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The WikiFX Score of this broker is reduced because of too many complaints!

EGM Forex

United Kingdom|2-5 years|
Suspicious Scope of Business|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|

http://www.egmforex.asia

Website

Rating Index

Contact

+852 31252693
support@egmforex.uk
http://www.egmforex.asia
4D SALISBURY ROAD, WESTON-SUPER-MARE, SOMERSETUNITED KINGDOM.BS228EW
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

English

+852 31252693

Japanese

+97144579865

Traditional Chinese(HK)

44 (0) 1618 507890

Other ways of contact

Broker Information

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Company Name

ECONOMIC GLOBAL MARKETS (APAC) LTD

Abbreviation

EGM Forex

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 7
Previous Detection : 2024-07-13
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 18 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • United StatesNFA (license number: 0538985) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!
  • This broker exceeds the business scope regulated by United States NFA(license number: 0538985)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
  • The United KingdomFCA regulation (license number: 528328) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

EGM Forex · WikiFX Survey
Danger A Visit to EGM Forex in Canada -- Finding No Office
Canada

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Pyramid scheme complaint
Expose
Scam

MY MOM WAS SCAMMED

My mom was introduced to this App. She was told that it was trustworthy, so that makes her think she can invested in this app without any fear of been scammed but unfortunately she was scammed and she was unable to retrieve her money back.

2021-09-04 20:57
Unable to Withdraw

The house and car are all gone due to greedy. I hope everyone pays attention.

A while ago, a strange friend of Line suddenly invited me to join the Friends of the Stock Exchange. I want to say that I didn't lose my consent, which cost me a heavy price, and only later learned that he was the trustee of the platform. At the beginning, he said that they are to give back to the majority of shareholders, and will send me some short-term trading strategies and market trends. I have no doubts. After a few days, I started to ask me which stocks I held, and the position said that I could find an expert for free analysis. After the analysis, he gave me a live link, and just started to analyze stocks and recommend stocks for us. Unpacking what is in every way for us. Occasionally, he also posted screenshots of his money making orders, and when we gradually developed trust in our communication with him, we began to say that we would disband. Re-establish a new fan base, and move to the foreign exchange platform to make money with us. Later, under the instigation of their internal staff (most of them are their own people), most of the customers in the group and I also asked them to open accounts and deposit funds to make orders. At first, I didn't dare to invest too much money. Entered 380,000 to make orders and tried, and they all made money. Later, I was urged to add gold, so that the profit doubled. If you don't add money, don't take me to make orders, etc. Under his inducement, he continued to invest 500,000 yuan. It started to lose a lot, making small profits and big losses. It just feels like they can control it. After the serious loss, he urged me to continue investing money every day, and promised to bring me back the previous losses. Due to the excessive loss, I invested another 1 million yuan with the attitude of wanting to make it back. Finally made tens of millions. When I wanted to withdraw the money, I said that too many people lined up to receive it tomorrow, but the money did not arrive until the next day. I asked the teacher with the order what to do, and expressed their willingness to help me talk. Who knows that the last person will disappear directly. After reading your article, I realized that it was done by a fraud group. The platform was not supervised by any department. From the very beginning, I was deceived by them step by step, resulting in a total loss of nearly 2 million yuan.

2022-05-04 19:07

    EGM Forex · Company Summary

    Registered in United Kingdom
    Regulatory status No effective regulation at present
    Year(s) of incorporation 2-5 years
    Market instruments Currency pairs, stocks, commodities, precious metals, energies, indices...
    Minimum initial deposit $500
    Maximum leverage 1:500
    Minimum spread From 0.0 pips
    Trading platform MT5, MT4
    Deposit and withdrawal methods Credit/debit cards, skrill, neteller, neteller
    Customer Service Email/phone number/address/live chat
    Fraud allegations Yes

    It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

    In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

    Pros and cons of EGM Forex

    Pros:

    • Wide selection of financial instruments, including currency pairs, precious metals and CFDs on indices and commodities.

    • Variety of account types to suit different levels of experience and customer needs.

    • Popular and easy-to-use trading platforms, such as MT4 and MT5.

    • Offers attractive bonuses and promotions for new customers.

    • Quick and easy deposits and withdrawals through various payment methods.

    Cons:

    • The company is not regulated by any major financial regulator, which may pose additional risks to customers.

    • Spreads and commissions may be higher compared to some other brokers.

    • The maximum leverage offered is relatively low compared to other brokers.

    • The educational resources section is limited and may not be sufficient for some clients.

    • Customer service may not be available in all languages and is not available on weekends.

    What type of broker is EGM Forex?

    Dimension Advantages Disadvantages
    Broker Model EGM Forex offers tight spreads and fast execution due to its Market Making model. As a counterparty to its clients' trades, EGM Forex has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients.

