EGM Forex Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-10-16 12:28

Abstract：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.

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

EGM ForexReview Summary
Founded	/
Registered Country/Region	United Kingdom
Regulation	FCA (Suspicious clone)
Market Instruments	Currency pairs, stocks, commodities, precious metals, energies, indices
Demo Account	/
Leverage	Up to 1:500
Spread	From 0.0 pips
Trading Platform	MT5, MT4
Min Deposit	$500
Customer Support	Phone	+852 31252693
		+97144579865
		44 (0) 1618 507890
	Email	support@egmforex.uk
		support@egmmtrade.com
		support@egmforex.asia
	Address	4D 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 assets	Suspicious regulation
Multiple account types	High spreads and commissions
Popular MT4 and MT5 platforms	Limited customer service languages

Is EGM Forex Legit?

Regulatory Status	Suspicious clone
Regulated by	United Kingdom
Licensed Institution	Equiti Capital UK Limited
Licensed Type	Institution Forex License
Licensed Number	528328

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

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.

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 Platform	Supported	Available Devices	Suitable for
MT4	✔	Desktop, Web and Mobile	Beginners
MT5	✔	Desktop, Web and Mobile	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.