EmpowerFX Forex Broker

GENERAL INFORMATION AND REGULATION EmpowerFX is a company that caught our eyes on Instagram. The company is promising clients some of the best trading conditions on the planet. For starters, they claim to not take any commissions on top of ultra-low spreads. Additionally, they promise clients a high level of transparency. However, we found out that this is far from the truth. The level of transparency on this platform is abysmal. Additionally, we can assure you that the people behind this company are not professionals. They do not have your best interest at heart. The team is only interested in getting its hands on your money. Unfortunately, there are far too many companies like this one. They come promising things they cannot deliver just to attract eager investors. Before you rush to invest with this company, make sure to read this review all through. You will see that EmpowerFX is one of the shadiest companies in the market. So Empowerfx is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible. MARKET INSTRUMENT Here, you can trade forex, cryptos, stocks, indices, and commodities. This means that traders can spread the risk of investment across various markets. ACCOUNT AND LEVERAGE There are four main account types on empower4x.com. These include the Standard, Pro, VAR, and Mini accounts. The commission on these accounts differ. It is impossible to tell the mode that this company uses to calculate the commission. Moreover, we are curious about the zero commission that this company was advertising on Instagram. It seems that these people will say anything to get you to invest. Yet, the commissions are as high as $8 per lot. These are not trustworthy individuals. Standard • Leverage up to 1:500 • Typical spreads from 0.8 pips • STP execution with Level 2 Pricing • Trade Forex, Cryptos, Metals, Indices, Stocks and Commodities • Commission Per Lot $7.00 • 200+ Pairs PRO • Leverage up to 1:500 • Typical spreads from 0.4 pips • STP execution with Level 2 Pricing • Trade Forex, Cryptos, Metals, Indices, Stocks and Commodities • Commission Per Lot $8.00 • 200+ Pairs VAR • Leverage up to 1:500 • Typical spreads from 1.2 pips • STP execution with Level 2 Pricing • Trade Forex, Cryptos, Metals, Indices, Stocks and Commodities • No Commission Per Lot • 200+ Pairs MINI • Leverage up to 1:500 • Typical spreads from 1.0 pips • STP execution with Level 2 Pricing • Trade Forex, Cryptos, Metals, Indices, Stocks and Commodities • Commission Per Lot $1.00 • 29 Pairs Even worse, the leverage goes as high as 1:500. This means that the amount that traders stand to lose goes up significantly. All these expenses are not worth it. This is a shady company that you should avoid at all costs. The founders attract investors by promising things they cannot deliver. Their only goal is to reap people off. TRADING PLATFORM AVAILABLE When trading with this broker, clients get access to one of the best trading platforms in the world. The platform at their disposal is the MetaTrader 4 platform. This platform allows clients to execute trades instantly in one click. DEPOSIT AND WITHDRAWAL Unsurprisingly, there is only one deposit and withdrawal method supported by EmpowerFX. The only payment option that this company supports is cryptocurrency payments. Cryptocurrency transactions are a great revolution in the world of finance. However, they pose a risk to investors in financial markets. It is very easy to lose your money through this method. For starters, cryptocurrency payments are permanent. This means that it is impossible to recover your funds through a chargeback. Additionally, cryptocurrency transactions are between abstract addresses. It is very hard to trace your funds once you send them out. This is why scam companies only support cryptocurrency payments. They know how easy it is to disappear with your funds. There are far too many people who have lost their money this way. Do not become one of them. CUSTOMER SERVICE Regarding the customer support service, this broker doesn't provide any email or phone number which clients can reach their customer support, instead they only contact option available in their website is through Live Chat or using a ticket requesting. This is actually not enough for a good broker.