EGMarkets Review: Read Before You Trade With This Broker
EGMarkets belongs to Eagle GM Limited, a company registered in Nigeria. There are also 2 other companies, Eagle Global Markets (UK) and EGM Analytics Limited, both registered in the UK.
There are no legal documents to be found anywhere on the website, along with the Terms and Conditions or any other relevant information. Our EGMarkets Review will cover everything there is to be found about this anonymous broker, so keep reading.
|Spread||From 1.4 pips|
Regulation of EGMarkets and Funds Security
CBN, or Central Bank of Nigeria, is the regulatory body in charge of forex trading in the country, so we checked their registry, but got no results. The same was with the FCA, the UK’s regulatory body, although the two companies were registered on the Companies House, neither was actually regulated.
This unregulated broker claims to be a member of the Financial Commission, which is a self-regulatory organization and external dispute resolution body for forex. What is true, however, is that EGMarkets has been expelled from the Financial Commission’s list of members due to a breach of contract.
On top of that, the only protection of funds this unregulated scamming broker offer is SSL encryption on its website, which does not serve as a protection against fraud.
EGMarkets Trading Software Reviews
EGMarkerts claims it offers its clients MetaTrader4, the leading forex trading platform, and CopyTrade, a platform for buying and selling signals. However, if you try to click on the “Try Copytrade” button, you’ll be redirected to Zulutrade’s website. Zulutrade has the same function as CopyTrade, but we found some reviews accusing Zulutrade of platform manipulation.
Eagletrade is announced to be coming soon, and according to the website, it’s EGMarkets’ own trading platform which allows traders to trade in their local currency. The Naira platform was also briefly mentioned, an e-wallet launched by Nigeria’s Central Bank, but we couldn’t find the connection between the two.
MT4 is known to be a reliable platform, and we know it’s accessible from multiple operating systems and devices as well as the variety of advanced trading features and tools it provides.
What Account Types Does EGMarkets Offer?
This shady broker didn’t specify what types of accounts traders can choose from. We checked some reviews online and learned that there is a Classic account and a Pro-ECN account, but the information about the two is very limited.
A demo account is available, however, but we strongly advise against trading with this fraudulent broker for multiple reasons. Demo accounts can be manipulated by scammers in order to make it seem as if you were profiting and use that as a way to lure you into investing.
What Can Be Traded on EGMarkets Market?
Traders at EGMarkets allegedly can trade with:
This broker promises its clients trading with over a thousand trading instruments. Spreads are not the best with 3.3 pips for EUR/USD pair, 1.4 pips for Bitcoin, 3 pips for gold, and 3.7 pips for oil. Leverage at 1:400 represents a high investment risk, especially for inexperienced traders.
Regulated brokers have a leverage limit of up to 1:50 depending on the jurisdiction in order to minimize losses.
Deposit and Withdrawal Process
Although promised a variety of payment methods are available, there was no further information about what exactly are options. There’s no minimum deposit requirement and traders allegedly can start trading with as little as $1.
On top of that, there are no Terms and Conditions anywhere on this scamming broker’s website, which is a huge red flag. Undisclosed information such as this is a clear sign that EGMarkets is an unregulated broker.
Regulated brokers must be completely transparent with all of the aspects of the service they provide, and this is definitely not the case with this phony broker.
How Can I Get a Refund If EGMarkets Scammed Me?
As it’s not clear what payment methods are available at EGMarkets, we’ll cover the most common types and how to get your money back.
If the transaction was made with cryptocurrencies, it’s crucial to have the wallet belong to a regulated exchange because in that case it can be linked to a specific person thanks to the KYC.
Transactions made via a wire transfer can be recalled, but the tricky part is that this should be done up to an hour since the transaction was made, and that timeframe depends on the bank.
The easiest way to get your money back in case of being scammed is if the transaction was made with a credit card. The chargeback option is available with the majority of card issuers like Visa and MasterCard, and one can request a chargeback for up to 540 days from the day transaction was made.
- EGMarkets belongs to Eagle GM Limited, a company based in Nigeria.
- EGMarkets is an unregulated brokerage operating offshore.
- Financial Commission expelled EGMarkets due to a breach of contract.
- EGMarkets offers the MetaTrader4 trading platform.
FAQs About EGMarkets Broker
Is EGMarkets A Good Broker?
EGMarkets is not a good broker. It is an unregulated broker operating offshore while remaining anonymous.
What Are The Funding Methods For EGMarkets?
Funding methods available at the EGMarkets’ website are not disclosed to traders, just like most other relevant information.
Does EGMarkets Offer a Demo Account?
Demo Account is available at EGMarkets’ website, and it’s not specified for how long one can test the conditions.