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FXPesa Review

FXPesa is considered average-risk, with an overall Trust Score of 90 out of 100. FXPesa is regulated by Capital Markets Authority (CMA) and the Financial Conduct Authority (FCA). FXPesa was founded in 2019 and is headquartered in Kenya. FXPesa offers a dedicated Kenyan Account Manager and allows Nigerian Naira deposits. AvaTrade is currently not regulated by the CMA of Nigeria.

Updated : November 11, 2022

Jump to:

005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Summary

FXPesa Review Overview

👉 Overall, FXPesa is considered low risk, with an overall Trust Score of 90 out of 100. FXPesa is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). FXPesa offers two retail trading accounts, an Executive Account, and a Premiere Account.

 

👉 Investor Warning: Foreign currency trading on margin is associated with an elevated risk and may not be appropriate for all Nigerian investors. Before engaging in foreign currency or Contract for Difference (CFD) trading, you must evaluate your investing goals, expertise, appetite for risk, and willingness to be exposed to risk. In addition, you should not start investing capital that you cannot afford to lose because you could incur a loss of part or your entire original investment.

 

Overall

👉 FXPesa accepts Nigerian clients and has an average spread from 0.0 pips to 7 USD round-turn commissions. FXPesa has a maximum leverage ratio of up to 1:400 for Nigerians and 1:400 for other regions. A demo and Islamic account are available.

 

👉 FXPesa Mobile, MyFXPesa, MetaTrader 4, and MetaTrader 5 platforms are supported. FXPesa is headquartered in Kenya and regulated by the CMA and FCA.

 

Analysis of FXPesa’s Main Features

Order Execution3/5
Commissions and Fees4/5
Range of Markets4/5
Variety of Markets4/5
Withdrawal Speed4/5
Customer Support3/5
Trading Platform5/5
Education3/5
Research1/5
Regulation5/5
Mobile Trading5/5
Trust Score90%

 

Top 3 FXPesa User Reviews

➡️ FXPesa has an overall rating of 3.7/5 on Trustpilot.

 

👉 Funny Animals (October 9, 2021) – “Overall, FXPesa is considered low risk, with an overall Trust Score of 90 out of 100. FXPesa is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). FXPesa offers two retail trading accounts namely an Executive Account and a Premiere Account.” (Quoted verbatim from Trustpilot)

 

Latest Existing/Previous Customer Comments on FXPesa for 2023

👉 There are currently no existing or previous customer comments on trusted websites such as Trustpilot or Forex Peace Army.

 

Detailed Summary of FXPesa

👉 Under local forex firm registration number PVT-AAAAFF7, Kenya EGM Securities Limited, doing business as FXPesa, conducts all forex and CFD transactions made via the platform.

 

👉 The Capital Markets Authority of Kenya has granted EGM Securities a license to conduct Electronic Communications Network (ECN) transaction execution as an NDD broker.

 

👉 FX Pesa is a safe choice for all forex traders because of the Capital Markets Authority (CMA) regulation of their parent broker’s business and notoriety as a Kenyan FX trading platform.

 

👉 You may start trading on this authorized forex brokers platform, which has a good overall rating and provides reliable data, with negative balance protection to ensure you do not lose money and avoid taking on too much risk.

 

👉 The trade name of EGM Securities Limited, a Kenyan company with headquarters in Westlands, Nairobi, is FXPesa.

 

Advantages that FXPesa has over competitors

➡️ FXPesa has Tier-1 and Tier-2 regulations in Kenya and the United Kingdom, respectively.

➡️ FXPesa offers a proprietary trading app and platform to Nigerian traders.

➡️ The broker offers a range of forex pairs spread across major, minor, and exotic pairs.

➡️ EGM Securities, a well-regulated and reputable firm, owns and operates FXPesa.

 

Who will Benefit from Trading with FXPesa?

👉 FXPesa is a suitable forex and CFD broker for traders who know how forex and CFD trading works. Unfortunately, FXPesa does not offer any comprehensive educational materials that could help beginners get started.

 

👉 However, FXPesa offers an Academy and demo account, which can cover the basics. FXPesa is not intended for traders who heavily rely on research tools and materials or those who already use third-party sources because there are no native tools offered on FXPesa’s website.