    EGM Forex is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly with the market, EGM Forex acts as an intermediary and takes the opposite position to that of its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of offering leverage. However, this also means that EGM Forex has a certain conflict of interest with its clients, as its profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interest of their clients. It is important for traders to be aware of this dynamic when trading with EGM Forex or any other MM broker.

    General Information and Regulation of EGM Forex

    EGM Forex is a UK-registered online brokerage company offering a wide range of financial instruments, including currencies, cryptocurrencies, stocks and commodities. The company offers different account types, a variety of trading platforms and various deposit and withdrawal methods. EGM Forex also provides educational resources for its clients, including webinars and a free demo account. However, the company is not regulated by any major financial regulator and has relatively high spreads and commissions. Overall, EGM Forex may be suitable for those looking for a wide range of instruments and educational resources, but should consider the risks associated with an unregulated company and the potentially higher costs.

    In the following article, we will analyze the characteristics of this broker in all its dimensions, offering you easy and well-organized information. If you are interested, read on.

    Market instruments

    EGM Forex offers a wide range of financial instruments to its clients. Clients have access to over 150 instruments including currency pairs, CFDs on stocks, indices, precious metals and commodities. The currency pairs offered include majors, minors and exotics, giving traders a wealth of trading options. As for CFDs on stocks, clients can trade on the US and European markets. In addition, EGM Forex also offers CFDs on stock indices, allowing clients to trade on some of the world's most important indices, such as the FTSE 100, the S&P 500 and the NASDAQ. Finally, the precious metals and commodities offering includes gold, silver, crude oil and natural gas. Overall, EGM Forex's instrument offering is quite broad and diverse, allowing traders to have a wide variety of investment options.

    However, it should be noted that EGM Forex does not offer the possibility of trading cryptocurrencies, which can be a drawback for traders interested in trading in this market.

    market instruments

    Spreads and commissions for trading with EGM Forex

    Advantages Disadvantages
    Low spreads on ECN accounts High commissions on ECN accounts
    No hidden charges and no deposit or withdrawal fees Wide spreads on standard accounts
    Choice between ECN and standard accounts Inactivity commissions
    Commission discounts for active operators Possibility of price slippage

    As for spreads and commissions, EGM Forex offers variable spreads starting from 0.0 pips and does not charge trading commissions. However, the company earns its revenue through spread mark-up, which means that spreads can fluctuate widely depending on market conditions. In addition, EGM Forex charges an inactivity fee of USD 50 per month if no trades are made on an account for a period of 60 consecutive days. Deposits and withdrawals may also be subject to fees depending on the payment method used. It is important to take these additional costs into account when considering trading with EGM Forex.

    Trading accounts available at EGM Forex

    Advantages of the standard account Disadvantages of the standard account
    Low minimum deposit Fixed spreads that can be higher than market spreads
    Access to all instruments Order execution is not the fastest
    Low commissions on some instruments No access to market depth
    Free training Not suitable for scalping strategies
    Advantages of the ECN account Disadvantages of the ECN account
    Variable and low spreads High minimum deposit
    Fast and accurate order execution Commissions per transaction
    Access to market depth Trading with micro lots is not allowed
    Suitable for scalping and high-frequency trading strategies Not all instruments are available
    Additional benefits such as market analysis and training Difficulty in understanding market depth information.

    EGM Forex offers two types of accounts: the Standard account and the ECN account. The Standard account is characterized by fixed spreads, while the ECN account offers variable spreads and direct access to the interbank market. Both accounts have a minimum deposit of $500 and allow trading on all instruments offered by EGM Forex. In addition, traders can choose between different leverage according to their level of experience and risk tolerance. The ECN account charges a commission for each lot traded, while the Standard account has no additional commissions. In general, the Standard account is more suitable for beginner traders who prefer fixed spreads and a simpler commission structure, while the ECN account is more suitable for advanced traders looking for tighter spreads and faster, more straightforward trade execution.

    account types

    Trading platform offered by EGM Forex

    Advantages Disadvantages
    It offers MetaTrader 4 and 5, two of the most popular platforms in the trading industry. It does not offer its own customized trading platform.
    Both platforms are highly customizable and offer a wide range of technical analysis tools. It does not offer additional platforms such as cTrader or customized mobile platforms.
    MT4 and MT5 are easy to use and available on multiple devices, including desktop, web and mobile. There are not many chart customization options in MT4 and MT5.

