XPesa -Overview of Minimum Deposit, Spreads & Leverage

General Information

FXPesa Limited is a Kenya-based brokerage firm offering forex and CFD services for the retail market market in East Africa. FXPesa Limited says it provides an execution-only service, and dont provide investment advice or management services.

Although FXPesa claims that it is powered by EGM Securities Limited which is licensed by the Capital Markets Authority Kenya. However, this broker alone, according to WikiFX, is not subject to any regulation. Please be aware of the risk.

Market Instruments

With FXPesa, investors seem to get access to a bulk of financial markets. Different types of trading assets including currency pairs, indices, commodities, US Shares, EU Shares, UK Shares are all available through this brokerage platform.

Account Types

FXPesa claims that traders can trade across more than 200 trading instruments from a single account. There are two trading accounts are available: Executive account and Premium account. To open the Executive account, you just need to fund at least $5 into your account, and the Premium account only requires an acceptable minimum initial deposit of $100.

Demo account is applicable with both accounts, which allows you to get a feel of this platform without risking your real money.

Leverage

Trading leverage differs depending on particular instrument. The detailed leverage for each class of trading assets are listed below:

• Currency pairs leverage up to 1: 400

• Precious metals leverage up to 1: 400

• CFDs leverage up to 1: 200

• Equities leverage up to 1:20

Since leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

Spread is determined by trading accounts. With the Executive account, the minimum spread is from 1.4 pips. The minimum spread in the Premium account is from 0.0 pips, which is nearly the raw spread. Please note that liquidity and spreads can change due to market conditions and this is an example of the EUR/USD pair.

Concerning commissions, Future CFDs (excluding Natural Gas & High Grade Copper) trading charges a commission of 10 USD per standard lot (round turn), and USD 70 per USD 1 million FX & USD 7.0 per 1 standard lot round turn on precious.

Trading Platform

FXPesa advertises that it offers multiple trading platforms, including MetaTrader 4, FXpesa Trader and MetaTrader 5.

Deposit & Withdrawal

FXPesa offers its clients a series of payment options to make a deposit and withdrawal, which include Credit Card (VISA/MasterCard), Wire Transfer/Bank Transfer, as well as some e-wallet like Skrill and Neteller, Mobile Payments.

Deposit

The minimum deposit is $5. FXPesa says it does not charge any fees for deposits, but there maybe charges incurred by your personal bank and debit/credit card providers, mobile money service provider. Deposit arrival time may differ depending on the remitting party.

Withdraw

Withdrawal can only be made to the same to deposit. The minimum withdrawal amount is not disclosed. Withdrawal through Wire Transfer needs 3-5 working days for money to arrive, and international withdrawal fee is 15 USD/1650 KES. Traders who withdraw funds through E-Wallet (Skrill & Neteller) need to pay a fee of 1% (capped at $30, currency equivalent) both for local withdrawal and international withdrawal, and it takes 3 hours for money appear in the account. Mobile payment is free for both local withdrawal and international withdrawal.

Customer Support

For any inquiries or trading-related issues, traders can get access to FXPesas customer support through the following channels:

A contact form (for you to fill out some required details and then wait to be connected)

Telephone: 0800 211 185 (Local), 0800 211 185 (International)

Email: support@fxpesa.com

WhatsApp: +254 730 676 002

Company Address: 12th floor, Tower 1, Delta Corner Towers, Waiyaki Way, Westlands, Nairobi.

Besides, you can also follow this broker through some social media platforms, including Facebook, Twitter, Instagram, and Youtube.