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FxPesa Broker Review For Nigeria In 2023

FxPesa At A glance

🏛️ Based inLimassol, Cyprus
⚖️ RegulationCMA, FCA
💰 Minimum Deposit$5 (2000 Naira)
💳 Deposit OptionsCrypto, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney, Bank Wire
💳 Withdrawal OptionsCrypto, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney, Bank Wire
📌Open an accountStart Trading with FxPesa
FxPesa QuickInfo

About FXPesa

FxPesa was first established in 2016. It is a regulated broker based in Kenya and provides services to the East African market. Despite being a relatively new broker, FxPesa has already earned a good reputation for offering a reliable online trading service.

FxPesa places a high value on offering a great customer experience. Their aim is to give traders access to good trading conditions and fast trade execution. As such, they have a competitive offering with two main account options. They give traders access to a wide range of markets and 200+ trading instruments – including all major forex pairs. They also offer low-cost trading accounts with low minimum deposits, tight spreads, and low commissions.

FxPesa also places a high value on forex education and trading support. Their aim here is to empower traders with the skills they need to trade successfully. They offer a great suite of educational materials complete with webinars, eBooks, guides, glossaries, and infographics. They also provide access to daily market news. When it comes to trading tools, FxPesa gives its clients access to one of the world’s best trading platforms – MetaTrader4. This, in combination with their excellent trading conditions and client support, enables them to offer an all-round great trading experience.

Key Benefits

Regulation

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 Financial Conduct Authority (FCA) of UK. As such, you can expect an excellent service and a high level of client fund security.

Trading Instruments

FxPesa offers 200+ trading instruments across 4 asset classes. You can choose from 5 trading instruments including forex pairs, shares, indices, and commodities. This is what is on offer:

  • Forex: FXPesa has 66 currency pairs on offer including 7 major pairs, 21 minor pairs and 38 exotic pairs. You can trade all the most popular pairs including EURUSD, GBPUSD, and USDCAD.
  • Commodities: FXPesa offers CFD trading on 8 commodities including Gold, Silver, Oil and Platinum. Their commodities trading comes with great trading conditions.
  • Indices: FxPesa offers CFD trading on 12 indices including Germany 30, France 40, Japan 225, EU Stocks 50, Hong Kong 50, UK 100, and US SPX 500.
  • Shares: FxPesa offers CFD trading on a large selection of US shares, EU shares, and UK shares. You can choose from popular shares such as Meta, Tesla, and BMW.

Forex 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 trading capital and get more value for money.

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FXPesa Accounts

FXPesa offers two main account types – its Executive Account and its Premier Account. Both come with low minimum deposits, fast trade execution, and low trading costs.

Account

Spreads

Instruments

Min. Deposit

Commission

Executive

1.4 pips

All available

$5

None

Premium

0.0 pips

All available

$100

$7 per lot

Base Currencies

The base currency for both trading accounts is USD.

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.

Premier Accounts

The Premier 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 Premier 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 $10,000 of virtual credit. You can use the demo account to get a feel for their trading platforms and overall trading environments. You can also use it to practice your trading skills and test your trading strategies.

Trading Platforms

FxPesa offers three trading platforms – MetaTrader4 , MetaTrader5 and its own FxPesa trading platform. All three trading platforms come with a good selections of order execution types and indicators. You can use them across all devices including desktop, tablet, and mobiles.

MetaTrader4

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

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 your 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.

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.

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Deposits & Withdrawals

FxPesa offers a small, convenient selection of payment models including debit card, credit card, bank transfer, Skrill, Neteller, mPesa, MTN, and Airtel Money.

Forex Education

FxPesa offers a great range of 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 how 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.

Documents

To sign up for a live account you’ll need to provide a proof of ID and a proof of address. This is so that FxPesa can verify your identity. You can send them copies of your National ID card, Passport or Driving License. You can also send them copies of a utility bill or a bank statement registered in your name.

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.

Conclusion

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 provide easy market access and offer 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.

Ready to start trading? Open an FxPesa trading account. Looking for more information? Check out our other forex broker reviews.

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