CFA Franc Forex Trading Accounts
Scam Forex Brokers in Cameroon
FXPesa Review
Overall FXPesa is considered low risk, with an overall Trust Score of 82 out of 100. They are licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). The broker offers Cameroon traders two retail trading accounts, namely an Executive and a Premiere Account.
- Kayla Duvenage
Jump to:
Overview
Regulation and Safety of Funds
Awards and Recognition
Account Types and Features
Account Registration
Broker Comparison
Trading Platforms
Range of Markets
Fees
Deposit and Withdrawels
Education and Research
Bonuses and Promotions
Affiliate Programs
Customer Support
Social Responsibility
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.6/5
Min Deposit
5 USD / 3,016 XAF
Regulators
FCA, CMA
Trading Desk
MT4, MT5, Equiti Trader App
Crypto
No
Total Pairs
60+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Overview
FXPesa seems to be particularly beneficial for beginner traders. They offer an all-inclusive mobile app, WebTrader, and MT4 for desktops, allowing traders to choose the platform that suits them best.
Their demo account is an excellent tool for beginners to gain trading experience with real market pricing, unlimited usage, and access to the MT4, mobile apps, and WebTrader platforms.
The broker is regulated by CMA in Kenya, providing a level of assurance for local and international traders.
They maintain a very simple and transparent fee structure, which is particularly helpful for beginner traders. Although their spread charged on trades is a bit higher than some other brokers, they do not charge commissions, and FXPesa levies no additional charges/fees. This makes the costs easy to understand for traders.
Distribution of Traders
The broker currently has the largest market share in these countries:
Kenya – 77.04%
Finland – 8.41%
Australia – 4.02%
Tanzania – 2.23%
United States – 1.29%
Popularity among traders
FXPesa might not have a local office in Cameroon, but it is still one of the Top 50 brokers for Cameroonians.
What is FXPesa?
FXPesa is an online trading platform that allows users to engage in forex and commodities trading.
What markets can I trade on FXPesa?
The broker facilitates trading in various financial markets, including forex and commodities.
At a Glance
| 🏛️ Headquartered | Nairobi, Kenya |
| 🏛️ Local office in Yaoundé? | No |
| 👍 Accepts Cameroonian Traders? | Yes |
| 📅 Year Founded | 2019 |
| 📱 Cameroonian Office Contact Number | None |
| ⚖️ Regulation | FCA, CMA |
| 🔎License Number | Kenya – AAAAFF7 CMA 107 United Kingdom – Equiti Capital UK Ltd (07216039), FCA (528328) |
| ⚖️ BEAC Regulation | None |
| ✴️ Regional Restrictions | 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 |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 2 |
| 🚀 Offers a XAF Account? | No |
| 💻 Dedicated Cameroonian Account Manager? | No |
| 📈 Maximum Leverage | 1:400 |
| 📈 Leverage Restrictions for Cameroon? | Yes, according to the financial instrument |
| 💳 Minimum Deposit | 5 USD / 3,016 XAF |
| 💳 XAF Deposits Allowed? | No |
| 💰 Active Cameroonian Trader Stats | Unknown |
| 👥 Active FXPesa customers | 100,000+ |
| 💰 Cameroon Daily Forex Turnover | $5 trillion+ (Overall Forex Globally) |
| 💳 Deposit and Withdrawal Options | M-PESA EAZZYPAY Airtel Money Airtel UG Airtel TZ MTN Vodacom HaloPesa TigoPesa Neteller Skrill Credit/Debit Cards Local and International Bank Transfers |
| 💰 Segregated Accounts in Cameroon | No |
| 💻 Trading Platforms | MetaTrader 4 MetaTrader 5 Equiti Trader App |
| 💰 Tradable Assets | Forex Indices Commodities Shares ETFs |
| 🌐 FXPesa USD/XAF Forex Pair? | No |
| 📈 Offers Cameroonian Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/6 |
| 👥 Cameroon-based customer support? | No |
| 💰 Bonuses and Promotions for Cameroonians | Yes |
| ✴️ Education for Cameroonian beginners | Yes |
| 📊 Proprietary trading software | No |
| 💰 Most Successful Cameroonian Trader | Unknown |
| ✔️ Is FXPesa a safe broker for Cameroonian? | Yes |
| ✔️ Rating for FXPesa in Cameroon | 8/10 |
| ✔️ Trust score for FXPesa in Cameroon | 82% |
| 🎉 Open an account | Open Account |
Regulation and Safety of Funds
FXPesa is not currently regulated by the Bank of Central African States (BEAC). However, the broker is well-regulated by several reputable market regulators in other countries.