FXPesa’s Geographic Reach and Limitations

FXPesa Review Distribution of Traders

👉 FXPesa currently has the largest market share in these countries:

➡️ Kenya – 95.7%

➡️ United States – 0.8%

➡️ Finland – 0.6%

➡️ France – 0.4%

➡️ South Africa – 0.4%

 

FXPesa’s Current Expansion Focus

👉 FXPesa works from Kenya and is currently focussing on expanding into Europe and the rest of Africa.

 

Countries not accepted by FXPesa

👉 FXPesa does not service these countries or jurisdictions:

➡️ Afghanistan

➡️ Bahamas

➡️ Burundi

➡️ Crimea

➡️ Cuba

➡️ Democratic Republic of Congo

➡️ Eritrea

➡️ Haiti

➡️ Iran

➡️ Israel

➡️ Libya

➡️ Myanmar

➡️ Nicaragua

➡️ North Korea

➡️ Panama

➡️ Somalia

➡️ Sudan

➡️ Syria

➡️ Turkmenistan

➡️ United States Minor Outlying Islands

➡️ Virgin Islands

➡️ United States

➡️ Western Sahara

➡️ Yemen

➡️ Zimbabwe

 

Popularity among Nigerian traders who choose FXPesa

👉 FXPesa is a Kenyan-based broker that focuses on traders locally and across Africa, making it one of the top 40 brokers for Nigerians.

FXPesa At a Glance

🏛️ HeadquarteredKenya
🏙 Global OfficesUnited Kingdom, Kenya
👍 Local Market Regulator in NigeriaCentral Bank of Nigeria (CBN)
💰 Foreign Direct Investment in Nigeria39.16 billion USD (as of June 30)
💵 Foreign Exchange Reserves in Nigeria41.96 million USD (March 31)
🏢 Local office in LagosNo
🗣 Governor of SEC in NigeriaOlufemi Lijadu (Chairperson)
✔️ Accepts Nigerian Traders?Yes
🗓 Year Founded2019
📞 Nigerian Office Contact NumberNone
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
⚖️ RegulationCMA, FCA
1️⃣ Tier-1 Licenses• Financial Conduct Authority (FCA)
2️⃣ Tier-2 Licenses• Capital Markets Authority (CMA)
3️⃣ Tier-3 LicensesNone
🪪 License Number• Kenya – AAAAFF7 CMA 107
• United Kingdom – Equiti Capital UK Ltd (07216039), FCA (528328)
⚖️ CBN RegulationNone
💵 Regional RestrictionsAfghanistan, Bahamas, Burundi, Crimea, Cuba, Democratic Republic of Congo, Eritrea, Haiti, Iran, Israel, Libya, Myanmar, Nicaragua, North Korea, Panama, Somalia, Sudan, Syria, Turkmenistan, United States Minor Outlying Islands, Virgin Islands, United States,
Western Sahara, Yemen, Zimbabwe
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts2
💻 PAMM AccountsNone
💧 Liquidity ProvidersUnknown
✔️ Affiliate ProgramYes
📈 Order ExecutionMarket
📊 Starting spread0.0 pips EUR/USD
💰 Minimum Commission per Trade7 USD per lot
💵 Decimal Pricing5th decimal pricing
📞 Margin Call100%
🛑 Stop-Out30%
📊 Minimum Trade Size0.01 lots
📈 Maximum Trade Size150 lots on major forex pairs
Crypto trading offered?Yes, CFDs
✔️ Offers an NGN Account?No
🤝 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:400
📊 Leverage Restrictions for Nigeria?No
💵 Minimum Deposit (NGN)2,100 NGN ($5)
✔️ Nigerian Naira Deposits Allowed?No
💰 Active Nigerian Trader Stats200,000+
👤 Active Nigerian-based FXPesa customersUnknown
🔄 Nigeria Daily Forex Turnover2.13 billion USD (March 31)
💰 Deposit and Withdrawal Options• Credit Card
• Debit Card
• Bank Wire Transfer
• eWallets
• Mobile Payments
👤 Minimum Withdrawal Time3 hours
⏰ Maximum Estimated Withdrawal Time5 working days
💵 Instant Deposits and Instant Withdrawals?Yes, Deposits
✔️ Segregated Accounts with Nigerian Banks?No
💻 Trading Platforms• MetaTrader 4
• MetaTrader 5
• FXPesa Mobile
• MyFXPesa
📊 Tradable Assets• Forex
• Indices
• Commodities
• US Shares
• UK Shares
• EU Shares
• Crypto CFDs
• NSE Derivatives
💰 Offers USD/NGN currency pair?No
💵 USD/NGN Average SpreadNo
✔️ Offers Nigerian Stocks and CFDsNo, but offers Kenyan derivatives
🗣 Languages supported on the WebsiteEnglish
✅ Customer Support LanguagesMultilingual
👥 Copy Trading SupportYes
🗣 Customer Service Hours26/6
📞 Nigerian-based customer support?No
💵 Bonuses and Promotions for NigeriansYes
📚 Education for Nigerian beginnersYes
💻 Proprietary trading softwareYes
👤 Most Successful Nigerian TraderUche Paragon ($16 million+ Net Worth)
💵 Is FXPesa a safe broker for Nigerians?Yes
✅ Rating for FXPesa Nigeria8/10
✔️ Trust score for FXPesa Nigeria90%
👉 Open Account👉 Open Account

