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Influence index NO.1
No valid regulatory information, please be aware of the risk!
+254 730 676 002
EGM Securities Limited
254 730 676 002
Pyramid scheme complaint
General Information & Regulation
EGM Securities, a trading name of EGM Securities Limited, is allegedly a forex and CFD broker incorporated in Kenya under company number PVT-AAAAFF7 and licensed and regulated by the Capital Markets Authority of the Republic of Kenya under license number 107. The broker claims to provide its clients with various tradable assets with floating leverage up to 1:400 and variable spreads from 0.0 pips on the worlds most trusted and popular MetaTrader4 and MetaTrader5 trading platforms, as well as a choice of two different account types and 24/6 customer support service.
EGM Securities advertises that it mainly offers four different asset classes in financial markets, including forex (currency pairs), precious metals, CFDs and equities.
Apart from demo accounts, there are two live trading accounts offered by EGM Securities, namely Executive and Premiere. Opening an Executive account requires the minimum initial deposit amount of $15, while the other account type has a much higher minimum initial capital requirement of $100.
Different asset classes can enjoy different maximum leverage ratios. EGM Securities mentions that the maximum leverage is 1:400 for forex and precious metals, 1:200 for CFDs and 1:20 for equities. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.
Spreads & Commissions
EGM Securities claims that different account types can enjoy quite different spreads. The clients on the Executive account can experience spreads from 1.4 pips, while the Premiere account can enjoy raw spreads from 0.0 pips. As for commissions, the Executive account is commission-free, while the Premiere account will be charged a commission of $70 per USD million on forex and $7 per standard lot round turn on precious metals.
Trading Platform Available
Platforms available for trading at EGM Securities are the industry-standard MetaTrader5 trading platforms, both available on iOS, Android and Windows devices. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
EGM Securities accepts deposits via wire/bank transfers, debit/credit cards, mobile payments and e-wallets, while withdrawals with the exception of debit/credit cards. The minimum initial deposit requirement is only $15. There are no deposit fees charged while withdrawal fees vary depending on withdrawal methods. Withdrawals with wire/bank transfers will be charged $15 or 1650 KES; withdrawals with mobile payments are free and withdrawals with e-wallets will be charged 1% (capped at $30 or currency equivalent). As for the processing time of deposit and withdrawal requests, deposits via wire/bank transfers require 1-3 working days to process, while other deposit options are instant. Withdrawal with wire/bank transfers can be processed within 3-5 working days, while the other withdrawal methods only require 3 hours.
EGM Securities customer support can be reached by telephone: 0 800 211 185 (Toll-Free), +254 730 676 002 (non-toll Free numbers if you are calling from outside Kenya), Whatsapp: +254 730 676 002, email: firstname.lastname@example.org or live chat. Besides, you can also follow this broker on some social media platforms such as Twitter, Facebook, YouTube and LinkedIn. Registered address: 12th floor, Tower 2, Delta Corner Towers, Waiyaki Way, Westlands, Nairobi.
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