Traders in Kenya can choose from a variety of Forex brokers, each with its own set of advantages and disadvantages.
It's critical to evaluate and contrast the numerous possibilities accessible before deciding on the finest broker for your needs.
In this post, we'll look into Fx Pesa, one of Kenya's most popular forex brokers, to help you make an informed decision.
FxPesa scam or legit
FXPesa is a Kenyan forex broker that is completely licensed and authorized. Indeed, the broker is ranked first on our ranking of CMA-licensed forex brokers, and for an excellent purpose, as this FxPesa analysis will demonstrate.
FXPesa is dependent on the MetaTrader 4 (MT4) forex trading technology, which you may download from the broker's website after you sign up for a live or demo account.
FxPesa deposit and Withdrawal
Newbies in forex trading can benefit from FXPesa's unique trading system. Most significantly, you can begin trading with just a $10 deposit, which converts to approximately 1,100/= in local currency.
However, neither it nor Fxpesa recommends trading forex with such a small amount. The little deposit is for traders who want to try out the trading platform without doing any real trading.
We suggest starting trading with a minimum investment of $100 (11,000/=) if you want to get much more out of the trading.
You can use the FxPesa trial account to practise your forex trading skills before opening an actual FxPesa account. It will allow you to practice trading in a real forex environment, get a feel for all of the trading platform's features, and evaluate FxPesa without putting your money at risk.
FxPesa Accounts
FxPesa offers two different types of live trading accounts. The Executive Account and the Premier Account are two different types of accounts.
The FxPesa Premier account is an electronic communication network (ECN) account. It is ideally suited for high volume and experienced traders, with spreads as low as zero pips.
The Premier Account levies a $7 commission per one lot round turn on forex pairings and precious metals, and $10 on CFDs, rather than pips.
It may appear like $10 is a large sum of money to pay for trading, but it isn't.
FXPesa leverage
FXPesa allows maximum leverage of 1:400. This is the maximum leverage as set by Capital Markets Authority for all online forex brokers in Kenya.
Leverage in forex is a double-edged sword, and we always recommend you use it conservatively. The maximum offered by FxPesa is more than enough for most traders.
Why trade with FXpesa?
- Account opening and verification are easier than with other overseas forex brokers, as they allow local payment methods such as Mpesa, Airtel Money, and Equitel (Best Forex Brokers That Accept Mpesa).
- FxPesa provides free forex trading instruction to Kenyan traders. To take advantage of this promotion, you must first open a live account.
- The Fxpesa Karibu Bonus of 30% is a terrific incentive for traders who may not have enough funds to begin trading.
- The Kenyan Capital Markets Authority has fully licensed and regulated FxPesa (CMA)
FxPesa Signal Centre
Signal Centre is a novel approach to market analysis.
The new Signal Centre, available on MT4 and MT5, enable 1-click trading powered by strong AI and human-led analysis.
This instrument, which is the newest addition to our in-house Research Terminal, gives you a unique view of financial markets via a sophisticated dashboard that is completely linked with your existing trading platform.
Choose your strategy and trade CFDs on over 40 financial products, including currencies, commodities, indices, and stocks.
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