FXPesa Regulation and Safety of Funds

FXPesa Review Regulation And Safety

FXPesa Regulation in Nigeria

👉 The local market regulators in Nigeria are as follows:

➡️ Central Bank of Nigeria (CBN)

 

👉 While FXPesa is regulated globally, the broker does not yet have local regulations or licenses in Nigeria. However, FXPesa is a popular and trustworthy broker that accommodates Nigerian traders.

 

FXPesa Global Regulations

➡️ Equiti Capital UK Limited (07216039) is furthermore approved and subject to regulation in the UK by the Financial Conduct Authority (FCA) under reference number 528328.

➡️ Under the rules of the Republic of Kenya, EGM Securities Limited was formed as a limited liability company with the company number PVT-AAAAFF7. Under license number 107, the Capital Markets Authority of the Republic of Kenya licenses and regulates EGM Securities Limited.

 

How FXPesa Protects Traders and Client Funds

👉 The 2017 Capital Markets, Foreign Exchange Trading rules license and regulate it. The regulations require the separation of consumer accounts, among other things.

 

👉 When clients’ trading accounts are authorized and launched, traders will be notified once they are approved to start trading.

 

👉 A request to modify a client’s classification can be made by either an eligible counterparty client or an opponent client. In addition, both parties will be informed whether their request is approved or denied.

 

👉 Regardless of their classification, all client money is correctly separated according to strict CMA Regulations.

 

Security while Trading

👉 FXPesa does not indicate additional security while Nigerian traders use the website or platforms.

FXPesa Awards and Recognition

There is no mention of any awards or recognition that FXPesa has received from its inception.

FXPesa Account Types and Features

FXPesa Review Account Types

👉 Kenyan traders are advised to use FXPesa since it offers the finest trading conditions, quick and reliable order execution, and quick account funding. In addition, both the FXPesa Executive account and the Premiere account, which has spread as low as 0.0 pips, are accessible.

 

👉 Depending on the account type, a single trading account may provide traders with exceptional execution on transactions involving more than 300 instruments.

💻 Live Account📉 Minimum Dep.📊 Average Spread💸 Commissions💰 Average Trading Cost
Executive2,100 NGN / 5 USD1.4 pipsNone14 USD
Premiere43,700 NGN / 100 USD0.0 pips7 USD7 USD

 

FXPesa Live Trading Account Details

Executive Account

FXPesa Review Executive Account

👉 The Executive Account is the “Standard” account type offered by FXPesa, suited to beginner and casual traders. This account has a low minimum deposit and zero commission charges but features wider spreads. In addition, Nigerians can view the following table with this account’s features:

Account FeatureInformation
💰 Minimum Deposit2,100 NGN, equivalent to $5
📊 Platforms Offered• FXPesa Mobile
• MyFXPesa
• MetaTrader 4
• MetaTrader 5
💵 Typical Spreads1.4 pips
📈 Instruments Available62 currency pairs, 6 precious metals, 37 CFDs, 240+ Shares
📉 Maximum Leverage Ratios• Forex and Precious Metals – 1:400
• CFDs – 1:200
• Equities – 1:20
💸 Fixed LeverageOn MetaTrader 4 and FXPesa Mobile:
• Forex
• Precious metals
• CFDs
• Equities
📊 Dynamic LeverageYes
📈 Demo Account Offered?Market
📉 Order Execution0.01
💵 Minimum Trade Size150 lots for major financial instruments
📈 Maximum Trading Volume for a single trade1500 lots on Forex
💰 Maximum Volume on Open Trades1500 lots on Forex
💸 Maximum Number of Open/Pending Trades500
💵 Base Account CurrencyUSD
🛑 Stop-out30%
💰 Commission ChargesNone

 

Premiere Account

FXPesa Review Premiere Account

👉 This account offers Kenyan traders the best trading conditions and additional features to give them a competitive trading experience.

