EGM Securities
Pros and Cons
Pros
- Regulated by the Capital Markets Authority (CMA) in Kenya
- Diverse trading instruments including 61 currency pairs and CFDs
- Accessible trading platforms: MetaTrader 4 and MetaTrader 5
- Low minimum deposit requirement of KES 500
- Offers an Islamic account for Muslim traders
Cons
- Limited trading account types available
- No cryptocurrency trading options
- Slow customer support response times
- Withdrawal fees for international transfers
- Limited educational resources for traders
Basic Information
User Reviews
EGM Securities Overview
EGM Securities, founded in 2016 and headquartered in Nairobi, Kenya, is recognized as the country’s first non-dealing online forex broker, duly licensed and regulated by the Capital Markets Authority (CMA) of Kenya. This regulatory status ensures a level of oversight that enhances trust and security for traders operating within the region. EGM Securities is part of the global Equiti Group, which bolsters its credibility and operational capabilities with extensive experience in the financial markets, providing a strong foundation for both novice and experienced traders alike.
The broker offers a diverse range of trading instruments, primarily focusing on forex, alongside CFDs on commodities, indices, and precious metals. EGM Securities utilizes the widely recognized MetaTrader 4 platform, providing traders with essential tools for effective market analysis and trade execution. Customer support is available six days a week, ensuring that assistance is readily accessible. What sets EGM Securities apart is its commitment to providing a transparent trading environment, direct access to interbank market rates through non-dealing desk execution, and a low minimum deposit requirement, making it an attractive option for traders in Kenya and beyond.
Is EGM Securities Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Capital Markets Authority (CMA) | Kenya | Segregated Funds |
Is EGM Securities Regulated and How Are Client Funds Protected?
EGM Securities is regulated by the Capital Markets Authority (CMA) of Kenya, making it a legitimate and trusted broker in the region. This regulatory oversight ensures that EGM Securities adheres to strict compliance standards designed to protect investor interests. One key aspect of client fund safety is the requirement for segregated accounts, which means that client funds are kept separate from the broker’s operational funds. This provides an additional layer of security, ensuring that client money is not misused and is available for withdrawal when needed. Furthermore, EGM Securities’ affiliation with the global Equiti Group enhances its credibility and operational reliability, aligning it with best practices in the financial services industry.
Trading Products and Services
What Trading Instruments Does EGM Securities Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | 61 Currency Pairs (e.g., EUR/USD, GBP/JPY) | 61 |
| Commodities | Gold, Silver, Oil | Multiple |
| Indices | S&P 500, NASDAQ | Multiple |
| Stocks | US and UK Stocks (e.g., Apple, BP) | 240+ |
| Cryptocurrencies | No cryptocurrencies available |
EGM Securities offers a diverse selection of trading instruments catering to various trader preferences. With 61 currency pairs available, forex traders can engage in both major and minor currencies. The inclusion of commodities and indices further broadens the trading landscape, allowing both beginners and seasoned investors to explore multiple asset classes. Additionally, the availability of over 240 stock CFDs provides ample opportunities for those interested in stock markets. This variety supports a range of trading strategies, whether traders are looking to diversify their portfolios or focus on specific market segments. By offering multiple asset categories, EGM Securities enhances flexibility for traders, enabling them to adapt to changing market conditions effectively.
