Abstract：EGM Securities has been reported as a scam by many forex traders, as they encountered several problems concerning fund withdrawals. The broker is alleged to have defrauded traders by applying unnecessary restrictions on withdrawals. Also known as FXPesa, the broker seems to have caught traders’ attention, mostly for negative reasons, though. In this EGM Securities review article, we have discussed withdrawal-related complaints made against the broker online. Keep reading!
EGM Securities has been reported as a scam by many forex traders, as they encountered several problems concerning fund withdrawals. The broker is alleged to have defrauded traders by applying unnecessary restrictions on withdrawals. Also known as FXPesa, the broker seems to have caught traders attention, mostly for negative reasons, though. In this EGM Securities review article, we have discussed withdrawal-related complaints made against the broker online. Keep reading!
Overview of EGM Securities - Accessible Markets, Trading Platforms, License & Other Details
The Nairobi-based EGM Securities claims to have been regulated by the Capital Markets Authority. Through international offices, the broker claims to deliver trading services to individuals, corporations and institutions. With over 2,000 trading products, the company seems to offer a wide range of opportunities to maximize earnings. The broker enhances traders experience by offering them a wide range of trading platforms such as MT4, MT5, and the mobile trading app Equiti Trader.
While all of these appear impressive, complaints, especially regarding withdrawals, have been making noise on online review platforms. Lets take a close look at some of the complaints.
Top EGM Securities Withdrawal Complaints
Account Status Changed to Verification Pending Without Notice
A Portugal-based trader reported serious misconduct by EGM Securities upon withdrawal. The broker, as per the trader‘s statement, changed the account status to pending verification without any prior notice. Concerned by the sudden change in the broker’s stance, the trader sought help from a legal firm (Edenbury), which escalated the matter, resulting in fund retrieval. Here is what the trader recounted while sharing the EGM Securities review. Take a look!
The Hassle Following the $87,600 Withdrawal Request
A Singapore-based client of EGM Securities underwent a series of hassles after requesting to withdraw funds worth $87,600. As the request landed at the broker‘s desk, the trader’s account was restricted. Even though the client got in touch with a legal firm, Amborio, the hassles continued for the trader as the EGM Securities customer support team kept avoiding answering questions on withdrawals. After a lot of follow-ups, courtesy of the legal firm, the trader finally managed to receive the stuck funds. Below is the negative EGM Securities review the trader shared after witnessing issues concerning fund withdrawals.
An Emotionally Draining Experience Following the Withdrawal Denial
This complaint talks about a trader who began his trading journey with the broker with the hope of achieving all his long-term goals, but suffered severe emotional and financial distress after facing withdrawal issues that led to significant losses. The experience caused embarrassment, hopelessness, and a loss of trust. With the intervention of DarkChainInvestigations, a legal firm, the investor was able to recover and better understand what went wrong. The case highlights the risks of inadequate due diligence and underscores the importance of thorough research, verification, and informed decision-making before investing.
Check out this tragic financial incident the trader witnessed.
A Trader Vows to Trust Processes, Not Promises
Although a UK-based trader did not specifically disclose the incident that led to this comment, the frustration was evident. The comment does hint at the alleged false promises made by EGM Securities, which turned non-existent in real-time. After contacting the Vanguard Asset Recovery Group, a firm that focused on realistic assessment, the trader realized the importance of processes. Check out this screenshot that explains the change in the traders viewpoint.
Interestingly, all these comments have appeared recently i.e. Jan 2026, which calls for even more attention by the existing and prospective traders seeking to build a robust forex portfolio through EGM Securities.
Has EGM Securities Garnered Positive Reviews from Traders?
While the reports concerning EGM Securities remain largely negative, there have been a couple of positive reviews for the broker, especially on the trading platform aspect. Some traders have appreciated the ease in executing buy stop and sell stop limit orders. However, an Australia-based trader, while appreciating the broker‘s trading platform, was apprehensive about its regulatory status. Here are a couple of reviews shared on WikiFX, the world’s leading forex regulation inquiry app.
The Review of EGM Securities by WikiFX: The Regulatory Status & Score Update
EGM Securities, true to a traders suspicion, is an unverified entity, contrary to the regulation claims made by the broker on its official website. This is despite the broker having been operating for over five years. Considering the elevated trading risks with the Kenya-based EGM Securities, the WikiFX team gave it a score of 2.37 out of 10.