Account FeatureInformation
💰 Minimum Deposit43,700 NGN equivalent to $100
📊 Platforms Offered• FXPesa Mobile
• MyFXPesa
• MetaTrader 4
• MetaTrader 5
💵 Typical Spreads0.0 pips
📈 Instruments Available62 currency pairs, 6 precious metals, 37 CFDs, 240+ Shares
📉 Maximum Leverage Ratios• Forex and Precious Metals – 1:400
• CFDs – 1:200
• Equities – 1:20
💸 Fixed LeverageOn MetaTrader 4 and FXPesa Mobile:
• Forex
• Precious metals
• CFDs
• Equities
📊 Dynamic LeverageOn MetaTrader 5:
• Forex
• Precious metals
• CFD
• Equities
📈 Demo Account Offered?Yes
📉 Order ExecutionMarket
💵 Minimum Trade Size0.01
📈 Maximum Trading Volume for a single trade150 lots for major financial instruments
💰 Maximum Volume on Open Trades1500 lots on Forex
💸 Maximum Number of Open/Pending Trades500
💵 Base Account CurrencyUSD
🛑 Stop-out30%
💰 Commission Charges$7 per standard lot, round turn on Forex and precious metals

 

FXPesa Demo Account

FXPesa Review Demo Account

👉 The Demo Account is designed for novice traders to obtain trading experience. There are several benefits to Demo accounts.

 

👉 These accounts are identical to live accounts because they have actual market pricing, unrestricted use, and access to the MT4, mobile applications, and WebTrader platforms.

 

👉 The trading circumstances on the real market may vary from those on the demo market. However, you may still utilize the demo to practice and master your method.

 

FXPesa Islamic Account

FXPesa Review Islamic Account

👉 FXPesa provides swap-free Islamic Accounts to Muslim traders who trade major, minor, exotic, and precious metal currency pairings.

 

👉 Before contacting customer service to convert a live trading account, Muslim traders must open a live trading account with FXPesa and validate it.

 

FXPesa Professional Account

👉 FXPesa does not offer a dedicated Professional Account but offers the Premiere Account for more experienced traders.

 

FXPesa Spread Betting Account

👉 FXPesa does not offer Spread Betting.

 

FXPesa Base Account Currencies

👉 FXPesa only offers trading accounts denominated in USD. Therefore, Nigerians can expect currency conversion fees when they deposit or withdraw in other currencies.

 

FXPesa Basic Order Types

👉 Nigerian traders who use FXPesa can expect these order types:

➡️ Buy Limit Order

➡️ Sell Limit Order

➡️ Buy Stop Order

➡️ Sell Stop Order

How to open an Account with FXPesa

👉 Nigerian traders can follow these instructions to create an account with FXPesa:

➡️ Create a genuine FXPesa account by selecting the “Open Real Account” button from the homepage menu. Subsequently,

➡️ Complete the application by providing the requested information in the blank fields.

➡️ Nigerian traders can choose an account type and set a password.

➡️ After a user logs onto the FXPesa interface, they will be required to verify their trading account details as part of the Know Your Customer (KYC) procedure.

➡️ A copy of the trader’s driver’s license and a recent utility bill will be required to establish their identity.

➡️ Traders must also give proof of address by enclosing a utility bill, bank statement, or any other accepted document that displays their name, surname, and physical address.

➡️ Traders will find their account details in an email, and they can log into their client portal to access their trading platform and start trading.

 

FXPesa MAM / PAMM Features

👉 FXPesa does not currently support MAM or PAMM.

 

Social Trading with FXPesa

👉 FXPesa does not currently offer social or copy trading opportunities.

How to open an Account with LegacyFX in Nigeria

👉 To register a trading account with LegacyFX, Nigerian traders can follow these steps:

➡️ Traders can visit the official website and select “Open Real Account” from the homepage.

➡️ A new page will load to the real account registration.

➡️ From here, traders can complete the “Personal Account” registration form.

➡️ The required fields that Nigerian traders must complete include First Name, Last Name, Email Address, Phone Number, and a User-Selected Password that must be at least 6 characters long and contain both letters and numbers.

