EmpireFXM is an online trading firm that plans to offer a variety of services. The business enables you to take use of cutting-edge technologies. The business anticipates a mobile platform and more than 400 instruments. So, before trading, there are a number of things to think about. There is hardly any pertinent information about EmpireFXM’s services on its website. EmpireFXM is simply interested in your money, and you won’t make any money. You might thus think twice about your investing choices as you read this unbiased analysis of the organization.
Is EmpireFXM a Licensed Broker?
EmpireFXM is just another offshore broker that cannot guarantee your financial security by offering you a valid license to trade with. The broker has their registration in the Marshall Islands, which is a nation that does not even have a governing body for their financial system. It is possible for virtually anybody to establish a business there through the use of the internet; in fact, you do not even have to travel to the Islands. In addition, EmpireFXM has not supplied any additional contact information save an email address; as a result, we do not know for certain whether or not they have a physical office or whether or not they are located in the Marshall Islands.
If you decide to do business with unlicensed companies like EmpireFXM, you won’t be able to take advantage of any of the safeguards that are available to you. This broker has even gotten the attention of the highly regarded Italian regulatory agency known as CONSOB. The authority believes that the broker is providing services in violation of the law, which immediately makes them a risk to investors.
Why Should Not You Trust an Unlicensed Broker?
If you contrast this with the stringent laws and regulations that brokers in the EU, UK, and Australia are required to comply with, you will see why it is in your best interest to work with a broker that possesses a license from the FCA (in the UK), CySEC (in Cyprus), or ASIC (in Australia). In order to demonstrate their financial soundness, brokers in all of these jurisdictions are required to keep a minimum capital of A$1 million in Australia, as well as €730,000 in the United Kingdom and the European Union. EU and UK brokers are also required to contribute cash to compensation funds. This means that if a broker goes bankrupt, its customers have the right to claim compensation of up to £85,000 in the UK and €20,000 in the EU.
Client funds have to be held in separate accounts, so you can be sure that your broker is not using those funds for their own day-to-day financial operations. In addition, negative balance protection has to be in place; this means that you can never incur losses that are greater than the amount of money you currently have in your account.
Is EmpireFXM Can Be Trusted?
When looking for brokers to engage in trading activities with, the first and most crucial step you should always do is to learn about the certifications held by potential brokers (s). This will tell you if they are regulated by a central authority or whether EmpireFXM is an offshore and/or uncontrolled organization. If they are regulated by a central authority, this will inform you that they are regulated.
Warnings From Financial Regulators
The day after the 10th of March, the trading business was placed on the warning list maintained by CONSOB. Not too much longer after that, the Slovenian A-TVP and the Belgian FSMA both republished the warning.
What Do Traders Think Of EmpireFXM?
After completing some research on a variety of social media channels (including Facebook, Twitter, and Instagram), as well as online trading forums, a common pattern emerged in which individuals expressed dissatisfaction with their experience with EmpireFXM. It would clear from this customer feedback that EmpireFXM is not a trustworthy broker; as a result, one should exercise great care before investing via their brokerage platform.
Forex Brocker Blacklist 2023
Platform Offered by Empire FXM
The platform that the broker uses is an important point to bring up. Along with MT5, the brokerage firm provides access to the MT4 platform, which is widely regarded as among the top software options. Your money are put in jeopardy though when a company offers leverage in violation of the standards that govern its industry, as is the case with Empire FXM. Because the spread is not disclosed, you are in the dark about the commission fees that are associated with opening a transaction with this particular company.
Both Android and iOS users may download the MT4 mobile app, which offers the same unregulated trading rules regardless of platform.
Country Serving by Empire FXM
The platform is serving in UK, USA, Cyprus and Australia.
Empire FXM Range of Trading Markets
In order to create a micro account with Empire FXM, a deposit of $250 is required. On the other hand, such accounts often have less available customization choices. You would be required to pay an outrageous sum of money, which is $2,500, in order to have a Standard account. When you take into consideration the fact that some reputable brokers may open a Micro account for as low as one dollar and a Standard account for less than one hundred fifty dollars, you will realize why this broker is not giving anything particularly remarkable in the way of services.
The leverage that customers of Empire FXM will have access to on forex majors is 1:300. And despite the fact that offshore brokers are allowed to provide whatever leverage they like to their retail customers, brokers operating in the majority of other countries are required to adhere to specific restrictions regarding the maximum leverage that they are permitted to provide to retail customers. For example, the maximum leverage that may be offered on forex majors by brokers in the United Kingdom, the European Union, and Australia is 1:30. These limitations are in place to shield you, the investor, from the potentially greater financial losses that might be brought on by trading with a greater degree of leverage.
Minimum Deposit and Withdrawal Terms of EmpireFXM
If your account has been idle for more than six months, the company will assess a dormant fee equal to 10% of the account’s balance per month. In addition, each withdrawal will cost you $30 regardless of the amount. The minimum amount that may be withdrawn is $100, whereas the minimum amount that can be deposited is 250 EUR.
Ways to Make a Deposit
The following methods can be used to make deposits and withdrawals:
- Debit/credit card.
- Wire transfer.
Victim of EmpireFXM Scam? Report Your Story To Us.
EmpireFXM is not a trustworthy broker for trading. The firm reveals a number of suspicious characteristics to deter you from making more deposits. Additionally, you need to do thorough market research. Additionally, reading evaluations from trustworthy sources is advised prior to trading.
If you are a victim of EmpireFXM scam, submit the scam to us. We will provide you the free consultation to get the fund recovered.