FXPesa Broker Review

For retail traders in Kenya, FXPesa is popular forex and CFD trading platform. They began operations in 2019.

FXPesa is the trading name of EGM Securities Limited, a Non-Dealing Desk (NDD) broker that executes forex and CFD trades over the Electronic Communications Network (ECN) and is authorised by Kenya’s Capital Market Authority (CMA).

On their exchange, there are over sixty currency pairs to choose from. Majors, Minors, and Exotic pairs are among them. In addition, contracts for differences on gold, silver, platinum, oil, equities, and eleven indices are available through FXPesa.

FXPesa has proven popular among individual and institutional traders in East Africa. Traders have been enticed to their platform because of the tight spreads and inexpensive fees.

You can find our comprehensive review on FXPesa. Broker reviews are updated regularly!


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You may use the FxPesa demo account to practice your forex trading abilities before creating an actual FxPesa account. It will allow you to practice trading in a genuine forex environment, get a feel for all of the trading platform’s features, and assess FxPesa without putting your money at risk.

The Executive Account and the Premier Account are the two live trading accounts offered by FxPesa. In addition, fxPesa offers forex experts in Kenya competitive trading conditions and a dedicated forex trading server, skilled customer service, forex market analysis, and a specialised affiliate program.

If you are looking to open an account with FXPesa, consider this review first.

User Experience: Use the Table of Contents table instantly to jump to sections of interest.

Forex regulations in Kenya

Before we start discussing FXPesa regulations, let’s give you an overview of forex regulations in Kenya.

Any trading broker providing services to Kenyan traders should be licensed and regulated. Using a registered broker can provide traders with certain protection that is not available with uncontrolled brokers. Many professionals and specialists will only trade with a registered broker.

While many globally regulated brokers can accept Kenyan clients, it is a distinct advantage if licensed and authorised by Kenya’s financial regulatory authority, the Capital Markets Authority (CMA).

The Capital Markets Authority of Kenya, or CMA for short, is an independent government financial regulatory agency in charge of supervising, licensing, and monitoring the activities of market intermediaries, such as the stock exchange and the central depository and settlement system, as well as all other participants licensed under Kenya’s Capital Markets Act.

The Capital Markets Authority regulates the financial services industry by establishing asset allocation criteria. Capital markets are a type of market that allows people to buy and sell assets with a medium or long-term duration.

Derivatives, Treasury bills and bonds, corporate bonds, and commercial papers are among the instruments exchanged in capital markets.

The first step in determining if a broker is licensed to operate in Kenya is to locate the regulatory number in the disclosure language at the bottom of the broker’s webpage. After that, you may check the brokerage’s regulation with the CMA to ensure it’s valid.

In 2019, the CMA was recognised as Africa’s Most Innovative Capital Markets Regulator.

Capital Markets Authority, a Kenyan financial regulator that governs CFD and FX company activities, monitors FXPesa. In addition, this license is offshore, which means it isn’t restricted to a particular country.

Following that, their trading services are distributed throughout East Africa, with several regulations and legislation regulating how FXPesa does business. In the end, this safeguards customer funds.

FXPesa, on the other hand, keeps a much larger quantity of money in case of an emergency. Therefore, if the exchange is ever attacked, this capital requirement will safeguard creditors and clients. In addition, FXPesa must also provide the CMA with updated file reports and account paperwork regularly.

So, the exchange may be audited periodically by the regulator. Every trading account with FXPesa is guaranteed to be protected up to $50,000.00.

The Capital Markets Authority now licenses just sixteen exchanges. The largest of the sixteen operators is FXPesa, although their license prevents them from maintaining bitcoin contracts for difference.

As a result, the exchange is presently seeking an Uganda Securities Exchange License and a Financial Conduct Authority License.

These licenses would allow FXPesa to provide a wide range of new services to East African consumers. In addition, FXPesa can use this license to help an entire region become financially successful on a global scale.

Pros / Cons
  • Low Minimum Deposit
  • CMA Regulation
  • M-Pesa Deposit Option
  • Broker Verified
  • No MetaTrader 5
  • High Spreads
  • Limited Account Currencies


FXPesa scores well in terms of reputation and trustworthiness. They are primarily regulated by the CMA, which acts as a model for other brokerage standards.

The brokerage firm also provides negative balance protection, which signifies that your account balance cannot fall below zero. Because you can only lose the money you invest, there’s no way you’ll wind up owing the firm money due to a few failed trades.

Tradable products

For those unfamiliar, trading instruments refer to the many types of markets that can be traded. Commodity futures, stocks and CFDs, currencies and metals, and other financial instruments are all examples of assets.

When compared to other brokers, FXPesa offers a small number of trading products outside of forex.

FXPesa offers Kenyan traders 66 currency pairs, including seven major pairs, 21 minor pairs, and 38 exotic pairs.

Although a few worldwide brokers provide a greater number of FX pairs, this broker nevertheless offers a greater selection of currencies for forex trading than many others.

The fundamentals of currency trading, such as leverage, spreads, trading hours, and margin, are thoroughly discussed on their instruments page.

There are 12 worldwide indices to choose from. In addition, their website has all of the necessary information, including fixed leverage, contract size, commission, and trading hours, as well as a holiday calendar.

FXPesa offers CFD trading on gold, silver, oil, and platinum, among other commodities.

They provide a large range of stocks on their platform, including US, UK, and European stocks.

Account types

FXPesa offers two account types; executive and premiere.

The minimum deposit for a FxPesa Premier account is $5, and you may trade 66 currency pairs, six precious metals, 37 CFDS, and 150 stocks.

The Premier Account costs a $7 commission per one lot round turn on forex pairs and precious metals and $10 on CFDs, rather than pips.

While $10 may appear to be a large sum of money to spend for trading, in reality, you’re paying pennies to connect directly to liquidity providers.

When trading the US dollar as the base currency, one normal lot in the forex sector is about $100,000. So, in reality, you’re just spending ten dollars to have power over millions of shillings.