➡️ Next, traders can select between USD, EUR, and GBP as their base account currency.

➡️ Traders can then use their mouse pointer to draw their signature in the area provided.

➡️ Traders must enter the Captcha code in the field provided and agree to the Terms and Conditions as well as the Declaration Statement before selecting whether to receive offers and promotions.

➡️ Once complete, traders can click on “Continue” to proceed.

➡️ The login credentials along with the account number and trading platform number will be emailed to the trader’s email address, along with any additional information.

➡️ The account will be created automatically, and Nigerian traders can now activate their account with LegacyFX by completing the verification and KYC documentation.

➡️ Traders can complete the verification by providing additional information including their date of birth, current residential address, trading experience, and source of funds.

➡️ Traders can upload their Proof of Identity and Proof of Residence through the trader’s dashboard or client portal.

Broker Comparison

🥇 FXPesa🥈 Tifia🥉 IC Markets
⚖️ RegulationCMA, FCAVFSC, FSCASIC, CySEC, FSA, SCB
💻 Trading Platform• FXPesa Mobile
• MyFXPesa
• MetaTrader 4
• MetaTrader 5
• MetaTrader 4
• MetaTrader 5
• Tifia Forex Analysis App
• MetaTrader 4
• MetaTrader 5
cTrader
💰 Withdrawal FeeYesYesNo
📱 Demo AccountYesYesYes
💵 Min Deposit2,100 NGN ($5)4,300 NGN ($10)87,400 NGN ($200)
📊 Leverage1:4001:10001:500
📈 Spread0.0 pipsFrom 0.0 pipsFrom 0.0 pips
💸 CommissionsFrom $7$8From $3 to $3.5
📞 Margin Call/Stop-Out100%/30%100%100%/50%
➡️ Order ExecutionMarket50%Market
✔️ No-Deposit BonusNoYesNo
Cent AccountsNoYesNo
💻 Account Types• Executive Account
• Premiere Account
• A Start Account (Micro)
• ECN Classic Account
• ECN Pro Account
• cTrader Account
• Raw Spread Account
• Standard Account
⚖️ CBN RegulationNoNoNo
✔️ NGN DepositsYesYesNo
✅ NGN AccountNoYesNo
👥 Customer Service Hours24/624/524/7
🛍 Retail Investor Accounts233
☪️ Islamic AccountYesYesYes

FXPesa Trading Platforms

FXPesa Review Trading Platforms

👉 FXPesa offers Nigerian traders a choice between these trading platforms:

➡️ FXPesa Mobile

➡️ MyFXPesa

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Desktop Platforms

FXPesa Review Desktop Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

 

👉 MT4 provides several features that make trading simple and enjoyable, as well as tools that can assist traders in improving their outcomes, including:

➡️ Exposure to diverse markets

➡️ Access to nine chart timeframes

➡️ Multiple order types and one-click trading

➡️ Expert Advisors (EAs) for automated trading

➡️ Various integrated indicators and graphical elements

 

👉 MetaTrader 5 is the next-generation trading platform with comprehensive trading tools, completely customizable solutions, and access to worldwide financial markets, among other features. MT5 is the most recent version of MetaTrader and is intended for both novice and experienced traders.

 

WebTrader Platforms

FXPesa Review WebTrader Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

 

👉 For decades, MT4 has been used by millions of traders throughout the world. It is attractive to users of all skill levels due to its user-friendly UI. MetaTrader 5, the most recent version, offers Nigerian traders extra indicators, trading tools, chart timeframes, and more.

 

Trading App

FXPesa Review Trading App

👉 FXPesa offers the following mobile trading apps:

➡️ FXPesa Mobile

➡️ MetaTrader 4 Mobile

➡️ MetaTrader 5 Mobile

➡️ MyFXPesa

 

👉 The mobile platform of FXPesa makes investing in currencies and equities simpler than ever. In addition to intelligent indicators and sketching tools, complex chart layouts are also available.

 

👉 This cloud-based tool enables traders to access research and transaction data and get price alerts from any device.

 

👉 It gives real-time quotations for all these assets, including major currency pairs, cryptocurrencies, stock indexes, and precious metals. Access to market news from Asia, Europe, and the United States is also available.

 

👉 MetaTrader 4 and MetaTrader 5 provide Nigerian traders with comprehensive capabilities and functionalities through iOS and Android mobile applications.

