EGM Securities Kenya – Review

EGM Securities is a Forex and CFD Broker that features on its trading platform currency pairs as well as 4 precious metals and CFDs on 28 stocks and indices. EGM Securities limited is regulated and overseen by the Capital Markets Authority in Kenya. The broker charges on a popular currency pair EUR/USD a typical spread of 1.6 pips*. EGM Securities Kenya Minimum deposit is $200.

What do we cover in our EGM Securities Review?


General Risk Warning: 74–89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Basic information about the broker

  • Website address: https://www.egmsecurities.com
  • Instruments: 61 currency pairs, 4 precious metals, 28 CFD instruments (European and American stocks and indices)
  • Minimum deposit: $200
  • Demo account: Yes, free of charge
  • Leverage: Fixed leverage 1:400 on major and minor currency pairs, 1:40 on exotic pairs
  • Methods of deposit and withdrawal: Wire/Bank Transfer, debit/credit cards, mobile payments ( Mpesa – Lipa na Bonga – EazzyPay – Airtel money – eLipa – Visa Master Card – Vadacom Mpesa (TZS) – MTNMoney (UGX))

EGM Securities Trading Platform

For FX and CFD trading, EGM Securities offers MT4. A popular platform used not only for executing trades but also for analyzing financial markets and automated trading. MT4 can be downloaded to any computer or can be accessed via just a web browser or a mobile application. The trading platform gives access to 61 currency pairs, 4 precious metals, 28 CFD instruments (European and American stocks and indices).

EGM Securities Fees (spreads)

As any other FX and CFD broker, EGM Securities charges a spread fee. For the most current spread charges, please visit the EGM Securities official website. Here is a spread comparison table that contrasts EGM Securities spreads with popular industry competitors.


EUR/USD USD/JPY GBP/USD AUD/USD
EGM Securities Kenya * 1.6 2.1 2.3 2.1
Plus500** 0.6 0.7 1.1 0.6
IQOption** 1.2 0.9 1.5 1.6

*Typical spreads recorded on 11.04.2020 at 20:10 GMT for the executive account. Data about spreads were taken from the website of the broker. **Spreads recorded on 26.09.2019 at 11:26 GMT from the trading platform of the broker.

EGM Securities regulation – Kenya

EGM Securities Limited is authorized and regulated by the Capital Markets Authority (CMA). (company registration number PVT-AAAAFF7)

Advantages and disadvantages

Every Broker has its pros and cons, let’s have a look at the ones that elevate & denounce EGM Securities.

EGM Securities Kenya Pros
  • One of few brokers regulated in Kenya
EGM Securities Kenya Cons
  • High spreads
  • Very few CFDs on stocks and no CFDs on cryptocurrencies
  • Fixed extremely high leverage

To sum up the EGM Securities Review

EGM Securities Limited adheres to the regulatory guidelines of the CMA in Keyna. The broker’s spreads for the executive account are quite high, they are, however, significantly lower for the premiere account (where a minimum deposit of $5 000 is required). The EGM Securities Kenya Minimum deposit is $200, which is pretty much the standard in the FX and CFD industry. The amount of available CFDs is not particularly attractive, especially when we look at the number of tradable stocks. Unfortunately, the broker features fixed leveraged, which is extremely high on major and minor currency pairs.

Your review can make a difference to other traders, please leave a comment if you have any personal experience with EGM Securities Kenya.



Michael
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