EmpireFxPlus Review, From the first glance at the professionally looking website, a potential client would almost be convinced to invest with EmpireFxPlus. However, after taking a closer look in search of needed information, first doubts must certainly arise.
The broker gives some address in the UK that is claimed to be the location of their headquarters. If the broker is operating in the UK and if they proclaim to be regulated, they would have to appear in the jurisdictional regulator’s database.
Sadly, checking The Financial Conduct Authority (FCA) register of licensed brokers will result in a negative outcome. There is no such broker as EmpireFxPlus that is regulated by FCA.
|Address||55 Whitechapel High Street, London E1 7QX, United Kingdom|
EmpireFxPlus Regulation and Security of Funds
One universal truth is applicable to all unregulated brokers: funds are not safe with them. EmpireFxPlus is another fraud trying to keep virtual anonymity to be able to deceive clients and steal their hard-earned money.
Giving false information about themselves and their company is a way of making an impression and disguising the actual truth. The most probable cause is that the broker is unlicensed, operated by an offshore company, and not subject to any regulatory rules.
Since they aren’t kept in check by jurisdictional regulators, dishonest brokers are free to manipulate trading conditions to their liking. This is endangering their client’s funds and it means that any trader should avoid them by all means possible.
EmpireFxPlus Supported Trading Platform
The primary condition for a good trading environment for clients is a reliable trading platform. EmpireFxPlus offers basic-looking trading software accessible from a demo account, but not entirely functional. Its sole purpose is to trick clients into believing they’re trading.
Manipulative usage of the trading platform is no news when it comes to unscrupulous brokers. Traders with lacking knowledge of trading software are subject to falling into this trap. While no trade is actually being done, investors’ money is being sent straight to the scammer’s wallet.
EmpireFxPlus Bonuses and Promotions
EmpireFxPlus is advertising a bonus available to clients who make a deposit. It is stated that this deposit has to be at least $500 and the bonus to that amount would be $100. However, that is all the data provided about the said bonus.
Neither the Terms and Conditions or Payment Policy on the site explain anything further about how the bonus is obtained or if is it possible to be withdrawn. A client has to make an account first to find out more.
The entire story about the bonuses and promotions is as suspicious as it can be, as top-tier regulators in the UK do not allow regulated brokers to offer them.
Deposit and Withdrawal Options
EmpireFxPlus is supposedly supporting several depositing methods. Nonetheless, the only method in effect is cryptocurrency buying.
Most scammers prefer this way to keep their virtual anonymity and make the withdrawal process harder for the investors. The minimum amount required from the trader to invest is $500, which is in comparison to many licensed brokers much higher.
Withdrawal is claimed to be processed the same way the deposit was originally made. However, no additional information is provided in Term and Conditions, except that the processing time is 3 business days.
How the Fraud Is Conducted
In search of a reliable brokerage company, potential fraud victims will undoubtedly at some point encounter a scammer disguised as a professional broker.
When that happens it is crucial not to succumb to the tempting promises of huge winnings. Especially vulnerable victims are new traders and investors with less knowledge than experienced traders.
If the investor would decide to stop investing and express the desire to withdraw their funds, they would meet unreasonable fees and conditions. Their purpose is to drag on the withdrawal process and discourage the client from attempting the withdrawal any further.
Highly Recommended Forex Brokers
There is no need to risk losing funds to unscrupulous brokers when there are plenty of regulated brokerage firms. Licensed brokers offer far better trading conditions. Some of them include lower deposit requirements, lower leverage, smaller spread, and ultra-fast and reliable trading platform. Access to trading is also almost always allowed for users of Demo accounts too. So regulated brokers would not pressure traders into investing as common phony brokers do.
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|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
We have already discovered that EmpireFxPlus is a fraudulent broker who only promises great trading conditions and sells dreams of huge profit. The reality is much different since this site is run by an unlicensed company that isn’t respecting regulatory standards.
Because it is so, the best advice to give to beginners but experienced traders also, is to simply not choose to invest here. Please beware of this and similar brokers and just invest with a top-tier regulated broker.
Have you by any chance fallen victim to cyber theft, refer to financial authorities, and share your experiences online? You are welcome to spread the word about a scammer and help us raise awareness so no more traders would have to go through the same mischief.
FAQs About EmpireFxPlus Broker
What Methods Can I Use to Deposit Funds?
Although several methods are supposedly supported on EmpireFxPlus, only crypto depositing is allowed.
What is EmpireFxPlus Leverage?
EmpireFxPlus offers huge leverage of 1:1000, which tends to be characteristic of unregulated brokers.
What Trading Instruments are Available at EmpireFxPlus?
Trading instruments available are currencies, commodities, and cryptocurrencies.