 

👉 Nigerian traders can access MyFXPesa via FXPesa Trader, fully integrated with FXPesa Mobile, making it the premier account management website.

 

👉 Traders can easily fund their trading accounts using various payment options, see their transaction history, and modify their trading account settings.

FXPesa Investment Programs

👉 FXPesa does not currently offer any investment programs to Nigerian traders.

 

Which Markets can You Trade with FXPesa?

👉 Nigerian traders can expect the following range of markets from FXPesa:

➡️ Forex

➡️ Indices

➡️ Commodities

➡️ US Shares

➡️ UK Shares

➡️ EU Shares

➡️ Crypto CFDs

➡️ NSE Derivatives

 

Financial Instruments and Leverage offered by FXPesa

🔧 Instrument1️⃣ Number of Assets Offered📈 Max Leverage Offered
Forex621:400
Stock CFDs161:200
Commodity CFDs81:200
Precious Metals2201:10
Index CFDs341:10
Cryptocurrency CFDs801:40

Broker Comparison for Range of Markets

FXPesaTifiaIC Markets
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyYesNoYes
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesNoYes
➡️️​ BondsNoNoNo

FXPesa Trading and Non-Trading Fees

Spreads

👉 FXPesa charges the following spreads:

➡️ Executive Account – 1.4 pips EUR/USD

➡️ Premiere Account – 0.0 pips EUR/USD

 

Additional spreads that Nigerians can expect are as follows:

🔧 Instrument💻 Typical Spreads – Executive💰 Typical Spreads – Premiere
US Tech 1001 pip1 pip
VIX 75
XAG/USD0.027 pips0.009 pips
XAU/USD0.32 pips0.18 pips
Brent Crude0.028 pips

 

Commissions

👉 Per standard lot (100,000 units of the base currency), round-turn commissions of $7 are levied on currency and precious metals.

 

Overnight Fees, Rollovers, or Swaps

👉 Nigerians may trade “rolling spot” currency using FXPesa. All open positions between 23:59:45 and 23:59:59 server time will be automatically rolled over to a new value date.

 

👉 A swap charge or credit is placed on these positions based on the trader’s position, position size, and the available financial instrument.

 

👉 Typical overnight costs charged by FXPesa to Nigerian traders include:

🔧 Instrument📈 Swap Long (Buy)📉 Swap Short (Sell)
BTC/USD-25.15 pips-24.85 pips
EUR/USD-4.8 pips1.36 pips
RUSS2000-2.17 pips-1.83 pips
UK OIL 29.17 pips-49.17 pips
XAG/USD-1.444 pips-0.549 pips
XAU/USD-4.954 pips-0.841 pips

 

Deposit and Withdrawal Fees

👉 FXPesa does not impose any deposit fees. However, withdrawal costs are as follows:

➡️ Electronic wallets incur a cost of 1% up to a limit of $30, or the equivalent in other currencies.

➡️ The bank wire transfer cost for international withdrawals is 15 USD.

 

Inactivity Fees

👉 FXPesa does not charge any inactivity fees on dormant accounts.

 

Currency Conversion Fees

👉 Currency conversion fees will be charged when traders deposit currencies other than USD.

FXPesa Deposits and Withdrawals

FXPesa Review Deposits And Withdrawals

👉 FXPesa offers Nigerian traders the following deposit and withdrawal methods:

➡️ Credit and Debit Cards (Visa and Mastercard)

➡️ Bank Wire Transfer – I&M Bank Limited

➡️ eWallets include Skrill and Neteller

➡️ Mobile Payments include MPesa, Lipa na Bonga, Airtel Money, eLipa, and MTNMoney (UGX)

 

Broker Comparison: Deposit and Withdrawals

🥇 FXPesa🥈 Tifia🥉 IC Markets
Minimum Withdrawal Time3 hoursInstantInstant
Maximum Estimated Withdrawal Time5 working daysBetween 2 to 5 working daysUp to 14 business days
Instant Deposits and Instant Withdrawals?Yes, DepositsYesYes, on PayPal, Neteller, and Skrill

 

FXPesa Deposit Currencies, Deposit and Withdrawal Processing Times

💰 Payment Method💸 Deposit Currencies💳 Deposit Processing💲 Withdrawal Processing
Credit/Debit CardUSD, KES, TZS, UGXInstant
Bank WireUSD, KES, TZS1 to 3 days3 – 5 days
e-WalletsUSD, KESInstant3 hours
Mobile PaymentsUSD, KES, TZS, UGXInstant3 hours

How to Deposit Funds with FXPesa

FXPesa Review How to Fund Your Account

👉 To deposit funds to an account with FXPesa, Nigerian traders can follow these steps:

➡️ Log in to the Client Portal. 

