Overview

EGM Securities, a trading name of EGM Securities Limited, is a forex and CFD broker incorporated in Kenya. It deals in forex, precious metals, CFDs, and equities.

Regulations:

Capital Market Authority of Kenya.

Trading Platforms:

Mt4,Mt5.

Countries they are Dealing :

Kenya, Arbain countries, African countries, etc.

Prohibited Countries:

United States, Belgium, Canada Singapore, etc.

Payment Method:

Wire Transfer, Debit/Credit card etc

Pros:

  • Free demo account.
  • No deposit and withdrawal fees.
  • Online Trading Academy FXPesa for Financial Literacy.
  • Kenya’s first Non-Dealing Desk Broker.

Cons:

  • Not regulated by Top-Tier Regulator.
  • Forex Withdrawal issues.
  • Do not have an in-house trading platform.
  • Questionable Customer support.
  • Vague Information on the website.
  • Do not offer services in top-tier regulated countries like the USA.

Is EGM Securities safe for traders?

EGM Securities is the first Non-Dealing Desk Broker in Kenya. However, Top Tier Regulators do not regulate them, which raises some concerns. This is further supported by several client reports of intentional loss of money, avoidance of profit payments through deliberate delays in customer service, and forex withdrawal issues. These issues, along with the lack of credible regulation, make trading with EGM Securities unsafe and increase the risk of falling victim to forex fraud.

VYFXB Analysis of EGM Securities:

EGM Securities offers a free demo account with no deposit or withdrawal fees, which is suitable for new traders. However, the lack of strict regulation raises concerns about security and reliability. Users report forex withdrawal issues, and the absence of an in-house trading platform might deter advanced traders. Customer support is often criticised, and the website’s information is vague and generalised. We advise all traders to conduct thorough due diligence before committing to protect themselves against trading scams. Reading Forex Broker Reviews could help safeguard investors from scamming websites.
Best Forex Broker -VYFXB Scale= 2/5