Empire FXM Review – CONSOB Warning Against Empirefxm.com Scam
Empire FXM is another offshore broker on the already too long list. Since we’re pretty skeptical about those, we had to review the firm and confirm our suspicions. Read what we discovered and why Empire FXM broker ended up on the Italian warning list.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||CONSOB, FSMA, A-TVP|
|Owned by:||FT Global Financial Ltd|
|Headquarters Country:||Marshall Islands|
|Minimum Deposit:||250 EUR|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
What About Empire FXM Regulation?
Empire FXM is an FT Global Financial Ltd brand from the Marshall Islands. Knowing that GLOFSA is not a trustworthy regulator, we assumed that this firm is not licensed. And we were right. The broker is not registered offshore or with any Tier1 regulator such as FCA, ASIC, or BaFin.
Why Must a Broker Have a License?
A broker ought to have a license to provide a high level of safety. While Empire FXM claims to provide 100% funds security, it’s hard to believe. We have no information about banks where the funds are held, and the firm doesn’t follow ESMA and MiFID rules ensuring that money is kept in segregated accounts. Since this is the case, the trading company is not safe and isn’t worth your money or time.
Empire FXM Warnings From Financial Regulators
The trading company appeared on the CONSOB warning list on the 10th of March. Not long after, Belgian FSMA and Slovenian A-TVP republished this warning.
Blacklisted As A Scam By Consob
CONSOB added Empire FXM to its blacklist, stating it’s an abusive domain. Basically, it means it’s abusing the right to provide financial services as it has no authorization for such business.
Traders Reviews About Empire FXM Scam
The trading company mainly operates in:
Traders complain about unregulated trading conditions and withdrawal issues. It seems that the broker will go above and beyond to take your money but will never allow any payouts.
Supported Trading Platforms – Available Trading Software
One good thing to mention is the broker’s platform. The trading company offers MT4, which is considered one of the best software along with MT5. However, when a firm provides leverage against regulatory rules, as’s the case with Empire FXM, your funds are at risk. The spread is not disclosed, meaning you don’t know the commissions you will have to pay to open the trade with this firm.
MT4 has a mobile app for both Android and iOS, but with the same unregulated trading terms.
Everything About Empire FXM Trading Accounts
Clients can choose among 4 account types:
- Micro – 250 EUR
- Standard – 2,500 EUR
- Premium – 5,000 EUR
- VIP – 10,000
Accounts differ in spread, leverage, and company assistance. You can also practice trades on the Demo account, but note that virtual money is risk-free, while investing real funds with a scam firm can lead to financial losses.
Empire FXM Range of Trading Instruments & Markets
The broker supports trading in the following markets:
While the offer is quite solid, the broker is not regulated. Every penny you invest with such a firm is at risk.
Empire FXM Deposit, Withdrawal Methods
Deposits and withdrawals are available using:
- Debit/credit card
- Wire transfer
The firm will charge a dormant fee of 10% each month if your account is inactive for more than 6 months. Furthermore, you will have to pay $30 for withdrawals. The minimum deposit amount is 250 EUR, while the minimum withdrawal amount is $100.
The company gives bonuses called non-deposited funds. Yet, there are no specified conditions for repaying the bonus before withdrawing money. It means an account manager can make up any condition, and you cannot complain.
Not Enough Information About The Broker’s Credentials
Usually, offshore firms give no basic information. While we know it’s based in the Marshall Islands, we don’t have an actual address of the company, phone number, or any other way to locate it. The Contact Us section provides only email you can use, but it’s useless to track down the broker. Since illegitimate, Empire FXM doesn’t want to be found and doesn’t want to risk any complaints or lawsuits.
Scammed by Empire FXM Broker? – Let Us Hear Your Story
If you find yourself a victim of the Empire FXM scam, let us know. Our chargeback specialists have experience dealing with bogus brokers and can assist you in filing a dispute.
But What Is A Chargeback?
All credit card transactions can be reversed if you can prove that you have been a scam victim. Book your FREE consultation with us; we will honestly evaluate your case and help you start the procedure right away!
What Is Empire FXM?
Empire FXM is an offshore trading firm without a license. The company provides trading on the Forex market and with CFDs.
Is Empire FXM A Scam Broker?
Empire FXM has been blacklisted in Italy, Slovenia, and Belgium for scam activities.
Is Empire FXM Available in the United States or the UK?
The broker provides its services in both the US and the UK.
Does Empire FXM Offer a Demo Account?
Empire FXM offers a Demo account, but it’s never as risky as having a real account with real funds.