➡️ On the left side of the dashboard, select “Deposits” to display the deposit possibilities.

➡️ Click “Deposit Choices” to obtain an exhaustive list of deposit options.

➡️ Select the trading account and complete the brief deposit form with the currency and amount of the deposit.

➡️ Confirm the details and finish the deposit.

FXPesa Fund Withdrawal Process

FXPesa Review How to Withdraw Funds

 👉 To withdraw funds from an account with FXPesa, Nigerian traders can follow these steps:

➡️ Enter the Customer Portal

➡️ Select the “Withdrawals” option on the dashboard.

➡️ Select the chosen mode of payment

➡️ Enter the withdrawal request’s specifics, such as the amount and currency.

➡️ Submit the request for withdrawal

FXPesa Education and Research

FXPesa Review Education And Research

Education

👉 FXPesa offers the following Educational Materials to Nigerian traders:

➡️ Webinars

➡️ Videos

➡️ Glossary

➡️ Infographics

 

Research and Trading Tool Comparison

🥇 FXPesa🥈 Tifia🥉 IC Markets
Economic CalendarYesYesYes
VPSNoNoYes
AutoChartist NoNoYes
Trading ViewNoNoNo
Trading CentralNoNoYes
Market AnalysisYesNoYes
News FeedYesYesYes
BlogYesYesYes

 

👉 FXPesa also offers Nigerian traders the following additional Research and Trading Tools:

➡️ Economic calendar

➡️ Trading Calculator

➡️ Market Analysis

FXPesa Bonuses and Promotions

FXPesa Review Bonuses And Promotions

👉 FXPesa provides the following incentives and promotions to Nigerian traders:

➡️ 30% bonus on Premiere Account deposits of $100 (43,700 NGN) or more for Nigerian players.

How to open an Affiliate Account with LegacyFX

👉 To register an Affiliate Account, Nigerian Traders can follow these steps:

➡️ To sign up for LegacyFX’s affiliate program, Nigerians can visit the official website and however over “Promotions.”

➡️ From here, Nigerians can select the “Affiliate Program” followed by the “Easy Sign Up” banner close to the bottom of the page.

➡️ The page will redirect traders to a sign-up page where Nigerians must complete all the required fields (marked with an *).

➡️ Once complete, Nigerians can submit their application and wait for feedback on their application status.

How to open an Affiliate Account with FXPesa

FXPesa Review Affiliate Program

👉 To register an Affiliate Account, Nigerian traders can follow these steps:

➡️ Prospective affiliates can navigate to the FXPesa site and click on “Partnership” on the left side of the homepage.

➡️ Traders can select “Register Now” to open the application form.

➡️ Traders can complete the “Contact Details” section of the application.

➡️ Next, traders can complete the “Personal Details” section of the application, followed by “Your Business.”

➡️ Once traders have completed the “Trading Experience” section, they can submit their application and wait for a representative to contact them.

FXPesa Affiliate Program Features

👉 By collaborating with a reputable local market leader, Nigerian partners may increase their revenue. FXPesa recognizes all Introducing Brokers, partners, and affiliates, regardless of their size, as part of its partnership program.

 

👉 After the affiliate joins their customer to FXPesa, the broker will handle the remainder of the transaction.

 

👉 When Nigerian affiliates recommend a new client, the affiliate will get a portion of the referred customer’s revenues. The affiliate is free to utilize MPesa or any other chosen payment option to withdraw their commission anytime.

 

👉 FXPesa provides maximum transparency by giving affiliates access to the Partner site, where they may use various reporting tools and monitor customer activity.

 

👉 Personal account managers are provided to each FXPesa partner to assist Nigerians in launching and expanding their businesses.

 

👉 With FXPesa’s assistance, Nigerian affiliates’ offline and online marketing activities may expand. In addition, with FXPesa’s help and guidance, partners can connect with additional traders, expand their network, and expand their business.

FXPesa Customer Support

👉 FXPesa has 24/6 customer support via several communication channels. Traders can access Live Chat through the official website and the MyFXPesa platform. Email Support typically answers within an hour, and telephonic support can be reached via the listed telephone numbers.