    In terms of platform dimension, EGM Forex offers two of the most popular platforms in the trading industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms are highly customizable and offer a wide range of technical analysis tools. These platforms are also easy to use and are available on multiple devices, including desktop, web and mobile. However, EGM Forex does not offer its own custom trading platform and also does not offer additional platforms such as cTrader or custom mobile platforms. In addition, there are not many chart customization options in MT4 and MT5.

    trading platform

    EGM Forex maximum leverage

    Advantages Disadvantages
    Increased earning potential Increased risk of loss
    Greater flexibility to operate with larger quantities Increased exposure to market movements
    Allows you to take advantage of market opportunities with less capital Requires good knowledge and risk management
    It can help diversify the investment portfolio. Can generate psychological pressure on the operator

    EGM Forex offers a maximum leverage of up to 1:500 for trading Forex and precious metals. This means that a trader can trade with a larger amount of capital than he has available, which can increase his profit potential but also his exposure to risk. It is important to note that excessive use of leverage can lead to significant losses, so it is critical that traders understand the risks and properly manage their positions. EGM Forex provides detailed information on leverage and risk management on its website and offers protection tools such as Stop Loss to help traders minimize their potential losses.

    maximum leverage

    Deposit and Withdrawal: methods and fees

    Advantages Disadvantages
    Offers multiple payment options, such as credit/debit cards, Skrill and Neteller. Bank transfer payment options are not available.
    Instantaneous deposits Certain fees apply to withdrawals
    No maximum deposit limits The minimum withdrawal is $10
    Deposits and withdrawals in various currencies Withdrawal can only be made to the same account used to make the deposit.

    EGM Forex offers several deposit and withdrawal options, including credit/debit cards, Skrill and Neteller. Deposits are instant and there are no maximum deposit limits, while withdrawals have a minimum of $10 and may be subject to fees. The company only allows withdrawals to the same account that was used to make the deposit and does not offer wire transfer options. Overall, EGM Forex provides a good variety of payment options, but can improve in terms of fees and withdrawal options.

    deposit and withdrawal

    Education at EGM Forex

    Advantages Disadvantages
    Provides educational resources for users. The amount of resources is limited.
    Resources are available free of charge. Information may be outdated or incomplete.
    Users can learn about various topics related to trading. There is no live interaction with experts or mentors.

    EGM Forex offers educational resources for its users, which can be beneficial for those looking to improve their trading skills. Resources include webinars, articles, videos and tutorials. These resources are available for free on the company's website and can be used by any user. In addition, users can learn about a variety of trading-related topics, including technical and fundamental analysis, trading strategies and trading psychology.

    However, a potential disadvantage is that the amount of resources is limited compared to other online brokerage firms. In addition, the information provided on these resources may be outdated or incomplete, which could lead users to make poor trading decisions. In addition, there is no live interaction with experts or mentors, which can be beneficial for those seeking more personalized guidance on their path to trading success.

    educational resources

    EGM Forex Customer Service

    Advantages Disadvantages
    Offers multilingual support No live chat
    Provides telephone and e-mail support No 24/7 support
    Provides a frequently asked questions section and help center on its website Does not provide personalized customer service
    Has an active presence on social media to respond to customer inquiries It does not have a comments or suggestions section on its website.

    EGM Forex has a customer support team that is available in several languages and can be contacted via phone and email. In addition, it provides a FAQ section and help center on its website to help customers resolve their queries. However, EGM Forex does not provide 24/7 support or personalized customer service. In addition, the company does not offer live chat and does not have a feedback section on its website for customers who want to share their opinions or suggestions. Overall, while EGM Forex's customer service is good, there is room for improvement in some key areas.

    customer support

    Conclusion

    In conclusion, EGM Forex is a company that offers traders a wide variety of financial instruments and has a popular and easy-to-use trading platform. However, the company is not regulated by any reliable regulator, which may pose risks for traders. In addition, spreads and commissions are higher compared to other similar companies in the market, which can affect traders' profitability. In terms of customer support, EGM Forex offers multilingual support and a helpful FAQ section. Overall, while EGM Forex has its advantages, traders should carefully consider the risks and costs associated with trading with an unregulated company before making an investment decision.

    Frequently asked questions about EGM Forex

    • Question: Is EGM Forex regulated?

    • Answer: EGM Forex is registered in the United Kingdom, but is not regulated by any financial authority.

    • Question: What are the account types available at EGM Forex?

    • Answer: EGM Forex offers two account types: Standard Account and ECN Account. The Standard Account has fixed spreads and the ECN Account has variable spreads.

    • Question: How can I fund my EGM Forex account?

    • Answer: You can fund your EGM Forex account by credit/debit card, Skrill and Neteller.

    • Question: What trading platform is available at EGM Forex?

    • Answer: EGM Forex offers the trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) , which is widely used in the forex industry.

    • Question: Does EGM Forex offer educational resources for its clients?

    • Answer: Yes, EGM Forex provides educational resources to its clients, including articles on technical and fundamental analysis, webinars and webinars, and a FAQ section to help traders better understand the trading platform and financial markets.

    frequently asked questions

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    FX1318768682
    more than one year
    Beware of thieves and scammers! They stole all my money and disappeared. They know how to handle people very well and at first, they are very kind and affectionate, but you will never see your money. You can lose absolutely all your funds like me.
    2023-03-06 14:15
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    ※ The content of this website abides with local laws and regulations.
    You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
    consumer hotline:006531290538
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