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Score

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/10
The WikiFX Score of this broker is reduced because of too many complaints!

EGM Forex

United Kingdom|2-5 years|
Suspicious Regulatory License|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

Licensed Institution:Equiti Capital UK Limited

License No.:528328

VPS Standard
*No restriction on the broker account

Single Core

1G

40G

1M*ADSL

Open
Warning: Low score, please stay away!
2024-12-22
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
4

Basic information

Registered region
United Kingdom
Operating period
2-5 years
Company Name
ECONOMIC GLOBAL MARKETS (APAC) LTD
Abbreviation
EGM Forex
Company employee
--
Customer Service Email Address
support@egmforex.asia
Contact number
85231252693
Company website
Company address
4D SALISBURY ROAD, WESTON-SUPER-MARE, SOMERSETUNITED KINGDOM.BS228EW

蔡89405

Taiwan

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.

Exposure

2022-05-04

YYYY

Taiwan

It required 20% taxes before withdrawal.

Exposure

2021-09-23

FX4680403392

Taiwan

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

Exposure

2021-09-23

Andy loh

Malaysia

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

Exposure

2021-09-15

FX3999504622

Taiwan

I was cheated by a girl again.

Exposure

2021-09-09

Samuel Oluwaseyi Paul013

Nigeria

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!!!

Exposure

2021-09-07

iBee seaplane

Nigeria

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

Exposure

2021-09-05

YYYY

Taiwan

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.

Exposure

2021-09-05

Ayomide Emmanuel1880

Nigeria

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.

Exposure

2021-09-04

YYYY

Taiwan

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.

Exposure

2021-08-31

YYYY

Taiwan

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.

Exposure

2021-08-28

terongbiru

Malaysia

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

Exposure

2021-08-27

YYYY

Taiwan

The official website was unavailable.

Exposure

2021-08-13

YYYY

Taiwan

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.

Exposure

2021-08-11

鮭魚肥

Taiwan

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.

Exposure

2021-08-09

一生为奴

Japan

It required taxes if you wanted to withdraw.

Exposure

2021-07-31

FX3928884688

Japan

为什么EGM Forex要先交税 ? mt5 就不用交税!!

Exposure

2021-07-18

YYYY

Taiwan

Dating software Lemo ID: 7769653, LINE ID: feng9891, because I know each other’s experiences are similar, I am worthy of my husband and wife, so I believe him to invest in foreign exchange [egm forex], guaranteed legal aid of 7,000 US dollars, cash withdrawal can be withdrawn; The threshold is 500 US dollars (Taiwan dollar 15000 yuan), and the exchange is 1:30. At first, there was no money and only paid 200 US dollars (Taiwan yuan 6000 yuan). The rest he helped me 300 US dollars. Later, he suggested that the principal should be more to avoid the liquidation. Risk, borrowed money to invest 500 US dollars (15,000 Taiwan dollars), then borrowed money to invest 1,000 US dollars (30000 Taiwan dollars); a few days later, he said that there was a couple activities with me to participate in 5,200 US dollars, he said that he wanted to give away savings Value money, on the one hand, help myself on the other hand, I said I had no money, he actually said to help me recharge, the result of the customer service said that it was not in my name that the remittance is not included in the scope of activities, I want the customer service to remit the money back to him, as a result The customer service actually entered my account and told me everything afterwards, saying that once this activity started, neither of them could withdraw money. Later, I was afraid that he could not withdraw money like me, so I borrowed insurance to remit US$5,200. (Taiwan dollar 156,000 yuan). It is also stipulated that during the event, 30% of the turnover can be completed before each other's withdrawal problem can be resolved. However, on the third day after the withdrawal, the customer service said that there was a tax problem, and asked the customer service the next day, saying that the tax bureau detained my withdrawal application and said that it would deduct 20 % Tax, do I have to pay before I can withdraw it?

Exposure

2021-07-15

Lin Chung Yu

Taiwan

Netizens I met through dating software chatted for a long time and learned that each other had investment ideas. Later, when I first came into contact with foreign exchange, he said that traders can make money together with the operation. In the past few times, some of them have successfully made some money. Later, This netizen keeps talking about what money could be made with such a small amount of funds. Later, I borrowed a lot of credits, mortgages, car loans, and all of them. Then the operation suddenly slipped nearly 200 points and I broke my position. Then I saw that the server had such a situation. I added some money from 7000 USD to 150,000. Later, the customer service told me to pay tax when the money was withdrawn. Otherwise, I would withdraw the money here. Later, the more I thought about it, the more I thought things were going wrong, so I went to the relevant professional. The people discovered that I was deceived, and in the meantime, I received a call from the police asking whether I was defrauded, and whether I was remitted to some account? I still don’t believe it. I have only discovered that it turned out to be a big scam....

Exposure

2021-07-10

FX3298689562

Japan

I was trading on my own during my work, and the money was melted by the impossible exchange fluctuations. Even if I check other charts, such a sudden price fluctuation has not occurred. I was billed for more than 20% of Japan's statutory annual interest rate. It was just a fraudulent intermediary.

Exposure

2021-07-08

20
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Official website

Website

  • egmmtrade.com

    Server Location

    South Africa

    Website Domain Name

    egmmtrade.com

    Server IP

    45.192.178.234

  • egmforex.asia

  • egmforex.uk

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.

Keywords

  • 2-5 years
  • Suspicious Regulatory License
  • Suspicious Scope of Business
  • High potential risk

Review 20

All(20) Latest Exposure(20)
蔡89405

3-5 years

Taiwan

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.
2022-05-04
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