Customer SupportFXPesa Customer Support
⏰ Operating Hours24/6
🗣 Support LanguagesMultilingual
💬 Live ChatYes
📧 Email AddressYes
📞 Telephonic SupportYes
✔️ Local Support in Nigeria?Yes
🥇 The overall quality of FXPesa Support3/5

FXPesa Corporate Social Responsibility

👉 There are currently no CSR projects or initiatives indicated on FXPesa’s website.

Additional Features of FXPesa

👉 There are currently no additional features of FXPesa that we have not already covered in this comprehensive review.

 

Financial Reports

👉 There are currently no updated financial reports for FXPesa or EGM Securities.

 

FXPesa Future Vision

👉 FXPesa’s website does not provide any information on the broker’s future vision.

 

FXPesa Risk Warning and Disclaimer for traders

👉 Margin trading exposes your funds to a high degree of risk, and you might lose more than your original investment. Therefore, they are not suitable for all investors. You should ensure that you fully understand the risks involved and, if required, seek independent advice.

 

👉 Before creating a trading account with FXPesa, you must thoroughly review the broker’s complete risk information. In addition, you must not trade in any FXPesa products unless you are familiar with, able to handle, and knowledgeable about the related features and hazards.

 

👉 You must also be certain that trading in particular goods is appropriate, given your circumstances and financial resources.

Our Final Verdict on FXPesa

👉 FXPesa delivers excellent trading conditions, including low spreads, cheap fees, and quick trade execution speeds, at the lowest rates accessible.

 

👉 In addition, customers have access to customer service 24 hours a day, six days a week, and a range of simple deposit and withdrawal methods.

 

👉 The trading firm’s free training materials, including webinars, may be advantageous to novice and seasoned traders. To be the broker of choice for all levels of traders, FXPesa offers solid customer support, transparent pricing, low-latency transaction processing, and a stable platform.

FXPesa Alternatives

➡️ AvaTrade – AvaTrade has been operating for over 16 years and has gained the trust of global traders. AvaTrade offers a single retail account through which 1,260 instruments can be traded using MT4, MT5, AvaOptions, AvaTradeGO, and other advanced trading platforms.

➡️ GO Markets – GO Markets is a well-known and esteemed broker with the highest degree of regulation and licensing. GO Markets provides a vast selection of free training courses for beginner and expert traders, including webinars. In addition, GO Markets provides several trading tools, like MetaTrader Genesis, AutoChartist, VPS, Trading Central, and others.

➡️ XM – Five regulatory authorities oversee XM, including the FSCA, IFSC, ASIC, CySEC, and DFSA. The website has registered millions of XM traders from more than 190 countries. The XM trading philosophy emphasizes customer development via ethical methods. XM places a premium on personalized customization and outstanding customer service. XM provides access to the trading platforms MetaTrader 4 and MetaTrader 5.

FAQ

Is FXPesa a good broker?

Many traders use FXPesa, a prominent forex and CFD broker. Foreign exchange pairings, indexes, commodities, and stocks are only some financial instruments. It is a great option for budding foreign exchange traders since it gives them access to more currencies than their rivals.

 

Does FXPesa have Nasdaq 100?

FXPesa offers Nasdaq 100 as US Tech 100, a CFD on Indices that can be traded through MT4 and MT5 on the Premiere and Executive Accounts.

 

Is FXPesa Safe or a Scam?

FXPesa is a safe broker regulated and overseen by the FCA and CMA.

 

How can I start trading with FXPesa?

You can start by registering an unlimited demo account with FXPesa. Then, if you are satisfied with what FXPesa offers, you can register a live trading account, pass the KYC process, and deposit funds into your account to start trading.

 

Is FXPesa regulated in Nigeria?

FXPesa is well-regulated by the FCA in the United Kingdom and CMA in Kenya. However, FXPesa is not regulated by the Central Bank of Nigeria (CBN).

 

Is FXPesa suited to beginner traders in Nigeria?

FXPesa is a game-changing trading platform for novices in the foreign exchange market. The most crucial feature is that a minimum investment of just $5 or 4,300 NGN is required to begin trading.

 

How long does it take to withdraw from FXPesa?

Withdrawals take from 3 hours up to 5 days, depending on the payment method that you use.

 

Does FXPesa have VIX 75?

FXPesa offers VIX 75 as a CFD on Indices.

10/10 - (1 vote)

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