Read our Empirefxplus review to see if this broker is a scam or legit. Just to clear doubts, this is a empirefxplus.com review.
If you have done your homework before stepping into the world of online trading, then you are already aware that you have to be extremely careful when you are searching for a broker. You cannot trust anything a company is telling you because the market has also seen a ton of scams and most of them prefer to present themselves as genuine brokerages that take deposits and then disappear with your money.
It can be quite traumatic to have to lose your entire investment to a fraud, but sometimes it can be difficult to figure out the reality of a brokerage. This Empirefxplus review is meant to provide some clarification regarding this platform.
The biggest issue that people encounter is that a number of fraudulent brokerages do not look that way at all. As a matter of fact, some of them have an even better appearance than genuine websites and this can be enough to confuse anyone.
When they are able to make all the right claims and have the appropriate front, how do you doubt them? But, you need to remember that what is on the inside that counts, which means the claims and promises are absolutely meaningless if the brokerage cannot back it up.
How can you determine if they can back it up? You need to verify what they say and this can help you sort through the options to find the one broker that is right for you. While this does require a bit of effort on your part, it can help you achieve your trading goals in the long run and keep you safe from losing your money to fraudsters. You should take the approach when it comes to Empirefxplus that seems to be a very convincing website.
They have advertised lucrative trading bonuses, excellent trading conditions and claim to be one of the best forex and CFD brokers in the world, catering to millions of traders. The fact that they also claim to be regulated makes Empirefxplus sound like the perfect brokerage. Does this mean you can trust this broker? You can only answer that after you have verified their claims properly. Let’s get started:
Licensing and regulation
When you begin verifying the claims of an online broker, always start with their licensing and regulation because this is the biggest proof of their legitimacy and credibility. According to Empirefxplus, the broker is regulated and trusted in about six jurisdictions and this is undoubtedly impressive. But, you have to verify that and this is where you encounter the first sign of trouble.
Even though it has made claims of being licensed and regulated, Empirefxplus has not mentioned the six jurisdiction where it has a license, so you do not know which regulatory authorities have issued it. Hence, you cannot check their registers to verify this information. Apart from that, when you check its other details, you will find Empirefxplus claims to have its headquarters in London, United Kingdom.
In order to operate from the UK, it is a must to have a license from the Financial Conduct Authority (FCA), which is one of the top regulatory bodies all over the world. However, when you check its online register for Empirefxplus, you will not find the broker listed.
This means that it is not based in the UK at all and is lying about it. At the end of the day, the story is that you are dealing with an anonymous brokerage that you know nothing about and such a company cannot be trusted with anything.
Trading platform
When you open a trading account with a broker, you will spend most of your time using the trading platform they offer to you. This platform is used for staying connected to the financial markets and executing your trades, so it is undoubtedly important. Plus, it also provides you the tools you have to use for trading purposes that can enable you to make smart and well-informed decisions.
The fact that Empirefxplus offers you the MT4 web trader in its demo account will certainly impress you because this platform is recognized as one of the top ones in the market. It is known to be quite powerful and modern and has a wide range of cutting-edge trading tools and functionalities. This might convince you to open a real trading account with Empirefxplus, but that will be a mistake.
This is because the MT4 is just not available with a live account. When you do that, you will be given access to a funny looking dashboard on the Empirefxplus website that offers you absolutely no trading option. It means that there is absolutely no functional trading platform available for actual trading and this makes it a broker you cannot trust at all.
Trading conditions
As they directly affect your profits, checking the trading conditions of a brokerage is also necessary and the ones you find at Empirefxplus are downright horrible. The spreads start at 3.3 pips, which is more than 3 times higher than what a standard brokerage will charge you. In fact, the most competitive brokers have spreads starting as low as 0.1 pips.
It gets worse because you will find that Empirefxplus is offering leverage ratios as high as 1:1000, even though it claims to be based in the UK. Brokers in the UK are not permitted to offer leverage of more than 1:30, which means Empirefxplus is clearly breaking the rules and is not worth trusting.
Payment methods
You also need to look at the payment methods that are supported by a broker because you want to be able to get your money back in case of a problem. Even though Empirefxplus has advertised payment methods like Perfect Money, Payeer, Bitcoin, Litecoin and Ethereum, it is really not offering all of them. The only option you have is that of cryptocurrencies, which are Bitcoin and Ethereum.
The problem with crypto payments is that they are not eligible for a chargeback, which means once you deposit with Empirefxplus and it scams you, your money will be lost.
The Verdict
Since Empirefxplus does not have any credibility, you can conclude that it is not a brokerage you can trust.
