EGMARKETS Forex Broker

　　EGMARKETS claims to be a broker established in the UK, dedicated to serving the African market, particularly Nigeria. It primarily offers forex pairs, shares, indices, and commodities, with a minimum deposit of up to $250 and a maximum leverage of 1:400. However, this broker lacks legal oversight.

Pros and Cons

Is EGMARKETS Legit?

　　EGMARKETS holds no legal license. It claims to be registered in the United Kingdom, however, to operate or register in the UK, brokers need to be regulated by the Financial Conduct Authority (FCA). When we search for relevant information on the FCA, we find nothing, indicating that this broker is deceiving users.

　　Worse still, EGMARKETS also claims to be a member of the Financial Commission, but it has been proven that Egmarkets has been expelled.

　　These evidences are sufficient to show that EGMARKETS is an untrustworthy and fraudulent broker.

What Can I Trade on EGMARKETS?

　　Since EGMARKETS's website is unavailable, the only information we can obtain about its tradable instruments is the general trading type, which includes forex pairs, shares, indices, and commodities.

Leverage

　　EGMARKETS offers a leverage ratio of 1:400, which is extremely high. While there is a chance to obtain substantial profits, the possibility of losing all invested funds is much higher. In countries like the UK, the maximum leverage limit is 1:30. Therefore, the leverage offered by Egmarkets is not only dangerous but also illegal.

Trading Platform

　　EGMARKETS claims to offer industry-standard MetaTrader4 and two proprietary platforms, Eagletrade and Copytrade. However, since we are unable to access its website, we cannot confirm if these platforms actually exist.

　　In addition, we do not believe that a trading broker that has been expelled from the Financial Commission and is not legally regulated would be granted a trading license for MT4. Therefore, it is advisable to steer clear of this broker.