Another non-dealing desk account is the Executive account. It is ideally suited for big volume and experienced traders, with spreads as low as 1.4 pips. Only a $100 deposit is required. There are 66 currency pairings, six precious metals, 37 CFDS, and 150 shares.

If you want to practice your trading abilities without risking any money, FxPesa also offers a demo account.

But what’s the difference between a demo account and a real account?

Demo account trading is used by traders, particularly those who want to get the feel of the market and the real-world trading situation.

A demo trading account, in basic words, allows traders to trade with fake money by simulating live forex pricing. In addition, because traders may trade in a risk-free environment, a demo account allows them to practice trading ahead of time and assess the potential risks of trading.

On the other hand, forex live account trading is intended for traders who are skilled enough to analyse their risks and execute correct or lucrative trades. A live account enables you to trade with real money and track your wins and losses.

You may also notice that your orders are not being completed on time while trading on a live account. This is because you are allowed to trade in an entirely new trading environment.

Apart from order execution, there are several more distinctions between trading on a forex demo account and trading on a real forex account. For example, in forex demo trading, a trader is never requoted since they are dealing in a restricted environment.

In the case of live trading, you get a lot of requotes and must react to them as soon as possible.

In addition, when you engage in demo trading, spreads are tighter, but spreads in real forex trading might differ as much as one pip. This is especially true when a trader uses a broker that offers variable spreads, which are determined by market circumstances and liquidity sources.

Pro Tip: Assume the money is genuine as much as possible on a demo account. While those feelings are being felt, keep an eye on your emotions and how trades influence you psychologically.

Because demo capital does not deliver genuine losses or winnings, the trader must bring in his or her perception of loss or profit. One way to achieve this is to withhold something you like if you don’t stick to your trading strategy or to offer yourself a modest reward when you do (regardless of profit or loss).

Opening an account

FXPesa’s account opening is fast and completely digital. For example, you can open an account in ten minutes.

The following are the steps for creating an account:

To open an account at FXPesa, here’s what you need to do:

  • First, fill in your country of residence, name, email address, and password.
  • Enter your nationality, date of birth, phone number, and residential address.
  • Provide some financial information
  • Select a trading platform, default leverage and base currency, and the preferred language of emails.
  • Verify your identity and place of residence. To prove your identification, upload a copy of your national ID, passport, or driver’s licence.

Trading platform

FXPesa offers three platforms; FXPesa mobile, myFXPesa, and MT4. Let’s explain all of them in detail.

FXPesa mobile

You can quickly find and follow the ideal currencies and equities to invest in using the platform. Advanced chart formats, as well as intelligence indications and sketching tools, are also available.

Previously, the platform was only available on PCs, but it has now found its way to mobile devices. There’s a touch-enabled trade management feature, as well as split-screen and quad-screen modes, so you can keep a watch on many markets at once.

The software, like others, is cloud-based, allowing you to access research tools, transaction data, and price alerts from any device.

It offers live quotations for major currency pairs, cryptocurrencies, indexes, precious metals, and commodities. In addition, you’ll have access to expertly chosen news from the Asian, European, and American markets.

An economic calendar, data release notifications, a trading simulator, intelligence reports, and a risk scanner are many built-in trading tools.

FXPesa has several useful features, including multiple order closing with a single click, which allows users to close all open positions and all open positions with a single click; a single multi-device login, which allows users to trade seamlessly across all of their devices and help users discover new ways to analyse the markets.

Real-time news from FX Wire Pro, in-app payments and withdrawals, and customisable trading history reports are among the other features.

Users can quickly remain up to date with real-time news feeds, make deposits and withdrawal inquiries, and evaluate their trading history at a glance using all of these options.


It is a multi-asset proprietary platform for FX and CFD trading. Several graphical tools, several forms of advanced orders, level II pricing, and quick order execution are all available.

FXPesa has a great user experience that works across various platforms and is connected to some of the world’s most advanced backend technologies. The platform is offered in three forms: a desktop program for Windows and Mac computers, WebTraders that operate directly in existing web browsers, and a mobile app for Android and iOS smartphones.


MT4 has long been the preferred platform for millions of traders all around the world. It is well-known for having a user-friendly interface that appeals to traders of all skill levels.

MT4 provides many features that allow for a simple and comfortable trading environment and built-in tools to increase trade performance.

  • Ability to trade multiple markets
  • Multiple chart timeframes
  • Multiple order types and one-click trading
  • Alert notifications via a platform, SMS, and email
  • Support for automated trading via expert advisors (EAs)
  • Strategy tester for backtesting EAs over historical data
  • Wide range of built-in technical indicators and graphical objects for chart analysis
  • MetaEditor for creating custom graphical objects

MT4 is accessible via desktop, online, and mobile devices. The web platform runs without the need for any extra software in most current web browsers. The mobile application can be downloaded from the respective app stores for Android and iOS devices.

Those who need to check their accounts and trade from anywhere in the world will find the app beneficial.

Trading tools

FXPesa offers clients a selection of trading tools to assist with market analysis and to help inspire potential trading opportunities.

Types of charts

The price movements of currency pairs or any other asset are represented via charts. Instead of utilising elaborate tables with numbers to represent prices, charts use lines, bars, and other techniques to represent pricing.

Charts are made up of two lines representing time and price: the x-axis represents time, and the y-axis represents a price. The three most common forms of free forex charts are line, bar, and candlestick.

Line chart

The most basic way to track the currency market is with a line chart. Line charts are one of the most basic forex chart types, and their biggest advantage is simplicity.

Line charts, while a simple method of charting, aren’t as worthless as many people believe. However, line charts have mostly become outdated as the popularity of the candlestick chart has grown.

Bar chart

A bar chart is the simplest version of the candlestick chart, the most common chart in retail trading. Unlike a line chart, a bar chart shows all of the price activity during a certain period.

One of the earliest types of charting is the bar chart. When personal computers became more common in technical analysis models, they became immensely popular.

