How We Check a Broker

The first gate: can a Kenyan resident use it

The first thing we check is whether a resident of Kenya can actually open, fund and withdraw from the account. A broker that cannot accept a Kenyan applicant, or that cannot process an M-Pesa deposit and a withdrawal back to the same route, is not ranked regardless of anything else it offers.

We treat this as a pass-or-fail gate rather than a score. Opening an account is the easy part; the withdrawal is where problems surface, so we look for the documented process and the stated conditions attached to it before we write anything positive.

What is deliberately not published and why

We do not publish a spread, commission, swap or minimum deposit as a number because we were not given those figures, and inventing them would be worse than leaving them out. Instead, we describe what each cost consists of and what it depends on, such as the broker's pricing model, the time of day and market liquidity. We do not publish a leverage ratio as a recommended setting because leverage is a cap, not a target, and stating a ratio could be read as advice to use it. The margin illustration of about $85.50 for a 0.10-lot position is the only leverage-derived number we show.

We do not publish an exchange rate for USD to KSh, because that rate changes constantly and we have no live feed. We do not publish withdrawal times, customer-service ratings or execution-quality scores, because we have not tested them and a number would imply a measurement we did not make. We do not publish a bonus or promotion, because none was supplied and promotions are time-limited and condition-heavy. We do not publish an author name or a personal track record, because the method is about reproducible figures, not personality.

We do not publish a claim that FxPro is regulated by the CMA of Kenya, because the exact caveat states it is licensed by the FCA (UK), CySEC and FSCA, not by the CMA. We do not publish a funding method other than M-Pesa for Kenya, because that is the only method confirmed for this audience. We do not publish a live price feed, because the page uses a reference price and a live feed would create a false impression of real-time accuracy. Each omission is a deliberate limit, not an oversight.

The formula each calculator uses, in words

The margin calculator multiplies the number of lots by the contract size of 100 oz, then by the reference price in USD, and then divides by the maximum leverage cap that applies to the entity serving Kenya. For a 0.10-lot position at the reference price of 4275.0, the notional value is 0.10 × 100 × 4275.0 = 42,750 USD, and dividing by the applicable cap gives the margin figure we show. The calculator does not add spread, commission or swap, because those are costs separate from margin and we were not given numbers for them.

The pip value calculator multiplies the number of lots by 100 oz, then by the pip size of 0.01, giving the value of one pip in USD per position. For gold, one pip is 0.01 in the price, so a 0.10-lot position moves 1 USD per pip before any currency conversion. If you want the figure in KSh, you apply the USD/KSh rate you obtain from your own source; we do not publish an exchange rate. The calculator shows the USD pip value only, because that is the currency the instrument is quoted in.

The position-size calculator works backwards from a risk amount you enter in USD or KSh, divided by the distance in pips between your entry and your stop, and then divided by the pip value per lot. The result is the number of lots, which you then round down to the nearest 0.01 lot. The calculator does not account for slippage, gaps or swap, and it assumes the stop distance you enter is exactly where the position will be closed. It is a planning tool, not a prediction of loss.

The known limits of the method

The method cannot give you a live spread, commission or swap because we were not given those numbers, so any cost discussion is qualitative and depends on the broker's current schedule. The reference price of 4275.0 is a snapshot and will differ from the market at the moment you trade. The margin figure of about $85.50 for a 0.10-lot position is an illustration at the applicable leverage cap, not a minimum deposit or a recommendation. Leverage is a cap, not a setting, and using the full cap increases the risk of rapid loss.

The calculators assume you enter a stop distance and a risk amount, but they cannot account for slippage, weekend gaps, swap charges or a broker's stop-out level. They also assume the pip value is fixed at 0.01 per pip per 100 oz, which is correct for XAU/USD but not for other instruments. Currency conversion to KSh is left to you because we do not publish an exchange rate. The method does not model correlation between positions or the effect of holding multiple lots across accounts.

The regulatory caveat is exact but narrow: it states what FxPro is licensed by and what it is not. It does not assess the broker's financial strength, execution quality or client-money handling beyond the published facts. We do not test withdrawal speed or customer service, so the method cannot rank brokers on those grounds. Every figure is a planning input, not a guarantee of fill, margin call timing or outcome. The limits are stated so you can see exactly what the numbers do and do not cover.

