egm

In this egm review, we break down the platform's regulatory standing, costs, and overall trading conditions to help you make an informed decision. Through a balanced analysis of its services, we address the central question: is egm a good broker for your specific financial goals?

Is egm Legit and Safe?

egm operates as a fully regulated and legitimate broker under its local East African brand, but the exact level of safety and investor protection you receive depends entirely on the regulatory entity serving your region.

What Is egm? Company Background

Established in 2018 and headquartered in Nairobi, Kenya, EGM Securities Limited (operating under the trademark "egm" and its popular brand name FXPesa) is a prominent non-dealing online foreign exchange broker [1, 2]. As the first online broker to secure a license from Kenya’s local regulator [1], egm was founded to bridge the gap between East African retail investors and the global financial markets. The company is a wholly-owned subsidiary of the Equiti Group, a massive global financial conglomerate with institutional and retail offices spanning Europe, the Middle East, the Americas, and the Asia-Pacific region.

Operationally, egm utilizes a Non-Dealing Desk (NDD) execution model. It routes client orders directly to tier-1 liquidity providers via Straight Through Processing (STP) and Electronic Communication Network (ECN) technologies. This structural setup ensures that the broker does not take the opposite side of its clients' trades, eliminating the inherent conflict of interest found with traditional market makers.

Important Warning on Brand Confusion: It is highly critical for traders to distinguish between EGM Securities (the legitimate, regulated firm reviewed here) and Eagle Global Markets (frequently referred to as EGMarkets or EGM). Eagle Global Markets is an entirely unrelated, unlicensed, and now-defunct entity registered in the United Kingdom that was expelled from the Financial Commission in 2022 and has been heavily flagged for fraudulent activity. Ensure you are registering with the authorized domain egmsecurities.com or its regional brand platform fxpesa.com to guarantee you are trading with the regulated broker.

egm Regulation

egm is overseen by the Capital Markets Authority of Kenya, the Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and the Seychelles Financial Services Authority. These regulatory networks represent a robust combination of strict, top-tier international bodies and specialized regional agencies.

Regulatory standing under the core African operating entity is fully verifiable directly through the official registry portals of CMA official and FCA official. You can check CMA official to verify egm's license by searching for "EGM Securities Limited" under license number 107 [1], or visit FCA official to verify parent-level regulatory status under Equiti Capital UK Limited using reference number 528328.

The table below outlines the specific regulatory entities, licensed bodies, and protection measures available under egm and its parent company, Equiti Group.

While European and UK clients benefit from robust statutory compensation schemes, African retail clients trading directly via EGM Securities in Kenya are protected by strict local fund segregation but do not have access to a formal investor compensation fund.

Which egm Entity Serves Your Region?

When opening an account with egm, your geographical location dictates which specific regulatory framework and corporate entity will handle your onboarding:

• East African Clients: Residents of Kenya, Uganda, Tanzania, and surrounding East African countries are onboarded under EGM Securities Limited [1, 2]. Trading under this entity grants direct access to localized payment infrastructures like M-Pesa, Airtel Money, and local bank transfers.
• European Union Clients: European residents register under Equiti Global Markets Ltd (CySEC). This onboarding pathway imposes strict leverage caps (maximum 1:30 for retail) and guarantees negative balance protection.
• UK and Professional Clients: Institutional and professional traders are typically onboarded under Equiti Capital UK Limited (FCA).
• Global / Offshore Clients: Retail clients from non-European, non-US, and unregulated jurisdictions are usually onboarded through the offshore entity Equiti Brokerage (Seychelles) Limited. This onboarding allows for high leverage (up to 1:400) and more flexible trading rules but strips away statutory investor compensation rights.

Restricted Countries

Due to strict regulatory limitations and local financial laws, egm cannot accept clients from several jurisdictions. The primary restricted countries include:

• United States
• Canada
• Belgium
• Iran
• North Korea
• Syria
• Yemen

Additionally, residents from other high-risk or FATF-blacklisted jurisdictions are excluded from registering. Local regulatory limitations in regions like the EU and UK also mean retail traders cannot bypass strict leverage caps by registering directly with the Kenyan or Seychellois entities unless they formally qualify as professional traders.