We can now argue that only experienced traders still prefer bar charts. Bar charts are probably the least popular of all the forex chart types presently.

Candlestick chart

The Candlestick chart draws candlesticks on the chart to depict price action. It consists of:

The body

This is the difference in price between the open and close prices. It’s also known as the real body, and it’s usually red (bearish) and green in colour (bullish).

The shadows

A candlestick can cast an upper, lower, or both shadows.

Shadows, too, reveal information about the price activity. And, more importantly, about what prices will be in the future.

FXPesa trading indicators

FXPesa has developed a set of unique MT4 indicators that are free to use and developed by a team of in-house experts. These indicators take into account a large quantity of data and attempt to forecast future market moves.

They can be utilised independently or in conjunction with other technical, fundamental, price movement, and sentiment analyses in a trading strategy.

Here are some of the more tools you can use with FXPesa’s:

Economic calendar

The economic news calendar is one of the most important and popular tools for FX traders. This list gives traders the market consensus for major economic data and geopolitical events in the future and already reported results.

It also generally includes the dates of central bank policy announcements, speeches by monetary policymakers, and elections.

Fundamental experts are particularly interested in this crucial forex trading instrument. Forex brokers and financial news websites frequently provide economic calendars. They usually consist of a list of all upcoming fundamental economic releases that will impact the value of a country’s currency.

This crucial basic information is generally available one or two weeks before the scheduled releases.

The kind of release, such as the Unemployment Rate, is listed on FXPesa’s MT4 economic calendar, the previous release’s conclusion, and the market’s consensus expectation for the future release.

Moreover, depending on whether the release has a big impact, a medium impact, a light impact, or no influence, the kind of release will be marked somehow.

If the economic release has a low impact, the currency pair’s reaction to a divergence from the consensus will be minor or non-existent. Still, a medium impact event will cause the currency pair to move to a greater extent if the outcome deviates from the consensus.

When a release’s data is much higher or lower than market expectations, especially when it comes to high-impact items, the currency pair connected with the release tends to move more and sees significantly greater market volatility.

Pip calculator

If you’re unfamiliar with the pip value system, working with quantities represented in other currencies might be a bit puzzling. A pip is a currency pair’s smallest trading unit, and it is generally worth a variable amount based on the base and counter currencies involved.

A currency pip calculator is a forex trading tool that calculates the value of a pip depending on the size of a trader’s position in their home currency. For example, a standard pip calculator may also display the pip value for a currency pair based on a Standard lot of 100,000 units, a Mini lot of 10,000 units, and a Micro lot of 1,000 units.

For instance, a major currency pair like the EUR/USD is traditionally stated as US Dollars per Euro. Thus, if this currency pair is trading at 1.0000, a single pip, or 0.0001 US Dollars/Euro, a Standard Lot of 100,000 Euros is worth ten dollars.

To utilise the pip calculator, a trader only has to enter their position information, such as the asset or currency pair, the size of the transaction, the quantity of money in the account, and the leverage and position size parameters. The pip calculator then calculates each position’s pip value in the trader’s selected currency.

This feature is quite handy for keeping track of the prices that positions in the account are at.


An expert advisor is software that allows forex traders to discover trading opportunities based on potential indications. In that they are used to automate market pattern recognition and provide useful trading signals, EAs are similar to forex robots, but they vary in one important way: While a forex robot may automatically make trades on your behalf, an EA cannot.

An EA, on the other hand, serves as an intelligent advising tool that makes suggestions while still requiring the trader to carry out any suggested transactions.

You may find these EAs on the MT4 or MT5 trading platforms, but you can also create your own to suit your trading approach.

The benefit of employing an EA is that if you already have a technical system in place, you can use it to construct an EA that will repeat the activities once your system has given you a signal.

This is especially beneficial if you prefer to trade many pairs or just don’t have time to sit in front of your computer to trade.

Currency correlation tool

Because the foreign exchange market consists of several currencies, there are known and calculable correlations between them. These correlations can be positive or negative, and they are often stronger in certain pairs than others.

The Swiss Franc, for example, has a usually favorable relationship with the Euro. As a result, most of the time, USD/CHF will have a negative or inverse correlation with EUR/USD, implying that the two currency pairs will move in opposing directions.

The EUR/USD and GBP/USD are two pairs that have traditionally had a positive association, albeit this has waned slightly since the Brexit incident. Before the Brexit announcement, these two currency pairs had a very high positive connection; currently, they have a considerably lower positive correlation.

Time zone

A trader’s choice of periods to be active in the forex market might significantly impact their bottom line. New York, Tokyo, London, and Sydney are the world’s major forex trading centers, all of which operate in distinct time zones.

The market opens in Sydney on Sunday at 10 p.m. Kenyan time. It closes on Friday at 10 p.m. Kenyan times, with the market opening on Sunday at 10 p.m. Kenyan time and closing on Friday at 10 p.m. Kenyan time.

A chart depicting the forex market’s hours open in different financial hubs worldwide during 24 hours is a handy tool for a trader.

This is especially true because the periods when the markets overlap frequently appear to be the busiest and most liquid times for forex trading. Thus, trading activity, liquidity, and market volatility are three key components for trading a financial asset successfully.

Volatility calculator

Market volatility is one of the most critical aspects of effective trading. As a result, currency pairs with a narrow trading range are often not the best to trade.

Calculating the volatility of a currency pair is no easy task, and given a large number of currency pairings available to trade, it’s better left to a well-programmed computer. In real-time, a forex volatility calculator or indicator will use historical exchange rate data to calculate the implied volatility of each currency pair.

The historical volatility of the forex market will be broken down into several time frames, such as one week, one month, three months, and one year. This allows traders to judge if the volatility of an option, and hence its price is high or low in comparison to historical volatility.

It can also help a trader trade the most volatile currency pairings during the most turbulent times of the day because more volatility usually means more trading possibilities.

Trading journal

Although this tool isn’t included in FXPesa’s MT4 tools list, you need to keep it up.

