Contents
- 1 FXPesa Basics
- 2 Our Opinion About FXPesa
- 3 Key Benefits
- 4 Regulation And Safety
- 5 Fund Safety
- 6 FXPesa: Legit Or Scam?
- 7 FXPesa Trading Assets
- 8 Trading Instruments
- 9 FXPesa Account Types
- 10 Executive Accounts
- 11 Premiere Accounts
- 12 Demo Accounts
- 13 FXPesa Spreads
- 14 FXPesa Commissions
- 15 Base Currencies
- 16 FXPesa Registration – How To Open A Trading Account
- 17 FXPesa Registration – How To Verify A Trading Account
- 18 FXPesa Bonuses
- 19 FXPesa Payment Methods
- 20 FXPesa Deposits
- 21 FXPesa Withdrawals
- 22 FXPesa Trading Platforms
- 23 Education And Research
- 24 FXPesa Customer Support
- 25 Our Verdict
- 26 FXPesa Forex Broker Review – Similar Brokers
FXPesa Basics
| 🏛️ Based in | Limassol, Cyprus |
|---|---|
| ⚖️ Regulation | CMA, FCA |
| 💰 Minimum Deposit | $5 (2000 Naira) |
| 💳 Deposit Options | VISA, MasterCard, Neteller, Skrill, Bank Wire, M-Pesa, EAZZYPAY, & more. |
| 💳 Withdrawal Options | VISA, MasterCard, Neteller, Skrill, Bank Wire, M-Pesa, EAZZYPAY, & more. |
| 📌Open an account | Start Trading with FxPesa |
Our Opinion About FXPesa
Key Benefits
Regulation And Safety
FXPesa is regulated via its parent company EGM Securities. EGM Securities Limited (FXPesa) was the first non-dealing forex broker regulated by the local regulator of Kenya CMA in February 2018 under license No. 107. For added reassurance, it’s worth noting that EGM Securities is part of a larger group called Equiti Capital – which is also regulated across multiple jurisdictions – and one of its group members is regulated by the Financial Conduct Authority (FCA) in the UK. As such, you can expect excellent service and a high level of client fund security.
Fund Safety
As a regulated forex broker, FXPesa takes client fund safety very seriously. It keeps client funds separate from its own funds. This ensures that client funds are not available for operational purposes. It also implements many stringent client security measures to protect client data and keep client funds safe. It is worth noting, however, that FxPesa does not offer negative balance protection.
FXPesa: Legit Or Scam?
FXPesa is a legit forex broker. They have been offering online trading services for several years and have earned the trust of many traders in Nigeria. They are a regulated company and offer a good level of client fund protection. With regards to their online trading services, they have good trading accounts and fair trading conditions. They also have a good range of payment methods and a fast withdrawal process. In our opinion, they are a fair and trustworthy forex broker.
FXPesa Trading Assets
FxPesa offers 200+ trading instruments across 4 asset classes. You can choose from 5 trading instruments including forex pairs, shares, indices, and commodities.
Trading Instruments
- Forex: They have 66 currency pairs including 7 major pairs, 21 minor pairs and 38 exotic pairs.
- Commodities: They offer CFD trading on 8 commodities including Gold, Silver, Oil and Platinum.
- Indices: They offer CFD trading on 12 indices including the Germany 30 and the US SPX 500.
- Shares: They offer CFD trading on a large selection of US shares, EU shares, and UK shares.
FXPesa Account Types
FXPesa offers two main account types – its Executive Account and its Premiere Account. Both come with low minimum deposits, fast trade execution, and low trading costs.
| Type | Spreads | Min. Deposit | Max. Leverage | Commission |
|---|---|---|---|---|
| Executive | From 1.4 pips | $5 | 1:400 | $0 |
| Premiere | From 0.0 pips | $100 | 1:400 | $7 per lot |
Executive Accounts
The Executive Account is a great choice for new traders in Nigeria. The minimum deposit is only $5 which makes it an easily accessible, low-risk option with minimal capital requirements. It is one of the lowest minimum deposits on the market which also makes it a very competitive offer. It also comes with low trading costs and great trading conditions. With the Executive Account, you can use either MetaTrader4, MetaTrader5, or the FxPesa trading platform. You can also access all 200+ trading instruments.