Account Types and Trading Conditions
What Account Types and Fees Does EGM Securities Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Executive Account | Beginners and retail traders | Low minimum deposit, no commission, competitive spreads | Suitable for those starting with a small capital |
| Premiere Account | Experienced traders | Low spreads, commission applies, higher minimum deposit | Best for traders seeking tighter spreads |
| Islamic Account | Muslim traders | Swap-free trading | Must adhere to sharia law |
| Demo Account | All trader levels | Risk-free practice environment | Ideal for practicing strategies without real capital |
Account Opening Process
To open an account with EGM Securities, traders need to follow a simple process. First, they must provide their personal details, including full name, address, and country of residence. Next, employment and financial information should be submitted. Identity verification is essential, requiring an ID and proof of address. Once the account is created, traders have flexibility in their account type and can upgrade to a professional account later if desired.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 1.6 | $0 (Executive), $7 (Premiere) | Competitive spreads for both account types |
| CFDs (Stocks) | Varies | $7 per standard lot | Commission applies for stock CFDs |
| CFDs (Indices) | Varies | Varies | Check specific contracts for details |
| CFDs (Commodities) | Varies | Varies | Check specific contracts for details |
Other Fees
EGM Securities does not charge deposit fees. However, there is a withdrawal fee of KES 1650 or $16.50 for international wire transfers. An inactivity fee applies after 180 days of no trading activity. Overnight positions incur swap rates, and currency conversion fees may apply for transactions made in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does EGM Securities Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Login security (2FA, encryption), market search, multiple order types, technical indicators | Demo account, API interface |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Login security (2FA, encryption), market search, advanced order types, economic calendar | Demo account, API interface |
| Web Version | Web browsers | Login security (encryption), symbol lookup, one-click trading, price alerts | Demo account |
EGM Securities provides access to several trading platforms to cater to diverse trader preferences. The MetaTrader 4 platform is well-suited for beginner traders due to its user-friendly interface and essential trading tools. MetaTrader 5 is more advanced, offering additional features for experienced traders seeking enhanced functionality. The web version ensures that traders can execute trades from any location without needing to download software. Overall, EGM Securities supports secure logins, fast order execution, real-time alerts, and efficient search tools across its platforms, enhancing the trading experience for all users.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 1–3 business days | No platform fee | Min KES 500, Max KES 1,000,000 | KES, USD |
| Mobile Money | Instant | No platform fee | Min KES 500, Max KES 100,000 | KES |
| International Wire Transfer | 3–5 business days | Withdrawal fee of KES 1650 or $16.50 | Min KES 500, Max KES 1,000,000 | USD |
Minimum Deposit
EGM Securities requires a minimum deposit of KES 500 to open an account. This amount is consistent across all payment methods, making it accessible for traders starting with a smaller capital base.
How to Withdraw
- Log in to your EGM Securities account.
- Navigate to the withdrawal section of your account dashboard.
- Select your preferred withdrawal method (Bank Transfer or International Wire Transfer).
- Enter the amount you wish to withdraw, ensuring it complies with the limits.
- Confirm your details and submit the withdrawal request.
- Wait for processing; the timeframe will depend on the selected withdrawal method.
Customer Support
EGM Securities Customer Support Overview
Support Channels
EGM Securities offers multiple contact methods to assist customers effectively. Traders can reach out via:
- Email: Contact the support team at support@egmsecurities.com for any inquiries or assistance.
- Live Chat: Available through the EGM Securities website for instant help.
- Telephone: Call the toll-free number 0800-211-185 or the international number +254-730-676-002 for direct support.
- Social Media: Engage with EGM Securities on various social media platforms for updates and assistance.
Service Availability
The customer support team is available 24 hours a day, six days a week, ensuring that help is accessible when needed. Support is provided in multiple languages, catering to a diverse clientele.
Frequently Asked Questions
EGM Securities is regulated by the Capital Markets Authority (CMA) of Kenya, which ensures compliance with strict standards designed to protect investor interests. Client funds are kept in segregated accounts, providing an additional layer of security to ensure that your money is not misused and is available for withdrawal when needed.
EGM Securities offers a diverse range of trading instruments including 61 currency pairs in forex, CFDs on commodities like gold and oil, various indices such as S&P 500 and NASDAQ, and over 240 stock CFDs from US and UK markets. However, EGM Securities does not provide cryptocurrency trading options.
EGM Securities provides access to the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, both of which are available on multiple devices including Windows, macOS, iOS, and Android. These platforms offer essential trading tools and features to enhance the trading experience for both novice and experienced traders.
EGM Securities offers multiple customer support channels, including email support at support@egmsecurities.com, a live chat option on their website, and telephone support through a toll-free number for Kenya. The customer support team is available 24 hours a day, six days a week, providing assistance in multiple languages.
Related Forex Brokers
Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.