Review of EGMarkets – 5 telltale signals it’s a fraud
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.
|Regulated by:||No regulation|
|Blacklisted as a Scam by:||FINACOM|
|Owner:||Eagle Global Markets|
|Supported Platforms:||MT4, Web trader|
|Types of Assets:||Forex, Commodities, Indices, Shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
None of these companies have FCA regulations. This is a problem since they are also presenting themselves as a trusted brokerage operating from the UK.
Is EGMarkets a Scam Forex Broker?
If they tried to persuade you that they are not, we hope that you didn’t fall for it. Of course, a company with no regulations has a higher potential to be fraudulent.
At least, here situation I clear. They were even expelled from FINACOM in 2022 due to breaking rules and regulations. Besides that, all negative EGMarkets reviews are confirming statements that this is nothing but a fraud.
Summary: The company that is openly lying about some important information should not be trusted at all. Even regulators are warning about this company. Therefore, give trust your money to a licensed company, not this one.
Arguments For Trading With a Licensed Broker
Like in any business, integrity is everything these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Licensed companies, especially ones with Tier 1 regulations have very strict rules and guidelines. If the company breaks those they are paying huge penalties. Above all, they can even lose their trading license.
We did check the register of FCA, BaFin and ASIC as the most trusted Tier 1 Regulators. Without surprise, we didn’t get any information about EGMarkets trading.
Financial Regulators’ Warnings as a Red Flag of a Scam
Another level of dullness is when a company gets a warning or even kicked out from membership. This went hand in hand with EGMarkets. Usually, these things are not happening without a reason.
If the Financial Commission did that, no reason should keep you with this broker.
EGMarkets Software – How Safe Is The Platform?
The importance of trading platforms has risen these days. It is crucial that you have executions, TA and Social trading tools to make the most out of your trading experience.
That’s why more than 85% of traders are looking for MT4 and MT5 platforms. Surprisingly, the EGMarkets broker gives access to the MT4 platform.
As a leader for years in the trading world, MT4 is always a good option to have. The company offers login and access to the platform through Web-Trader and mobile apps.
Copying other traders is popular in the last couple of years. Some platforms, like MT4, are giving access to other people’s choices. This can be a very profitable way of trading, but only if those traders are reliable. This broker gives access to social trading, you just need to enable it in MT4.
This is something new in the trading world. This program transfers all assets to your local currency. This is a completely separate web-based and android app. It provides a suite of indicators, trading tools, news and an economic calendar.
Whether you are using MT4, Copytrade or Eagletrade, you can use it on your phone as well. The only limitation has Eagletrade which can be used only on android phones so far.
What Financial Instruments Does EGMarkets Include?
In the era of cryptocurrencies and a whole new level of trading, EGMarkets broker is missing a lot. They only offer certain assets:
- Forex USD/CHF, USD/JPY, GBP/CAD
- Commodities gold, platinum, crude oil
- Indices DAX30, CAC40, S&P500
- Stocks BMW, Tesla, Pfizer
Even those that are offered to clients are nothing exclusive. Every single one can be found with a licensed company as well.
Areas Of EGMarkets Scam
The range of countries that could be targeted is wide. Since they don’t provide any regulations, it is hard to guess. It can be from the UK, Canada, Europe or Australia. One thing you need to have in mind is that this is a bogus scam.
Therefore, wherever you are, stay away from this company.
EGMarkets List of Account Types
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.
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 Withdrawal Policies
Since the company doesn’t provide on its website any documentation about withdrawals, we are concerned about the security of the funds here. There is no mention of payment methods, how long it takes or what are guidelines.
To sum it up, don’t give money to EGMarkets, because you won’t see it again if you do so.
EGMarkets Terms and Conditions
Another missing thing is the T&Cs. We expected to see at least the basics. But they didn’t even bother with that. They were thinking that nobody reads those.
That’s exactly the downside of non-regulated companies like this one. You don’t know what you are getting into.
EGMarkets Broker Scammed You? – Please Tell Us Your Story
As long as you know whom to reach out to, everything is fine. Even if you were scammed by these guys, not everything is lost.
Our experts can assist you in the first steps of recovering your money. Book a free consultation today!
What Is the Chargeback Procedure?
If you were using a Debit or a Credit card, there is an easy solution to that. A chargeback is almost like a magical tool if it’s used on time.
Don’t waste any more of your time. Get in touch now!
What Is EGMarkets?
This is a non-licensed trading company, based in Nigeria, but allegedly operating from the UK offices.
Is EGMarkets a Scam Broker?
Definitely. Besides that, it is confirmed by Financial Commission after reviewing some of their activities
Is EGMarkets Available in the United States or the UK?
There is no available information on what countries specifically this company is targeting.
Does EGMarkets Offer a Demo Account?
Unfortunately, they don’t offer a demo account. To be precise they don’t even offer specific live accounts.