Security while Trading
EGM Securities Limited, which operates FXPesa, abides by the rules established by Kenya’s Capital Markets Authority (CMA) to protect its customers.
They are regulated and authorised by the CMA as an online non-dealing foreign exchange brokerage. Money from all types of customers is kept in entirely separate bank accounts.
The Capital Markets Act mandates that the company license and supervise intermediaries, foster the growth of markets, educate and inform investors, and protect their rights as financiers. Client funds are protected in this way, making trading safe for everyone.
Is FXPesa regulated?
Yes, the broker operates under regulatory oversight to ensure a secure and transparent trading environment.
How does FXPesa ensure the safety of funds?
The broker prioritizes the safety of funds by employing robust security measures, including encryption and secure fund storage.
Awards and Recognition
The broker has won the following recent awards:
Best Trading Education Provider in 2022
Most Innovative Brokerage Company in 2021
Best Forex Broker in Kenya in 2021
Best Broker in Africa in 2021
Best Liquidity Provider (Prime of Prime) in 2021
Best Non-Dealing Online Forex Broker in 2019
Has FXPesa received any industry awards?
Yes, the broker has been recognized with industry awards, underscoring its commitment to excellence in online trading.
What awards or recognition has FXPesa received recently?
They have garnered recognition in the form of industry awards, highlighting their outstanding performance and contributions to the financial services sector.
FXPesa Account Types and Features
Executive Account
The Executive Account offers competitive trading conditions to all Cameroon traders, regardless of their trading style, experience, or strategy. Furthermore, traders can expect the following unique features on this account:
| 💰 Minimum Deposit Requirement | 5 USD / 3,016 XAF |
| 💻 Platforms Offered | MetaTrader 4, Equiti Trader App, and MetaTrader 5 |
| 📈 Typical Spreads | 1.4 pips |
| 🔧 Instruments Available | 62 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 Leverage | On MetaTrader 4 and FXPesa Mobile, on Forex, precious metals, CFDs and equities |
| 📊 Dynamic Leverage | On MetaTrader 5 on Forex, precious metals, CFDs and equities |
| 🌐 Demo Account Offered? | Yes |
| ✴️ Order Execution | Market |
| 🚀 Minimum Trade Size | 0.01 |
| 🔎 Maximum Trading Volume for a single trade | 150 lots for major financial instruments |
| 👥 Maximum Number of Open/Pending Trades | 500 |
| 💳 Base Account Currency | USD |
| ✔️ Stop-out | 30% |
| 💰 Commission Charges | None |
| 🎉 Open An Account | Open Account |
Premiere Account
The Premiere Account is perfect for more professional and high-volume traders who require the best trading conditions, including razor-thin spreads.
| 💰 Minimum Deposit Requirement | 100 USD / 60,300 XAF |
| 💻 Platforms Offered | MetaTrader 4, Equiti Trader App, and MetaTrader 5 |
| 📈 Typical Spreads | 0.0 pips |
| 🔧 Instruments Available | 62 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 Leverage | On MetaTrader 4 and FXPesa Mobile, on Forex, precious metals, CFDs and equities |
| 📊 Dynamic Leverage | On MetaTrader 5 on Forex, precious metals, CFDs and equities |
| 🌐 Demo Account Offered? | Yes |
| ✴️ Order Execution | Market |
| 🚀 Minimum Trade Size | 0.01 |
| 🔎 Maximum Trading Volume for a single trade | 150 lots for major financial instruments |
| 👥 Maximum Number of Open/Pending Trades | 500 |
| 💳 Base Account Currency | USD |
| ✔️ Stop-out | 30% |
| 💰 Commission Charges | $7 per standard lot, round turn on Forex and precious metals |
| 🎉 Open An Account | Open Account |
Demo Account
The broker offers a demo account allowing traders to test their strategies in real market conditions without cost. The demo account provides unlimited usage and a risk-free environment for practising and improving trading abilities.
Traders can access various tools and experience real market action using virtual funds. Opening a demo account is hassle-free, with no sign-up fees, deposits, or downloads required.
