Ordinarily, people venture into Forex trading to earn extra income, gain experience in financial markets, and learn about global economies. By trading currencies, you can easily make profits from movements across the trading market. This is a good way to supplement your income or even create a full-time income stream.
Also, this awards you the experience in reading charts and analyzing price movements. This experience is invaluable when investment in other asset classes such as stocks and bonds are considered.
Moreso, trading offers you a unique opportunity to learn about global economies. By following the news and economic data releases from different countries, you can gain an understanding of how different economies work and how they impact the currency markets.
It is quite unfortunate to learn that people fall victim to scammers disguising themselves as brokers online.
In this article, we discuss Empire FXM with regards to the report and reviews from those who had traded with the website.
Is Empire FXM trustworthy? Let’s find out.
What is EmpireFxm?
Empire FXM, also known as FT Global Financial Limited, is an online offshore broker. It was founded in 2021 and headquartered in the Marshall Islands outside the reach of Forex trading regulatory bodies. Hence it is not regulated.
The broker’s website, empirefxm.com has been blacklisted by notable websites– CONSOB (financial regulator in Italy), FSMA, A-TVP– as a scam.
They trade in FX, commodities, indices, shares, and cryptocurrencies with a minimum deposit of 250 EUR.
The broker is known to operate mainly in countries like Canada, the UK, Germany, Italy, and the US.
Is Empire FXM trustworthy? Let’s dive into how they operate to find out more!
Is Empire Fxm Regulated?
No, Empire FXM is not regulated. The broker is located in a region beyond the reach of Forex regulators.
It is not licensed by any Forex Body to carry out any trading transaction, unlike its counterparts who are licensed by top bodies such as FCA(United Kingdom), CySEC(Cyprus), or ASIC(Australia).
Also, it does have guaranteed funds. Worse still, it does not have any form of protection for negative balances nor does it take having segregated accounts into consideration.
Is Empire Fxm Reliable?
No, Empire FXM is not reliable. It is advisable to avoid trading with the broker. 6 financial services including Empire FXM were blacklisted in 2019 by Consob, the Italian government’s financial regulatory body.
Also, the Belgium regulatory body FSMA and that of Slovenia, A-TVP published articles reiterating the warnings published by the Consob. “It is an abusive domain” This alone is a reason to avoid making transactions with the website.
Read Also; Swiss Fx Review 2023
How Does Empire Fxm Work?
Fraudulent companies are known to operate anonymously. The same with Empire FXM. It is not surprising that this website which prides itself as a “boss” in Forex trading has no known method of operation.
Not only that, the website has no information about the owner! Coupled with these, they use every means possible to persuade unaware people to trade their money with them with the promise of making massive profits.
For instance, your very first deposit on the website will attract double or triple the amount. It is however unfortunate that the deposit including the gain– which will be added after a while– will not be withdrawable.
They also extend their Fraudulent act into terminating every means of communication between you once they have ensured your hard-earned money is within their reach. They also ensure that no evidence of trading is available even during the transaction.
Can You Get Your Money Back?
Were you scammed by Empire FXM? If Yes, relax, you can get your money back. This is where ChargeBack comes in.
However, it is quite easier to get your money back when you deposit via card– MasterCard, or Visa– than when the money is wired. Why?
The card issuer policy gives you the opportunity to request a chargeback for as long as 540 days after the transaction!
Also, you can go through MyChargeback. This is a group specializing in helping scam victims recoup their funds. They are reputed to have helped many people in the past.
How Do You Avoid Getting Scammed On Forex Trading?
Forex trading is an easy way to make money, but it can also be a way to lose money if you’re not careful. Taking the tips below into consideration, you should be able to avoid getting scammed by brokers like Empire FXM.
● Research
There are many scams out there, so it’s important to choose a broker that is reputable and has a good track record.
Understand What You Are Going Into
Ensure you study the risks involved in Forex trading and understand them. Know what you’re getting into before you start trading.
Invest Wisely
Trading Forex is risky, and you could lose money if things go wrong. It’s important to only invest what you can afford to lose.
Be Cautious With Leverage
Use caution when trading with leverage. Leverage can go both ways. It can be a source of increment of your profits or increase your losses if the trade goes against you.
Be careful when using leverage and make sure you know the risks involved.
Be Well Informed
Stay informed about current market conditions. Keeping tabs on the latest news and trends in the Forex market can help give you an edge in trading.
Conclusion
Without a doubt, Empire FXM is untrustworthy. When it comes to Forex trading, traders can easily become victims of scams. It is therefore important to stay safe from such scams by being aware of their common tactics.
Empire FXM promises unrealistic profits. They may claim that it is easy to make a fortune in Forex trading and lure people into investing with them.
However, these promises are usually too good to be true and the investors will end up losing money instead. They also disappear with your money once you have made a deposit. This at times, leaves you stranded with no way to recover your lost funds. So, it is important to only invest with reputable and regulated brokers who will be accountable for any losses incurred.