Client Fund Protection

Regardless of the onboarding entity, egm implements strict risk management standards to protect client capital.

• Segregated Accounts: All client deposits are kept in segregated bank accounts held with tier-1 international and regional banks. These funds are legally insulated and cannot be used for the broker's operational expenses or to satisfy corporate debts.
• No Conflict Execution: Because egm operates as an NDD/STP broker, trades are executed directly in the interbank market. The firm does not profit from client losses, removing any incentive to manipulate pricing or execution speeds.
• Compensation Schemes: Clients under FCA jurisdiction are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000, and CySEC clients are protected by the Investor Compensation Fund (ICF) up to €20,000.

egm User Reviews and Trustpilot Rating

egm holds a Trustpilot rating of 3.7/5 for its corporate entity, with its retail division FXPesa carrying a 3.5/5 rating, representing generally mixed user sentiment as of June 2026. Because egm operates its retail trading services primarily under the FXPesa banner, evaluating both profiles provides the most balanced perspective. To evaluate independent customer feedback yourself, you can See egm reviews on Trustpilot.

Overall, client experiences are heavily split between praise for the broker's regional accessibility and frustration regarding execution performance during volatile market conditions.

Recurring Positive Highlights:

• Localized mobile money integration makes funding extremely convenient and efficient for East African retail traders who rely on instant services like M-Pesa and Airtel Money.
• Responsive customer support teams offer patient, direct-dial human assistance, which helps beginners navigate the onboarding and registration process smoothly.
• Easy digital onboarding allows new clients to complete their regulatory compliance requirements and set up accounts without visiting physical offices.

Recurring Negative Complaints:

• Slippage and order execution lag occasionally impact performance during high-volatility economic releases, leading to unexpected price gaps for day traders.
• Withdrawal delays due to strict compliance can frustrate clients who are unfamiliar with the rigorous identity-verification protocols mandated by regional regulatory watchdogs.
• Geographic constraints on regional expansion limit direct access and local currency payment systems for traders located outside Kenya's primary borders.

egm Account Types

egm provides a highly accessible, tiered account structure featuring a zero-commission Standard tier with no minimum deposit and a raw-spread Premier tier starting at $100.

egm Account Types and Minimum Deposit Requirements

The account selection at egm (widely known through its retail platform, FXPesa) is structured around two primary live options, alongside a specialized Micro account. By offering distinct setups, the broker manages to appeal to absolute beginners while maintaining a competitive environment for seasoned high-volume traders.

• Standard (Executive) Account: This account features a $0 minimum deposit requirement, making it highly accessible for retail beginners who want to test live markets with minimal capital. It operates on a zero-commission model, meaning the broker’s compensation is fully wrapped into the bid-ask spread. Spreads on this tier start at an average of 1.4 pips for major currency pairs like the EUR/USD. Leverage is available up to 1:400 under CMA regulation. This setup is highly suitable for casual traders or those utilizing swing strategies where minor spread fluctuations do not severely impact overall profitability.
• Premier Account: Designed for active day traders and scalpers, this account requires a minimum deposit of $100. It offers institutional-grade raw spreads starting from 0.0 pips, accompanied by a standard round-turn commission of $7 per lot ($3.50 per side). Max leverage remains at 1:400. For high-frequency traders, the predictable flat commission of the Premier account is almost always more cost-effective than absorbing the wider, variable spreads of the Standard tier.
• Micro Account: Available exclusively on the MetaTrader 5 and MQ WebTrader platforms, this option carries a $0 minimum deposit and is optimized for beginners. It allows traders to execute micro-lot sizes with zero commissions, providing a valuable transitional step between risk-free demo setups and standard live accounts.

Account currency flexibility: Accounts can be opened in USD or local Kenyan Shillings (KES). Offering accounts in local currency is an immense benefit for East African traders, as it completely eliminates currency conversion charges when depositing or withdrawing via local banking networks and mobile money services.

