A few months ago, I came across a post in one of the FX groups from a trader complaining about how his broker’s commissions, swaps, and spreads eat into most of his profits. As I devoured through the post and comments, I saw that many other professional traders were sharing similar sentiments. Having traded with several brokers, I must admit being lucky not to have been swindled by a broker.
The forex market and its environment are full of uncertainties. There are robbers, swindlers, and mischievous players quick to take advantage of anyone not shrewd in how they want to gain from the market.
If you have trouble locating the right broker or suspect your broker is being conniver, I am here to help. I am going to share with you the list of brokers I use with minor complaints (regarding spread, commission, or swap fees).
EGM Securities
So far, EGM Securities has been my favorite broker. What I love most about this broker is that dormant accounts attract zero fees. That means if you have just run out of liquidity/capital, you can always come back at a later date to restart your account at zero cost.
Deposit and withdrawals
Depositing and withdrawing money on EGMs is straightforward, especially when you are using mobile money because there are zero transaction fees. The minimum deposit needed to start trading is $10.
Trust and regulation
EGMs has its offices in Kenya and is regulated by the Capital Markets Authority (CMA), the main financial regulatory body in Kenya. In fact, it is the first non-dealing online forex broker to be registered in Kenya. EGM securities is highly trusted among forex traders in Kenya and Sub-Saharan Africa for its reliability and great customer support. On Trustpilot, this broker has an average trust score of 2.9/5.0 — a rating not bad for a broker that has been in operation for such a short time.
Trading accounts
EGMs provide traders with two types of accounts: Executive and Premiere accounts. There is also a third account for Islamic traders called the Islamic account operating on Sharia law (which mostly carries zero swap fees). All accounts are in USD.
Spread and commission
On EGMs, the spread and commission vary depending on the account you are using. Executive accounts have spreads of as low as 1.4 pips and Premiere accounts 0.0 pip (on certain pairs/currencies). However, this account, unlike Executive, which comes with zero commission, attracts a commission of $7 per lot on metals and $70 on forex pairs.
Leverage and range of offering
Traders using EGMs can choose leverages from 1:400, 1:100, and 1:50 depending on their risk appetite, account type, and asset they are trading (that is currencies, commodities, indices, or shares).
Trading platforms
Unfortunately, you can only trade on MT4, MT5, and the Equiti Trader app (that you can use only on your phone) when you open an account with EGMs. There are no sophisticated trading apps like DXTrade or cTrader offered by this broker.
Research and educational resources
EGMs have an academy run together with FXPesa called FXPesa Academy, where traders have access to webinars, seminars, and networking events where they can engage with genuine experts on trading. They have five training centers across the country which you can use to consume their trading resources at zero cost.
Customer support
Another thing that I love about EGMs is the responsive customer support and transparent policies and procedures. Their toll-free number in Kenya is 0800-211-185 and for international clients is +254-730-676-002.
BDSwiss Global
BDSwiss Global is also another broker that is worth using. BDSwiss Global was established in 2012 and has its headquarters in Seychelles. Even though it is located on an offshore island, it is a highly reputable broker.
Trust and regulation
BDSwiss Global is regulated by the Financial Services Commission (FSC) in Mauritius under license number C116016172 and the Financial Services Authority (FSA) in Seychelles under license number SD047. Trustpilot’s overall rating of this broker is 4.7/5.0 — an excellent score for an offshore broker.
Trading accounts
One important factor you will love about BDSwiss Global is it offers traders a variety of accounts to use. You can pick a Zero Spread account, Classic account, Raw account, Cent* account, and VIP account. The minimum deposit is $10 for the Classic and Cent* accounts.
Spread, commission, and trading fees
On BDSwiss Global, the spread starts from as low as 1.3 pip for the Classic account, 0.0 pip on the Zero spread account, 1.0 pip on VIP, and 1.6 pip on Cent* accounts. The margin call is at 50% and the stop-out is at 20%.
The commission varies on the account type. For example, a Zero Spread account attracts a commission of $6 on commodities/forex pairs, $2 on indices, and 0.15% on shares. For Classic accounts, the commission is $0 on all pairs, $2 on indices, and 0.15% on shares. VIP accounts attract a commission of $0 on all pairs, $0 on indices, and 0.15% on shares, while Cent* accounts carry a commission of $0 on all pairs, $2 on indices, and 0.15% on shares.
Leverage
On BDSwiss Global, the default leverage for most accounts is 1:400. Even so, traders have the option of choosing a dynamic leverage of 1:2000 when they open an account with with this broker.
Range of offering
Traders using BDSwiss Global can choose any trading assets from a variety of 250+ trading instruments. That includes commodities, minor and major forex pairs, ETFs, cryptocurrencies, and stocks.
