ESOM Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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NFA Suspicious Clone 
I stuck in the withdrawal step, and they asked me to submit my personal documents again and again, saying my cards was not accepted. Funny, not being accepted for withdrawal, but accepted for deposit?
Summary: The ESOM broker has garnered significant scrutiny and negative feedback from users and experts alike, primarily due to its unregulated status and numerous complaints regarding fund withdrawals. Key findings indicate that ESOM operates without proper oversight, raising serious concerns about its legitimacy and reliability.
Note: It is essential to highlight that ESOM appears to operate under different entities across regions, which complicates the regulatory landscape and raises questions about its operational integrity.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 1 |
| User Experience | 3 |
How We Rated the Broker: Ratings are based on user experiences, expert opinions, and the broker's operational facts.
Founded in 2021, ESOM is a trading platform that has attracted attention for its cryptocurrency and CFD offerings. However, it is crucial to note that the broker operates without valid regulatory oversight, which is a significant red flag for potential investors. The broker claims to provide access to various trading instruments, including CFDs on precious metals, commodities, indices, stocks, and cryptocurrencies. However, the absence of a recognized trading platform like MetaTrader 4 or MetaTrader 5 raises concerns about the trading experience offered by ESOM.
ESOM operates without any recognized regulatory authority, which poses a considerable risk to traders. The broker claims to be registered with the NFA in the United States; however, this registration is suspected to be a clone, raising doubts about its legitimacy. According to multiple sources, including WikiFX, the lack of regulation means that clients are unprotected and have no recourse in case of disputes or fund loss.
ESOM reportedly allows a minimum deposit of $10, which is appealing to novice traders looking to start with a low initial investment. However, numerous user complaints indicate significant difficulties in withdrawing funds, with many claiming that their accounts were blocked or that they faced unreasonable withdrawal fees. This lack of transparency and reliability in the withdrawal process has been highlighted by various user reviews, such as those on Trustpilot, where several users reported being unable to access their funds.
The minimum deposit requirement of $10 is relatively low compared to many other brokers, making it accessible for new traders. However, the low barrier to entry does not compensate for the serious concerns regarding fund safety and withdrawal issues. According to Scam Victims Help, many users have reported that while they could deposit funds easily, withdrawing those funds became a significant challenge, leading to frustrations and financial losses.
ESOM does not appear to offer any bonuses or promotional incentives to attract traders. The absence of such promotions can be seen as a lack of competitive edge in a crowded market where many brokers provide various incentives to enhance user engagement and retention.
ESOM claims to offer a diverse range of trading instruments, including CFDs on precious metals, commodities, indices, stocks, and cryptocurrencies. However, the lack of transparency regarding specific trading conditions such as spreads, commissions, and leverage raises concerns about the actual trading experience. As noted by WikiFX, traders should be cautious about the unclear trading conditions that ESOM presents.
Details regarding spreads, fees, and commissions are notably vague on ESOMs platform. This lack of clarity is concerning, especially for traders who rely on transparent fee structures to make informed decisions. Reports from users indicate that hidden fees may exist, which can significantly impact trading profitability.
While ESOM may offer leverage options, the absence of clear information regarding the maximum leverage available raises red flags. High leverage can amplify both potential profits and losses, and without proper regulatory oversight, traders may find themselves exposed to significant risks.
ESOM does not support widely recognized trading platforms like MetaTrader 4 or 5, which are standard in the industry. This lack of support raises concerns about the quality of the trading experience and the tools available to traders for market analysis.
ESOM does not provide clear information regarding restricted regions, but given its unregulated status, it is advisable for potential traders to exercise caution, especially if they reside in jurisdictions with stringent financial regulations.
Customer service appears to be limited, with the primary contact method being an email address. The lack of live chat or phone support further complicates the user experience, particularly for those who may require immediate assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 1 |
| User Experience | 3 |
Account Conditions: The only account type seems to be a standard account, and the lack of different account tiers limits options for traders.
Tools and Resources: The absence of educational resources and advanced trading tools is a significant drawback, especially for novice traders.
Customer Service and Support: Limited customer support options, primarily through email, have led to poor user experiences.
Trading Setup (Experience): The lack of a recognized trading platform like MT4 or MT5 severely impacts the overall trading experience.
Trustworthiness: With no regulatory oversight and numerous user complaints, trust in ESOM is exceedingly low.
User Experience: Many users report difficulties in withdrawing funds, leading to a negative overall experience.
In conclusion, the ESOM review indicates that this broker poses significant risks for traders, primarily due to its unregulated status and numerous negative user experiences. Prospective investors are strongly advised to seek regulated alternatives to ensure the safety of their funds.
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