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EGM Forex -

Score

1.45 /10
Danger

EGM Forex

United Kingdom

2-5 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

http://www.egmforex.asia

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Comparison

Quantity 20

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index6.52

Risk Management Index0.00

Software Index4.00

License Index0.00

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

Licenses

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

Single Core

1G

40G

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Broker Information

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Company Name

ECONOMIC GLOBAL MARKETS (APAC) LTD

Company Abbreviation

EGM Forex

Platform registered country and region

United Kingdom

Company website

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 4
Previous Detection : 2024-11-16
  • 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!

WikiFX Survey

Danger

EGM Forex

Canada

WikiFX Verification

Exposure

20 pieces of exposure in total
Pyramid scheme complaint
Expose
Unable to Withdraw

Romance scam

I was cheated by a girl again.

2021-09-09 10:25
Scam

Fraud platform

Beware of this scam. I was cheated and lost money in investment.

2021-09-23 11:35
Scam

this is clearly a scam!

I was introduce to this site by a friend saying its reliable..and I try to deposit..so I was debited and I wasn't credited on the account up to now..below are some of the proof so stay away from this app

2021-09-15 15:16
Unable to Withdraw

Unable to withdraw

Fraud platform. Please check their qualification and protect our financial security. Beware of it. Real name: Ji Feng FB account: Liu Xingxing LINE ID: feng9891 (Meteor) Whatsapp: +852 52601839 He promised high profits at first but did not mention taxes before withdrawal. He blocked my account and ran away.

2021-08-31 01:26
Resolved

Unable to withdraw

The official website was unavailable.

2021-08-13 19:52
Unable to Withdraw

Unable to withdraw

I met someone on the social network who told me to invest. After one month, it asked for $12,000 to withdraw. I found it was a scam.

2021-08-09 18:30
Scam

EGM FOREX IS A SCAMMER!!!!!!!!

I was introduced by my partner, he said they are reliable, and I willingly invest my money in them but unlucky they scammed me, they were not replying my messages anymore, they just vanished, pls beware of this app!!!

2021-09-07 15:40
Unable to Withdraw

Unable to withdraw

Unable to log in the website or send email to support@egmforex.uk. It was said that the company was founded in UK with Canadian Financial Transaction and Reporting Analysis Center (M21827085) and the U.S. Digital Currency License (31000187499253). But it blocked accounts and asked for high taxes. Users were unable to invest. Please investigate.

2021-08-28 01:07
Unable to Withdraw

Unable to withdraw

It required 20% taxes before withdrawal.

2021-09-23 18:50
Others

scam scam scam....

this broker is scammer, beware... the broker hang my orders and didnt let me close them to limit my lose untill they close them on their own on a bigger loss, i have proof

2021-08-27 11:09
Scam

I was scammed on here

a colleague of mine introduce me to this broker thought it was legit..and I put all my savings on it and I got debited and they it didn't reflects on the account since last month...be aware.. so stay away from this app

2021-09-05 17:54
Unable to Withdraw

Unable to withdraw

Customer service said taxes was under the provisions of International Financial Management Center and the State Revenue calculated. The income higher than NT $ 6.7 million yuan had to be taxed. My profits totalled NT $ 924,708 yuan, but I was asked to pay 20% taxes for several reasons. It as said that they had to keep company secrets. Was it legal transaction? It was also said that EGM was an international foreign exchange broker, regulated and listed in Japan. The corresponding taxes must be paid to the Japanese tax authorities, not the Taiwan Tax Bureau. I urge International financial regulatory agencies and the tax authorities in Taiwan and Japan to assist in the investigation. Please maintain financial order.

2021-08-11 22:50
Unable to Withdraw

Unable to withdraw

It required taxes if you wanted to withdraw.

2021-07-31 23:26
Unable to Withdraw

Fraud platform

It blocked MT5 account. Unable to withdraw. Its license was fake. The broker asked for 20% taxes and changed the logo without any notification. Official website was offline.

2021-09-05 16:55
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

    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
    MT4✔Desktop, Web and MobileBeginners
    MT5✔Experienced 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.

    User Reviews

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    User comment

    1

    Comments

    Write a review

    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.
    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.
    Translate to English
    2023-03-06 14:15
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