They also offer educational resources, including financial training, free webinars, and events to enhance the demo trading experience.
The demo account provides $10,000 in virtual funds and access to live markets with real-time data. It is available on all devices and supports popular platforms like MT4, MT5, and Equiti Trader.
Islamic Account
The broker provides traders with a Swap Free Account option, enabling them to trade certain instruments without incurring swap fees. The Swap Free Account is subject to certain terms and conditions and is available upon request.
The standard account type applies swap fees to overnight positions, but the Swap Free Account provides an alternative for traders who would rather avoid these fees.
However, administrative fees may be for positions that remain open longer than the allotted time. The broker reserves the right to modify or revoke these Swap Free Account terms and to assess additional fees at its sole discretion.
What types of accounts does FXPesa offer?
The broker provides various account types to cater to different trader preferences. These may include standard accounts, premium accounts, or other specialized accounts, each offering distinct features and benefits.
What features come with FXPesa accounts?
The accounts come with a range of features designed to enhance the trading experience. These may include competitive spreads, leverage options, access to different financial instruments, and additional tools or services tailored to specific account types.
Overall Rating
- 4.6/5
Min Deposit
5 USD / 3,016 XAF
Regulators
FCA, CMA
Trading Desk
MT4, MT5, Equiti Trader App
Crypto
No
Total Pairs
60+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
How to open an Account
To register an account, Cameroon traders can follow these easy steps:
Step 1 – Click the “Start Trading” button.
Go to FXPesa and click on the “Start Trading” button in the top right corner.
Step 2 – Fill out the form.
After you complete the online application form, you will receive an email confirmation and access to your client portal to upload your required documents. Once the account is approved, you will receive an email with your login credentials and the MT4 download link.
FXPesa Vs InstaForex Vs FBS – Broker Comparison
| FXPesa | InstaForex | FBS | |
| ⚖️ Regulation | FCA, CMA | FCA, BVI FSC, CySEC, FSA SVG | IFSC, CySEC, ASIC, FSCA |
| 📱 Trading Platform | MetaTrader 4 MetaTrader 5 Equiti Trader App | MetaTrader 4 MetaTrader 5 WebIFX InstaForex Multi-Terminal InstaForex WebTrader InstaTick Trader InstaForex MobileTrader | MetaTrader 4 MetaTrader 5 FBS Trader CopyTrade |
| 💰 Withdrawal Fee | Yes | Yes | Yes |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 5 USD / 3,016 XAF | 1 USD / 603 XAF | 1 USD / 603 XAF |
| 📈 Leverage | 1:400 | 1:1000 | Up to 1:3000 |
| 📊 Spread | 0.0 pips | 0.0 pips | From 0.0 pips |
| 💰 Commissions | $7 | 0.03% to 0.07% | From $6 |
| ✴️ Margin Call/Stop-Out | 100%/30% | 30%/10% | 40%/ 20% |
| ✴️ Order Execution | Market | Instant | Market |
| 💳 No-Deposit Bonus | No | Yes | Yes |
| 📊 Cent Accounts | No | Yes | Yes |
| 📈 Account Types | Executive Account Premiere Account | Insta.Standard Trading Account Insta.Eurica Trading Account Cent.Standard Trading Account Cent.Eurica Trading Account | FBS Cent Account FBS Micro Account FBS Standard Account FBS Zero Account FBS ECN Account FBS Crypto Account |
| ⚖️ BEAC Regulation | No | No | No |
| 💳 XAF Deposits | No | Yes | Yes |
| 📊 XAF Account | No | No | No |
| 👥 Customer Service Hours | 24/6 | 24/5 | 24/7 |
| 📊 Retail Investor Accounts | 2 | 4 | 6 |
| ☪️ Islamic Account | Yes | Yes | Yes |
| 👉 Open an account | Open Account | Open Account | Open Account |
Trading Platforms
The broker provides access to world-popular trading platforms that cater to traders of all levels. Whether you prefer desktop, tablet, or mobile trading, they provide downloadable apps and web browser access.
Cameroon traders can enjoy the convenience of trading on the go and stay connected to the markets with instant updates and notifications. The trading platforms are designed to deliver a seamless trading experience, ensuring you have all the tools you need to trade online successfully.
