Beware! Empire4x.com 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.
We give Empire4x.com props for, at the least, trying to persuade users it is legit. Although the dream is short lived since the broker is very heavy on the scammer signs. Although, these subtle clues are not easy to track down, and this ambiguity is what worries us most: newer traders might easily be convinced to invest in the broker, while, in reality, this would be the biggest blunder to be pulled. The following review will disclose the main sides to Empire4x.com, and by the end of it users will have a general feel of why all deposits in Empire4x.com are, ultimately, a risk!
The crucial thing that we always try to do is to create an account. Shady brokers can lie on their site as much as they want, but their user areas are where the truth is laid bare.
However, after filling out our account creation credentials, we never received a confirmation mail. This means that we must take the uncertain road by quoting the website on all trading and payment details. We always fear this scenario because the websites of scammer brokers are not to be trusted. All the info is optimized to serve on purpose- lure in users by means of deception.
The website claims that users can trade with forex currency pairs, cryptocurrencies, indexes, and commodities. The website also reveals that the EUR/USD spread is 1 pip, which is a very good value, but we cannot be sure that it it actually true. The leverage is capped at 1:0000, and the broker also claims that there are multiple account types. Again, this we cannot confirm, but most scammer brokers lie about offering multiple account categories.
The website is available only in English.
EMPIRE4X.COM REGULATION AND SAFETY OF FUNDS
There isn’t a lot of information to work with here. There is no real proof of a license, and the broker seems pretty anonymous.
In fact, the closest thing we have to any information is a contact address in London, a claim that cannot be more generalized and ambiguous. For one, a broker must be licensed by the UK’s FCA in order to offer legit FX services on the island. Nothing on the site suggests this, and thus Empire4x.com is not licensed by the FCA.
Furthermore, another very big scammer reveal is the complete lack of legal documents. There are no docs to create a legal tie between user and broker, putting the user in a very dangerous situation.
In conclusion, Empire4x.com is definitely UNLICENSED, and thus a risk to all invested capital!
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
EMPIRE4X.COM TRADING SOFTWARE
The MT4 download link that we traced down was actually an MT4 owned by a completely different company. This means that the servers on this MT4 do not belong to Empire4x.com. If users where to open this MT4, they would be trading on some other broker’s (probably also scammer) servers.
Without being able to open a user area, we cannot say whether or not Empire4x.com has a trading software.
EMPIRE4X.COM DEPOSIT/WITHDRAW METHODS AND FEES
None of the following payment info is 100% accurate. It is all taken from the website, as we were unable to access the user area. Please take the info with a grain of salt!
Request for withdrawals that are submitted before 10 AM AEST/11 AM AEDT (00:00 GMT) will be processed the same day. The minimum withdrawal is $1, and there are no withdrawal fees.
Make no mistake: Empire4x.com is unregulated and probably a scam!
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Which ever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user get to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam, or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!