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FXPesa Account Types

fxpesa-Account-Types-Review

 

Overall, FXPesa provides 2 different retail account types e.g., an Executive Account and a Premier Account. FXPeas offers trading accounts in USD, KES, TZS, and UGX.

 

FXPesa at a glance

🔍 Broker’s nameFXPesa
🏛️ HeadquartersNairobi, Kenya
📅 Year founded2019
⚖️ Regulating authoritiesCMA, FCA
📒 Demo accountYes
☪️ Islamic account (swap-free)Yes
✴️ Segregated accountsYes
👨🏼‍💼Managed accountsYes
🔣 Maximum leverage1:400
💰 Minimum deposit$5
➕ Deposit optionsWire/Bank transfer
Debit/Credit cards
E-Wallet
Mobile payments
➖ Withdrawal optionsWire/Bank transfer
E-Wallet
Mobile payments
📊 Platform(s) providedFXPesa Mobile
MyFXPesa
MetaTrader 4
MetaTrader 5
📶 OS compatibilityiPhones, iPads, Multi-Terminal, and all Android devices.
🛍️ Tradable assets offeredForex, Indices, Commodities, US Shares, UK Shares and EU Shares
💬 Languages supported on the websiteEnglish
💬 Customer support languagesMultilingual
⏲️ Customer service hours24/6

 

As a division of EGM Securities, FXPesa asserts to provide the greatest degree of internal and external compliance requirements. Both FXPesa and EGM Securities are a part of an international conglomerate that is regarded as one of the top CFD and FX providers.

 

Overall Rating

4.1/5

Rated #509 of
Recommended FX Brokers

💰Minimum Deposit

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FXPesa provides competitive pricing and great trading circumstances, including narrow spreads, low and acceptable fees, and quick transaction execution times. Effective and reliable deposit and withdrawal options are available, and customer support is available 24 hours a day, six days a week.

 

FXPesa Account Types Review – 8 Key Point Quick Overview (2022):

  1. ☑️ FXPesa at a glance
  2. ☑️ FXPesa account types Pros and Cons

 

FXPesa wants to be the go-to broker for traders of all levels of expertise by offering prompt assistance, clear pricing, quick transaction execution, and a dependable platform.

 

FXPesa account types Pros and Cons

✔️ Pros❌ Cons
FXPesa is well-regulated even though it is a new broker in the industryAn inactivity fee will apply to dormant accounts
FXPesa offers a range of deposit and withdrawal optionsThe spread on the Executive account is very high
There is a low minimum deposit on the trading accountsThere are limited account base currencies offered
FXPesa offers zero-pip spreads on the Premiere AccountThere are withdrawal fees charged
The demo account is not limited
There are several trading strategies that traders can use with FXPesa
Traders can expect market execution when they trade with FXPesa

 

FXPesa Overview

 

As a division of EGM Securities, FXPesa asserts to provide the greatest degree of internal and external compliance requirements. Both FXPesa and EGM Securities are a part of an international conglomerate that is regarded as one of the top CFD and FX providers.

All traders who use FXPesa have access to round-the-clock customer service, and retail traders are given the tools they need to succeed by being given access to innovative trading technology, market knowledge, and instructional materials.

FXPesa began as a regulated broker, providing access to over 200 trading items such as forex, stock CFDs, indices, metals, and commodities. There are trading platforms that are both sophisticated and user-friendly, as well as a specialized training facility.

FXPesa provides competitive pricing and great trading circumstances, including narrow spreads, low and acceptable fees, and quick transaction execution times. Effective and reliable deposit and withdrawal options are available, and customer support is available 24 hours a day, six days a week.

Another advantage is that FXPesa offers free educational resources, including webinars which could be extremely valuable to traders of all skill levels.

FXPesa wants to be the go-to broker for traders of all levels of expertise by offering prompt assistance, clear pricing, quick transaction execution, and a dependable platform.

 

FXPesa has clients from around the world and these areas have the largest distributions:

 

  • Kenya – 95.7%
  • United States – 0.8%
  • Finland – 0.6%
  • France – 0.4%
  • South Africa – 0.4%

 

