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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|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

Open Now

Contact number

English

+852 31252693

Japanese

+97144579865

Traditional Chinese(HK)

44 (0) 1618 507890

Other ways of contact

Broker Information

More

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

Download App for complete information

Warning: Low score, please stay away! 4
Previous Detection : 2024-11-23
  • 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!
  • The United KingdomFCA regulation (license number: 528328) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

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

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EGM Forex · Company Summary

Note: EGM Forex's official website: https://www.egmforex.asia is currently inaccessible normally.

EGM ForexReview Summary
Founded/
Registered Country/RegionUnited Kingdom
RegulationFCA (Suspicious clone)
Market InstrumentsCurrency pairs, stocks, commodities, precious metals, energies, indices
Demo Account/
LeverageUp to 1:500
SpreadFrom 0.0 pips
Trading PlatformMT5, MT4
Min Deposit$500
Customer SupportPhone+852 31252693
+97144579865
44 (0) 1618 507890
Emailsupport@egmforex.uk
support@egmmtrade.com
support@egmforex.asia
Address4D SALISBURY ROAD, WESTON-SUPER-MARE, SOMERSETUNITED KINGDOM.BS228EW

EGM Forex Information

Founded by ECONOMIC GLOBAL MARKETS (APAC) LTD, EGM Forex offers various trading assets, including currency pairs, stocks, commodities, precious metals, energies and indices. However, its minimum deposit is $500, which is higher among brokers. And the regulation of EGM Forex is also suspicious clone.

Pros and Cons

Pros Cons
Various trading assetsSuspicious regulation
Multiple account typesHigh spreads and commissions
Popular MT4 and MT5 platformsLimited customer service languages

Is EGM Forex Legit?

Regulatory Status Suspicious clone
Regulated by United Kingdom
Licensed Institution Equiti Capital UK Limited
Licensed TypeInstitution Forex License
Licensed Number528328

The regulation of EGM Forex is suspicious. The website, email and address are different from what it provides. Traders should be cautious when trading.

Suspicious clone FCA license

What Can I Trade on EGM Forex?

EGM Forex offers over 150 instruments including currency pairs, CFDs on stocks, indices, precious metals and commodities.

Tradable Instruments Supported
Currency pairs
Stocks
Indices
Precious metals
Commodities
Cryptocurrencies

Account Type

EGM Forex offers two account types: the Standard account and the ECN account.

The Standard account is characterized by fixed spreads, while the ECN account offers variable spreads. Both accounts have a minimum deposit of $500 and allow trading on all instruments offered by EGM Forex.

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 comparison

Leverage

EGM Forex offers leverage of up to 1:500 for Forex and precious metals. This means that a trader can trade with a larger amount of capital than he has available. This can increase his profit potential but also his exposure to risk.

EGM Forex Fees

EGM Forex offers variable spreads starting from 0.0 pips and does not charge trading commissions.

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.

Trading platform

Trading PlatformSupported Available Devices Suitable for
MT4Desktop, Web and MobileBeginners
MT5Experienced traders

Deposit and Withdrawal

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.

Review 20

20 Comments
Write a comment
All(20) Latest Exposure(20)
Exposure
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.
蔡89405
2022-05-04
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