FXPesa Review 2023: Is It A Scam? Read This In-depth Analysis Report

FXPesa Review

FXPesa is a relatively new Forex broker in the market that was founded in 2019. It is based in Tanzania and provides services to traders in African countries such as Kenya, Uganda, Tanzania, and Nigeria. Let’s take an in-depth look into the broker’s services and features through a detailed FXPesa Review 2023. 

The broker provides a range of trading instruments such as forex, commodities, and cryptocurrencies through its trading platform. 

In this comprehensive FXPesa review 2023, we will evaluate the broker in detail to help you decide whether it is worth your time and investment. 

What Is FXPesa? 

FXPesa is a financial services company that provides online forex and CFD trading services to clients around the world. The company was founded in 2019 and is based in Dar es Salaam, Tanzania. 

At a glance, the broker seems to provide its clients with a user-friendly, secure, and transparent trading platform and offer them access to various financial instruments, including currency pairs, commodities, indices, and stocks.

The platform is owned and operated by EGM Securities Limited, which is licensed and regulated by the Capital Markets Authority in Kenya.

Is FXPesa Legit?

Yes, FXPesa is a legit Forex broker that is registered and regulated by the Tanzania Financial Services Authority (TFSA) under license number 107. 

The broker operates in compliance with the regulatory guidelines and adheres to industry standards to ensure transparency and fairness in its dealings. 

Therefore, it is safe to conclude that FXPesa is not a scam.

FXPesa Safety & Security Features

The broker prioritises protecting and securing its clients’ funds and personal information. The broker uses advanced encryption technology to safeguard its clients’ data and transactions from cyber threats. 

Furthermore, FXPesa keeps its clients’ funds in segregated accounts with reputable banks to ensure they are protected from insolvency.

Trading Instruments Offered By FXPesa:

Our detailed FXPesa Review 2023 revealed that the broker’s product offering is diverse and caters to different traders’ needs and preferences. 

The platform’s user-friendly interface and educational resources further increase its popularity among traders. 

Here’s a list of the trading instruments offered:

  • Forex: Over 50 currency pairs, including major pairs such as EUR/USD and GBP/USD.
  • Indices: Trading in a range of stock indices, including the S&P 500, FTSE 100, and Nikkei 225.
  • Commodities: A range of commodities for trading, including precious metals such as gold and silver, crude oil, and agricultural commodities such as wheat, corn, and soybeans.
  • Shares: Trading in various companies’ shares allows users to buy and sell stocks in individual companies.
  • ETFs: Trading in Exchange-Traded Funds (ETFs), which are a type of investment fund that trades like a stock on an exchange.
  • Futures: Trading in futures contracts allows users to speculate on the price movements of an underlying asset at a future date.

FXPesa Fees & Commission:

The broker charges competitive fees and commissions on its trading services. The spreads are variables that start from 0.2 pips for forex trading. 

FXPesa also charges a commission of $7 per lot for forex trading. However, the broker does not charge any deposit or withdrawal fees, which is a plus for traders.

As per our analysis for FXPesa Review 2023, the broker’s fees & commission charges are slightly higher than the other low-cost brokers like TradeEU. 

FXPesa Leverage:

FXPesa offers leverage of up to 1:500, which is a high level of leverage. However, the broker requires traders to maintain a minimum margin of 0.25% for forex trading. It’s important to note that the leverage offered can vary depending on the account type selected. 

Here’s a breakdown of the leverage offered for each trading instrument:


  • Major currency pairs: up to 1:500 leverage
  • Minor and exotic currency pairs: up to 1:200 leverage


  • Gold: up to 1:100 leverage
  • Silver: up to 1:50 leverage
  • Other commodities: up to 1:100 leverage


  • Major indices: up to 1:100 leverage
  • Minor indices: up to 1:50 leverage


  • Bitcoin: up to 1:5 leverage
  • Altcoins: up to 1:2 leverage

FXPesa Trading Platforms:

The broker offers two of the most advanced trading platforms – MT4 and MT5, alongside a dedicated mobile application – Equiti Trader. Let’s get insights into the specification of each trading platform through this detailed FXPesa Review 2023: 

FXPesa MT4:

