EmpiresX Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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I have made a couple of withdrawal requests and all have been rejected, it's now 3weeks and they are rejecting my requests, I told them I'm no longer interested to trade with them but they keep telling me about the active bonus......
In this comprehensive review of EmpiresX, we delve into the myriad concerns surrounding this broker, which has been flagged as potentially fraudulent by multiple sources. The overwhelming consensus indicates that EmpiresX is an unregulated entity that poses significant risks to investors, particularly due to its dubious claims of high returns and lack of transparency regarding its operations.
Note: It is essential to recognize that the regulatory landscape for brokers can vary significantly across regions, which may influence the perception of legitimacy. This review aims to present a balanced view based on the most credible findings available.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 1 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Additional Rating | 1 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding the broker's operations.
EmpiresX was established in December 2019 and operates as an online investment platform that claims to provide services related to real estate investments and a trading bot. However, it has been reported that EmpiresX lacks any legitimate regulatory oversight, which raises significant red flags regarding its operations. The broker does not utilize popular trading platforms like MT4 or MT5, instead opting for its proprietary system. The assets available for trading primarily include cryptocurrencies and CFDs, but details regarding specific offerings remain vague.
EmpiresX operates without any legitimate regulatory oversight, making it potentially dangerous for investors. It has been blacklisted by the Comisión Nacional del Mercado de Valores (CNMV) in Spain, indicating that it is not authorized to offer investment services in that jurisdiction. The absence of regulation is a significant concern as it implies a lack of accountability and investor protection.
The broker primarily accepts deposits in cryptocurrencies, particularly Bitcoin and Ethereum. This raises concerns about the safety of funds, as cryptocurrency transactions are often irreversible, making it difficult for users to recover their investments. The minimum deposit requirement is reported to be around $200 for affiliate investors and $400 for regular investors, which is relatively low compared to many regulated brokers.
EmpiresX has been known to promote high returns, claiming up to 1% daily returns through its trading bot, which is not only unrealistic but also indicative of a Ponzi scheme structure. Such claims have been widely criticized, with many users reporting that they were unable to withdraw their funds after initial deposits.
The trading costs associated with EmpiresX remain unclear, as there is little information about spreads, commissions, or any hidden fees. However, reports indicate that users may face withdrawal fees, particularly if they attempt to withdraw within their first month of investment.
The information regarding leverage options is sparse, and given the unregulated nature of the broker, it is likely that traders may be exposed to higher risks without proper risk management tools.
EmpiresX does not support widely recognized trading platforms like MT4 or MT5, opting instead for its proprietary platform, which lacks the robustness and features of established systems. This raises concerns regarding the trading experience and the tools available to investors.
While EmpiresX claims to operate in multiple countries, the lack of transparency about its operational base and the absence of regulatory licenses suggest that it may be operating illegally in many jurisdictions.
Customer support is primarily limited to email, with no phone support or live chat options available. This limitation can be frustrating for users seeking immediate assistance, and the lack of responsive customer service has been a common complaint among users.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 1 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Additional Rating | 1 |
In conclusion, the evidence overwhelmingly suggests that EmpiresX is not a legitimate broker and poses significant risks to potential investors. Based on the findings from the EmpiresX review, it is strongly advised that traders seek out regulated and reputable brokers to ensure the safety of their investments.