MetaTrader 4
The broker offers MetaTrader 4 (MT4), a highly acclaimed trading platform trusted by traders worldwide. With MT4, you can access various financial instruments, including Forex, indices, commodities, shares, and ETFs.
Traders can choose from Executive and Premiere accounts and fund their trading with various options, such as M-Pesa, banks, cards, or eWallets.
Furthermore, Cameroon traders can experience the power of MT4 on their mobile, laptop, or tablet and stay informed with instant notifications.
Traders have access to more than 80 trading tools, including expert advisors (EAs), and they can explore multiple order execution types, time frames, and reporting features. With hedging allowed, MT4 offers a versatile trading environment to suit different strategies.
MetaTrader 5
For an even more comprehensive trading experience, the broker also offers MetaTrader 5 (MT5). MT5 expands on the features of MT4, providing access to an extensive range of products, data, and tools. Trade forex, indices, commodities, shares, and ETFs on Executive and Premiere accounts.
Like MT4, you can fund your account using M-Pesa, banks, cards, or eWallets. Benefit from 88 trading tools, including EAs, and advanced access features like multi-thread strategy testing and detailed market watch data.
With hedging and netting allowed, MT5 accommodates various trading styles. Explore the wide selection of order execution types, pending orders, and time frames.
The MT5 platform offers additional functionalities like partial order filling, trading scripts marketplace, economic calendar, and market depth.
Equiti Trading App
Built specifically for FXPesa, Equiti Trader is a mobile trading platform designed for traders who prefer to trade on their mobile devices. Available for iOS 12+ and Android 7.1+ operating systems, Equiti Trader provides a user-friendly interface and a range of features.
Traders can easily deposit funds using M-Pesa, Neteller, or Skrill and enjoy instant notifications and in-app support. Furthermore, Cameroonians can trade Forex, indices, commodities, shares, and ETFs directly from any mobile device.
Traders can access Interactive TradingView charts for comprehensive market analysis, utilise a transparent activity log, and stay informed with a full economic calendar.
Which trading platforms does FXPesa support?
The broker typically supports popular trading platforms such as MetaTrader 4 or MetaTrader 5, offering traders a robust and user-friendly environment for executing trades and conducting technical analysis.
Can I trade on FXPesa using a mobile device?
The broker often provides mobile trading capabilities through apps compatible with both Android and iOS devices.
Range of Markets
Cameroon traders can expect the following range of markets:
Forex
Indices
Commodities
Shares
ETFs
What financial instruments can I trade?
The broker typically offers a diverse range of tradable assets, including forex currency pairs, commodities, indices, and possibly cryptocurrencies.
Is there a variety of currency pairs available on FXPesa?
The broker usually provides access to a wide array of currency pairs in the forex market. This includes major pairs like EUR/USD, minor pairs, and sometimes exotic pairs.
Broker Comparison for Range of Markets
| FXPesa | InstaForex | FBS | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | Yes | No | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | No | Yes | Yes |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | Yes | No |
Overall Rating
- 4.6/5
Min Deposit
5 USD / 3,016 XAF
Regulators
FCA, CMA
Trading Desk
MT4, MT5, Equiti Trader App
Crypto
No
Total Pairs
60+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
FXPesa Trading and Non-Trading Fees
Spreads
The broker charges the following spreads according to the main account types:
Executive Account – 1.4 pips EUR/USD
Premiere Account – 0.0 pips EUR/USD
Commissions
Forex and precious metals commissions are $7 per standard lot, round trip.
Overnight Fees, Rollovers, or Swaps
When the settlement day changes, the broker applies overnight fees, also known as rollover fees or swaps, to adjust the price of certain products. These fees allow traders to maintain open positions without receiving physical assets.
Traders must know the rollover fees associated with each product to manage their trading strategy effectively. When trading Forex or CFDs on a “spot” basis using FXPesa’s MT4 or MT5 platforms, most trades settle on a T+2 (two business day) basis from when the trade is initiated.
However, currency pairs such as USD/CAD, USD/RUB, and USD/TRY have a settlement period of T+1 (one business day).
Different asset classes have different settlement dates, and financing costs are calculated per position. Traders should be aware that these fees may be deducted from their accounts.
The overnight fees for forex and oil CFDs are calculated using the formula Lots x Contract Size x Long/Short Swap x Point Size. The formula for CFDs on stocks and indices is (Long/Short Swap)/360/100 x Closing Price x Lots.