  • Available for trading forex, indices, commodities, NSE futures, shares & ETFs
  • Executive & Premiere accounts
  • Fund with M-Pesa, banks, cards or eWallets
  • $0 platform fees
  • Single-thread strategy tester
  • Market Watch data 
  • Table reports
  • Hedging allowed
  • Available on mobile, laptop or tablet
  • Instant notifications
  • 80 trading tools (incl. EAs)
  • MQL4
  • Open trades dashboard with lots
  • 3 order execution types
  • 4 pending order types
  • 9-timeframes
  • Demo available

FXPesa MT5

  • Offers more products, data & tools than MT4
  • Available for trading forex, indices, commodities, NSE futures, shares & ETFs
  • Instant notifications
  • 88 trading tools (incl. EAs)
  • MQL5
  • Open trades dashboard with lots, quantity & milliseconds
  • Multi-thread strategy tester
  • Market Watch data Table & chart reports
  • Hedging & netting allowed
  • 4 order execution types
  • Executive & Premiere accounts
  • Fund with M-Pesa, banks, cards or eWallets
  • $0 platform fees
  • Available on mobile, laptop or tablet
  • 6 pending order types
  • 21-time frames
  • Partial order filling
  • Trading scripts marketplace
  • Economic calendar
  • Market depth
  • Demo available

Equiti Trader:

  • A dedicated FXPesa app, also known as FXPesa Trader
  • Available on the mobile trading platforms for iOS 12+ and Android 7.1+
  • Deposit with M-Pesa, Neteller & Skrill
  • Instant notifications
  • In-app support
  • Available for trading on FX, indices, commodities, shares and ETFs
  • Interactive TradingView charts
  • Transparent activity log
  • Full economic calendar
  • Breakdown assets by class
  • Free risk and analytical tools
  • $0 platform fees

FXPesa Review: Pros & Cons:


  • Regulated broker
  • Competitive spreads and commissions
  • No deposit or withdrawal fees
  • User-friendly trading platform
  • Range of trading instruments


  • Limited to African countries
  • Limited educational and research resources

FXPesa Account Types & Features

FXPesa offers three account types to cater to the needs of different traders. The account types are as follows:

Executive Account:

  • No commission is charged on trades
  • Leverage up to 1:500
  • Minimum deposit of $10
  • Spreads from 1.4 pips
  • Over 50 trading instruments
  • Built-in research and risk tools
  • No Dealing Desk (NDD) intervention
  • ECN tech with Tier 1 liquidity

Premier Account:

  • 0.0 pip spreads
  • Leverage up to 1:500
  • Minimum deposit of $100
  • Over 50 trading instruments
  • Daily market analysis
  • $7/lot commission ($3.5/turn)
  • Dedicated account manager

FXPesa Demo Account

In addition to these live trading account types, the FXPesa demo account is for traders who want to practice their trading strategies without risking real money. 

The demo account provides traders with a simulated trading environment using real-time market data, giving them a chance to test their skills before trading with real money.

Open FXPesa Account?

To open an account with FXPesa, follow these steps:

  • Go to the website and click on the “Register” button.
  • Fill out the application form with your personal information and choose the account type you want to open.
  • Upload the necessary documents for account verification.
  • Choose a payment method and make a deposit.
  • Start trading.

Deposit Money Into FXPesa?

To deposit funds, follow these steps:

  • Log in to your FXPesa account.
  • Click on the “Deposit” button and choose your preferred payment method.
  • Enter the deposit amount and follow the instructions to complete the payment.

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FXPesa Withdrawal: 

To withdraw funds from your FXPesa account, follow these steps:

  • Log in to your FXPesa account.
  • Click on the “Withdrawal” button.
  • Choose your preferred withdrawal method and enter the amount you want to withdraw.
  • Follow the instructions to complete the withdrawal process.

Deposit & Withdrawal Conditions At FXPesa

FXPesa offers a variety of deposit and withdrawal options for its clients. The minimum deposit amount depends on the account type selected and ranges from $5 for the Micro account to $100 for the Executive account. 