FXPesa account types and features

🔍 Account Features📈 Executive Account📈 Premier Account
💵 Minimum Deposit$5$100
📊 Platforms offeredMetaTrader 4
FXPesa Trader
MetaTrader 5
MetaTrader 4
FXPesa Trader
MetaTrader 5
📈 Typical spreads1.4 pips0.0 pips
📊 Instruments available62 currency pairs
6 precious metals
37 CFDS
240+ Shares
62 currency pairs
6 precious metals
37 CFDS
240+ Shares
💹 Maximum leverage ratiosForex and Precious Metals – 1:400
CFDs – 1:200
Equities – 1:20
Forex and Precious Metals – 1:400
CFDs – 1:200
Equities – 1:20
⚖️ Fixed leverageOn MetaTrader 4 and FXPesa Mobile, on forex, precious metals, CFDs, and equitiesOn MetaTrader 4 and FXPesa Mobile, on forex, precious metals, CFDs and equities
⚖️ Dynamic leverageOn MetaTrader 5 on forex, precious metals, CFDs, and equitiesOn MetaTrader 5 on forex, precious metals, CFDs, and equities
⭐ Demo accountYesYes
📝 Order executionMarketMarket
📉 Minimum trade size0.010.01
📈 Maximum Trading Volume for a single trade150 lots for major financial instruments150 lots for major financial instruments
📈 Maximum volume on open trades1500 lots on forex1500 lots on forex
📈 Maximum Number of Open or Pending Trades500500
💲 Base account currencyUSDUSD
🛑 Stop-out30%30%
💰 Commission feeNo$7 per standard lot, round turn on forex and precious metals
☪️ Islamic account optionYesYes

 

FXPesa provides 2 live trading accounts namely the FXPesa Executive account and the FXPesa Premier account. Islamic account options for both accounts are available for traders who follow the Muslim faith. Demo account options are also available with both main live trading accounts.

FXPesa is highly recommended by traders because of the speed and consistency with which orders are executed and because it offers the finest trading conditions available. To complement the FXPesa Executive account, a new Premiere account is now available with spreads as low as 0 pips.

 

Executive Account

 

High-volume traders and professionals that want favorable trading circumstances will find the FXPesa Executive Account to be the ideal account option for them.

 

Premiere Account

 

The FXPesa Premier account provides traders with a competitive trading experience by providing the finest trading conditions and extra features.

 

Demo Account

 

Traders utilize demo accounts, especially those who want to familiarize themselves with the market and actual trading conditions. A demo trading account, in the simplest terms, enables traders to trade with virtual currency by imitating actual forex pricing.

In addition, since traders can trade in a risk-free setting, a demo account enables them to practice trading in advance and evaluate the possible dangers associated with trading. The FXPesa Demo Account is designed for novice traders to obtain trading experience. There are several benefits to Demo accounts.

These accounts are identical to live accounts in that they have actual market pricing, unrestricted use, and access to the MT4, MT5, mobile applications, and WebTrader platforms.

 

Islamic Account

 

Forex and CFD trading can sometimes be considered haram in Islam, making it difficult for Muslim traders to participate in the financial markets. The challenge for Muslims is finding an Islamic Forex account that allows swap-free trading.

Only a small number of online brokers now provide Islamic accounts, even though halal Forex trading is not a novel financial concept. Since these accounts are less profitable for brokers and their potential clientele is limited, they are seldom promoted.

Halal trading accounts, which are what we mean when we talk about Islamic forex accounts, do not allow interest to be accrued, collected, or paid.

These accounts are also known as “swap-free” accounts. Contrary to standard trading accounts, these do not accrue swap interest or get fees on currency swaps.

Forex, minor and exotic currency pairings, and precious metals trading are all permitted on Islamic Accounts provided by FXPesa. To convert a live trading account, Muslim traders first need to open a live trading account with FXPesa and validate their account.

After they have done this, they can contact FXPesa’s customer support team to request a conversion on their trading account, allowing them to participate in halal trading activities.

 

FXPesa deposits and withdrawals

➕ Deposit Methods💰 Wire / Bank transfer💰 Debit / Credit card💰 E-Wallet💰 Mobile payments
💳 Supported currenciesUSD, KES, TZS, UGXUSD, KES, TZSUSD, KESUSD, KES, TZS, UGX
💳 Deposit arrival time1-3 Working DaysInstantInstantInstant
💳 FeesFreeFreeFreeFree
💳 Payment methodsI&M Bank LimitedVisa, MastercardSkrill, NetellerMpesa - Lipa na Bonga - EazzyPay - Airtel money - eLipa - Mastercard, Visa - MTNMoney - (UGX) – Vodacom (TZS) – Tigo (TZS) – Airtel (TZS)
➖ Withdrawal Methods
💳 Supported currenciesUSD, KESUSD, KESKES, TZS, UGX
💳 Withdrawal arrival time3-5 working days3 hours3 hours
💳 Local withdrawal feesFree1% (capped at $30, currency equivalent)Free
💳 International withdrawal fees15 USD - 1650 KES1% (capped at $30, currency equivalent)Free
💳 Payment providersI&M Bank LimitedSkrill, NetellerMpesa - Lipa na Bonga - Airtel money - eLipa - MTNMoney (UGX)