Does egm Offer an Islamic Account?

Yes, egm offers dedicated swap-free Islamic accounts that comply fully with Sharia law. These accounts are designed specifically for Muslim traders who are prohibited from paying or receiving overnight interest (usury) on open positions.

• No overnight swap rates are charged or earned on currency pairs, indices, or commodities, ensuring that holding positions overnight does not generate forbidden riba.
• Approval requires manual verification, meaning traders must first register a standard live account and then contact customer support to request a transition to a swap-free status, which may require providing proof of faith.
• Admin holding fees apply to select instruments if a trade is kept open past a grace period of 5 to 7 days, a protective measure used by the broker to prevent speculative abuse of the swap-free system.

egm Fees and Trading Costs

egm's pricing sits in the mid-range compared with similar brokers, combining commission-free Standard spreads averaging 1.4 pips with an industry-standard flat commission of $7 per lot on raw-spread Premier accounts.

egm Trading Fees (Spreads / Commission Fees / Swap and Overnight Fees)

Direct trading costs at egm are divided into spreads and commission structures, which vary significantly based on your selected account type.

• Spreads: On the Executive (Standard) account, spreads are floating and start from a minimum of 1.4 pips on major pairs like EUR/USD. This layout is standard for commission-free models but can feel wide during high-volatility sessions. On the Premier account, spreads are "raw" and start from 0.0 pips, typically averaging a tight 0.1 to 0.2 pips during active New York and London trading hours.
• Commission Fees: Standard accounts carry a $0 commission rate, where all trading costs are factored directly into the bid-ask spread. Premier accounts charge a flat commission of $7 per round-turn lot ($3.50 per lot per side), which is highly competitive and aligns with global industry averages.
• Swap and Overnight Fees: Positions held open past the daily market close (17:00 EST / 21:00 GMT) are subject to swap charges, representing the interest rate differential between the currencies traded. These rates are adjusted daily by liquidity providers. A triple-swap rate is charged on Wednesday nights to account for weekend settlement rollovers. Islamic account holders are exempt from swap fees, though flat administrative fees are applied to selected assets if a position is held open beyond a 5 to 7-day grace period.

egm Non-Trading Fees (Inactivity Fees / Currency Conversion Fees)

In addition to direct execution costs, egm applies standard administrative fees that can impact your overall balance over time.

• Inactivity Charges: If a live account remains completely dormant with no trades placed for 180 consecutive calendar days, egm charges an inactivity fee. This fee is calculated as the 30-day Secured Overnight Financing Rate (SOFR) plus 3 basis points, which is deducted monthly from the remaining balance. Accounts with a $0 balance are not penalized or driven into negative territory.
• Currency Conversion Fees: When depositing, withdrawing, or trading instruments denominated in a currency other than your account's base currency, egm applies a conversion markup. For example, trading USD-denominated gold contracts on an account set up in Kenyan Shillings (KES) will incur a minor currency conversion charge calculated at the spot exchange rate plus a fixed broker markup.

egm Deposits & Withdrawals

egm offers a highly localized funding ecosystem featuring zero-fee instant mobile money transactions, although international wire withdrawals are subject to standard bank processing fees.

Deposit and Withdrawal Methods

Funding and withdrawing capital is highly streamlined for East African retail clients, boasting direct integration with regional payment systems alongside global banking options.

• Payment methods: M-Pesa, Airtel Money, Selcom, Visa, Mastercard, Neteller, Skrill, local bank transfers, and international bank wires.

Withdrawal Speed and Minimum Limits

• Mobile money and e-wallets (M-Pesa, Airtel, Skrill, Neteller) provide instant deposits, while withdrawals are typically processed within 1 to 3 hours or on the same calendar day.
• Credit and debit cards process deposits instantly, but withdrawals can take between 1 and 3 business days to clear through card issuers.
• Local bank transfers process deposits and withdrawals in 1 to 3 business days, while international bank wires require 3 to 5 business days depending on intermediary routing.
• Minimum limits are set at an accessible $0 for deposits across standard accounts. Mobile money withdrawals have exceptionally low barriers, allowing transactions starting from just $5.

