de | cn | ru

FXPesa Review - is it scam or safe?

FXPesa Review - is scam or good forex broker?

RATING: 2.6 / 1 REVIEWS ForexBrokerz FXPesa


FxPesa (part of the Equiti Global group of companies) is a forex and CFD broker from Kenya which is offering a variety of forex pairs and some other CFDs with a leverage of up to 1:400 and a web based platform.


AND аlthough the broker is licensed by the local Capital Markets Authority, which provides licenses to forex and CFD brokers since late 2017, we have some reservations about the credibility of the Kenyan regulator, so if you are considering trading with FxPesa we suggest you to read this review first.


Trading account  Min. deposit Max. leverage Spread
Standard Account $100 1:400 1,6 pips


FxPesa Advantages: 


Fine selection of trading instruments


FxPesa offers over 60 currency pairs, many of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDMXN, USDNOK, USDHKD, USDDKK and USDCNH. Other instruments include CFDs on  silver, gold, platinum and oil, 11 indices and stocks. However, as there are no crypto assets available, here you may also check our list of brokers, trading with bitcoin CFDs:


>>Bitcoin Forex Brokers<<


Leverage of up to 1:400


Since the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions offered to retail clients at 1:30 in the summer of 2018, currently leverage as high as 1:400, is offered solely by offshore brokers and brokers regulated in Australia, where unrestricted leverage is still legal.  


With its Kenya license we regard  FxPesa as one of the offshore brokers, so if you are tempted to trade with higher leverage despite the higher risks, associated with it, we may suggest that you try one of our brokers, regulated in Australia:


>>Brokers regulated in Australia<<


You can start trading with just 100 USD


And that we count as another advantage. You can open a trading account at FXPesa with just 100 USD and that is in the lower range of what most brokers would usually require. Still bear in mind that with some big, well known brokers like FBS and IG you will be able to trade with just 5 USD or even less.


FxPesa Disadvantages: 


Unreliable license


Although EGM Securities Limited, the company behind FxPesa is registered with the Capital Markets Authority (CMA) in Kenya, bear in mind that such a license in no way can be compared to a license issued by a well known and well respected financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).



CMA in Kenya started issuing forex licenses in September 2017. It is true that they require their brokers to rise at least 50 million Kenya Shilling, or roughly 500 000 USD in minimum capital, and yet the resources of the local financial authority are simply not adequate enough to regulate internationally operating brokers such as FxPesa. For example, we are not sure how CMA audits their brokers. 


Brokers regulated in Europe on the other hand should file regular reports, should allow external audits, should keep all traders' funds in a segregated, protected from creditors, trust account, should provide clients with a negative balance protection, and should maintain a minimum operational capital of at least 730 000  EUR. 


On top of that in the case of FCA in the UK, the brokers should also participate in a client compensation fund, which basically insures your trading capital for up to 85 000 GBP. That is why here you may also check our list of brokers, regulated in the UK:


>>FCA Regulated Forex Brokers<<


Higher spreads


As tested with a demo account the benchmark EUR USD spread on the FXPesa web based trading platform floated above 1,6 pips and that is somewhat higher then the levels traders would usually consider attractive.  So here you may also check our list of brokers offering better trading conditions:


>> Lowest spread forex brokers<<


MetaTrader4 not available


FXPesa offers a simplified web based trading platform, which in no way can be compared to a classical trading solution like the MetaTrader4.



MetaTader4 is one of the best known trading platforms, featuring over 50 customizable market indicators, and numerous trading robots with which one can easily run automated trading sessions. On top of that the platform has excellent charting tools, so here you may also check our list of brokers, supporting the MT4:


>>MT4 Brokers<<


Skrill not available as payment method


Although FxPesa accepts payments with major cards like VISA and MasterCard, bank wire and some local e-wallets like MPesa, Airtel Money and Equitel, the broker does not accept payments will the leading e-payment providers – namely NetellerSkrill and PayPal.


And this is notable as recently Skrill adopted a new policy according which only brokers with legit licenses can offer Skrill to their clients in Europe. As we noted FxPesa does not have a legit license to provide financial services on regulated markets like the EU.




FxPesa is a Kenyan broker with a local license, not comparable to the licenses issued by well respected regulators like the FCA in the UK, CySEC in Cyprus or ASIC in Australia. And that also means  FxPesa does not have a legal right to target customers on regulated markets like the EU, the U.S., Canada and Australia.

Latest news about FXPesa
No news about FXPesa. Check back later.
Broker Country Regulation Platform Min Deposit Review
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for FXPesa
















Price feed















Customer service










de | cn | ru