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EGM Finance (Egmfinance.com) is another rotten platform claiming to offer unrealistic trading conditions. They are claiming to have a user-friendly platform that focuses on personalized trading services. Thanks to our detailed investigation, we have some damning facts to show. The platform is operated by untrustworthy offshore brokers with no reputation to uphold. And this makes the platform dangerous and unpredictable. Find out more in regards to the bot in this detailed Review.
About EGM Finance
A cloned website is all that the bot really is. Evidence on our hands proves the platform is a clone of another trading website. EGM Finance is copying the details of a broker named Nexus P Capital. On their deposit and withdrawal page, they make the mistake of not deleting the actual name. These scam brokers have copied each detail of the Nexus P Capital website and made it their own. And this shows a lack of creativity on behalf of the broker. Stay away from such platforms that lack imagination. Use approved experts and start earning real profit. With the right experts, traders get a safe trading experience.
Details are emerging EGMFinance is a platform based offshore. And this is proof we are dealing with an offshore broker. These are brokers who have nothing else to do than lie to investors. Offshore brokers are a hard nut to crack as they operate on their own terms. It has become the norm for offshore platforms such as EGMFinance to block withdrawal attempts. Anyone who signs up with the platform will without a doubt lose their funds. And this is why no one should sign up with this ridiculous trading platform. These are pure online scam artists taking advantage of the profitable trading world.
Conditions Available for Trading
EGM Finance is claiming spreads are applicable under normal trading conditions. The trading condition’s page is exactly the same as that one of Nexus P Capital. These scam brokers want users to imagine the broker is offering these conditions. In the real sense, EGMFinance is offering harsh trading conditions. They are disguising themselves as genuine online brokers with genuine trading conditions. It is a plot to throw off anyone who dares asks questions regarding withdrawal issues.
The platform claims to offer CFDs, Cryptos, and Forex assets on its platform. Even if this is the case, EGMFinance is unclear on the leverage and spread available on these assets. Members are signing up not knowing whether the leverage and spreads are favorable. And this leads to the broker imposing restrictions on withdrawing. It is best to sign up with a platform whose trading features are well-known. These are scam brokers who will do anything to steal from unsuspecting investors.
Thanks to domain registers, one can know exactly when a platform was created. According to whois.net, the domain name egmfinance.com is barely six months old. The date the website was created was on 9th January 2020. And this is proof we are dealing with a rogue online trading platform. These are scam brokers who try to sell their online reputation using words. And now we know the broker has no reputation to uphold. They can do what they want include blocking withdrawals from members.
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Pros/Cons of EGM Finance
EGM Finance is professing to offer six account types to anyone interested in their services. The accounts include Basic, Silver, Gold, Platinum, VIP, and Algo Fund. What caught our attention was the high minimum required deposit for each account. EGMFinance is making a fuss since the industry has set $250 as the acceptable minimum deposit. These are offshore brokers who target newbie investors who don’t have a clue on trading. And this is why traders need to be careful and conduct research before joining such platforms.
The platform is claiming to offer platform and senior account managers to members. These managers are hired goons who act as account managers. They have no trading experience since they all lose funds on these accounts. Scam brokers don’t have the capacity to hire professional managers. They in turn hire call agents who act as account managers to steal from members. A professional account manager will do anything in their power to place the right trades. Account managers on this platform just waste funds.
Communication with Support
EGMFinance is claiming to offer chat support which is not working. Scam brokers harvest data by using chat service bots. These message boards will ask users to give their names and contact details. After sending your email address, the broker has access to your name, email, and phone address. The next step these scammers take is to use these channels to send numerous promotional messages. And this is the reason why your inbox is full of products you haven’t subscribed to.
The platform accepts bank transfer, credit/debit cards, and e-wallets. They state that they only accept cards from MasterCard and Visa. The statement on their deposit page reads that the platform has a fast depository process. And this is true as the deposit process takes less than five minutes. What remains to be a huge problem with the platform is the fact that they don’t grant withdrawals.
EGM Finance is claiming to have the Sirix trading platform as their preferred tool of trade. Just like we thought, the broker is using a custom-built trading terminal. The problem with their tool is it does not have adequate trading features. And this leaves members with a huge problem. The terminal is unstable and executing trades becomes unbearable. Stay away from such a platform as it will be working against you.
License and Registration of EGM Finance
Disclaimer at the footer of their homepage claims EGM Finance is operated and owned by Spiral Holding Limited. They go ahead and claim the company is incorporated under the laws of St. Vincent and the Grenadines. Offshore brokers rarely get real license and registration details reserved for real brokers. And this is the case with EGMFinance as they fail to produce any documents to prove it. Lack of certification is proof we are dealing with a rogue online platform.
A real trading platform will have their license and registration documents ready for all to see. Thanks for posting their license details, members can verify the information using regulatory websites. A look at all regulatory websites reveals EGMFinance is NOT LICENSED to offer any trading services. Investors who make the mistake of signing up with the platform will have a terrible time. And this is why a regulated broker is essential when trading online.
Safety of funds with EGM Finance
The security of funds is not guaranteed by an offshore broker. It has been a problem with all offshore brokers. They don’t participate in a compensatory scheme or insure funds deposited by members. In return, funds are stored in one account which poses huge risks to anyone who deposits. Segregation of funds is not taking place which means the broker will not compensate members. In the event of bankruptcy or insolvency, all funds will be lost. And this also happens when the broker suddenly closes shop.
Scam EGM Finance
After carefully going through the evidence, it is clear we are dealing with a rogue trading platform. EGMFinance is a scam that must be exposed by all to see. The platform is without a doubt losing funds deliberately. They are blocking withdrawal attempts from members. Other regulators plan to issue a warning in regards to the platform. They are using a cloned website to entice unsuspecting investors to sign up.
These are the factors that bring us to the conclusion EGM Finance IS a SCAM.
To help protect our esteemed readers, we have to mark this platform as a scam. There are genuine ways to trade. By using the best brokers, even newbies can make a living with online trading. And this is why everyone must be vigilant and stay away from such illicit platforms.
Continue reading our reviews for more on online trading products and services.
We wish all our readers the very best when it comes to online trading.