CFD products maintained on its desktop counterpart. These products are managed through the EGM Securities Limited platform, guaranteeing that the mobile experience is consistent and secure. Through the EGMS Application, investors and clients can acquire their entire trading history and chart trades. Numerous trading tools can be employed to alter orders. Considering that mobile trading has outpaced the popularity of desktop trading, it isn’t shocking that FXPesa provides a reliable mobile service to consumers in East Africa.
Brand & Functionality
The FXPesa Brand has grown exponentially in East Africa. Compared to other exchanges operating in the region, they’re the most active and popular amongst clients. This is the result of providing lower trading fees and opening before most of the competition. It’s also because collectively, the founders of this exchange have 30+ years of experience in the Forex and Contracts-for-Difference markets. Today, the brand has grown to become known to its exceptional online trading. The functionality of their exchange has benefited their reputation as well, thanks to an easily learnt drop-down menu. Through this menu, all of the exchanges CFD and Forex products can be accessed. The menu doesn’t change regardless of your using the desktop or mobile version of FXPesa.
Registering with FXPesa for a new trading account takes only a few minutes and requires standard information such as your Postal Code, Date-of-Birth, City, Email Address, Country and Phone Number. Newly enrolled clients will need to submit their financial details and select their preferred language for the exchange. Unfortunately, FXPesa only accepts the Kenyan Sterling as a viable currency. After the registration process is completed, investors are sent to another page where personal information about their financial background is required. Finally, clients need to express written acknowledgement that they agree to the terms of conditions and provide a scanned photocopy of their passport and there is a chance that the exchange could run a criminal background check on new registered clients.
The products offered by FXPesa are revolutionary, with countless contracts-for-differences and pairings. Their products extend to indices, oil and precious metals. New clients that are unaware of how to trade with these products can access educational trading videos and guided tutorials. FXPesa even provides online seminars and in-house trading to inform their clients on how to maintain its older and newest new products. The tools that are taught to new clients include how to use the analysis services, trading instruments and exchange calculators. By mastering these three tools, clients can receive analytics on their trades and investments.
Trading Conditions & Execution
We’ve tested FXPesa’s exchange by using an active account under the USD/NOK Spread. It didn’t take long for our trade to rise by 2 Pips, which is immensely attractive to any client maintaining a regular trading account. Becoming an Institutional Client with the exchange allows for substantially lower Pips at 0.5 on thin spreads. Furthermore, there’s only a small monthly fee required from traders and this makes the overall trading environment to be incredibly enticing as there are numerous trading instruments. These instruments apply to contracts-for-difference listed with Silver, Gold, Oil, Indices or Stocks. There are more than sixty currency pairings that can be implemented with this contracts-for-difference, but none is cryptocurrency-based. However, there’s a chance that cryptocurrency products could come to FXPesa in the next six months.
The maximum leverage at FXPesa is more significant than any other exchange online. There’s leverage is capped at 1:400, which is beyond what any trader or client could ever hope. This is considerably better than the 1:30 Leverage that’s been implemented Europe-Wide thanks to the European Securities and Exchange Commission. Due to Capital Market Authority allowing for FXPesa to maintain such high leverages, numerous clients from Europe have moved to this offshore broker. Even though FXPesa is an East African-based exchange, countless clients use their services worldwide. This is because their exchange and its services aren’t banned in most countries worldwide. Legally speaking, though, this exchange only provides their services to the Eastern African market space.
FXPesa is maintained under the MetaTrader4 Trading Program, which enables both mobile and desktop investing. The MT4 Application is the most successful trading program in history, which is primarily due to the numerous trading tools and resources available to clients via this Program. There are more than fifty technical indicators, many charting package systems and multiple advisors that assist clients when it’s needed. It’s estimated that FXPesa will move to the MetaTrader5 platform later this year, as this platform is more powerful and versatile. Its popularity is quickly outpacing the MetaTrader4 Program, as the MT5 Application allows for clients to engage with multiple exchanges via one platform. The customization options of this Program include changing alerts, altering signals, customizing the indicators and separate specific trading tools.
There are more than sixty different pairings enabled at FXPesa. The top-rated pairings in this expansive collection include the USD/ZAR, USD/SEK, USD/NOK, USD/CNH, NZD/CAD, NOK/SEK, GBP/NOK, GPB/SEK, EUR/SEK, EUR/NOK/ and the GPB/NXD. All of these currencies listed, and the numerous others apply to the various products enabled at the FXPesa Exchange. Clients can access these pairings in the English, Kenyan, Spanish, Russian and French Languages. The contracts-for-differences enabled in correlation to these currencies typically payout good odds on a trade or investment.
FXPesa enables a reliable and SSL-protected banking network for investors. The primary payment services include MasterCard and Visa. The additional payment services are popular in the East African region, which includes M-Pesa, Airtel and Equitel. The only viable currency accepted in the Kenyan Sterling, which works in favour of offshore clients, as the currency exchange is often in their favour. Before any trades or investments can be made, a transaction through an SSL-551 encrypted banking server. This protects all deposits or withdrawals, with withdraws taking several business days typically.
The support services enabled at FXPesa are exceptional. Not only can clients contact a support agent through live chat, but they can also contact them via email or mobile phone. Furthermore, clients can even mail the exchange as their headquarters is listed on the support page. All agents have prior experience assisting in the CFD and Forex markets, ensuring every client that they’re adequately trained. These agents provide solutions to any issue in a respectful and friendly manner. Clients can contact support agents 24/7 at FXPesa.
FXPesa has quickly risen to become one of the most popular offshore exchanges worldwide. Their trading services, combined with the MetaTrader4 Application, create a varied experience that gives clients the best trading experience possible online. The conditions for trading are consistent and helpful, allowing clients to take advantage of the 1:400 Leverage. Few exchanges provide this incredible level of institutional trading.