This type of tool, while simple, is quite useful for traders, especially beginning traders who are still learning the ropes. This is because traders must become more aware of their trading tendencies.

When you first start trading forex, you will most likely have a lot of trades in a short period. As a result, you won’t be able to recall every aspect of each deal. As a result, the best thing you can do is write it down in a trading notebook.

You’ll be able to keep accurate records with as many details as you like and acquire insight into your trading decisions in this method. For example, include details on why you started the trade, the signs you utilised to determine when to open a position, and how everything went down.

Anything you think may help you recognise and improve a trend in your trading behavior should be put into the notebook.

That way, you’ll be able to identify where you made a mistake and why you did it. You may then just avoid making the same mistakes in the future and focus on improving yourself.

Commissions and fees

Depending on the account type you select, fees may increase or decrease. In addition, the firm’s fees are open to the public and may be seen on the asset class’s page.

For each asset class, all costs are different and might include a maximum and minimum trade size and a margin percentage. Everything is separated into accounts, resulting in clear information per account.

Spread: When compared to other brokers, FXPesa charges a greater spread on typical currency pairs.

For example, with an Executive account, FXPesa’s usual spread/fees charged on a popular currency pair like EURUSD is 1.4 pips per standard lot.

Fees for deposits and withdrawals: All local deposit and withdrawal options are fee-free for traders in Kenya.

Inactivity fees: If an account is inactive for 180 days or longer, FXPesa will levy an inactivity fee. Placing or canceling a transaction counts as activity, as does having an open position on your account. If the account becomes inactive, an inactivity fee may be charged at some point in the future in line with the account’s specified currency.

By their conditions, its parent firm, ‘EGM Securities,’ shall notify its clients in advance if such a charge is due or if the account is closed.

It’s impossible to discuss the broker without mentioning its overnight positions. In addition, the firm provides clear and, most importantly, competitive swap rates.

According to FXPesa’s rollover policy, it will debit or credit customer accounts and handle rollover interest. However, because the market is closed on the weekends, rollovers are only accessible Monday through Friday.

FXPesa’s overall pricing structure is simple, albeit its trading spread is slightly larger than other brokers. In addition, FXPesa does not charge a commission or any other fees, making the pricing simple to grasp for new traders.

Leverage and margin

Maximum leverage of 1:400 is permitted on FXPesa. The Capital Markets Authority has determined the maximum leverage for all online forex brokers in Kenya.

The term leverage refers to using a small quantity of your own money to control a much bigger sum of money. The rest of the fund is usually borrowed through your broker.

Let’s imagine you wish to manage a $50,000 stake. Your broker may put $500 of your own money aside and borrow the rest. With only $500 from your account, you now have authority over $50,000, resulting in a leverage ratio of 100:1.

Let’s imagine the $50,000 investment increases by $500, bringing the total position value to $50,500. Of course, this is merely a 1% return on your investment if you were liable for the entire $50,000 (indicating a 1:1 ratio). However, because you only invested $500 of your own money, the $500 gain represents a 100 percent return.

It’s important to have in mind that this is a two-way street. For example, you would get a -100 percent return on your investment if you lost $500 instead of gaining $500.

Leverage starts to hurt your chances of success at very high levels. The bigger your position, the higher your transaction expenses are as a proportion of your margin.

This means that with overly large leverage, transaction costs already put you at a disadvantage.

A Margin Call policy is also available from the broker, which prevents the maximum risk from exceeding your account equity.

FXPesa will issue a margin call alert if this falls below 50% of your needed margin for open trade. This indicates that your account’s equity is insufficient to cover your open positions.

Instead, traders on the phone can get a margin call. You have the choice of making a deposit or closing your positions at this point.

FXPesa also safeguards your funds by having a stop-out level, which is the equity level where your open positions are immediately closed.

Deposits and withdrawals

FXPesa includes a nice selection of payment alternatives. Bank transfers, credit/debit cards, MTN, Skrill, Neteller, and Airtel money are acceptable payment methods.

The broker offers standard non-trading fees. You will not be charged any withdrawal fees if you are from Kenya.

Fund withdrawals to non-Kenyan financial institutions may be subject to bank fees from any intermediary bank engaged in the transaction, as well as a receiving fee from your bank/institution. Therefore, when making withdrawals, clients must account for these costs.

Education and research

FXPesa provides a dedicated education centre with several tools for improving your trading knowledge, regardless of your present skill level. The broker’s education brings together high-quality, free-of-charge instructional resources. You’ll discover a wide range of programs, seminars, analyses, and other resources to help you get the most out of your online trading experience.

The broker’s Academy provides free access to high-quality, content-rich education for traders of all levels. It includes both new and experienced traders with content-rich and comprehensive education courses and programs.

They’re designed to help you improve your trading knowledge, abilities, and confidence in FX and CFD trading. This emphasises that FXPesa is a brokerage business that looks out for its clients’ best interests and encourages them to make well-informed trading decisions.

The Academy uses a one-of-a-kind learning management system that keeps track of your progress through each course and tests your knowledge along the way to help you remember what you’ve learned.

In addition, access to demo trading platforms, account, platform help, and group coaching webinar sessions are available for all courses.

FXPesa provides instructional classes to assist clients in learning about trading and progressing through beginner, intermediate, and advanced levels.

The broker’s website also has a section dedicated to the most recent market news. But, again, expert analysis is used to keep it up to date, and it covers a wide range of markets with in-depth analysis.

As you presumably already know, various factors may impact forex values and cause them to rise or fall. For example, interest rates, economic data, and other factors can all influence whether individuals purchase or sell, causing the price to rise or fall. This is why it’s key to stay on top of all the latest news and use it in your trading.

According to some analysts, interest rates have the greatest impact on currencies. This is because they are determined by the countries’ central banks, which have the most authority over their currencies.

Every month, benchmark interest rates are issued when their impact on FX prices is greatest.

Apart from technical news, you should keep a watch on geopolitical happenings. This can contain key economic data, such as GDP, and events such as national elections.

