Engel FX

Overview of Engel FX

Engel FX is an unregulated brokerage firm based in the United Kingdom. However, it lacks proper authorization to operate as a licensed institution, which raises concerns about its legitimacy and compliance with regulatory standards. Regulatory bodies like the National Futures Association in the United States and the Australia Securities & Investment Commission have flagged Engel FX as unauthorized and potentially involved in fraudulent activities. The broker has also been listed in WikiFX's Absconded list, and numerous complaints have been lodged against it, indicating a high level of risk associated with dealing with this unregulated entity.

Despite its regulatory issues, Engel FX offers a variety of trading instruments to its clients. These include forex pairs, commodities, global stock market indices, cryptocurrencies, and individual company stocks. The broker provides different account types with varying features and benefits, such as Standard, Pro, and VIP accounts. Each account type comes with different leverage options, spreads, and minimum deposit requirements to cater to traders with different preferences and capital levels.

Engel FX utilizes the Meta Trader 4 trading platform for Windows users, which is known for its user-friendly interface and comprehensive features. However, customer support is primarily offered through email, which may not be as responsive as desired by traders. Reviews from WikiFX indicate significant trust and credibility issues with Engel FX, with many users expressing concerns about potential scams, difficulties in withdrawing funds, and unresponsiveness from customer support. Given the broker's regulatory status and negative reviews, potential investors should exercise caution and thoroughly assess the risks involved before considering any engagement with Engel FX.

Pros and Cons

Engel FX presents a mix of advantages and drawbacks for traders. On the positive side, the broker offers a diverse range of market instruments, including cryptocurrencies, and provides spreads starting from 0.1 pips. Additionally, traders can benefit from a maximum leverage of 1:500 across all accounts, and the Standard account has no minimum deposit requirement, making it accessible to a wide range of investors. The availability of the Meta Trader 4 trading platform enhances the trading experience. However, traders must be cautious as Engel FX is not regulated and holds an “Unauthorized” status, leading to concerns about its legitimacy. The company has been flagged as suspicious and has faced multiple complaints, which have contributed to a lack of trust and credibility based on reviews. Moreover, there have been reports of withdrawal issues and potential scam activities, and the customer support is limited to email. Additionally, the main website's current unavailability raises further concerns.

Is Engel FX Legit？

Engel FX is not regulated and holds an “Unauthorized” status according to the National Futures Association in the United States. The company claims to have a “Common Financial Service License,” but it is not authorized to operate as a licensed institution. This raises concerns about its legitimacy and compliance with regulatory standards. Similarly, the Australia Securities & Investment Commission has flagged Engel FX as a “Suspicious Clone” with an “Appointed Representative” license type, indicating potential fraudulent activities. The broker has been listed in WikiFX's Absconded list, and numerous complaints have been lodged against it in the past three months. Traders should be cautious and aware of the high risks associated with dealing with this unregulated entity.

Market Instruments

Forex:

Engel FX offers a range of forex trading instruments to its clients. These include major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor currency pairs such as EUR/GBP and AUD/CAD. Additionally, the broker provides access to exotic currency pairs like USD/TRY and EUR/TRY, allowing traders to participate in various global forex markets.

Commodities:

Engel FX provides trading opportunities in the commodity markets. Clients can trade precious metals like gold and silver, as well as energy commodities like crude oil and natural gas. Agricultural commodities like wheat, corn, and soybeans are also available for trading, enabling clients to diversify their portfolios and take advantage of price movements in these markets.

Indices:

The broker offers trading in global stock market indices. Traders can speculate on the performance of major indices such as the S&P 500, Dow Jones Industrial Average, and FTSE 100. Furthermore, Engel FX allows access to other regional and sector-specific indices, providing traders with exposure to a wide range of equity markets.

Cryptocurrencies:

Engel FX offers trading opportunities in cryptocurrencies, catering to the growing interest in digital assets. Clients can trade popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Additionally, the broker provides access to a variety of altcoins, enabling traders to capitalize on the price movements in the cryptocurrency market.

Stocks:

The broker provides access to a selection of individual company stocks from global markets. Clients can trade stocks of well-known companies like Apple Inc., Microsoft Corporation, and Amazon.com Inc. Furthermore, Engel FX offers a diverse range of stocks from various sectors, allowing traders to invest in specific companies they believe will perform well.

Pros and Cons

Account Types

1. STANDARD ACCOUNT:

This account type does not have a minimum deposit requirement, making it accessible to a wide range of traders. The leverage available is up to 1:500, enabling clients to amplify their trading positions. Spreads for this account start from 1.0 pip, and there is a trading fee of $3 per lot. The Standard account is available for both regular and Islamic trading.

2. PRO ACCOUNT:

For traders looking for more features and benefits, Engel FX offers the Pro account. It requires a minimum deposit of $10,000, targeting more experienced and higher-volume traders. The leverage offered is also up to 1:500, and the spreads start from 0.5 pip. The trading fee for this account is reduced to $2 per lot, providing a cost-saving advantage. Like the Standard account, the Pro account is available for both regular and Islamic trading.