Deposits & withdrawals can be made via the following methods:

  • Bank transfer
  • Credit/debit card
  • Neteller
  • Skrill
  • M-Pesa
  • Local or international bank wire transfer

Withdrawals are processed using the same method that is used for depositing. The processing time for withdrawals may vary depending on the selected method. Here are some important conditions to note for deposits and withdrawals:

  • All deposits are free of charge, but the payment providers may apply some fees.
  • Withdrawals are subject to a $2 processing fee.
  • Deposits are processed instantly for most payment methods, while withdrawals may take up to 3 business days to process.
  • Clients are required to complete the FXPesa verification process before they can make a withdrawal.
  • Withdrawals can only be made to accounts held in the client’s name.
  • The minimum withdrawal amount is $10, or the full available account balance if it is less than $10.

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FXPesa Review 2023 : Educational & Research Support

The broker offers a comprehensive education centre on their website, which includes articles, tutorials, and guides on various aspects of trading. 

The education centre covers topics such as forex trading basics, technical analysis, fundamental analysis, trading psychology, and risk management. 

Overall, our findings from FXPesa review 2023 revealed the broker provides a good range of educational and research tools for traders of all levels.

What Are The Advantages Of FXPesa?

Here are some advantages of using FXPesa as your forex broker:

  • The low minimum deposit starts from $10
  • The variety of payment methods, including bank transfers, credit/debit cards, mobile money, and electronic payment systems, make it easy for traders.
  • The broker’s competitive spreads can help traders to reduce trading costs.
  • FXPesa provides traders with educational resources, including video tutorials, webinars, and articles.

FXPesa Customer Support Services

FXPesa offers customer support services via phone and email. The phone support number for Kenyan customers is +254 709 995 555, and the email address is [email protected]. 

The customer support team is available 24/5 to assist with any queries or issues related to trading, account management, deposits, withdrawals, or technical issues. 

FXPesa also offers a live chat feature on its website for instant assistance.

Final Verdict 

Considering the overall performance of the broker through FXPesa Review 2023, we can confidently say it is a  regulated forex broker that offers a wide range of trading instruments and account types. 

The broker has a user-friendly trading platform and provides traders with educational and research materials. FXPesa also offers competitive trading conditions, including low spreads and high leverage. 

However, the broker has some limitations, such as limited payment methods and no demo account. While these concerns may seem small, they are the biggest aspects to look into for a forex broker. So, we don’t recommend FXPesa; instead, we choose a more reliable alternative broker – TradeEU


What Is The Minimum Deposit For FXPesa?

The minimum deposit for FXPesa varies depending on the account type. The Executive account requires a minimum deposit of $10, while the Premiere account requires a minimum deposit of $200.

Is FXPesa A Good Broker?

FXPesa is a regulated broker with various trading instruments and platforms available for traders. They also offer educational resources and 24/7 customer support. However, traders should always conduct their own research and due diligence before choosing a broker.

Who Is The CEO Of FXPesa?

The CEO of FXPesa is Sam Kirakal.

How Does FXPesa Work In Kenya?

FXPesa operates as a forex and CFD broker in Kenya, providing trading services to Kenyan residents. Traders can deposit funds using various payment methods and access a range of trading instruments and platforms.

How Long Does FXPesa Withdrawal Take?

The withdrawal time frame= can vary depending on the payment method used. Withdrawals can take up to 5 business days to process.

How Much Does FXPesa Charge For Transactions?

FXPesa does not charge any fees for deposits or withdrawals. However, traders may be subject to transaction fees by their payment provider.

What Is The Minimum Withdrawal In FXPesa?

The minimum withdrawal amount for FXPesa is $10.

How Do I Log Into FXPesa?

To sign in using FXPesa login, you can visit their website and click on the “Login” button. Then, enter your email address and password to access your account.

How Do I Contact FXPesa?

You can contact FXPesa’s customer support team through email at [email protected], phone at +254 709 500 500, or through their live chat feature on their website.

How Do I Use My FXPesa Login Demo Account?

To use your FXPesa login demo account, simply log into your account and select the demo account option. This will allow you to access the platform and practice trading with virtual funds.

How To Delete FXPesa Account?

To delete your FXPesa account, you can contact their customer support team and request for your account to be closed. You may be required to provide some personal information to verify your identity before your account can be deleted.