Most importantly, keeping a watch on the news helps you to respond quickly and, in certain situations, forecast price changes before they occur if you react quickly enough.

Even if you are a short-term trader, you should keep an eye on the news since it might assist you in predicting what to invest in.

Trading execution

The fulfilment of a buy or sell order for an asset is known as an execution. An order is executed when it is filled, not when the trader places it. When a trader enters a deal, it is forwarded to a broker, who decides the optimal method of execution.

Many newbie traders are unaware of what occurs when they press the “enter” button on their online trading account. You are wrong if you believe that your order is always filled instantly after clicking the button in your account.

You might be shocked by the number of different methods an order might be filled, as well as the accompanying time delays. In addition, how and where your order is performed might affect the cost of your transaction and the amount you pay.

FXPesa offers a commission refund to customers that complete a specified number of trades or a certain cash amount every month. This is especially crucial for short-term traders, who must keep their execution costs as low as possible.

If the order is a market order or can be turned into a market order relatively soon, the odds of it getting adjusted at the intended price are quite good.

However, it may be difficult to execute at the best feasible price range in some cases, particularly when a large transaction is split down into multiple small ones. In such instances, the system is exposed to execution risk. The lag between placing an order and its settlement is referred to as the risk.

Types of orders available at FXPesa

No matter how well you prepare, how well-thought-out and detailed your trading strategy is, the market can turn against you at any time. So it’s also important to find the right broker because not all of them allow you to make these orders.

FXPesa, fortunately, not only allows you to use forex orders but also provides you with a comprehensive trading environment.

Stop-loss order

A stop-loss order is a request to your online broker to quit a deal once a specific price has been achieved. This order is required while trading in the forex market since it is designed to restrict your capital loss in a single trade.

Some traders refuse to utilise it for fear of being halted and then seeing the market reverse. Others don’t utilise it since it doesn’t fit within their overall plan. However, forex traders must consider the risks before considering the opportunity.

A stop-loss order not only protects your trade from a large financial loss but also eliminates the emotional aspect that might encourage you to overtrade and lose even more.

Limit order

The limit order is an instruction to your broker to execute a transaction (buy or sell) only if the price (the limit) is met or exceeded. It can be used to buy currencies at a bargain to market value or sell currencies at a premium to market value.

Overall, the goal of this sort of order is to reduce the chance of a price spike. Thus it should be included in your risk management strategy.

Market order

A market order instructs your online forex broker to initiate or exit a trade at the best available price and at a certain time. In such a fast-moving market, there may be a discrepancy between the price when the market order is placed and the actual price; as a result, this type of order might result in a loss or gain of several pips.

When you place this order with your broker, be sure you’re utilising the right technique and optimal market conditions.

Take profit order

The take-profit order directs your forex broker to automatically close the trade when it reaches a specified point in the desired direction. Because the price may abruptly reverse, you must establish a take profit value to automatically profit before the price goes oppositely.

The risk to reward ratio is the ratio of the number of taking profit pips to the number of stop-loss pips, commonly employed in conjunction with the stop-loss order.

Trailing stop order

The trailing stop order, aka the profit protection stop order, is an order you make to your forex broker to purchase or sell if the currency moves in an adverse direction instead of the take profit order.

The primary difference between a trailing stop and a stop-loss order is that the trailing stop moves with the price, enabling you to lock in profits while reducing the risk of losing money if the strategy doesn’t work out.

Trading strategies you can try with FXPesa

As a trader, you have to develop a trading strategy to put your plan into action. Without a trading strategy, you can see your shillings flying away from your account. Here are some of the strategies you can apply while trading with FXPesa:

Day trading

The most well-known active trading style is day trading. It’s frequently used as a metaphor for busy trading. Day trading is the practice of buying and selling securities on the same day, as the name suggests.

Positions are filled and closed on the same day, and no job is retained overnight. Professional traders, such as experts or market makers, used to undertake day trading in the past. Electronic trading, on the other hand, has made this activity more accessible to newcomers.


A scalping approach is based on the idea that tiny victories may build up to a lot of money over time. The scalper establishes purchase and sell objectives and adheres to them.

A scalper does not try to profit from significant changes or trade-in large quantities. Rather, they aim to profit from tiny, frequent transactions with low transaction volumes. Thus, scalpers aim for very liquid markets to maximize their transactions’ frequency because the profit per trade is little.

Position trading

Longer-term charts ranging from daily to monthly are combined with other approaches to assess the current market direction trend. Depending on the trend, this sort of trade might run anywhere from a few days to several weeks and occasionally even longer.

To determine the trend, trend traders look for repeated higher or lower highs. Thus, traders normally embark on a trend after it has established itself, and they usually quit the position when the trend breaks.

Swing trading

Swing traders generally enter the market when a trend breaks. As a result, there is normally considerable price volatility near the conclusion of a trend while the new trend seeks to establish itself.

As price volatility increases, swing traders buy or sell. Swing trades are often held for more than a day, but not as long as trend trades.

News trading

The phrase “buy the rumor, sell the news” understands that rumors may influence the price of an asset in one direction while news can have the opposite impact.

As a result, news traders concentrate on trading in the hours leading up to and shortly after the announcement while the market still responds to the news. As a result, these times are marked by a high level of volatility, which provides a chance for profit.

You must specify how the indicators will be utilised to alert traders to trading opportunities and create strategies. At least one form of indicator is frequently used in technical trading techniques.

Unfortunately, there is no such thing as a flawless approach that ensures success. Instead, you must become familiar with the many technical analysis tools available, examine how they meet your requirements, and build strategies based on the findings.

Available countries

Traders worldwide can establish a live trading account with the broker if their local countries permit online trading with foreign brokers. However, you can’t open an account with FXPesa if you are from:

  • Afghanistan
  • Bahamas
  • Burundi
  • The central African Republic
  • Congo
  • 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
  • USA
  • Virgin Islands, US
  • Western Sahara
  • Yemen
  • Zimbabwe

Customer Service

FXPesa provides help 24 hours a day, seven days a week. There are three different methods to get in touch with them:

Live chat

They provide live chat on their website as well as through their MyFXPesa account platform.