 

FXPesa offers the following payment methods through which deposits and withdrawals can be done:

  • Credit and Debit Card (Visa and Mastercard)
  • Bank Wire Transfer – I&M Bank Limited
  • eWallets include Skrill and Neteller
  • Mobile Payments include MPesa, Lipa na Bonga, Airtel Money, eLipa, and MTNMoney (UGX)

 

FXPesa costs and fees, commissions, and spreads

 

Examining the fees imposed by a broker is an absolute must when assessing one. The spread, fees, and margin requirements are all factors that can affect the fees that traders can expect to pay when they trade with a certain broker.

 

Spreads and Commissions

 

In forex, the spread is an exceedingly small fee that is included in the purchase (bid) and sell (ask) prices of each currency pair deal. When you examine the stated price for a currency pair, you will notice a difference between the purchase and sell prices – this is referred to as the spread or bid/ask spread.

 

FXPesa charges the following spreads on their 2 different account types

 

  1. Executive Account – 1.4 pips EUR/USD
  2. Premiere Account – 0.0 pips EUR/USD

 

In addition, traders must note that there are commission charges of $7 which are charged per standard lot, round turn on forex and precious metals.

 

Overnight Fees, Rollovers, and Swaps

🔍 Instrument📈 Long (Buy) Swap📉 Short (Sell) Swap
💱 BTC/USD-25.15 pips-24.85 pips
💱 EUR/USD-4.8 pips1.36 pips
💱 RUSS2000-2.17 pips-1.83 pips
💱 UKOILRoll29.17 pips-49.17 pips
💱 XAG/USD-1.444 pips-0.549 pips
💱 XAU/USD4.954 pips-0.841 pips

 

The overnight interest return on a currency position held by a trader is known as a swap or rollover fee. The difference in interest rates between the two exchanged currencies is used to compute the rollover interest cost. An investor who has a positive rollover rate has made a profit. Having a negative rollover rate is a cost to the investor.

Trading “rolling spot” currency is possible with FXPesa, and all open positions will then be automatically rolled over to a new value date between 23:59:45 and 23:59:59 server time. These open positions incur a swap charge or credit depending on the trader’s position, the amount of the open position, and the financial instrument.

 

Deposit and Withdrawal Fees

 

FXPesa does not charge any fees while making a deposit, but there are costs associated with withdrawing funds as follows:

  • eWallets have a 1% fee up to a maximum of 30 USD.
  • Withdrawals made internationally through bank wire transfer will have a 15 USD fee applied.

 

Inactivity Fees

 

An inactivity fee will be charged by FXPesa if your account is dormant for 180 days or more. Having a position open or cancelled is considered an activity, as is the act of placing a trade.

If the account is dormant for a certain period, the account holder may be subject to a future inactivity fee denominated in the currency of the dormant account.

EGM Securities’ parent company is required by its terms and conditions to provide early notice to its customers if such a charge is to be made or if the account is to be cancelled.

 

Currency Conversion Fees

 

Currency conversion fees apply when traders deposit or withdraw funds in currencies other than their default account currency.

 

Addendum/Disclosure

 

No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

 

You might also like: FXPesa Review

You might also like: FXPesa Demo Account – Step by Step

You might also like: FXPesa Fees and Spreads

You might also like: FXPesa Islamic Account Overview

You might also like: FXPesa Minimum Deposit

You might also like: FXPesa Sign-up Bonus

You might also like: FXPesa Withdrawal Process

 

Frequently asked questions

 

How do I trade with FXPesa?

You can start by registering a demo account to evaluate whether FXPesa will meet your trading needs and/or objectives. Once you are happy, you can register your account, verify your details, fund the account, and start trading.

 

What account currency can I use with FXPesa?

You can register an account only in USD.

 

Is FXPesa regulated?

Yes, FXPesa is well-regulated by the CMA and FCA through its parent company.

 

How do I withdraw my money from FXPesa?

You can use any of these easy withdrawal methods:

  • Credit and Debit Card (Visa and Mastercard)
  • Bank Wire Transfer – I&M Bank Limited
  • eWallets include Skrill and Neteller
  • Mobile Payments include MPesa, Lipa na Bonga, Airtel Money, eLipa, and MTNMoney (UGX)

 

Which accounts can I open with FXPesa?

You can choose between an Executive and Premiere Retail Trading Account. FXPesa also offers a demo account and Islamic Account conversion option.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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