Beware! EmdForex is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Very quickly upon our entry to EmdForex did we see that the broker has adapted the TradingView chart right at the top of the home page. This simple thing alone leads us to mistrust EmdForex without a doubt. For those that have not read previous reviews, TradingView is a third party that gives away its charts for free. The twist here is that these charts in no way represent the trading conditions of the broker using them. Anyway, we are not off to the best of starts. Read the rest of the review to find out more.
To open a live account, investors must complete a relatively simple process that led us to a downright ugly user dashboard area that increased our mistrust for the firm. We were able to open an EmdForex owned MT5 platform, yet there was no way to access it as traders because the broker never gave us our login credentials for a live account. However, fortunately for us, we could access a demo account. There is was revealed that the EUR/USD spread was around 1.2 pips, which is an excellent value. The leverage on the MT5 was capped at 1:500, with no way of changing it. Finally, the financial assets that the platform opened us to are forex currency pairs, cryptocurrencies, and metals, which makes this list on the short side of things.
The website can be accessed in English, French, Japanese, Georgian, German, Hindi, Indonesian, Italian, Kannada, Russian, and Serbian. This was a surprise, at the very least.
EMDFOREX REGULATION AND SAFETY OF FUNDS
The only solid information that we found was that that broker is operating from Saint Vincent and the Grenadines.
There is no current FX regulator in the country, which means that all brokers are not regulated there. And keep in mind that there are thousands of brokers that claim to be operating from there.
Unfortunately, EmdForex is one of those UNLICENSED brokers, which means that it is a risk to all investments!
Furthermore, there are no real terms and conditions. There are other legal documents, but the main ones in completely missing!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself but the traders as well.
EMDFOREX DEPOSIT/WITHDRAW METHODS AND FEES
Unfortunately, without verifying our account, we had no way of depositing or withdrawing. The user area simply lacked these options. We find this to be a positive side, for unverified users can pose problems to brokers, but EmdForex is unlicensed, therefore it has no excuse for not pushing its payment gateways to users. In fact, throughout our time with EmdForex we have learned to have hope for this broker for it does offer some decent trading conditions, and a very good trading platform the best. However, for the payment details, we must rely on the website.
The FAQ page reveals the total withdrawal time to be 2 working days for bank transfers. and 20 days credit/debit. For Neteller the time it takes to withdraw is an hour. There is no information on Skrill, but we think it’s the same time as Neteller. As for any fees, there are no legal documents to reveal them.
It’s still very early for EmdForex to be used by anyone. The potential we spoke of earlier is still there, but the form must completely change its outlook and model in order to succeed. As of now, we do not recommend this broker to anyone!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.