Traders are encouraged to check the rollover fees and swaps for each product they regularly trade to make informed decisions regarding their trading strategies and potential costs.
Deposit and Withdrawal Fees
The broker does not charge any deposit fees. However, the following withdrawal fees apply:
Neteller – 1% Fee (maximum 30 USD)
Skrill – 1% Fee (maximum 30 USD)
Inactivity Fees
The broker charges an inactivity fee after a trading account becomes dormant after 180 days.
Currency Conversion Fees
Currency conversion fees apply when traders deposit or withdraw in currencies other than KES, UGX, TZS, and USD.
What fees can I expect while trading on FXPesa?
The broker typically charges trading fees in the form of spreads, which is the difference between the buying and selling prices.
Are there any non-trading fees on FXPesa?
They might have non-trading fees such as withdrawal fees, inactivity fees, or account maintenance fees.
FXPesa Deposits and Withdrawals
The broker offers Cameroon traders the following deposit and withdrawal methods:
M-PESA
EAZZYPAY
Airtel Money
Airtel UG
Airtel TZ
MTN
Vodacom
HaloPesa
TigoPesa
Neteller
Skrill
Credit/Debit Cards
Local and International Bank Transfers
What deposit methods are available?
The broker offers various deposit methods, including bank transfers, credit/debit cards, and possibly e-wallet options.
How long does it take to process withdrawals?
Withdrawal processing times may vary depending on the chosen withdrawal method. Generally, bank transfers and card withdrawals may take a few business days, while e-wallet withdrawals could be faster.
How to Deposit Funds
To deposit funds to an account, Cameroon traders can follow these steps:
Step 1 – Log in to your account.
Login to the client portal via: https://portal.fxpesa.com.
Step 2 – Go to the deposit section.
Click on the “Deposit” tab. FXPesa allows deposits through Mobile Money, Bank Transfers, Skrill, and Neteller.
Step 3 – Choose a deposit method.
Choose the most suitable payment method for you.
Fund Withdrawal Process
To withdraw funds from an account, Cameroon traders can follow these steps:
Step 1 – Log in to your account.
Login to the client portal via: https://portal.fxpesa.com.
Step 2 – Go to the Withdrawal section.
Click on the “Withdrawals” tab.
Step 3 – Choose a withdrawal method.
Select the account you are withdrawing from, the amount to withdraw, the payment provider and the portal password, and then submit.
Education and Research
The broker offers the following Educational Materials to Cameroon traders:
Webinars
Seminars
Networking Events
Trading Tutorials
eResources
Market Insights
Does FXPesa provide educational resources for traders?
The broker offers a range of educational resources, including tutorials, articles, and webinars, to assist traders in enhancing their knowledge and skills.
Are there research tools available?
The broker provides research tools to help traders make informed decisions. This includes market analysis, economic calendars, and other features aimed at supporting traders.
Bonuses and Promotions
The broker offers attractive bonuses to enhance the trading experience and reward its clients. Here is a brief overview of the bonuses available.
Karibu Trading Bonus
The broker welcomes new traders with the Karibu trading bonus. This bonus rewards first-time deposits with up to $150 in extra credit. The name “Karibu” is derived from Swahili, meaning “welcome,” reflecting FXPesa’s commitment to the Cameroonian market.
Traders can enjoy the bonus to boost their trading capital and potentially increase their trading opportunities.
Referral Bonus
The broker encourages clients to refer their friends and earn mutual rewards through the referral bonus program. When you refer a friend to FXPesa, you and your friend receive a $15 trading bonus. Simply obtain your referral code by texting “Friend” to 40184 to participate.
When your friend opens an account, you will be rewarded with the bonus. Stay updated on FXPesa’s Telegram or Facebook channels for additional referral contests and prizes.
Does FXPesa offer bonuses to traders?
The broker provides various bonuses and promotions to traders. These include deposit bonuses and referral bonuses.
How can traders stay updated on the latest bonuses and promotions?
Traders can stay informed about the latest bonuses and promotions by regularly visiting the official website or contacting customer support for details on ongoing promotional campaigns.
Affiliate Program Features
When becoming an affiliate, you can benefit from the following features:
Expand your client network with market-leading rebates and high commissions as an Introducing Broker for FXPesa.
Join forces with a respected global broker that values fairness and transparency in its relationships.
