FX Pesa Broker Review – Trading Conditions, Platforms & Fees for Kenyans

Carson O.
8 Min Read
FX Pesa Overview

Foreign exchange (forex) trading has become increasingly popular in Kenya over the last decade. With the vibrant forex scene, more brokers are setting up operations to serve Kenyan traders. One such broker is FX Pesa.

FX Pesa launched in 2016 and is licensed and regulated by the Capital Markets Authority (CMA) of Kenya.

In this detailed FX Pesa broker review, we will examine trading conditions, platforms, spreads, leverage, customer support and more. Read on to find out if FX Pesa is a recommended broker for Kenyans looking to trade forex and CFDs.

Trading Platforms Offered by FX Pesa

FX Pesa provides the popular MetaTrader 4 (MT4) platform for trading forex and CFDs. MT4 is an industry-standard with advanced charting capabilities, technical indicators and algorithmic trading options.

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The MT4 desktop platform can be downloaded for free on Mac and Windows PCs. The web-based version can be accessed from any browser without needing to install software.

FX Pesa also offers MT4 mobile apps for Android and iOS devices, enabling you to analyze charts and execute trades on the go. The mobile platform has full functionality of the desktop experience.

For beginners, FX Pesa provides a demo account with a virtual $100,000 balance to practice trading on the MT4 platform before risking real money.

Supported Trading Platforms

PlatformKey Features
MetaTrader 4Advanced charting, EAs, indicators, algo trading
MetaTrader 4 WebBrowser-based, no download required
MetaTrader 4 MobileiOS and Android apps

Asset Classes and Spreads


FX Pesa offers trading on over 50 currency pairs, several crypto-currency CFDs, and CFDs on indices, commodities, shares and ETFs.

The major currency pairs like EUR/USD and USD/KES, offer variable spreads starting from as low as 0 pips. The average spread is around 0.4 pips during normal market conditions.

For other minor pairs, spreads are higher but still competitive starting from 0.9 pips. There is no commission charged per trade.

The crypto CFDs have spread from 20 pips, while commodities are around 3-5 pips. The minimum contract size is 0.01 lots.

Overall, FX Pesa has competitive spreads in line with other regulated brokers in the region. Active traders can inquire about lower spreads.

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Asset Classes

Asset ClassPairs Offered
Forex50+ pairs
CryptocurrencyBitcoin, Ethereum, Litecoin
IndicesFTSE 100, S&P 500, DAX 30
CommoditiesGold, silver, oil
SharesKenyan, US, UK shares

Leverage Options

Leverage allows traders to open much larger positions than their trading capital. FX Pesa offers leverage up to 1:500 depending on the account type.

While leverage amplifies potential profits, it also magnifies losses if the market moves against you. Beginners should use lower leverage of 1:50 or 1:100 until they gain experience.

FX Pesa has negative balance protection, meaning your losses cannot exceed the capital in your account. Margin closeout at 50% also helps reduce leverage risks.

Account Types

FX Pesa offers three main accounts depending on your initial deposit:

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Micro Account

  • Minimum deposit: $100
  • Spreads from 1.2 pips
  • Leverage up to 1:500
  • Minimum trade size: 0.01 lots

Best for beginner traders looking to start small.

Standard Account

  • Minimum deposit: $500
  • Tighter spreads from 0.4 pips
  • Increased leverage up to 1:300
  • Minimum trade size: 0.05 lots

Suitable for experienced traders with mid-level capital.

Premium Account

  • Minimum deposit: $1000
  • Spreads from 0 pips
  • Maximum leverage 1:200
  • Minimum trade size: 0.1 lots

Ideal for professionals and institutional traders.

Lower spreads and more favourable trading conditions are available as your account balance grows.

Customer Support

FX Pesa has a multilingual customer support team reachable 24/5 through various channels:

  • Live Chat – The fastest way to have your queries answered is through the chat widget on their website.
  • Email – Send your questions via [email protected] and they should respond within 24 hours.
  • Phone – Call the support line at +254 719 062 229 during office hours.
  • Contact Form – Submit any requests through the form on the website.
  • Social Media – Their Facebook and Twitter accounts are also active in handling queries.

Feedback about their customer service is generally positive. The team is helpful and knowledgeable.

Funding and Withdrawals

FX Pesa offers convenient local payment options for Kenyan traders:

  • M-Pesa – Instant deposits and fast withdrawals via M-Pesa.
  • Pesalink – Bank transfers via Pesalink take 1 business day.
  • Bank Wire – Direct wire transfer takes 1-3 days, applicable fees.

There are no deposit or withdrawal fees on the platform. Withdrawal requests are processed within 24 hours on business days.

Funding Methods

MethodDeposit TimeFees
Pesalink1 business dayNone
Bank wire1-3 daysApplicable wire fees

Security of Funds

FX Pesa takes measures to keep client funds secure in segregated accounts:

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  • Client funds are kept with top-tier local banks.
  • Segregated from company operating funds.
  • FSCS protection up to $50,000 under CMA regulations.
  • 256-bit SSL encryption technology.
  • Anti-fraud monitoring systems.
  • Negative balance protection.

Customer Feedback

Checking reputable forex review sites, FX Pesa scores well in terms of trust, platform quality and execution. Most of the negative feedback involves unclear KYC and withdrawal delays.

On Trustpilot, FX Pesa has a 3.5 out of 5 score based on over 200 reviews. Positive reviews praise good trading conditions and local payment methods.

On ForexPeaceArmy, FX Pesa has an overall rating of 4.2 out of 5 based on 64 reviews. The main downside cited is slow KYC verification during signup.

Verdict on FX Pesa Broker Review

FX Pesa is a solid choice for Kenyans given their local regulation, competitive spreads, convenient payment options and Swahili customer support.

For beginner traders, their demo account and leverage up to 1:500 provide a good learning experience. Seasoned traders can benefit from tight spreads and advanced MT4 platforms.

While they can improve on transparency and withdrawal times, FX Pesa overall looks like a reliable broker catering to the Kenyan forex trading community. Open a demo account to test their platforms before funding a live account.

Looking for something else apart from FX Pesa? Check Out Avatrade Broker Review Here.

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FX Pesa Overview
Rating 8
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I am a multi-faceted professional with a strong foundation in Business and Finance, honed since 2020. Additionally, I possess a deep passion for automobiles, serving as an avid car enthusiast. In parallel to my diverse interests, I am also a dedicated student pursuing a career in the medical field.
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