Premiere Accounts
The Premiere Account is a great option for more experienced traders in Nigeria. The minimum deposit is slightly higher than the minimum deposit on the Executive Account – but it’s worth the extra funds. The Premiere Account comes with much better trading conditions including high leverage, fast trade execution, and most importantly, zero pip spreads. With the Premier Account, you can choose from MetaTrader4, MetaTrader5, or the FxPesa trading platform. You can also trade any of FxPesa’s 200+ trading instruments.
Demo Accounts
FxPesa also offers a free demo account. It comes with $10,000 of virtual credit. You can use the demo account to get a feel for their trading platforms and overall trading environments.
FXPesa Spreads
The spread available depends on your account type. You can trade with spreads starting from 1.4 pips on the Executive Account, and 0.0 pips on the Premiere Account.
FXPesa Commissions
The commission fee depends on your account type. You can trade with commissions starting from $0 on the Executive Account, and $7 per lot on the Premiere Account.
Base Currencies
The base currency for both trading accounts is USD.
FXPesa Registration – How To Open A Trading Account
As part of our forex FXPesa review, we checked their account requirements. If you live in Nigeria, then you are eligible to open an online trading account. The registration process is quite simple. The first thing you need to do is to register online via the FXPesa website. This is so that they can gather some basic personal data and create your online trading account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.
The next step is to complete a short quiz about online trading. This is so that FXPesa can understand how much you know about forex trading and whether their services are suitable for you. At this stage, all you need to do is answer a few questions to show FXPesa that you know how to trade. If you pass the test, you can proceed to account verification.
FXPesa Registration – How To Verify A Trading Account
As part of the registration process, FXPesa also needs to check your identity. For this reason, they ask you to complete their KYC process and submit certain verification documents. You will need to send them a primary form proof of ID. This could be a copy of your passport or driving licence. You will also need to give them a secondary form of ID. This could be a utility bill, a bank statement, or a government issued tax document. Once you have finished the KYC process, and FXPesa has verified your identity, they will then approve and verify your account.
FXPesa Bonuses
As part of its welcome package for new traders, FXPesa offers a small welcome bonus when you open a Premier Account. You can receive a 30% cash return when funding $100. In order to get the bonus, you need to register for an account, complete the KYC account verification process, fund your account, and start trading. It is a nice welcome offer and the bonus will enable you to boost your initial capital.
FXPesa Payment Methods
As part of our FXPesa review, we looked at what payment options are available. As the FXPesa minimum deposit amount is so low, opening an account is fairly easy. They also offer a wide range of convenient payment methods.
FXPesa Deposits
FXPesa allows you to fund your account using debit card, credit card, and wire transfer. They also accept popular e-wallets such as Neteller and Skrill. If you’re looking for more options, FXPesa offers a few other deposit methods including M-Pesa, EAZZYPAY, Airtel Money, MTN, Airtel UG, Vodacom, Airtel TZ, HaloPesa & TigoPesa. There are no deposit fees. The deposit time may vary depending on the deposit method. For example, Neteller deposits are instant but bank transfers may take up to 5 working days.
FXPesa Withdrawals
FXPesa allows you to withdraw money from your account using debit card, credit card, and wire transfer. They also allow withdrawals via popular e-wallets such as Neteller and Skrill. If you’re looking for more options, FXPesa offers a few other withdrawal methods including M-Pesa, EAZZYPAY, Airtel Money, MTN, Airtel UG, Vodacom, Airtel TZ, HaloPesa & TigoPesa. There are no withdrawal fees for most FXPesa withdrawal methods, but you should always check with your 3rd party payment provider, to see if any additional fees may apply.. The withdrawal time may vary depending on your withdrawal method. For example, Neteller withdrawals are instant but bank transfers may take up to 5 days.
FXPesa Trading Platforms
FxPesa offers three trading platforms – MetaTrader4, MetaTrader5, and its own FxPesa trading platform. All three trading platforms come with a good selection of order execution types and indicators. You can use them across all devices including desktop, tablet, and mobiles.