Deposit and Withdrawal Fees

• Deposits are 100% free across all payment channels, meaning the full amount of your transfer goes straight into your trading balance.
• Local bank and mobile money withdrawals are free, making the platform highly cost-effective for regional traders who want to access their profits without paying heavy transaction fees.
• International wire withdrawals carry a $16.50 flat charge, which represents a significant fixed cost for retail traders transferring smaller amounts of capital.
• Skrill and Neteller withdrawals are subject to a 1% fee that is capped at a maximum of $30 per transaction.

Withdrawal Issues and User Complaints

Verified user complaints regarding withdrawals on popular trading forums are almost entirely compliance-driven rather than administrative failures. Under strict Capital Markets Authority (CMA) anti-money laundering regulations, egm is legally obligated to return all withdrawn funds to the exact same source used for depositing.

Traders who attempt to withdraw funds to third-party bank accounts or who have not completed their full KYC identity verification will experience transaction holds. Once proper identification is submitted and matching payment ownership is verified, funds are released within standard processing windows.

egm Trading Platforms, Conditions & Experience

egm delivers a robust trading ecosystem by pairing standard MetaTrader platforms with a customized proprietary mobile app and direct-market order execution.

Does egm Support MT4, MT5 & Mobile Trading?

egm supports the widely popular MetaTrader 4 and MetaTrader 5 platforms alongside its customized Equiti Trader mobile application. By offering this suite of options, the broker accommodates both traditional algorithmic traders and modern mobile-first investors.

• Platform accessibility: MT4, MT5, MQ WebTrader, and the Equiti Trader mobile app.

• The proprietary Equiti Trader app integrates TradingView charting. This mobile application is a centralized trading hub that lets users execute complex technical analyses, manage their deposits and withdrawals, and contact client support directly on their smartphones without needing separate applications.

• MetaTrader 5 supports advanced algorithmic strategies. Utilizing an multi-thread strategy tester and 88 built-in technical indicators, MT5 provides automated traders with the depth of market and technical infrastructure required for high-speed systems.

• MQ WebTrader provides lightweight, browser-based access. This software allows traders on macOS, Linux, or restricted mobile devices to access their trading dashboards instantly using any HTML5 web browser.

What Can You Trade on egm? (markets and instruments)

egm offers access to over 2,000 global financial instruments, including a unique selection of local Nairobi Securities Exchange (NSE) derivatives. This extensive product range allows retail and professional clients to achieve robust portfolio diversification.

• Tradable asset classes: Forex, indices, commodities, share CFDs, ETFs, and local NSE stock futures.

• NSE Derivatives offer a unique localized edge. EGM Securities made history as Kenya's first online broker to provide derivative contracts on local blue-chip equities like Safaricom, East African Breweries (EABL), KCB Group, and the NSE 25 index [3]. This allows regional traders to short-sell local equities with low margin requirements.

• Forex markets cover over 60 currency pairs. This selection includes major international currency pairs, minor crosses, and regional exotic pairings to satisfy all trading styles.

• Commodities feature agricultural and energy contracts. Traders can speculate on precious metals like gold and silver, energies like Brent crude oil and natural gas, and agricultural softs including cocoa, sugar, and coffee.

• Global share CFDs encompass major equities. Clients can trade price movements on hundreds of major companies listed on US, UK, and European stock markets.

egm Leverage, Margin & Order Execution

egm utilizes a 100% No Dealing Desk (NDD) Straight Through Processing model with flexible leverage options reaching up to 1:400. This execution model ensures that order pricing is transparent and completely conflict-free.

• Execution and margin specifications: STP/ECN execution, up to 1:400 leverage, 50% margin call, and 30% stop-out level.