3. VIP ACCOUNT:

The VIP account is designed for high-net-worth individuals or institutions with a substantial capital to invest. The minimum deposit requirement for this account type is $100,000. With leverage of up to 1:500 and spreads starting from as low as 0.1 pip. The trading fee is further reduced to $1 per lot, making it the most cost-efficient choice for large-scale trading. As with the other accounts, the VIP account is available for both regular and Islamic trading.

Leverage

Engel FX offers a maximum leverage of 1:500 for all account types. This means that for every $1 you deposit, you can control a position of up to $500. The leverage is available on all major currency pairs, as well as some other instruments.

Spreads & Commissions

Standard account spreads start from 1.0 pip, with a $3 per lot trading fee. Pro account spreads start from 0.5 pip, and the trading fee is $2 per lot. VIP account spreads start from 0.1 pip, and the trading fee is $1 per lot. Options available for regular and Islamic trading.

Minimum Deposit

Engel FX offers different account types with varying minimum deposit requirements. The Standard account has no minimum deposit, while the Pro account requires $10,000, and the VIP account demands $100,000. Traders should choose the account type that aligns with their financial capabilities and trading preferences.

Deposit & Withdrawal

Engel FX offers a variety of deposit and withdrawal methods, including bank wire, credit/debit card, and e-wallets. The minimum deposit amount varies depending on the method. Withdrawals are processed within 1-3 business days, and there are no fees charged by Engel FX. However, some payment processors may charge their own fees.

Trading Platforms

Engel FX offers the Meta Trader 4 trading platform for Windows users. Meta Trader 4 is a widely recognized and popular trading platform in the industry, known for its user-friendly interface and comprehensive features. With Meta Trader 4, traders can access real-time market data, execute trades, utilize advanced charting tools, and implement automated trading strategies using Expert Advisors. The platform is designed to meet the diverse trading needs of clients and provides a stable and reliable environment for trading activities.

Customer Support

Engel FX provides customer support primarily through email. Clients can reach the support team at support@engelfx.com for any inquiries, assistance, or issues they may encounter.

Reviews

Based on the reviews on WikiFX, Engel FX has received 36 pieces of exposure. Traders have reported various issues, with many users expressing concerns about the company being a scam and their inability to withdraw funds. Some users claimed that the company had already absconded, while others mentioned experiencing delays in withdrawals for extended periods. Several reviewers emphasized their dissatisfaction with the lack of access to their funds and the unresponsiveness of customer support. Overall, the reviews highlight significant trust and credibility issues with Engel FX, urging caution for potential investors.

Conclusion

Engel FX, based in the United Kingdom, presents both advantages and disadvantages to potential traders. On the positive side, the broker offers a diverse range of market instruments, including forex, commodities, indices, cryptocurrencies, and stocks, catering to various trading preferences. It provides different account types, from the standard to VIP, accommodating traders with varying capital levels. The Meta Trader 4 trading platform is also offered, known for its user-friendly interface and comprehensive features. However, significant concerns surround the legitimacy of Engel FX, as it is not regulated and has been flagged as a “Suspicious Clone” with potential fraudulent activities. The broker's presence on WikiFX's Absconded list and the numerous complaints lodged against it in recent months raise red flags about its trustworthiness and reliability. Traders should exercise caution and carefully consider the risks associated with dealing with this unregulated entity. Customer support is primarily provided through email, and the reviews highlight significant trust and credibility issues, with many users expressing concerns about the inability to withdraw funds and unresponsiveness of customer support.

FAQs

Q: Is Engel FX a regulated broker？

A: No, Engel FX is not regulated and holds an “Unauthorized” status according to the National Futures Association in the United States. It also has a flagged status as a “Suspicious Clone” with an “Appointed Representative” license type by the Australia Securities & Investment Commission, indicating potential fraudulent activities.

Q: What trading instruments are offered by Engel FX？

A: Engel FX offers Forex, Commodities, Indices, Cryptocurrencies, and individual company Stocks for trading.

Q: What are the different account types available at Engel FX？

A: Engel FX offers three account types: Standard Account, Pro Account, and VIP Account, each with varying features and minimum deposit requirements.

Q: What is the maximum leverage offered by Engel FX？

A: Engel FX offers a maximum leverage of 1:500 for all account types.

Q: What are the minimum deposit requirements for each account type？

A: The Standard Account has no minimum deposit requirement, the Pro Account requires $10,000, and the VIP Account demands $100,000.

Q: How long does it take to process withdrawals at Engel FX？

A: Withdrawals at Engel FX are processed within 1-3 business days, with no fees charged by the broker.

Q: What trading platform does Engel FX offer？

A: Engel FX provides the Meta Trader 4 trading platform for Windows users, known for its user-friendly interface and advanced features.

Q: How can I contact customer support at Engel FX？

A: Customer support at Engel FX can be reached primarily through email at support@engelfx.com.

Q: What do the reviews say about Engel FX？

A: Based on reviews on WikiFX, Engel FX has received 36 pieces of exposure, with many users expressing concerns about potential scams and withdrawal issues. Caution is advised for potential investors due to trust and credibility issues with the broker.