MetaTrader4 (MT4) is a good choice for beginner forex traders in Nigeria. It has a user-friendly interface and comes with lots of built-in trading tools. You can use the platform to trade all of your favourite forex and CFD trading instruments including indices and shares. MetaTrader4 also has plenty of advanced charting tools, as well as 4 order execution types, 30 technical indicators, and 23 analytical objects. You can use these tools to manage your trades and improve your technical analysis.
MetaTrader5 (MT5) is a great choice for experienced forex traders in Nigeria. It has a user-friendly design that is easily customizable. As with MetaTrader4, you can use the platform to trade all of the most liquid and the most lucrative financial markets. MetaTrader5 has a simple, easy-to-use configuration. It also has a great selection of trading features including 6 order execution types, 38 indicators, and 37 analytical objects. As such, it has slightly better functionality than MetaTrader4. You can use it to develop better trading strategies and enhance your market analysis.
Education And Research
FXPesa offers a great range of educational resources including educational videos, forex guides, trading glossaries, infographics, and webinars.
Their education trading videos are very helpful for new traders. They cover topics such as currency pairs, forex pips, margin, and leverage. They also teach you about trading psychology and how to implement basic risk management strategies. These videos, in combination with the training guides and trading glossaries, enable you to learn new forex terminology and get a basic understanding of how the forex market works.
Their educational webinars are also very useful. You can choose which ones you want to join each week, based on your interests and skill level. They cover a wide range of useful trading topics. Each topic helps you develop a new skill and teaches you how to become a better forex trader. For example , they show you how to use your trading platform and how to make your first trade. They also cover important aspects of fundamental and technical analysis.
FXPesa Customer Support
FXPesa has a friendly customer support team that offers great customer service. They will help you with any queries you may have. They speak multiple languages and are available 24/5, Monday to Friday. You can contact them during their working hours via email, phone and live chat.
Our Verdict
FXPesa is a new, reliable forex broker serving the local market. They endeavour to provide the best possible trading conditions and succeed in offering two great, low-cost account options. FXPesa provides easy market access and offers some of the world’s best trading platforms. They also give traders the opportunity to trade 200+ highly popular trading instruments.
As a regulated company, they also offer a safe online trading environment with a good level of client fund protection. They also place a high value on forex education and trading support. They provide a good range of online learning materials to help you learn how to trade properly. FXPesa also offers excellent customer service and online trading support. As such, they are a great option for new and experienced forex traders in Nigeria.
Yes, FXPesa in Nigeria is a good broker. They have a nice selection of account types, many of which have very low minimum deposits. FXPesa offers around 200 trading instruments including forex, stocks, indices, and commodities. They also offer high leverage, low trading costs, and fast execution. In our opinion, they are a good broker and a good choice for Nigerian traders.
Yes, FXPesa is a legit broker. They provide a reliable online trading service, as well as good trading platforms, helpful trading tools, and multilingual customer support. When it comes to client fund safety, they operate using strict client fund protection measures. They also offer convenient payment methods, no fee deposits, and fast withdrawals. In our opinion, FXPesa is a legit broker and a good choice for Nigerian traders.
FXPesa is regulated via its parent company EGM Securities. EGM Securities Limited (FXPesa) was the first non-dealing forex broker regulated by the local regulator of Kenya CMA in February 2018 under licence No. 107.
FXPesa is a great broker. They have a great choice of account types. They also have excellent trading conditions, cutting-edge trading platforms, and useful trading tools. However, if you want to consider other options, there are also many other great forex brokers. We recommend looking at HotForex, FXTM, FXPro, FXPrimus, and Instaforex.
The Executive Account is their best account type. The minimum deposit is only $5 which makes it an easily accessible, low-risk option with minimal capital requirements. It is one of the lowest minimum deposits on the market which also makes it a very competitive offer. It also comes with low trading costs and great trading conditions. With the Executive Account, you can use either MetaTrader4, MetaTrader5, or the FXPesa trading platform.
Ready to start trading? Open an FxPesa trading account.
FXPesa Forex Broker Review – Similar Brokers
FXPesa is a great choice for forex traders. However, if you want to look at other companies, there are also many other choices for Nigeria. Here are some similar forex brokers.
Looking for more information? Check out our other forex broker reviews.