Offer micro lots to your clients, providing competitive rates and the opportunity to benefit from tiered commission plans.
Receive support from dedicated partnership managers who will assist you in onboarding and provide ongoing assistance.
Access real-time reports through a live dashboard, informing you about all trading activities.
Connect your client network to top financial products and industry-leading trading platforms.
Enjoy flexible withdrawal options, allowing you to choose when to withdraw commissions using payment service providers like M-Pesa.
Partner with a trusted and regulated broker as FXPesa is part of the global Equiti Group and regulated by reputable authorities such as FCA, CMA, and more.
What features does the Affiliate Program offer?
The Affiliate Program provides various features, including competitive commission structures, real-time tracking tools, and marketing materials to support affiliates in maximizing their earnings.
How can affiliates track their referred clients’ activity?
The Affiliate Program offers real-time tracking tools, enabling affiliates to monitor the trading activity and performance of clients they have referred.
How to open an Affiliate Account
To register an Affiliate Account, Cameroonians can follow these steps:
Step 1 – Click on the partner’s tab.
Find and click the “Partners” section on the Website.
Step 2 – Join the affiliate program.
Look for the option to join the affiliate program and click on it to start the registration process.
Step 3 – Fill out the form.
Provide the required information in the registration form. This may include your name, email address, phone number, and other relevant details. Make sure to provide accurate information.
Customer Support
| ⏰ Operating Hours | 24/6 |
| 👥 Support Languages | English |
| 💬 Live Chat | Yes |
| 💻 Email Address | [email protected] |
| 📱 Telephonic Support | Telephone (Kenya) – 0800 211 185 WhatsApp – +254 730 676 002 |
| ✔️ The overall quality of Admirals Support | 4/5 |
How can I contact customer support?
The broker offers customer support through various channels, including live chat, email, and phone.
What are the working hours of customer support?
The broker’s customer support operates during regular business hours, and some channels may offer 24/5 assistance.
Corporate Social Responsibility
The broker is proud to support various initiatives that promote freedom and equity through sponsorship, charitable events, donations, and aiding non-profits such as Kenya’s GVRC.
Does FXPesa engage in Corporate Social Responsibility (CSR) initiatives?
Yes, the broker is committed to CSR and participates in various initiatives focused on social welfare, community development, and sustainability.
What specific CSR activities does FXPesa undertake?
The broker is involved in a range of CSR activities, including contributions to social causes, environmental sustainability efforts, and community development projects.
Verdict
Overall FXPesa is a robust Forex trading platform, especially for traders in East Africa. The platform is accessible to novice and seasoned traders due to its user-friendly interface, simple account opening procedure, and numerous deposit and withdrawal options.
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Pros and Cons
| ✅ Pros | ❌ Cons |
| Regulated by CMA in Kenya and FCA in the United Kingdom. | USD and KES are the only choice for account currency, which may not be convenient for all traders. |
| Separate spread-based and commission-based account types. | Marginally higher trading costs compared with other brokers. |
| Over 300 trading instruments are available. | No research and analysis tools are available. |
| Local bank deposits and withdrawals are available. | Limited trading instruments apart from Forex compared to other brokers. |
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Frequently Asked Questions
How do I open an account with FXPesa?
To open an account, visit their Website and click the “Open Account” button. Fill in the required information, complete the verification process, and fund your account to start trading.
What trading platforms does FXPesa offer?
The broker offers a web-based platform and the popular MetaTrader 4 (MT4) platform for trading. These platforms provide a range of tools and features to support your trading activities.
Does FXPesa offer a demo account?
Yes, they offer a demo account for traders to practice and familiarise themselves with the platform and trading strategies without risking real money.
Does FXPesa have Nasdaq 100?
Yes, the broker has Nasdaq 100 under “US Tech 100” with typical spreads from 1 pip.
Is FXPesa Safe or a Scam?
They are a safe broker regulated by the CMA in Kenya and FCA in the United Kingdom (Under Equiti Capital UK Limited).
Is FXPesa regulated?
Yes, the broker is well-regulated by the CMA in Kenya and FCA in the UK.
How long does it take to withdraw from FXPesa?
Some mobile payments offer instant withdrawals, while credit/debit cards could take up to 15 working days.
Does FXPesa have VIX 75?
Yes, the broker has VIX 75, with spreads from 0.1 pips.