During regular business hours, we evaluated their live chat. They provide a live chat feature with two options: EQJO and Kenya support. During normal business hours, their Kenya-based live chat is available.

Their chatbot is initially only available for simple questions, but if you can’t find answers to your questions in their FAQs, you may talk with their team.

We tried it at various times and discovered a few-minute hold time, which was higher on weekends.

Although the chat replies were delayed, they were accurate in answering our inquiries.

We inquired about their brokerage type (NDD or market maker), EURUSD spread, and commission, among other things.

Support by email

During the day, our first email was addressed in under an hour. Then, when we sent them emails with questions and sent auto-response, the question was promptly responded to with comprehensive answers within a few hours.


You can contact the broker by phone also. They have a Kenyan phone number +254 207640727.

Bonuses and Promotions

Traders in Kenya can currently take advantage of a 30 percent bonus offer from FXPesa on their initial deposits. You must make a minimum first deposit of $100 to qualify for the $30 bonus.

Partnership program

You can earn money by referring qualifying clients to FXPesa’s affiliate program.

For each customer you suggest, you may earn up to $1100.

Before you begin with FXPesa

Before opening an account with FXPesa, here are a few steps you need to know:

Know what you need

Take time to think about what’s essential to you in a trading platform before you start clicking on brokerage offers. Of course, the answer will be slightly different depending on your investing goals and where you are on the investment learning curve.

If you’re just getting started, basic instructional tools, extensive glossaries, simple access to support personnel, and the option to conduct practice trades before playing with actual cash may be priorities.

Suppose you already have some investment expertise but want to get serious about it. In that case, you’ll need additional high-level education and opinion-based resources from experienced investors and analysts, as well as a decent selection of fundamental and technical data.

Advanced charting capabilities, conditional order options, and the ability to trade forex derivatives, commodities, in addition to stocks, will be prioritised by a truly experienced investor, perhaps someone who has already executed hundreds of trades but is looking for a new brokerage.

Be honest with yourself about where you are now and where you want to go with your trading.

Are you a full-time trader?

Investing and trading were mostly reserved for people and institutions with a lot of money until about a decade ago. However, it is no longer the case: you can start trading with a small amount of money and progressively increase your cash to make larger gains.

In terms of how trading affects their lifestyle, there are two traders: full-time and part-time traders.

You would imagine that a full-time trader generates money by executing transactions for eight hours a day and sitting in front of a computer all day. However, the fact is that a full-time trader is someone who makes their income completely via trading.

Trades are often conducted for two or three hours during peak trading hours in terms of trading. Trades can also be carried out in the after-hours marketplaces.

Of course, the trading duration and length are determined by the trader’s preferences. You will be concentrating on analysis, redefining your strategy, and planning for future trades during non-trading hours.

Full-time traders should be well-versed in investing and trading strategies and procedures, as well as the advantages and disadvantages of relying on trading revenue.

On the other hand, a part-time trader works full-time and supplements their income by trading. This form of trading is a wonderful place to start if you don’t have much expertise or know very little about trading. However, experts can choose to trade part-time to boost their income while working full-time.

To become a full-time trader, you’ll need a lot more money than to become a part-time trader.

You need to decide this before making an account with FXPesa.

Consider trading fees

While there may be other factors that are more important to you than costs, you should have a good sense of how much you’ll pay to utilise any given brokerage.

A small price may be justified for some platforms to deliver features that their inexpensive competitors do not. In general, though, you want to lose as little as possible of your investment returns to accounting and trading commissions.

Fortunately, the trading fee at FXPesa is not as high compared to other brokers.

Test broker’s platform

While each brokerage should provide a fairly detailed overview of the tools and resources available on their trading platform, testing it out is sometimes the best method to determine platform quality.

FXPesa allows you to register an account for free; if you only need access to the trading platform, it may be worth your time to go through the signup procedure.

Whether the brokerage offers a web-based platform that anybody can use or a free downloaded platform with no strings attached, do everything you can to get free access to the tools you’d truly use.

Even if you’re a more experienced trader with no free opportunity to try out pro tools, trading on a demo account may give you a fair indication of the quality of a brokerage’s services.

We’ve already spent some time narrowing down your options based on pricing and basic account features. To show how easily the procedure works, go through the steps of placing a transaction.

Get various quotations for currency pairs and other assets, and browse through each page to discover what type of information the site offers. You should also look into any screeners or other available tools to assist you in finding assets that fulfil specified criteria.

Look for the education section

While a functional and easy-to-use trading interface is essential, you should also explore the brokerage’s educational offers and use the search tool.

If you’re a novice investor, you’ll need to look up terminology you’re unfamiliar with and get help interpreting data. On the other hand, if there’s a topic you’ve been curious about or a metric you’re not sure about, try using the search tool to see if you can quickly and effectively get the information you need.

Remember that what one trader finds straightforward and user-friendly may be a nightmare maze of useless search queries for another, so it’s critical to pick a broker with whom you can work.

You should be able to answer the following questions quite readily after spending about 20 minutes touring a platform. If you can’t, and a fast search of the website for particular answers turns up nothing, probably, the brokerage’s platform isn’t right for you.

As mentioned earlier, FXPesa has an Insight section to find all the info you need regarding trading. So, it’s a big plus for having an account with FXPesa.


Since everyone with a computer may now start trading online, one of their main worries is security.

Because the forex market has become much more open, you’ll want to make sure everything goes according to plan so you can trade without concern. Every trader realises that one of their primary considerations should be security.

So, before you establish a trading account, make sure to check out the broker’s website. If you see anything fishy, don’t register an account with that broker.

Ease of deposits and withdrawals

It’s important to know how simple moving money in and out of your brokerage account is, especially if you’re trading to boost your regular income. The ability to withdraw cash may not be as important if you use a more set-it-and-forget-it technique.

