You may be wondering if Empire FXM is a good choice. This broker offers many bonuses, but they have a big inactivity fee. It’s also an offshore broker, so you won’t get a demo account. This article will explore some of the things you need to know about the company. You won’t find any information on demo accounts at Empire FXM. So, should you join?
Empire FXM offers bonuses
While many online brokers offer bonuses for their traders, there are a few things to look for when choosing an Empire FXM broker. The first thing to look for is whether the bonus is actually a bonus at all. Some bonus offers are merely promotions, while others may contain hidden conditions. These hidden conditions could prevent you from withdrawing your own money, making them unusable. In addition, some brokers have a set number of minimum deposits and turnover requirements for withdrawal.
Another issue with this broker is the lack of regulation. Although the broker claims to offer 100% security, there is no way to know what their banks are. They are not compliant with MiFID or ESMA rules, so you should not put your funds in their hands without first getting a license. In addition, there are numerous complaints by traders about unregulated trading conditions, which include difficulties with withdrawals. Some of these companies are even willing to go above and beyond to take your money and never let you see it.
Among its many other benefits, the OctaFX loyalty program offers members numerous benefits, including access to early access to new products and free copytrading service. OctaFX also covers the costs of money transfers, and rewards customers with varying amounts. Members of this program also receive bonuses ranging from $1 per lot to $12. One of the most notable features is the support for several languages, including Bengali, Portuguese, and Thai.
Empire FXM charges a huge inactivity fee
Many legitimate brokers do not charge this inactivity fee, but Empire FXM does. While you are allowed to withdraw your money without incurring this fee, if you have been inactive for more than a month, you will be charged $30 for every withdrawal. Even if you have open positions, you should consider avoiding this company if you are not sure that it will be worth it for you.
Another reason not to use this broker is its location. It is an offshore broker, registered in the Marshall Islands, a country where there is no financial authority. Anyone can create a company in this country over the internet without having to go through any regulation. It is illegal to offer such services in the EU, and this broker is not one of them. Moreover, the company doesn’t have a physical office or contact information. As a result, you shouldn’t trust this broker if you have money to lose.
While some brokers charge inactivity fees on all of their trading accounts, they are not as aggressive as some other brokers. IG, for example, charges a fee of PS12 per month for inactivity on its CFD and Spread Bet accounts. This fee is not incurred for share dealing accounts, SIPPs, or open positions. That’s the most important difference to make. However, don’t get sucked into Empire FXM just because it is cheap.
Empire FXM is an offshore broker
It’s a scam when a brokerage firm claims that it is regulated in your jurisdiction but doesn’t have a license or a real office address. Besides, fake firms often display phony regulatory licenses and addresses on their websites. Whenever you send money online, it’s crucial to verify information from multiple sources. The bottom line is: never use Empire FXM as an offshore broker. This company has been warned by the EU regulator and is unregulated. Hence, it is important to avoid these fraudulent firms.
The first thing you should know about Empire FXM is its minimum deposit requirement. The minimum deposit amount is two thousand Euros and it is recommended that you deposit at least that much money to avoid scams. Some fraudulent brokers try to persuade you to deposit more money than you need to. Secondly, the maximum leverage that you can get from them is 1:300. This is an absurd amount. A legitimate broker will not require you to deposit more than this amount to open an account, but most professional traders would opt for 1:300 or less.
If you’re not careful, you may wind up losing money by trading with an offshore broker. Many large banks in the US went bankrupt after the 2008 financial crisis. After the crisis, regulators adopted a new tactic to plug loopholes in the financial industry. Currently, all US forex brokers are regulated by the Commodities and Futures Trading Commission and the National Futures Association. This means that they must follow strict rules and regulations.
Another tip to avoid using Empire FXM is to be very cautious of unsolicited marketing. If you feel pressured to buy from them, it’s probably an offshore broker. Your personal information will be misused for identity theft if you give it to the wrong person. Don’t be fooled by this! If you have any doubts, stay away from Empirefxm and find a legitimate broker.
Empire FXM does not provide a demo account
While trading on the forex market requires a high amount of capital, it’s important to understand what you’re getting into before making any trades. For instance, there’s no way to set up a demo account with Empire FXM. In addition, there’s no way to find out how much spread you’ll be charged. Also, there’s no way to test the quality of their customer support, and no demo account. However, they do offer MT4 mobile app.
To begin with, you should know that this broker is not regulated anywhere. In fact, the website of Empire FXM appears in the most recent warnings of the Italian financial regulator CONSOB. Therefore, you should be wary of this broker. It’s best to stick with a reputable broker. The following are some other warning signs that can help you avoid Empire FXM. If you’re unsure, make sure you check the website’s regulatory credentials.
Another warning sign is the absence of a demo account. Empire FXM’s legal status is also questionable. It is an offshore broker, registered on the Marshall Islands. While there’s no financial authority in the Marshall Islands, anyone can set up a business there over the internet. The company also does not provide any physical offices or contact details. Despite these warnings, they are still worth avoiding.