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EGM Securities Review - is it scam or safe?

EGM Securities Review - is egmsecurities.com scam or good forex broker?

RATING: 2.5 / 0 REVIEWS EGM Securities
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Trading Accounts and Conditions

 

Trading account Min. deposit Min. trade size Max. leverage Spread*
Executive  $200 0.01 1:400 1.6 pips
Premiere $5,000 0.01 1:400  

 

*As announced on the broker’s website. Actually, the demo spreads are significantly higher.

 

Clients of Kenyan broker EGM Securities are offered two account types for trading in forex and various CFDs on the MteaTrader4 (MT4 platform).

 

In this review, we will highlight both the strong and weak sides of this broker, so make sure you read it prior to investing with it.

 

 

EGM Securities Advantages

 

Part of a global group, licensed in Kenya

In our view, the greatest advantage of EGM Securities is the fact that it is a subsidiary of Equiti Group in Kenya, and is licensed by the local Capital Markets Authority (CMA).

 

Equiti Group’s members are licensed and operating in Jordan, UAE, Armenia, and UK-based multi-asset execution-only brokerage Equiti. As regards its Kenyan subsidiary, EGM Securities is actually the first, and only, broker to receive a license by the CMA.

 

The Kenyan forex market is regulated since 2017 and brokerages operating in the country have to be registered with the CMA and raise at least 50 million Kenya Shilling, or around $500 000 in minimum capital to prove their good financial standing. Foreign dealers wishing to trade in Kenya will also be required to maintain an equivalent of 40 million Kenya Shilling, or $400 000 of their capital reserves in financial instruments in the country.

 

Trading on the MT4

EGM Securities allows you to access the global financial markets via MetaTrader4 (MT4), which is a solid choice of a platform for experienced and beginner traders alike, so we always consider its availability as an advantage. This trading solution has intuitive interface and more than 50 in-build market indicators. The best appreciated feature, however, is the availability of Expert Advisors, automated trading bots.

 

 

>> Check out the top-rated MT4 brokers here <<

 

 

Decent CFD line-up, up to 1:400 in leverage

Clients of EGM Securities are offered more than 60 forex pairs, as well as a solid CFDs line-up, which includes various assets such as indices, commodities, and precious metals. This is a good selection of tradeable assets, although some investors might miss Bitcoin and other cryptocurrencies.

 

Besides, this broker offers pretty high leverage ratios, reaching 1:400, which will suit the needs of traders of all skill levels and preferences. That being said, keep in mind that leverage is a double-edged sword which can both multiply your profits, and your losses.

 

 

EGM Securities Disadvantages

 

Light-touch regulation

Considering that the regulatory regime for forex brokerages in Kenya has been introduced less than 2 years ago, it would be an exaggeration to claim that a CMA license means credibility. Other governmental agencies, such as UK’s FCA or the CFTC in the US, have been working for decades and have proved to be reliable regulators always on the alert for fraudsters.

 

Demo spreads too high, don’t match paper ones

The spreads announced on EGM Securities website seem good, however when we tried out its MT4 in demo mode, the situation appeared quite different. This means that the broker is not trabnsparent about its pricing and leaves a bad impression.

 

 

 

EGM Securities’ MT4 demo. Click for a larger view.

 

The benchmark EUR/USD spread is floating well above 2 pips, which is above the industry’s average. For further information and comparison on spreads, check out the below link:



>> Compare the spreads of top brokers here <<

 

 

Conclusion

 

Kenyan broker EGM Securities has a lot of advantages, such as membership in a well-established financial group, a legit license, MT4 support, and more. However, there are also some weak sides to it. More importantly, the spreads on demo accounts differ from the costs of trading announced on the website, and appear pretty high.

 

 

Here are, in a nutshell, the pros and cons regarding EGM Securities:

 

Pros Cons
MT4 supported Light-touch regulation
High leverage levels Demo spreads too high, don’t match paper ones
Decent CFD line-up  

 

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Traders` reviews for EGM Securities

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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