Still, because life frequently throws us curveballs, it’s a good idea to read the deposit, withdrawal, and money settlement conditions of any brokerage you’re considering.

FXPesa allows you to make deposits and withdrawals quickly.

We understand how tempting it is to simply join the brokerage with the most aggressive advertising campaign. Still, effective investing takes meticulous attention to detail long before you make your first transaction.

If you want to make trading a long-term pastime, a future job, or simply a way to supplement your retirement fund, you’ll need to employ the tools and resources that will help you have a successful and pleasurable experience.

How do we review FXPesa?

Now that you know everything about FXPesa, here’s how and why we chose FXPesa for our review:

Broker’s regulation

First and foremost, our research team verified that the broker was licensed and regulated to offer traders online trading services. We then spent numerous hours conducting in-depth research and analysis on the brokerage firm’s services.

From there, we were able to compile a list of what we feel are the most significant aspects to consider when selecting the broker and award them an unbiased broker rating based on our results.

The brokers must be licensed and provide competitive trading conditions, such as narrow spreads, cheap fees, and fast execution.

User-friendly trading interfaces compatible with various devices, including desktop, online, and mobile, should also be available from the broker. They should also give trading tools and instructional materials to help traders with their everyday trading activity, in addition to intuitive and powerful platforms.

The diversity of funding alternatives supplied, trading account types, minimum deposit requirement, customer support, markets, and range of trading instruments accessible to trade online are all elements we consider vital for a broker to make it onto our top brokers’ list.

Any trading broker providing services to Kenyan traders should be licensed and regulated. Using a registered broker can provide investors with certain protection that is not available with uncontrolled brokers. Many professionals and specialists will only trade with a registered broker.

While many globally regulated brokers can accept Kenyan clients, it is a distinct advantage if licensed and authorised by Kenya’s financial regulatory authority, the Capital Markets Authority (CMA).

Broker’s platform

Each broker can provide many trading platforms for several devices, such as desktop, online, and mobile trading apps.

The broker’s platforms should be simple and have a wide range of tools and capabilities to accommodate various trading strategies and styles. Whether you’re already familiar with a platform, double-check to see if it’s still accessible.

MetaTrader is one of the best trading platforms for FX and stock trading new to online trading. It has two platforms MT4 and MT5. Unfortunately, FXPesa doesn’t provide an MT5 platform.

Broker’s tradeable products

Kenyan traders should have access to various trading products, including forex, commodities, cryptocurrency, stocks, shares, indices, options, ETFs, and CFDs, among others. The greater the broker’s market selection, the easier it will be to extend and diversify your portfolio in the future if you so choose.

Spreads and commission

For each trade you make, your broker will normally charge you a spread. The spread is the difference in price between the bid and ask when your position is entered into the market.

In general, the lower the broker’s spread, the better the price you can join the market and the cheaper your long-term trading costs. However, additional factors like the broker’s liquidity, slippage, and execution style might affect execution times.

For placing trades with them, the majority of brokers will charge a modest commission fee. It is an additional expense to consider in addition to the spread.

Again, the smaller the commission price charged by the broker, the more money you may save on trading costs in the long run. Tight spreads and minimal commission rates are essential for some trading techniques. As a result, a broker should provide some of the best commissions and spreads accessible.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.4
  • AUD/USD: 2.2
  • GBP/USD: 1.5
  • USD/JPY: 1.4

Broker’s trading execution

The speed with which your order is put on the market is determined by execution speed. The higher the speed of execution, the greater the price you may earn. The order should be placed as near to your target price as feasible with instant execution.

The term “slippage” refers to the difference between your proposed price and the price at which the position was actually placed.

So that traders may acquire the best available pricing, brokers should provide rapid trade execution speeds with little slippage. Scalping and other trading tactics rely on consistent and rapid execution times.

FXPesa has set a limit deal size for each market to improve execution speed. This limit is evaluated regularly. In addition, it considers a variety of criteria, including liquidity and volatility, to establish an amount that we are confident in accepting without referral to expedite execution.

Trading tools

A broker’s trading platforms should have many relevant trading tools to aid traders in doing extensive market analysis. Additional trading tools are available from some brokers to aid in the delivery of a more efficient trading experience. Economic calendars, trading calculators, daily market analyses, trading signals, and other tools are examples.


The broker should provide a range of learning tools to help traders enhance their trading abilities and expertise. Tutorial videos, trading instructions, eBooks, trading glossaries, FAQs, webinars, and seminars are examples of this. In addition, FXPesa has trading academies that can assist in demonstrating support for intelligent trading.

Trading accounts

Trading brokers will often provide at least one genuine and one demo trading account. Some brokers, such as FXPesa, provide a selection of account kinds to accommodate various client requirements. The minimum deposit required the leverage offered, execution type, spreads, fees, instruments, extra services, and more to affect these accounts.

Deposits and withdrawals methods

When you create a broker account, you’ll be able to use the various funding options to make deposits and withdrawals. Although most brokers accept wire transfers and credit/debit card payments, others use online payment processors like Skrill, Neteller, and MTN. Therefore, when we evaluate a broker, we look for companies that offer a variety of accessible funding choices that are tailored to your specific needs.


Thinking of Trading with FXPesa?


What is the FXPesa minimum deposit?

The minimum deposit to start a trading account with FXPesa is $5 for the premier account. Considering that some brokers charge minimum deposits of $500 or more, this is a relatively little sum. Moreover, it allows you to test FXPesa and see whether they fit you before investing more money.

How do I deposit money into FXPesa?

You can deposit instantly and for free using various payment methods, including Visa/Mastercard, Skrill, Neteller, and Bank Transfer.

Please note that not all payment options are available in all countries. So, you would need to contact the broker for more info.

What are FXPesa deposit fees?

FXPesa does not charge any internal deposit fees using Visa/Mastercard, Skrill, Neteller, and Bank Transfer.

How do I withdraw money from FXPesa?