• The STP/ECN model routes trades directly to tier-1 liquidity pools. Trades are processed automatically using an Orders-Crossing-Orders (OXO) pricing network, which matches buyer and seller orders without dealing desk intervention to optimize execution speeds.

• Flexible leverage caps vary by region. Under the Kenyan CMA and Seychellois FSA entities, retail clients can utilize high leverage up to 1:400. However, clients onboarded under European CySEC or UK FCA jurisdictions are capped at a strict 1:30 max leverage for retail traders.

• Strict margin parameters protect client balances. A margin call is triggered at 50% equity-to-margin ratio, and the broker initiates automated position liquidations (stop-out) at a 30% threshold to prevent traders from falling into a negative balance.

egm Research Tools & Educational Resources

egm provides a rich selection of digital market analytical tools alongside direct, in-person training seminars across East Africa. This hybrid approach to client education is one of the broker’s defining competitive characteristics.

• Available learning tools: Dow Jones Newswire, news sentiment indicators, and local physical training academies.

• Premium news feeds deliver real-time macroeconomic updates. Through the integration of the Dow Jones Newswire, clients receive continuous international market reports directly within their client portal.

• Market sentiment analysis tracks aggregate trader positioning. This digital tool displays bullish and bearish ratios across specific instruments, helping swing traders identify potential market trend reversals.

• Physical training hubs offer direct in-person education. Under its consumer brand FXPesa, the broker operates physical offices and educational facilities in Nairobi and other regional hubs. New traders can attend free, in-person classes, interactive webinars, and local networking events to learn trading strategies.

How Good Is egm Customer Support?

egm provides highly rated 24/6 customer assistance featuring direct WhatsApp chat and a dedicated toll-free hotline for regional traders. The availability of localized, multilingual support sets it apart from typical offshore alternatives.

• Communication support channels: Live chat, email, Kenyan toll-free telephone, WhatsApp, and in-person regional office assistance.

• Support is offered in English and Swahili. This specialized local-language capability ensures that East African clients can easily communicate technical and financial inquiries without translation barriers.

• The WhatsApp support line provides instant assistance. Clients can connect directly with a live support representative via messaging, allowing for quick, informal resolution of onboarding or platform issues.

• Toll-free phone lines are open to Kenyan residents. By calling 0800-211-185, local clients can bypass international call rates to resolve payment or account issues with the Nairobi headquarters.

Who Is egm Best For?

egm is highly suitable for East African beginners seeking local physical education and professional STP traders who require raw-spread execution.

Is egm Good for Beginners and Low-Deposit Traders?

Yes, egm is excellent for beginners and low-deposit traders due to its zero-minimum-deposit account option and extensive local physical training support. The broker effectively democratizes retail trading in East Africa by completely removing the high financial entry barriers typical of international brokerage firms. Beyond the low-cost digital setup, the broker solves a major structural challenge for new traders: the lack of structured, offline education. Through its dedicated local training academies and physical branches, beginners can access hands-on mentoring and live group classes that accelerate their practical trading knowledge in a supportive, face-to-face environment.

Is egm Good for Day Traders and Scalpers?

Yes, egm is highly suitable for day traders and scalpers, provided they utilize the raw-spread Premier account. High-frequency strategies rely heavily on rapid Straight Through Processing and deep pool pricing to ensure that trades are executed at target rates without dealing desk interference. The Premier account's flat $7 round-turn commission enables scalpers to trade tight price movements on major currency pairs without having their profit margins eroded by wider, variable spread markups. Additionally, because the broker does not profit from client losses under its NDD model, short-term scalp strategies are not subject to artificial execution delays or platform-level pricing manipulation.

Is egm Good for East African Local Stock and CFD Traders?

Yes, egm is the premier choice for regional traders looking to speculate on Kenyan blue-chip equities alongside global assets. Prior to egm introducing its specialized Nairobi Securities Exchange (NSE) products, local retail traders were highly restricted by the lack of direct derivative markets and the inability to short-sell domestic stocks. By offering NSE single-stock futures contracts directly on its platforms, egm enables regional traders to hedge their physical portfolios or speculate on local market downturns utilizing flexible leverage. This represents an invaluable specialized tool for traders who want to capitalize on corporate earnings from regional giants like Safaricom or KCB Bank without leaving their primary trading terminal.

