EGMarkets Review – Truth Behind EGMarkets.Trade
When we are looking to invest our money, we first think about the legitimacy of the business. We want to make sure our money is safe. EGMarkets, which is based in Nigeria, is not giving us any hope.
Moreover, they were presenting their two offices based in the UK. The goal was to raise trustworthiness. They have managed just to achieve the opposite.
Everything you can find on the company’s website is false, from claims about being a globally licensed trading firm to fake FINACOM membership.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||FINACOM|
|Broker Owner:||Eagle Global Markets|
|Online Trading Platforms:||WebTrader and MT4|
|Crypto Asset Trading:||No|
|CFD Trading Option:||No|
|Available Trading Instruments:||Forex, Commodities, Indices, Shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
EGMarkets Regulation and Security of Funds
With the Forex market becoming increasingly attractive, numerous scammers are exploiting innocent customers. One of them is the broker EGMarkets.
The company is owned by Eagle Global Markets, based in Nigeria. Besides the fact that Nigeria has a loose regulatory body, we’ve checked EGMarkets regulation. Of course, it’s nowhere to be found.
Furthermore, the company claims to have two offices in the UK, Eagle Global Markets (UK) Limited and EGM Analytics Limited. The prior was dissolved in 2021, while the latest has an active proposal to strike off as they haven’t submitted any financial reports. As you can guess, none of these holds an FCA license.
All in all, EGMarkets Forex broker is another financial fraud trying to convince you otherwise. Don’t fall for it!
Upon research, we discovered that FINACOM has expelled the firm and exposed the EGMarkets trading scam. Thus, you have a reason less to trust these scammers. Otherwise, you risk losing your life savings.
EGMarkets Supported Trading Platform
One good thing we can mention is the EGMarkets trading platform. The broker offers proprietary WebTrader and MetaTrader4, the industry’s best software. You will find a vast number of charts and indicators and advanced features such as EAs and social trading. There’s a good reason why MetaTrader is preferred software by 80% of retail traders.
In addition, EGMarkets login is enabled through both proprietary and MT4 mobile apps for Android and iOS. We should note that while a good trading platform is important, nothing can help you save your funds from an illicit scam.
EGMarkets Account Types Offered
Another strange thing is that you don’t have listed account types with EG Markets. Their goal is to lure you with some false advertisement to leave your contact information.
You can only see their account types after you register with them and those accounts are the following:
- Bronze $250
- Gold $500
- Platinum $1,500
After that, their agents will call you and try to persuade you into investing money. Certainly, they will adapt to your current situation and offer you something special for you. Don’t fall for those tricks because they will be coming for more!
EGMarkets Demo account is enabled for customers who want to test the system and see how everything works. We’d like to point out that a risk-free account is just bait.
Deposit and Withdrawal Options
The company hasn’t listed any payment methods or a minimum withdrawal amount, so we have every reason to believe that once you’re hooked, you won’t be able to get a penny back.
On top of that, EGMarkets Withdrawal Policy doesn’t exist, we’re unsure about the withdrawal process. There are no Terms and Conditions either that would help us understand the process or how long it takes.
How the Fraud Is Conducted
Many of these fraudsters, such as Pioneer Markets, pose as brokers to take advantage of the general public’s lack of knowledge of trading. And the agents calling are professionals who have many ways to get you on board with making an investment.
Ads that can be found online are full of fake stories promising easy earnings. Once you decide to leave your personal information in order to find out more about this, the agents will call you daily to try and convince you that what they are offering is a legit thing.
So, in case you have ever been scammed by this broker, remember that getting your money back is possible but it just takes time. We would be thankful if you can share your experience with us since we can help you report your scammers to the authorities.
While conducting this broker review we found that EGMarkets is a Nigeria-based broker that follows no regulations and therefore offers no safety for trader’s funds. Not only are they unlicenced, but they have been issued a warning by Hong Kong’s regulatory body FINACOM.
Similar to LondonEX, the minimum deposit requirement is also allegedly set at $250, which is often seen with scam broker of this kind, so be cautious with such high amounts,
Lastly, the broker doesn’t even offer a demo account for potential traders, which never happens with licensed brokers. A good rule to follow is to carefully review as many forex companies as possible before you swipe a card. And also remember to always think twice before investing anywhere and make sure you read the reviews first.
FAQs About EGMarkets Broker
What Methods Can I Use to Deposit Funds?
In regards to the funding methods, the broker hasn’t disclosed any of them, which means they are nothing more than a scam.
What is The Funding Method at EGMarkets?
This fraudulent broker doesn’t have any deposit methods listed on their website, so stay away from them.
What Trading Instruments are Available at EGMarkets?
Available trading instruments at EGMarkets are forex, commodities, indices, and shares.