Trading platforms
There are five trading platforms you can use on BDSwiss Global, including the popular MT4 & MT5, Ctrader, BDSwiss Mobile app, and BDSwiss Web Trader.
Deposit and withdrawals
There are no deposit and withdrawal fees from the broker’s platform but on methods used to make the transaction (that includes Astropay, credit card, or mobile money). However, what I find absurd about this broker is the $30 fee charge on dormant accounts (beyond 90 days). That may make BDSwiss Global less appealing for new traders still learning Forex.
Research and educational resources
Like most brokers, BDSwiss Global also has an educational center where traders can take advantage of Forex ebooks, educational videos, seminars, and live education from expert traders on how to navigate the Forex market.
Customer support
BDSwiss Global’s customer support service is above average and you can quickly get help within 24 hours of contacting them. You can contact them via chat, email, and phone and you will be sorted before EOB GMT. I once had a problem when my deposit didn’t reflect on my account and I was quickly helped when I emailed them about the matter.
In conclusion, BDSwiss Global is one great broker to use. Just make sure to read their disclaimer and privacy policy thoroughly (something you should do for all the brokers) before opening an account with them.
Windsor Brokers
One thing that many people search for in a broker is how long they have been in business, and Windsor Brokers (WB) is one of the longest brokers around, having been in operation since 1988. Unfortunately, WB does not accept US and EEA countries’ residents to use its platform.
Trust and regulation
WB is regulated by the Financial Services Authority in Seychelles. What might make this broker likable is the number of awards it has received. These include the Most Trusted Forex Broker of the Year 2021 at JFEX–Jordan, Best Forex Research Team by Cyprus, Most Trusted Forex Broker at UK Forex Awards, and Best Forex Broker at Middle East Forex Expo. Strangely, its overall trust score is quite low at 2.6/5.0 on Trustpilot. This is not encouraging for a broker that has been operating for that long.
Range of offering
Windsor Broker’s product line is huge. You can trade shares, Forex, Indices, Crypto, Treasuries, Energies, and even ETFs.
Trading accounts
The most common trading accounts offered by this broker include an MT4 Prime Account, MT4 Zero Account, and VIP ZERO Account (Prime and Zero account). The minimum deposit is $50 (that is on Prime accounts).
Leverage
On WB, you can choose accounts with leverages of 1:200, 1:400, or 1:500. For example, the Prime and Zero account attracts a leverage of up to 1:500.
Trading platforms
Unfortunately, traders can only trade on MT4 desktop, tablet, mobile, and Webtrader when they sign up with this broker. There are no MT5 and other sophisticated apps like cTrader.
Spread, commission, and broker/trading fees
Windsor Broker accounts, especially the Zero accounts, have very low spreads of 0.0 to 1.0 pips. However, they attract a commission of $8 per lot. For Muslim traders, there is an Islamic account with features designed according to Sharia law (that is, zero swap fees).
Deposit and withdrawals
The currencies you can use for funding and withdrawals on WB include USD, CNY, EUR, GBP, KWD, and COP. This broker does not charge any fee for depositing or withdrawing money. However, you may experience some fees from your bank or withdrawal method.
Research and educational resources
On WB, Zero accounts come with no educational resources. However, Prime and VIP Zero account holders have direct access to educational resources, classes with experienced traders, and even a dedicated account manager to assist traders in their trading endeavors.
Customer support
Windsor Broker is not really good at offering exceptional customer service. Only online chat has a fast response rate, but email and phone support are below standard.
NOTE: Personally, I have a lot of worries about this broker, even with all the awards it has received to back up its reputation.
First, it is a market marker broker. But far from that, what I found discouraging is the slow speed of trade execution and system lagging.
There were so many times when I wanted to open a position or manually close a trade, but I couldn’t because the system was ‘hanging’. Such constant delays in trade execution can cause significant losses when the market is extremely volatile.
NordFX
NordFX serves customers in over 100 countries. It was established in 2008 and currently has its headquarters in Saint Lucia, an island in the Caribbean Sea.
Trust and regulation
NordFX is regulated by the Financial Services Regulatory Authority (FSRA). Another factor that makes NordFX highly trusted is the number of awards it has received. These include The Most Trusted Broker by the World Forex Award, Best News & Analysis Provider by Forexing Awards, Forex Awards Best Social Trading Network, Forex Awards Best Affiliate Program, IAFT Awards Best Broker of Asia, Forex Awards Ratings Best Micro Forex Broker, and among others. On Trustpilot, this broker has a higher trust score of 4.0/5.0, thus confirming NordFX as a reputable broker.
Leverage
What you love most about NordFX is the generous leverage that comes with some accounts (1:1000). This makes it ideal for traders who cherish accounts with lots of leverage.
