Nigeria’s regulator doesn’t properly regulate brokers; Egmarkets (egmarkets.trade) is one of them. An appealing and sleek website design doesn’t necessarily mean the platform is legit. As current members know, the platform is blocking withdrawals. Worse still, your documents are at risk. The platform may sell your personal information to third parties after the platform collapses. And it will as Eg Markets is an exit-scam. Here’s our detailed EGMARKETS REVIEW.
Advisory: Planning to invest in the markets and don’t know which investment strategy to use? How about going for industry-approved and expert-backed options? These include crypto markets such as coin staking, DeFi, and Masternoding.
The platform claims its conception was in a kitchen in the United Kingdom. However, these founders decided to invest in the ‘black continent’ in 2016. Eagle Global Markets is the full name or parent entity associated with the platform.
Little is known about the company as it has no business registry. We checked with the Company register and found no such entity licensed under the above name. And that’s just a tip of what we found out.
We must mention several red flags before moving forward with the review. These include the fact that people are losing their investment in the platform. So yes, you won’t get to enjoy hard-earned profits once you trade with the platform.
Members get a sense of a professional trading platform once they settle in. The homepage does look enticing as the professional design is appealing. However, one would mistake the platform’s interface for one from the future.
Not until you sign up and start trading do you notice some red flags. That includes changing leverage from time to time without warning members. The platform also blocks withdrawals which is the biggest obstacle facing members.
Information on some of the crucial parts of the platform is missing. We are talking about acceptable minimum deposits and various accounts. None of this information is available on the homepage.
Before signing up with any forex investment platform, you must do due diligence. First, check to confirm the platform gets its regulation from a reputable regulator. Then, see what other members are experiencing with the platform.
There are two trading platforms available on this brokerage. That includes EagleTrade, a custom-made platform, and Meta Trader 4. Unfortunately, there are some glaring issues with the custom-built trading platform.
After taking a closer look using the demo account, we noticed the instability. In addition, the platform also lacks several crucial tools for trading. For example, tools such as advanced charting and technical analysis are missing.
Experts prefer using world-class trading terminals. These include MT4, MT5, and SIRIX. These are some of the best trading terminals the world has to offer. With these platforms, even beginners can quickly learn to trade.
The interface of the EagleTrade platform is confusing, with misinformation being the keyword. Not all the indices are listed, and you must refresh the page. User engagement is dismal as the platform offers slow execution speeds.
Egmarkets fails to mention whether they offer one account for all or there are other options. In addition, when you sign up, the platform fails to mention the acceptable account features. That includes acceptable minimum deposit, possible leverage, and spreads.
You would expect the platform to offer various classes of account types. Beginners don’t need to have the same features as skilled traders. The platform needs to separate the two categories of traders before anything else.
There’s no quote on possible leverage and spreads. And this makes traders nervous about what to expect. Beginners should know the acceptable leverage for trading in all jurisdictions. In addition, the platform may increase leverage from time to time.
Regulators have come in to level the playing field in such cases. As a result, the maximum acceptable leverage on all trading assets is 1:100. Any platform offering more is taking advantage of traders. In the United States, retail traders enjoy maximum leverage of 1:50.
Spreads on all assets remain hidden until you start trading. So we don’t know the types of spreads available, floating or fixed spreads. The platform also demands a high minimum deposit and claims it’s the best to earn more.
You should know the acceptable minimum deposit is $250. Those who have deposited with the platform know the pain of depositing a large amount and failing to withdraw. Don’t go beyond $250 with a platform you’re unsure of.
Eagle Global Markets suggests that it’s globally registered to offer trading services. And that can only be verified if the platform uploaded documents to support such claims. But unfortunately, there are none on the platform.
The platform wants members to believe what’s written on the page's disclaimer. So we had to dig deeper and check if the platform gets any valid credentials in the UK or Nigeria. Possibly, the platform can have a license in Nigeria, not yet confirmed.
Despite claiming to conceptualize the idea in 2016, we don’t have the founding members' names. And that makes Egmarkets an anonymous investment platform. Please stay away from anonymous platforms or risk losing everything.
The platform offers copy trading services which is a risky option for many. There are no expert traders to find on the platform. Most will also fall for the platform as it blocks withdrawals. You won’t earn from their copy trading services.
We also don’t know the accuracy of their robots. The custom-made trading platform has a robot that sets targets for investors. Some claim to win but, no evidence. If this were true, members would easily copy their trades.
There are several deposit and withdrawal channels available on the platform. These include bank and wire transfers. After depositing funds, your balance may reflect the amount within 24 hours. And this is a big May.
Withdrawing funds from the platform remains the biggest obstacle facing platform members. You don’t get to withdraw on time which is a bit letdown. Any platform blocking withdrawals is a scam in our bools.
Egmarkets is not a licensed or regulated trading platform. Those who have invested with the platform are losing big. The platform doesn’t have valid credentials from regulators. Even The Financial Commission doesn’t know such a broker exists.
Before you invest in any platform, we recommend checking with regulators. First, check to see if a platform has a valid license and gets listed as regulated by brokers. Some globally reputable regulators include ASIC, BaFIN, FCA, and the SEC.
Several accolades are listed to try and make the platform appear legit and performing. However, we checked with the award ceremony, and the platform was not even nominated. And that means we are dealing with a rogue trading platform.
There’s also the testimonial section you need to watch out for. These are comments from the platform itself. No independent platform has come out and listed the platform as favorable. And that puts a lid on the matter; Egmarkets is a scam.
The available demo account is a buy/sell option with no features.
Please stay away from Egmarkets.com
NB: Go for the best investment advice experts offer to beginners.
Drop a suggestion or write to us with any queries.
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.
0 Comments