Best for: East African retail beginners, traders requiring localized physical mentoring, and day traders seeking raw STP pricing.
Less ideal for: High-frequency algorithmic traders who require an extensive array of tier-1 institutional tools or ultra-cheap international wire transactions.

Compare egm with Other Popular Brokers

egm competes directly with major regional and international brokers, distinguishing itself through localized mobile money integration and physical educational academies.

egm vs Scope Markets

The primary difference between egm and Scope Markets lies in egm's superior localized educational hubs and specialized Nairobi Securities Exchange (NSE) futures offerings. Both brokers are regulated under strict Capital Markets Authority (CMA) guidelines, but egm offers a more comprehensive learning environment through its physical academies and Swahili-speaking support staff. In terms of accounts, egm allows traders to start with a $0 minimum deposit on its Standard tier, whereas Scope Markets requires a $5 entry fee for its basic Silver account. Furthermore, egm provides direct access to derivative trading on the local Nairobi Securities Exchange, an asset class currently missing from Scope Markets' standard product portfolio. While Scope Markets presents competitive spreads on major currency pairs, egm’s deep integration with M-Pesa cash flows makes local transaction management faster and simpler.

Takeaway: egm is the better choice for beginners wanting physical mentorship and NSE stock CFDs; Scope Markets is more suitable for intermediate traders seeking a simplified MT5 environment.

egm vs Exness

The core distinction between egm and Exness is that egm focuses on strict CMA-compliant regional services and localized support, while the competitor operates as an offshore-heavy global giant offering near-infinite leverage. Under its Kenyan CMA entity, egm caps leverage at a conservative 1:400 to comply with local regulatory frameworks, whereas Exness provides leverage of up to 1:2000 on standard accounts and unlimited leverage under select offshore jurisdictions. Spreads on the Standard account at egm are wider, averaging 1.4 pips on EUR/USD; on the other hand, Exness offers a much tighter average spread of 0.3 pips on its commission-free Standard tier. Furthermore, egm features physical walk-in offices and Swahili language options, giving local traders a level of direct personal contact that a massive global operator like Exness cannot duplicate.

Takeaway: egm is the better choice for local legal protection and offline education; Exness is more suitable for advanced day traders requiring tight spreads and high leverage.

egm vs XM

The single biggest difference between egm and XM is egm’s focus on localized mobile money integration like M-Pesa, contrasted with XM’s vast international currency and account tier flexibility. While XM requires a $5 minimum deposit for its globally accessible Micro and Ultra Low accounts, egm lowers the entry barrier to $0 on its Executive account. XM offers its clients access to a massive library of daily international webinars and localized instructional guides across dozens of languages; by contrast, egm focuses heavily on physical, hands-on seminars hosted within East African cities. For funding, XM supports a massive list of global credit cards and e-wallets, but egm’s direct integration with East African mobile networks makes it far more efficient for regional retail clients who do not possess international bank accounts.

Takeaway: egm is the better choice for East African mobile payment convenience; XM is more suitable for international traders who want multiple micro-account tiers.

egm Broker Quick Verdict

egm is an outstanding option for East African traders seeking strict local regulation and seamless mobile funding, though its standard account spreads are wider than some global competitors. Ultimately, this egm review highlights that the broker's unique pairing of M-Pesa convenience with physical mentoring academies makes it a highly accessible and secure hub for regional retail participants.

Editorial Transparency: This egm review is based on information from the official egm website, current regulatory filings, and independent third-party sources such as Trustpilot. We cross-checked the broker's regulation and license details, account types, trading and non-trading fees, deposit and withdrawal terms, platforms, and real user feedback to ensure accuracy and objectivity. This content is for educational purposes only and does not constitute financial advice; trading CFDs carries a high risk of losing money. Last updated: June 2026.