Withdrawing funds from your FXPesa trading account is simple and quick. Moreover, you can submit withdrawal requests online through the secure Client Portal for your convenience. Thus, you can take money out of your account at any moment.

Connect to the Client Portal and choose “Withdrawal” to withdraw money. Next, choose your chosen method, input the amount you want to withdraw, and then click “Confirm.” When possible, the broker will complete your withdrawal request within one to two business days. If you run into any problems, you can contact the broker’s support service.

What are FXPesa withdrawal fees?

For withdrawals, FXPesa does not impose any internal costs. Fund withdrawals to non-Kenyan financial institutions, on the other hand, maybe subject to bank fees imposed by any intermediary bank engaged in the transaction, as well as a receiving charge imposed by your bank/institution. Therefore, when making small-amount withdrawals, keep these costs in mind.

What is the FXPesa commission fee?

FXPesa charges a commission fee of $7.00 per trade on a standard lot on the premiere account. The executive account does not charge a commission but has higher spreads.

Are there any FXPesa inactivity fees?

FXPesa does not charge inactivity fees. If you take a break or briefly forget about your trading account, some brokers may clear any monies remaining in it. If you keep your FXPesa account dormant for a long time, you won’t get any unpleasant surprises.

What are FXPesa account types?

FXPesa offers a choice of two live account options: executive and a premiere account.

The premiere account is available to traders of all levels. It is spread-based with no commission while offering spreads of 0.0 pips, a minimum trade size of 0.01 lots, and leverage up to 1:400.

At the same time, the executive account is another NDD account and offers all the same features as the premiere account but instead includes higher spreads from 1.4 pips. But, again, premiere accounts are subject to a $7.00 commission per side.

Is there an FXPesa demo account?

Yes. FXPesa offers a demo account that allows traders to experience trading on CFDs with real-time spreads, leverage up to 1:400, over 80 technical analysis tools, and 24-hour customer service.

What is FXPesa spreads?

The broker offers very low spreads starting from 0.0 pips on the premiere account and 1.2 pips on the executive account.

What is FXPesa leverage?

FXPesa offers leverage of up to 1:400. Your account leverage determines how much margin is required to initiate a trade by multiplying your capacity to buy a higher amount of currency. For example, if your leverage is 1:400, for example, you may handle a huge investment ($40,000) with a slim margin ($100).

What are FXPesa margin and stop-out levels?

FXPesa’s margin call and stop-out levels are 80% and 50%, respectively.

Does FXPesa allow hedging, scalping, and expert advisors?

FXPesa accepts all strategies, hedging, scalping, and expert advisers. The broker has no trading limits and does not interfere with your trades.

Is there an FXPesa Islamic account?

No, FXPesa does not provide a swap-free Islamic account. It indicates that FXPesa does not have a Sharia-compliant account.

What are FXPesa trading instruments?

The broker offers over 200 financial instruments to trade across different asset classes, including forex, commodities, stocks, shares, indices, metals, and CFDs.

How do I open an FXPesa live account?

You can establish an FXPesa live account in a few simple steps:

  • Go to the FXPesa website’s homepage and click the “Open Live Account” button.
  • Accurately fill out the account application form.
  • Submit it.

How do I verify my FXPesa account?

You can electronically verify your FXPesa account by uploading the following documents:

A copy of a valid passport, national identification card, or driver’s license is required as proof of identification.

Copy of your bank’s account statement, utility bill, or any other evidence of domicile is acceptable.

What is the FXPesa trading platform?

At FXPesa, all trading activities are carried through the MT4, myFXPesa, and FXPesa mobile. These are sophisticated trading platforms that were designed to offer seamless trading of multiple financial markets.

The platforms are replete with advanced trading tools to ensure an enhanced trading experience. All FXPesa’s trading platforms are desktop applications for Windows and Mac computers, WebTrader, and mobile apps.

Where can I download the FXPesa platform?

From the broker’s website, you can easily access the web-based platforms. The desktop platforms are available as desktop software through the broker’s website, while the mobile apps are available via the respective app stores.

Where is FXPesa located?

FXPesa is based in Kenya.

Is FXPesa regulated?

The Capital Markets Authority of Kenya licenses FXPesa.

What countries does FXPesa accept?

The broker allows traders worldwide, except in countries or jurisdictions where using their service would be against local laws or regulations.

Is FXPesa a scam?

No, FXPesa is not a scam broker. They are regulated by CMA and have been operating since 2019.

How can I contact FXPesa support?

You can connect with FXPesa customer service by live chat, phone, and email. In addition, you can contact the support team at any time with general, technical, or account-related questions.

Our verdict

FXPesa, a registered broker founded in 2019, offers a diverse range of over 200 trading products, including forex, stock CFDs, indices, metals, and commodities, all from a single account.

They provide traders trading platforms that are both strong and simple to use and a variety of trading tools, and a dedicated teaching center.

FXPesa offers exceptionally competitive trading circumstances, such as tight spreads, cheap fees, and fast trade execution speeds at best possible rates. Clients may also pick from a choice of simple deposit and withdrawal alternatives, with customer service available 24 hours a day, 7 days a week.

The brokerage company offers a variety of free instructional courses, including webinars, for both beginners and expert traders.

FXPesa strives to be the broker of choice for traders of all levels by providing trustworthy customer support, transparent pricing, low-latency transaction execution, and platform reliability, all while seeking to be the broker of choice for traders of every level.

Bottom line

FXPesa is a regulated broker offering over 200 instruments across various asset classes. FXPesa focuses on building a strong customer relationship and continuing to meet customers’ changing needs. What’s more, the company to date has no rejections or requotes of orders.

Overall, FXPesa is safe, regulated, and highly respected in the industry with a good complaints procedure, so at the least, you know your money will be safe with this broker.

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up to 30%

For retail traders in Kenya, FXPesa is popular forex and CFD trading platform. They began operations in 2019 and are regulated by the CMA.

Top 6 Broker Reviews

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