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EGM Securities (Egmsecurities.com) is a CFDs and Forex broker scam to hit the lucrative Forex industry. EGMSecurities is claiming to provide best competitive spreads and competitive driven prices. With these kinds of claims, we decided to investigate this broker and find out exactly what they were offering. As we always say, it pays to read what experts are saying in regards to a broker. This is what we found out.
Claims to be the first Capital Markets Authority Licensed Forex broker in Nairobi is a lie. They claim to be a part of a global business structure that delivers Forex services. Homepage clearly shows that this securities firm is located in different countries. Why Nairobi and not regulate in the UK where they have offices? Scammers ensure that they stay away from regulatory bodies that can easily detect their activities.
EGM Securities is no different as these scammers have used the same tricks used by other scammers. They have come up with an eye-catching website that easily entices the eye. Folks, don’t fall for this, there’s more than meets the eye with EGMSECURITIES. Claims are a must have for any scam to get noticed. EGM Securities claims to offer technology-driven pricing for optimum trading.
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According to the disclaimer at the footer of their homepage, this broker is owned by EGM Securities Limited. They have put up a company registration number PVT-AAAAFF7. Problem we have with this statement is that there’s no real proof as to the people behind this company. Who is the CEO or CFO of EGM Securities Limited? Why are they not revealing the names of the people behind this brokerage firm?
Reason why they are failing to disclose the names is that they are afraid of the fallback from victims. These scammers know that once they reveal their names, they will be subjected to an investigation. This is the last thing a scammer would want to do, draw attention. EGMSecurities is simply trying to legitimize their firm without using proper channels. Anonymity is a dangerous portrait to have as a broker.
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Claim of being licensed by the Capital Markets Authority in Kenya is pure bull. Where are their registration details posted? A legit broker posts their registration documents for everyone to see. This clearly proves that EGM Securities is not licensed or Regulated by the financial authorities. Note that scammers will do or say anything to get people to sign up with them. Furthermore, by their own admission, they are offshore brokers.
Offshore brokers are notoriously known for flaunting set regulations and rules. And this is another major concern of ours. If they indeed have offices in London, Miami, Dubai, where are their registry details? Governments of these countries are strict when it comes to Forex regulation. This broker only claims to have offices in these countries to appear international. EGMSecurities is purely a rotten scam broker.
Another red flag we spotted with EGM Securities is the fact that they have a rigged demo account. What these scammers are doing is ensure that they trap as many victims as they possibly can. A demo account is meant to give users a feel of what to expect with a platform. This broker has rigged the demo account in favor of users. What this means is that you will make over 90% successful trades.
Once newbie investors see that they can make over 90% trades, they will want to open a real account. Problem with this is that a real account is different from demo account. One will have to deposit real money to start trading. These brokers are in league with other rogue brokers to steal people’s funds. Once you open a real account, your funds will be lost since users make losing trades by the droves.
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EGM Securities offers two types of accounts, these are Executive and premiere accounts. Executive account holders must make a minimum deposit of $200 to start trading. This amount is way below the acceptable industry standards of $250. This makes us believe that we are dealing with a rogue broker. Premiere account holders are required to make a minimum deposit requirement of $5000 to start trading.
Average spreads of executive account are 1.6 pips while premier is 0.6 pips. They claim that their spreads may change without warning due to market conditions. These accounts have no notable differences from each other. Apart from the difference in prices, there’s no clear advantage of any account. Folks, this is concrete evidence that we are dealing with a broker who only wants people to sign up.
Funds are never safe with an offshore broker who is out to get your money. This broker will never be allowed anywhere near a real trader’s funds as they are simply a scam. Problem with this broker is that they fail to mention their depository bank. Where do they keep all the money deposited by investors? This is a clear red flag that we must point out to investors so that they can know the truth.
Another red flag with this brokerage firm is that users maybe depositing money straight to owner’s personal bank account. This broker is clearly pooling funds in one account which is a dangerous game to play. Only sign up with a broker who guarantees your safety when trading. And here’s another bummer with EGMSECURITIES, this broker does not segregate accounts. Your funds are prone to losses in case of bankruptcy or insolvency.
EGM Securities claim to use MT4 trading platform. Problem with this claim is that their platform is not compatible with other devices. What we did was try and download the platform on our devices. Download stalled at 20% which clearly shows that we are dealing with an unstable platform. This is bad news for any investor as this will lead to one being open to personal data theft.
An unstable platform brings unwanted attention especially from hackers. Hackers prey on victims by taking over unstable platforms. Once they do this, they will steal your personal data as well as credit card information. Make sure you don’t sign up with a broker whose platform will leave you vulnerable. This wouldn’t be the first time an unstable platform has been attacked by hackers.
EGM Securities has scam written all over them in black and white. This broker will take your funds and never allow you to withdraw them. And this is another concrete proof that we are dealing with a scam broker. Make sure you mark all their emails as Spam and never click on any link sent by them. It has come to our attention that these links contain harmful malware that steals personal data.
There’s no user who has been able to withdraw money with EGM Securities. Now you know better than to sign up with a rogue broker.
Only option we have is to add EGM Securities as a scam brokerage firm. From the levels of anonymity to being an offshore broker, this is clearly a scam. Best thing to do is stay away from it. Make sure you warn your friends about signing up with EGMSecurities.
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