EmpowerFX Review – Every Malicious Trick Is Revealed
As an offshore entity, this company doesn’t have a good perspective. Under the ownership flag of Empower LLC registered in St. Vincent and Grenadines this company operates since 2018. Knowing that this country doesn’t issue trading licenses, we are wondering if they have any.
|Headquarters||St. Vincent and Grenadines (SVG)|
|Spread||From 0.6 pips|
EmpowerFX Regulation and Security of Funds
As shown above, SVG gave up on providing licenses to trading companies. The main reason is that many companies were misusing such licenses and continued fraudulent activities. Nowadays, trading companies registered in SVG should find licenses elsewhere. Based on EmpowerFX reviews, they mainly operate in Europe and the United States.
Therefore, we are checking databases of the most trusted Tier 1 regulators in some countries. For instance, CFTC (US), FCA (UK), Germany (BaFin), and CONSOB (Italy). To avoid disappointment don’t do the research yourself. You won’t find any traces of this scam broker having a license with any of the mentioned institutions.
With this in mind, you can’t expect from investment scam like this to provide any funds protection. You can forget about negative balance protection and segregate bank accounts for clients’ money. On top of all, compensation funds remain a fictive desire for traders.
Supported Trading Platform
With Meta Trader 4 available, some traders might confuse this broker with some legitimate one. Just because of a trusted industry leader software. But if the broker scams you for a lot of money, that software was useless. Nevertheless, the MT4 platform is suitable for every trader. Whether you are a beginner or a pro.
Traders can enjoy extremely fast trade executions and numerous charting and trading tools. But also Expert Advisor features, social, and copy trading. Above all, it’s available on every platform. From Windows and Mac to iOS and Android mobile devices. But keep in mind that his broker is not licensed. So any funds on such a platform are not protected in any way.
EmpowerFX has a Referral Program
Another key point of this investment scam is the EmpowerFX broker affiliate program. They will try to convince you to get more people on board. Of course in exchange for commission. First, have in mind that that looks like an MLM scheme. Nobody can guarantee you that you are getting a commission from the company. But someone else money.
Secondly, if you even get a commission on your trading account that might be a bonus. Bonuses always come with malicious clauses. So, practically you can’t withdraw anything made with a bonus. In the end, you can’t prove what profits you made with bonuses. So, another dirty trick to prevent a withdrawal that the EmpowerFX broker scam might use.
Account Types Offered
Generally speaking, account types attract traders to deposit more money. However, they get better trading conditions. In legal brokerage companies that’s a win-win situation because everyone profits from that. On the contrary, broker scams like EmpowerFX use it just to extract more money from customers. Which can be confirmed through EmpowerFX broker reviews.
Anyway, traders can choose between 4 options:
All come with a leverage of 1:500. However, the European Securities and Markets Authority (ESMA) allows a maximum of 1:30 for retail traders. That tells you a lot about the legitimacy of this company. On top of all, they have insanely high commissions for some account types of $8. On the positive side, they have a demo account available.
Deposit and Withdrawal Options
The huge disadvantage of this scam broker comes with their funding methods. The company only promotes crypto transfers. These are hardly traceable and keep them anonymous. On top of that, such transactions are irreversible.
Keep in mind that in EmpowerFX reviews traders complained about withdrawal issues. Once they requested a withdrawal the company froze their accounts. But first, they will come up with non-existent fees that traders have to pay.
How the Fraud Is Conducted
Whether through affiliate programs or marketing campaigns they try to reach as many people as possible. Once you put in your first deposit they will be coming for more. Even if you are making profits, that’s fine. But if you decide to withdraw, that’s when you start facing issues.
Starting with inadequate documentation. So, after you provide all documents they require more payments for taxes and fees. But if those really exist, could be taken from the account balance as well. Don’t fall for these cheap tricks.
Even though the company is transparent, they only reveal its flaws this way. The only positive thing about this broker is Meta Trader 4 and the demo account. On the contrary, they provide services without a license. Moreover, their funding methods are not clarified completely.
If you feel like a victim of this broker, let us know. Our expert recovery team can assist you to recover your money. Book your first consultation already today!
FAQs About EmpowerFX Broker
What Methods Can I Use to Deposit Funds?
On the website, the broker promotes crypto transfers as the primary funding method.
Is My Money With EmpowerFX Broker Secured?
No. The company doesn’t have any regulations, therefore they don’t comply with any laws.
What Trading Instruments are Available at EmpowerFX?
They offer a standard 5 major instrument classes package: forex, commodities, indices, shares and cryptos.