Trading accounts
Traders can pick these account types when they sign up with NordFX: Fix, Pro, and Zero accounts. The minimum deposit for the Fix account is $10, the Pro account is $250, and the Zero account is $500. Traders can fund their accounts in USD, EUR, and CNY only.
Spread and commission
A second thing other than leverage you love about NordFX is its competitive spreads. Zero accounts have a spread of 0.0 pip (for certain pairs such as EUR/USD), Pro accounts 0.9 pip, and Fix accounts 2 pips. Zero accounts attract a commission of 0.0035% per trade while the Fix account attracts 0 commission.
Range of offering
On NordFX, you can trade commodities, Indices, Shares, and even Crypto on MT4, MT4 MultiTerminal, and MetaTrader Mobile when you open a trading account with NordFX.
Trading platforms
There are no sophisticated platforms like cTrader or DX Trade on NordFX. Traders can only use MT4, MT5, and MetaTrader 4 MultiTerminalFunding accounts (for traders having multiple accounts on the same server).
Deposit and withdrawals
The minimum deposit required to open an account with NordFX is $10. Depositing and withdrawing funds is free. However, the payment system you use for transferring funds may charge a commission which varies depending on your area of residence.
Research and educational resources
Compared to the other brokers described here, the NordFX learning center is the only one with mediocre learning resources for traders. The resources are only useful in learning the basics about the market/forex. Even so, it is still a great place for traders to acquire knowledge about the market to begin their trading journey.
Customer support
In 2021, NordFX was recognized by the Forex Traders Association with the best customer support award.
Any time of the day, you can communicate with support via live chat, email, or phone in 12 of the most popular languages. Thus, be rest assured that with NordFX, your most pressing Forex issues can be resolved in the quickest time possible.
For those looking for a professional asset manager or a way to invest in shares, the NordFX Investment Fund offers them an easy and transparent way to achieve that goal. You can invest as little as $1000 in the world’s largest companies in the Pro Expert Fund program.
FXPesa
FXPesa is another broker registered in Kenya and regulated by the Capital Markets Authority. It is the trading name of EGMs and shares a lot with the parent company in terms of spread, commission, and trading products.
Trading accounts
FXPesa offers new account owners $150 of free trading credit (bonus) when they open a trading account with them. The firm offers both professional and individual brokerage services. Like EGMs, there are the typical Standard and Executive accounts plus a swap-free Islamic account for Islamic traders (operated under Sharia law).
Deposit and withdrawals
All the FXPesa’s accounts are in USD with the executive account attracting a minimum deposit of $100 while the Standard account has no requirement for a minimum deposit. Thus, you can begin your trading journey with as little as $10. Depositing and withdrawing funds is free. However, there is a fee that your method of funding may attract.
Trading platforms
With FXPesa, you can trade on MT4, MT5, MQ Webtrader, & Equiti Trader app. All these apps are compatible with mobile, tablet, and desktop.
Range of offering
There are several assets offered by FXPesa. You can trade Forex, Indices, Shares, Commodities, and even ETFs.
Spread, commission, and leverage
The spread on FXPesa’s Standard account starts at 1.4 pips and 0.0 pips for the Executive account. However, accounts with such super-low spreads are only available for certain currency pairs in addition to carrying a commission of $3.5 per lot while Standard accounts have zero commission charge. The stop-out is at 30% and traders can enjoy a leverage of up to 1:400 when using this broker.
Trust and regulation
FXPesa is regulated by the Capital Markets Authority, the main financial regulatory body in Kenya. Thus, it is very legit. FXPesa has been in operation for only a short time, thus its trust score is more of average at 3.2/5.0 on Trustpilot.
Research and educational resources
All the educational resources are available at the FXPesa academy and the five satellite stations across the country. At these learning centers, aspiring traders can consume webinars and ebooks and also take part in seminars and networking events with pro traders to learn more about trading.
Customer support
FXPesa’s customer support is available 24/7 via email, phone, and live chat. For faster resolution of issues, I believe WhatsApp would be ideal.
The only drawback with FXPesa (which it shares with EGMs) is that the spread can be a little wider compared to most brokers. Overall, you will find FXPesa ideal if you are on the lookout for a broker with minimal slippage and quick execution of trades.
Conclusion on brokers I use
As a forex trader, there is a need to exercise due diligence before you open an account and even deposit your hard-earned money with any broker. Traders must carefully read the terms and conditions and legal information on a broker’s websites, emails, and social media posts (even with the brokers reviewed here, as such information is updated often).
Documents such as risk statements, client agreements, trading rules, disclosure agreements, and privacy policy agreements must be carefully read and understood. Many traders don’t do this and then complain about the broker when a rule they overlooked attracts a penalty or gets them banned by the broker.
Know that taking extra precautions before getting into an agreement with any broker is the surest way to find out whether a broker is legit and what to do in case they breach the terms and conditions set by the regulating agency.
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