EQ Markets Global poses as the leading financial and educational services provider in Nigeria. This is a forex scam whose website looks more like a photo gallery than an investment platform. Forex scams are not new, as the illicit entities are all over trying to entice you and get your money.

Before you dive into the digital investment space, you should be acquainted with some intricate details about this market. First, since this investment is primarily speculative, it is a risky venture that can wipe your investments as much as it can boost them.

You have to invest with licensed forex brokers to minimize your risk exposure. Secondly, forex investment is not a get-rich-quick scheme, and it takes extensive skills honing, discipline and patience to make worthwhile profits. Thirdly, caution must not take a backseat, as scammers can trick you anytime.

As a precondition, confirm a broker’s standing in the legal and regulatory frontiers before committing to them. This will prevent any oversight that can come back to haunt you after investing with a broker. Moreover, it will ensure that you only settle for the best.

Fortunately, you are one review away from making an investment mistake. In the subsequent review, we share red flags we found on the broker’s website, discrediting it as a rogue. Also, we will share a checklist against which you can rate  broker’s trading policies or conditions. 

Eqmarketsglobal.com Review

The broker’s website shows that Equiti Group, another dubious broker based in Seychelles, backs this broker. The broker bragging about a solid track record since inception is, apparently, a newbie. The whois database indicates that the broker registered its domain on 13 June 2022. This broker desperately tries to impress us with pointless antics and lies, when all it had to do was register with a reputable oversight agency.

Investors on the platform can trade instruments, including indices, forex, shares, and commodities. EQ Markets Global promises advantages including 80 percent accurate smart reports, trading signals, bespoke trading platform, and trading seminars. Ironically, the broker mentions trust as if it has anything to earn that. You cannot trust a broker who dodges accountability and truth over and over.  

Contact Details

EQ Markets Global claims to have a base in Nigeria. The broker also claims affiliation with Equiti Group based in Seychelles, an offshore zone. This is a cause for concern, but we will get into details later. There are email and telephone contacts for users’ inquiries.  

We always have reservations about contacting phony brokers. First, there is no telling what they can do when they lay hands on personal details, especially since some are excellent imposters and clones. Secondly, contacting them allows them to send you intrusive ads and marketing calls to win you over. Do not contact this broker for your peace and investment’s safety sake.

Deposit & Withdrawal Policy

Some essential considerations of payment methods are transparency and the ability to reverse erroneous (or otherwise) transactions. The odds of getting a refund depend on the payment method you use. If you used a Visa or MasterCard to make your deposit, get in touch with the company that issued your card soonest.

They allow chargebacks up to 540 days after the transaction. On the other hand, if you made a deposit using crypto, it would be hard to retrieve your money back because such transactions are irrevocable and anonymous.

The broker accepts deposits via credit cards, bank transfers, well-known e-wallets (Skrill and Neteller), and cryptocurrencies. Given that this broker is illegal, we will not commit our words to the preferred method. Just steer clear of this broker, and don’t deposit under any circumstances.

EQ Markets Global Investment Plan

According to the website, it has three investment accounts. The first account, standard, has an unspecified minimum deposit. Standard traders allegedly get a commission of 0.10 percent of the notional cost of cryptos. Next, the pro account has a deposit requirement of $200. Pro traders get a commission of $7 per lot and 0.10 percent on cryptos based on notional cost. Lastly, traders with an invest account must deposit at least $500. In return, they earn a commission on cryptos of 0.10 percent of the notional cost. Invest traders, unlike other categories, can only trade in cryptos.

However, the broker’s account opening menu presents different accounts with different funding thresholds. The accounts; standards, advanced, and elite accounts have minimum deposits of $500, $10000 and$ 50000, respectively. Also, advanced traders allegedly get a commission of $3.5 per lot, while elite traders get $2.5 per lot for metals and FX pairs.

 These contradictions betray the broker’s conniving nature. Regardless of the accounts set, the minimum deposit is suboptimal as you can get legit brokers with cheaper accounts. Stick to such instead of risking with this fishy broker.

Trading Conditions

The broker has attached some obscure legal documentation, but we find them rather pointless. We say that because a broker should address all areas pertinent to its services if they have to attach these documents. On the contrary, the broker’s legal documents are entirely non-committal and vague. For instance, the broker states that details on applicable charges are available upon request. Which decent broker does that? If you ask us, this is the height of cunningness.

EQ Markets Global offers spreads of 1.4 pips. While this spread resonates with the industry-accepted range, it can’t distract us from the fact that this is a suspicious broker. Opt for authorized brokers offering similar spreads or spreads below one pip.

The broker’s leverage is 1:200. While the broker hasn’t breached any regulations (there are none in the country ), this leverage predisposes you to significant risk. Investors mainly feel the impact of high-leverage trading during market volatility. Such episodes can dwarf investments in a matter of seconds. 

Rather than wait around to see what happens, why don’t you invest with regulated brokers? They comply with leverage capping to buffer you from unprecedented market shocks. For instance, reputable financial watchdogs like ASIC (Australia)and CySEC(Cyprus) cap leverage at 1:30, while IIROC(Canada) and CFTS(US) restrict theirs at 1:50.

EQ Markets Global Trading Platform

Customers of EQ Markets Global have access to MT4 and MT 5. However, the promise of fantastic software is not a sufficient justification for signing up with a shady broker. Not when there are plenty of legitimate brokers offering the software.

The MetaTrader software provides a wide range of capabilities, such as numerous customization options, support for multiple accounts, the ability to create and use unique scripts for automated trading, and the ability to backtest trading techniques. A built-in economic calendar and market depth option, displaying the volume of offers and bids for financial security at various prices, are two advantages of MT5 that are not included in MT4. Also, the MT5 has more time frames, graphic elements, and accessible technical indicators.

Regulation Status of EQ Markets

EQ Markets Global stated that it was headquartered in Nigeria but did not mention being subject to local regulation. The broker also mentioned that it provides brokerage services in partnership with Equiti Group, based in Seychelles. The broker even uses their (Equiti) legal paperwork and trading terminal. A broker based in Seychelles is no good news.

Brokers only need to fulfil a few conditions to begin providing services in this nation. They need to have two shareholders and two directors and a minimum capitalization of $50,000. The same person is permitted to serve as director and shareholder concurrently. Additionally, unlike brokers in many other jurisdictions, the minimum capital used as insurance can be used for other things in the future. Such lax measures help explain why shady brokers flock to this zone. Mind you; this broker is missing in Seychelles’ FSA registry.

Investing with unlicensed brokers has several downsides, let alone an offshore one. These brokers have no regard for law and accountability, which tells you what to expect from your investment. They can use your funds anyhow, as they do not 

segregate funds. On the same note, these brokers do not afford zero balance protection, implying that your account can overdraw. Also, legal action against offshore brokers is cumbersome due to jurisdictional barriers.

Our Take

To sum up, investing with EQ Markets Global will be signing up for the short end of the deal. The broker’s operations are unlicensed in Nigeria and Seychelles. Again, an unregulated offshore broker is a dreadful combination that breeds a dangerous broker.  

Partner with licensed forex brokers for guaranteed investment safety. Although these brokers are not the gateway to profitable trading, you at least get reasonable value and secure it. Also, you are assured that the broker’s interests do not conflict with yours. And isn’t that what everyone would want?

 

 

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