Overview of EWGFX
EWGFX, established for 5-10 years, is an unregulated financial broker based in Australia that offers a range of trading services, including foreign exchange, and CFDs on various assets such as stocks, indices, commodities, and cryptocurrencies. Traders can access these services through different account types, namely Standard, Premium, VIP, and Islamic accounts, each with varying leverage levels and spreads.
The company operates on the MetaTrader 4 trading platform, a widely-used tool in the trading industry, providing features like charting, analysis tools, and automated trading. With a minimum deposit of $100, traders can access the platform through wire transfers, bank transfers, and credit/debit cards. Finally, EWGFX is an unregulated financial broker as it is labeled a suspicious clone, and in addition to this, is lacking a website, meaning there is no way to make an account or access updated information.
Regulation
EWGFX is labeled as a suspected clone by the Australia Securities & Investment Commission (ASIC) meaning it is unregulated. The company's regulatory status is marked with suspicion due to concerns surrounding its authenticity. The ASIC has raised doubts about the legitimacy and authenticity of the company's operations, leading to the suspected clone classification.
The term “suspected clone” refers to a regulatory classification indicating doubts or suspicions about the legitimacy of a financial company. In this context, it suggests that EWGFX's operations or claims may not be genuine or may be imitating another established and regulated entity.
Pros and Cons
EWGFX offers a range of financial services, including foreign exchange trading, CFD trading on various assets, cryptocurrencies trading, and social trading. The availability of different account types, such as Standard, Premium, VIP, and Islamic accounts, provides traders with choices based on their trading preferences. The leverages offered on various trading instruments, like Forex, indices, and commodities, may appeal to some traders seeking higher potential returns. Additionally, the absence of commissions on all account types and the relatively low minimum deposit requirement of $100 may be attractive to those looking for cost-effective trading options. Moreover, the utilization of the widely-used MetaTrader 4 trading platform may offer traders familiarity and convenience.
Despite offering various financial services, EWGFX is associated with several severely concerning factors. The company's regulatory status is labeled as a suspected clone by the Australia Securities & Investment Commission (ASIC), therefore meaning the company is unregulated. Furthermore, the inaccessibility of their website since March 2020 indicates a lack of transparency and credibility, which may discourage potential clients from engaging with the broker. Additionally, the absence of a verifiable physical location further adds to the uncertainty surrounding the company.
Inaccessible Website
The website of EWGFX has been inaccessible since March 2020, which significantly impacts the company's credibility and transparency. Traders and potential clients may perceive this as a lack of professionalism and legitimacy on the part of EWGFX.
Due to the inaccessible website, traders are unable to create a trading account with this company. This poses several disadvantages, as potential clients are left in the dark about the company's services, account types, and trading conditions. Furthermore, the lack of an online platform for account creation may indicate a lack of operational transparency, potentially deterring traders from considering EWGFX as a reliable and trustworthy trading partner.
Market Instruments
EWGFX offers forex, indicies, commodities, stocks, and cryptocurrencies as available market instruments. The specifics are as follows:
Forex: EWGFX provides foreign exchange trading services, allowing traders to engage in the exchange of various currency pairs in the global market.
Indices: EWGFX offers trading opportunities in indices, allowing investors to speculate on the performance of a group of publicly listed companies from a specific region or sector.
Commodities: Traders on EWGFX's platform can access commodities trading, enabling them to participate in the buying and selling of commodities such as gold, silver, oil, and more.
Stocks: EWGFX allows traders to invest in individual stocks of publicly traded companies, enabling them to take part in the performance of specific equities.
Cryptocurrencies: With EWGFX, investors can trade cryptocurrencies, participating in the volatile market of digital currencies like Bitcoin, Ethereum, and others.
The following is a table that compares EWGFX to competing brokerages:
Account Types
The account types offered by EWGFX are Standard Account, Premium Account, VIP Account, and Islamic Account. Specifics are as follows:
Standard Account: The Standard Account offered by EWGFX comes with a leverage of up to 1:500. Traders can benefit from spreads starting from 1.0 pips, and there are no commissions charged for trades. The minimum deposit required to open a Standard Account is $100.
Premium Account: The Premium Account provides traders with a higher leverage of up to 1:1000, offering potential opportunities for increased trading positions. Spreads for this account type start from 0.8 pips, and like the Standard Account, there are no commissions. The minimum deposit required for a Premium Account is $2,000.
