EmpowerFX Review – Is There One Positive Thing About Broker?
This company doesn’t have a favorable viewpoint because it is an offshore entity. Empower LLC is listed as the owner. This business has been operating in Saint Vincent and Grenadines since 2018. We are wondering if they have any trading licenses, knowing that this country does not issue any.
License for EmpowerFX and Security of Funds
As was previously mentioned, SVG gave up on granting trading companies licenses. The main cause is that numerous businesses kept engaging in fraud by abusing these licenses. Trading businesses registered in SVG today need to obtain licenses elsewhere. Reviews of EmpowerFX indicate that they primarily operate in Europe and the US.
As a result, we are looking through databases of some most reliable Tier 1 regulators. ASIC (Australia), FCA (UK), CySEC (Cyprus), and CNMV (Spain), as examples. Don’t conduct the research yourself to avoid disappointment. You won’t discover any evidence that this phony broker holds a license from any of the mentioned organizations.
With this in mind, you can’t expect from investment scam like this to provide any funds protection. Negative balance protection and separating client funds into separate bank accounts are not part of the deal. Further still, traders’ dreams of receiving compensation funds are still merely fantasies.
Trading Platform Available at EmpowerFX
Due to the availability of Meta Trader 4, some traders may mistake this broker for a reliable one. Merely as a result of reliable industry-leading software. But that software was useless if the broker continues to defraud you with a large sum of money. However, the MT4 platform is appropriate for all traders. Regardless of your level of experience.
A wide variety of charting and trading tools, as well as quick trade executions, are available to traders. Additionally, there are features for expert advisors, social trading, and copy trading. Above all, it is accessible on all platforms. From Windows and Mac to mobile phones running iOS and Android.
However, bear in mind that his broker lacks a license. Therefore, any money on such a platform is not in any way protected.
Options for Deposit/Withdrawal
This fraudulent broker’s funding methods are by far its biggest drawback. The business only urges cryptocurrency transfers. These keep them anonymous and are hardly traceable. Additionally, these transactions cannot be undone.
Remember that traders complained about withdrawal issues in EmpowerFX reviews. The business froze its accounts as soon as it made a withdrawal request. However, they will first create fictive fees that traders will be required to pay.
Brokers Offer Referral Programs
The EmpowerFX scam broker affiliate program is another crucial part of this investment scam. They’ll make an effort to persuade you to recruit more participants. Certainly in exchange for a commission. Remember that it appears to be an MLM scheme at first. No one can assure you that the business will pay you a commission. However, the money belongs to someone else.
Second, if you receive any commission on your trading account, that could be considered a perk. Bonuses are almost always accompanied by malicious terms. Therefore, nothing created with a bonus can be withdrawn. In the end, you are unable to demonstrate the profits that came from bonuses. Therefore, there’s yet another shady method the EmpowerFX broker scam may use to block a withdrawal.
EmpowerFX Account Types
Account types, in general, encourage traders to deposit more money. They do, however, receive improved trading circumstances. Everyone benefits from that in legal brokerage firms, so it’s a win-win situation. On the other hand, broker frauds like EmpowerFX use it to defraud clients for more money. Which are supported by broker reviews on EmpowerFX.
In any case, traders have a choice of 4 options:
Each has a leverage of 1:500. Retail traders are only permitted to trade for a maximum of 1:30, according to the European Securities and Markets Authority (ESMA). You can see a lot about the reliability of this business from that. They also have commissions for some account types that are absurdly high, at $8. A demo account is offered, which is a plus.
How the Scam Is Executed
All over the world, scam brokers are luring traders. mainly through social networks and online ads. They even try to establish trust by using LinkedIn. However, traders quickly understand what’s going on after the first deposit. You can discover the dark reality after just one broker research.
There is a common theme among all EmpowerFX broker reviews. This business steals money. Instead of offering honest trading services, they merely employ various offers to encourage traders to deposit more money. The same traders’ experience account blocking when they request withdrawals.
However, they will first attempt to demand more money. Primarily through the non-existent features. Such as taxation, withdrawal fees or the verification of liquidity.
Despite the company’s missing transparency, they only make its flaws known in this manner. They do not have a license, however; they offer services. Additionally, their funding methods are not entirely explained. On top of all, their shady software is another thing to worry about. But nothing more than for practically impossible withdrawals.
Please let us know if you feel that this broker has harmed you. You can get help recovering your money from our knowledgeable recovery team. Already today, schedule your initial consultation!
FAQs About EmpowerFX Broker
Is My Money Safe with EmpowerFX?
No. Without any regulation traders’ funds are not protected in any possible way.
Is EmpowerFX a Regulated Broker?
No. The company is not licensed but still gets out without a warning from regulators.
What Is The EmpowerFX Minimum Deposit Amount?
The rarely positive thing about EmpowerFX broker is their minimum deposit which starts at $10.