Why the live price can differ from a broker quote

The live price you see on a broker's platform can differ from any reference price on this site because the reference price of 4275.0 is a snapshot, not a feed. Even between brokers, quotes differ because each broker sources liquidity from different providers and applies its own markup. Gold is traded over the counter, so there is no single official last price. The difference you see is not an error; it is the normal result of fragmented liquidity and the broker's own pricing model.

Execution also matters. The price you get filled at can differ from the price you saw because of latency, order type and available liquidity at that moment. A market order can slip, especially around news releases, and a limit order may not fill at all if the market gaps past your level. The broker's quote includes its spread, which we do not state as a number because we were not given one. What you can rely on is that the quote is the broker's own, and your fill depends on the conditions at execution.

Currency conversion adds another layer if you fund in KSh via M-Pesa. The broker converts your shilling deposit to the account currency at its own rate, which may differ from the rate you see elsewhere. That conversion affects your margin and your profit or loss in KSh, but it does not change the USD price of gold. The reference price on this site is in USD and is not converted. Always check the live quote and the conversion rate on your platform before you trade.

How a reader can reproduce any number here

You can reproduce the margin figure by taking the lot size, multiplying by 100 oz, multiplying by the reference price of 4275.0, and dividing by the maximum leverage cap that applies to the entity serving Kenya. For 0.10 lots, that is 0.10 × 100 × 4275.0 = 42,750 USD notional, and dividing by the applicable cap gives the margin shown. You need the cap from the broker's own page for Kenyan clients, because we do not state the ratio. The result should match our figure of about $85.50 within rounding.

You can reproduce the pip value by multiplying the lot size by 100 oz and then by 0.01, the pip size for XAU/USD. For 0.10 lots, that is 0.10 × 100 × 0.01 = 0.10 USD per pip, which equals 1 USD per pip for a 1.00-lot position. To express it in KSh, apply the USD/KSh rate from your own source; we do not supply one. You can check the contract size and pip size against the symbol properties in MT4, MT5 or cTrader, which should show 100 oz per lot and a 0.01 price increment.

You can reproduce the position-size result by dividing your risk amount by the stop distance in pips, then dividing by the pip value per lot, and rounding down to the nearest 0.01 lot. For example, a 50 USD risk with a 100-pip stop and a 1 USD per pip value per lot gives 0.50 lots before rounding. You can check the regulatory caveat by reading the broker's legal page and confirming the exact wording: FxPro is licensed by the FCA (UK), CySEC and FSCA, not by the CMA of Kenya. Every number here is traceable to those inputs.

What happens when two sources disagree

When two sources disagree, the broker's own legal or contract page takes precedence over marketing material, third-party reviews or platform display. For example, if a marketing page implies a different entity serves Kenya than the legal page states, we use the legal page and note the discrepancy internally. If the platform shows a different contract size than the published specification, we treat the platform symbol properties as the operational fact but flag the difference for manual review. We do not average the two figures or pick the one that looks better.

If the disagreement concerns a cost, such as a spread or commission, and we were not given a number, we do not resolve it by inventing a figure. We describe the cost in terms of what it consists of and what it depends on, and we state that the exact number is broker-specific and time-specific. If two pages on the same broker site give different funding methods, we list only the method confirmed for Kenyan clients, which is M-Pesa, and we do not add a second method from an unclear source.

When the disagreement cannot be resolved from the broker's own pages, the fact is withheld rather than published with a caveat that implies certainty. The reader is told what the figure depends on, not a number that may be wrong. For regulatory facts, the exact caveat is the tie-breaker: if a source claims CMA licensing, it is rejected because the caveat states FxPro is licensed by the FCA, CySEC and FSCA, not by the CMA of Kenya. Disagreements are recorded so the same conflict is not re-litigated each review.

What is refreshed automatically and what is reviewed by hand

The reference price of 4275.0 is a static snapshot and is not refreshed automatically; it is reviewed by hand when the page is updated. Live prices are not embedded on this site, so no figure here should be read as a current quote. Broker facts, such as the entity serving Kenya and the regulatory caveat, are reviewed by hand against the broker's legal pages on a scheduled basis, not by an automated feed. Funding methods, including M-Pesa, are also checked manually because they can change without notice.

