EGMarkets review will show you everything you need to know about this Nigeria-based broker. They claim to be globally licensed and regulated with several awards. However, we have strong reasons to believe this is not true, for the reasons we are going to explain in this article.
This shady trading provider is not the only thing we are going to discuss. You will find out how to choose a legitimate broker, where to find one, and what things you should pay attention to.
|Headquarters||Nigeria / United Kingdom|
|Broker Type||Forex, indices, commodities, stock|
|Platforms||MetaTrader 4, Eagletrade, Copytrade|
EGMarkets Regulation and Security of Fund
The company is owned by Eagle Global Markets, a company based in Nigeria. This African country is known for loose regulations. But we checked the EGMarkets, and their name is nowhere to be found among regulated entities.
Furthermore, the company claims to have two offices in the UK, Eagle Global Markets (UK) Limited and EGM Analytics Limited. Brokers that are based and operating from the United Kingdom should be licensed and authorized by the FCA. We checked the register and didn’t find these names.
EGMarkets also claims to be a member of the Financial Commission, the private dispute resolution organization. However, the company has been expelled from this entity membership due to violating membership rules and guidelines. Also, the Financial Commission exposed their scam.
Upon registering the trading account, it’s necessary to accept the Terms and Conditions, without being able to read them. Among other things we know about this trading firm, this doesn’t help with their credibility.
EGMarkets talks a lot about their awards, bragging about how successful they are. They claim to be winners of the following awards:
- Best Forex Trading Platform in Nigeria 2018
- Best Trading Platform in Nigeria 2019
- Africa’s best choice FX trading portal of the year 2019
- Digital Platform of the Year 2016
- Digital Platform of the Year 2019
This is not true. They didn’t win even a single one of these awards. Upon checking, we found no traces of any official authority or regulator issuing these awards. It’s supposed to lure inexperienced traders in.
Trading Platform Available at EGMarkets
EGMarkets offers MetaTrader 4 and a couple of proprietary platforms – Eagletrade and Copytrade, where Eagletrade is said to be coming soon. MetaTrader 4 is probably the best platform, along with MetaTrader 5. MetaTrader 4 is a platform for trading Forex, analyzing financial markets, and using Expert Advisors. Mobile trading, Trading Signals, and the Market are the integral parts of MetaTrader 4 that enhance your Forex trading experience.
MetaTrader 5 is a multi-asset platform that allows trading Forex, stocks, and futures. It offers superior tools for comprehensive price analysis, the use of algorithmic trading applications (trading robots, Expert Advisor). and copy trading.
However, a trading platform doesn’t make a broker good. The regulations do. Since they are unlicensed, talking about their trading software is a waste of time.
EGMarkets Trading Instrument Offered
If you choose the EGMarkets you will be able to trade with the following assets:
- Forex – EUR/USD, GBP/CHF, USD/ILS
- Indices – Dow Jones, DAX30, AUS200
- Shares – Volkswagen, Nvidia, Microsoft
- Commodities – gold, oil, natural gas
As you can tell, trading with cryptocurrencies is not an option with this trading company, which is a huge minus. Cryptocurrencies are a big deal in the financial market.
EGMarkets Account Types
There is no information about account types on the EGMarkets website. This is rather odd since this is pretty essential information. However, there are some claims that you can open an account for $0, which we will discuss later.
EGMarkets also offer demo accounts for customers who want to test the system and see how everything works. Risk-free accounts are often used by scammers, so they can lure innocent people into their schemes. Once you think that you’re doing well and that you can make real money, this is when your issues start. You will find yourself unable to withdraw any money, and you’ll realize that you have been dealing with internet fraud all along.
Deposit and Withdrawal Procedure
Egmarkets says to accept payments with multiple funding options without talking about them. The minimum deposit requirement is said to start virtually from zero, but as far as we understand, to start trading you will have to deposit at least $250.
Information about withdrawals and fees is missing, and there is no trace of Еgmarkets’ legal documents. During the process of registration, you have to agree with their documents, but when you click on the links, a blank page will appear before you. Only shady businesses keep their legal documentation a secret.
How Does This Scam Operate?
Scam brokers like EGMarkets are all about making a false impression that you are dealing with a credible firm. After that, they count on deceiving people into leaving personal details. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible.
Remember that urgency is always a treacherous sign, so it’s probably a scam if someone is pushing you constantly into making a deposit.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. They will present you with magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back.
As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realize it’s a scam.
Top Forex Brokers
The most valuable asset is our time. Instead of surfing through the internet, reading forums and blogs, and desperately looking for a real-deal broker, you can take the easy road, and choose one of the several brokers we advise you to.
We have listed several reliable companies like FXTM, OctaFX, FP Markets, XM, HFM HF, and FBS Broker. Everything about them is transparent and easy to check. They are regulated, and they have years of track record in the trading market.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
EGMarkets is a scam broker. The company is owned by Eagle Global Markets, a company based in Nigeria – a country known for loose regulations. However, their name is nowhere to be found among regulated entities.
Also, this broker claims to have two offices in the UK. However, the local regulator called FCA doesn’t back this story up. This means they are operating illegally.
They claim to be a member of the Financial Commission – the private dispute resolution organization. However, the company has been expelled from this entity membership due to violating membership rules and guidelines.
They are not only lying about being regulated, but they are also lying about the awards which they claim to have. It’s all a lie.
FAQs About EGMarkets Broker
Are EGMarkets Regulated?
EGMarkets is lying about their regulation. We checked their claims and it’s all a lie. They are unregulated.
What Is The Funding Method at EGMarkets?
Allegedly, EGMarkets offers payments with multiple funding options without talking about them. This is one of many things they are hiding.
Does EGMarkets offer a Demo Account?
EGMarkets offers demo accounts. However, it’s just to lure inexperienced people into their fraud.