VIP Account: The VIP Account is designed for more experienced traders seeking significant leverage opportunities. Traders with a VIP Account can access a leverage of up to 1:2000, enabling even higher trading positions. Spreads for the VIP Account start from 0.6 pips, and there are no commissions. The minimum deposit required to open a VIP Account is $50,000.
Islamic Account: The Islamic Account caters to traders who follow Islamic principles and requires no swap or interest charges on overnight positions. The leverage for this account type is up to 1:500, and spreads start from 1.2 pips. As with the other accounts, there are no commissions. The minimum deposit required for an Islamic Account is $100.
Here is a table comparing the account types:
Minimum Deposit
EWGFX offers different minimum deposit rates based on the type of account chosen by traders. The Standard Account requires a minimum deposit of $100, while the Premium Account has a higher minimum deposit of $2,000. For traders seeking more extensive leverage opportunities, the VIP Account necessitates a minimum deposit of $50,000. Alternatively, traders who opt for the Islamic Account can open it with a minimum deposit of $100.
Leverage
EWGFX offers varying leverage options to cater to different trading preferences. Traders can access leverages of up to 1:500 on the Standard Account, up to 1:1000 on the Premium Account, and up to 1:2000 on the VIP Account. The Islamic Account provides a leverage of up to 1:500. These leverage levels enable traders to take on different risk levels and potential returns, depending on their trading strategies and risk appetite.
The following table compares the maximum leverage offered by EWGFX on previously mentioned market instruments with other selected brokers:
Spread
The Standard Account provides spreads starting from 1.0 pips, while the Premium Account offers tighter spreads starting from 0.8 pips. For traders seeking higher leverage and potential returns, the VIP Account presents spreads starting from 0.6 pips. The Islamic Account, catering to those following Islamic principles, offers spreads starting from 1.2 pips.
Deposit & Withdrawal
Traders can deposit funds through wire transfers, bank transfers, and credit/debit cards. These payment options provide flexibility and accessibility for traders from different regions. Additionally, there are no fees for deposits, which may be appealing to those looking to minimize transaction costs. However, it's important to note that specific details regarding withdrawal fees have not been provided.
Trading Platforms
EWGFX provides traders with the widely-used MetaTrader 4 (MT4) trading platform. MT4 is a popular choice among traders globally, offering a user-friendly interface, advanced charting tools, technical analysis indicators, and the ability to automate trading strategies with Expert Advisors (EAs). The platform's stability and reliability make it a preferred choice for both beginner and experienced traders alike.
The following table compares the trading platforms offered by EWGFX to other selected brokers:
Customer Support
EWGFX offers two main customer support options: phone support and email support. Clients can reach out for assistance through phone calls using the provided contact number, or they can send their inquiries via email to the specified address. However, due to the company being inactive for more than three years, it is doubtful these channels are still operational.
Phone Support: Traders can reach customer support through phone calls by dialing the provided phone number: 61415373480.
Email Support: For inquiries or assistance, traders can contact customer support via email using the following email address: Service@ewgfx.com.
Conclusion
EWGFX is an unregulated financial brokerage that has been operating for approximately 5-10 years. It offers a range of financial services, including foreign exchange trading, CFD trading, cryptocurrencies trading, and social trading from the MetaTrader 4 platform. The company provides different account types, each with distinct leverage levels, spreads, and minimum deposit requirements, catering to traders with varying trading preferences.
However, despite its offerings, concerns arise due to its suspected clone status by the Australia Securities & Investment Commission (ASIC) and the inaccessibility of its website since March 2020. The lack of a verifiable physical location and lack of account creation options further contributes to the uncertainty surrounding the company.
FAQs
Q: What types of financial services does EWGFX offer？
A: EWGFX provides foreign exchange trading, CFD trading, and cryptocurrencies trading services.
Q: How many years has EWGFX been operating？
A: EWGFX has been in operation for approximately 5-10 years.
Q: What is the suspected status of EWGFX's regulatory license？
A: EWGFX's regulatory license is suspected to be a clone by the Australia Securities & Investment Commission (ASIC).
Q: What is the minimum deposit requirement for the Premium Account？
A: The minimum deposit requirement for the Premium Account is $2,000.
Q: What is the leverage offered on the VIP Account？
A: The VIP Account offers a leverage of up to 1:2000.
Q: How can traders contact customer support at EWGFX？
A: Traders can reach customer support through phone calls and emails.
2023-07-19 09:51
