FXPesa Review: Introduction
We advise you to read this complete FXPesa review before using FxPesa for trading. FXPesa Limited, headquartered in Kenya, claims to operate as a brokerage firm specializing in offering forex and CFD services to the retail market within the East African region. FXPesa Limited emphasizes that it exclusively offers execution-only services and does not provide investment advice or management services.
It’s important to note that FXPesa claims to be powered by EGM Securities Limited, which holds a license from the Capital Markets Authority of Kenya. According to FXPesa Review, this broker itself lacks regulation. Therefore, caution is advised, and potential risks should be taken.
Website – https://www.fxpesa.com/
Website Availability – Yes
Address – 12th floor, Tower 2, Delta Corner Towers, Waiyaki Way, Westlands, Nairobi
Regulation – CMA – Kenya
Warning – Not recommended by review websites like Report Scam
Domain Age –
| Domain Name | fxpesa.com |
|---|---|
| Date Registered | September 28, 2016 |
| Domain Age | 6 years, 11 months, 22 days, 13 hours, 1 minute, 27 seconds |
Is FxPesa legit or a scam broker?
The firm behind FxPesa, EGM Securities Limited, is registered with Kenya Capital Markets Authority (CMA), but keep in mind that this license is not comparable to one obtained from a reputable and well-known financial authority.
The FXPesa website lacks a documentation section, which means users cannot verify the authenticity of their licensing and registration claims. A homepage search indicates the absence of any broker registered under the name “FXPesa.” Furthermore, a list of licensed brokers contains no information about FX Pesa, strongly suggesting that this broker may be fabricating its credentials. It is crucial to exercise caution when dealing with unlicensed brokers who request deposits. FXPesa may abruptly cease operations without prior notice, potentially leaving you without access to your funds.
FXPesa Review: Trading Platform
FXPesa offers a selection of three distinct trading platforms for users to select from mobile, trader, and MyFXPesa. However, it’s important to note that none of these platforms can be equated with a conventional trading solution like MetaTrader 4 (MT4). MT4 is renowned for its extensive range of features, including over 50 customizable market indicators and a wide array of trading robots that enable seamless automation of trading sessions.
FXPesa Review: Deposit and Withdrawal Methods and Fees
FxPesa facilitates payments through major credit cards such as VISA and MasterCard, as well as bank wire transfers and select local e-wallets such as MPesa, Airtel Money, and Equitel. However, it’s worth mentioning that the broker does not accept payments through leading e-payment providers, specifically Neteller, Skrill, and PayPal.
This is noteworthy because Skrill recently implemented a policy requiring brokers to possess legitimate licenses in order to offer Skrill services to clients in Europe. As previously mentioned, FxPesa lacks the necessary license to provide financial services in regulated markets like the EU.
The minimum required deposit is $5, and FXPesa states that it does not impose any fees for deposits. However, it is possible that your personal bank or debit/credit card provider, as well as your mobile money service provider, may apply charges. The time it takes for deposits to be credited to your account may vary depending on the entity initiating the transfer.
Withdrawals can only be processed to the same account used for the deposit, although the minimum withdrawal amount is not specified. Withdrawals via Wire Transfer typically take 3-5 working days for the funds to be received, and there is an international withdrawal fee of $15 USD or 1650 KES.
FXPesa Review: Conclusion
Based on the collected evidence, we have no alternative but to categorize FX Pesa as a fraudulent operation. By including this broker on our list of scams, we aim to prompt regulatory authorities to conduct a thorough investigation into its activities. We advise all investors to heed this warning, steer clear of FXPesa, and refrain from depositing any funds with them.
If you’ve fallen victim to a fraudulent broker, it is imperative to take swift action. To mitigate further harm, your first step should be to completely disengage from the scam artist. By completing a complaint form on our platform, you gain access to a free consultation with our team of experts. Our primary objective is to aid you in dealing with your situation effectively and crafting strategies to overcome the challenges you’re facing.
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Note: The FXPesa review written above is totally influenced by the other FXPesa reviews already present on the web. We are not liable for any legal action from the FXPesa company. In case of any query please mail us at info@reportscam.net.