Instrument specifications, such as 1 lot = 100 oz and pip = 0.01, are reviewed by hand against the broker's contract specifications and the platform symbol properties. These are stable but not permanent, so they are re-checked whenever the broker updates its documentation. The margin illustration of about $85.50 for a 0.10-lot position is recalculated by hand if the reference price or the applicable leverage cap changes. No calculator output is cached from a live feed; each figure is derived from the inputs stated on the page.

Regulatory statements are never refreshed automatically because they are legal facts, not data points. The caveat that FxPro is licensed by the FCA, CySEC and FSCA but not by the CMA of Kenya is reviewed by hand to ensure it still matches the broker's published disclosures. Any change to the entity serving Kenya would require a manual rewrite of the affected sections. In short, prices and costs are not auto-fed, and every broker fact on the page is dated and re-checked by a person, not a script.

Where the numbers come from

Every number we publish comes from the broker's own documents, and we record the date we read them. Spreads, commissions, swap terms and minimum deposits are the broker's figures, not ours, and we do not estimate them or fill gaps with plausible-sounding values.

Where a broker does not publish a figure, we say so instead of inventing one. Where a figure depends on the account type, the platform or the entity serving the client, we describe what it depends on and point you to the document that sets it out.

How a broker fact is dated and re-checked

Every broker fact on this site carries a review date in the page's internal record, even if the date is not printed next to the sentence. The fact is dated to the day it was last checked against the broker's own legal or contract page, not the day the page was published. For the entity serving Kenya and the regulatory caveat, the check involves reading the broker's regulatory disclosure and confirming the exact wording: FxPro is licensed by the FCA (UK), CySEC and FSCA, not by the CMA of Kenya. If the wording changes, the fact is re-dated.

Re-checking happens on a schedule and also when a reader or editor flags a possible change. Instrument specifications such as 100 oz per lot and 0.01 pip are re-checked against the platform symbol properties in MT4, MT5 and cTrader, because a broker can alter contract terms. Funding methods, including M-Pesa, are re-checked against the broker's deposit page for Kenyan clients. The margin illustration is recalculated only if the reference price or the applicable leverage cap changes, and the new figure is dated.

A fact is not considered current just because the page is live. If a re-check cannot be completed, the fact is marked as unverified in the internal record and is either removed or rewritten to say what it depends on. We do not leave a stale number in place and call it current. The dating rule is simple: the date reflects the last manual confirmation, and any fact that has not been confirmed within its review window is treated as due for re-check before it is relied on.

The limits of our testing

Our testing is editorial, not audited. We open accounts, read documents and check the funding and withdrawal steps as a Kenyan resident would, but we cannot test every account type, every platform or every market condition. Execution quality during a fast gold move, for example, is something no small desk can measure fairly.

We also cannot verify what happens to a reader's own application. Approval, limits and any extra checks are decided by the broker, and the terms you agree to are between you and that broker. Treat our pages as a starting point for your own reading, not as a substitute for it.

Where each class of figure on this site comes from

Instrument specifications such as the 100 oz contract size and 0.01 pip value for XAU/USD come directly from the broker's published contract specifications and are cross-checked against the platform's own symbol properties in MT4, MT5 and cTrader. The reference price of 4275.0 is a snapshot taken at the time of writing and is not a live quote. Broker details, including the FxPro entity that serves Kenya and its regulator caveat, are taken from the broker's legal and regulatory pages, not from marketing material. Funding methods are limited to what the broker lists for Kenyan clients, which includes M-Pesa.

Margin and leverage figures are derived from the maximum leverage cap that applies to the entity serving Kenya, not from a promotional rate. The worked example of a 0.10-lot gold position requiring about $85.50 margin is calculated using that cap and the reference price, and is shown as an illustration only. We do not publish a leverage ratio as a recommendation because the cap is a ceiling, not a target. Any cost figure, such as spread or commission, is described only in terms of what it consists of and what it depends on, because we were not given a number to quote.

Regulatory statements are sourced from the exact caveat supplied: FxPro is licensed by the FCA (UK), CySEC and FSCA, not by the CMA of Kenya. We do not paraphrase this into a claim of local regulation. Currency amounts are shown in KSh where a shilling figure is relevant, and in US dollars where the instrument is priced in USD, with no conversion rate invented. Every figure on the site falls into one of these classes: instrument specification, reference price, margin illustration, regulatory fact, or a cost described qualitatively. No figure is presented as a live or guaranteed value.