Overview of Eagle Global Markets (EGM)
Founded in the UK in 2016, Eagle Global Markets (EGM) is a trading platform offering diverse assets such as forex, indices, metals, equity CFDs, and commodities. While EGM provides a competitive edge with its varied account types, competitive spreads, and support for the popular MetaTrader 4 platform, it lacks regulation, potentially raising concerns about client protection. The platform is known for its responsive customer support, catering to traders' queries and needs. However, limited payment methods, including crypto and wire transfers, may pose challenges for users seeking broader transaction options.
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Is EGM legit or a scam？
EGM operates without regulatory oversight, exposing traders to potential risks. The absence of regulation means there is no external authority ensuring fair practices, transparency, or adherence to industry standards. This lack of oversight poses inherent dangers, as traders may face challenges in seeking recourse for disputes, and the platform may not be held to the stringent standards enforced by regulatory bodies. Traders should exercise caution and carefully consider the potential risks associated with using an unregulated platform like EGM, as the absence of regulatory safeguards can impact the overall security and integrity of financial transactions.
Pros and Cons
Pros:
Cons:
Market Instruments
EGM provides access to a diversified range of over 1,000 trading assets across various financial markets. This expansive selection includes offerings in forex, indices, metals, equity CFDs, and commodities.
In the forex market, traders can engage in currency pairs, taking advantage of fluctuations in exchange rates. Indices represent a basket of stocks, reflecting the performance of a specific market segment.
The availability of metals like gold and silver caters to those interested in precious metals trading.
Equity CFDs enable the trading of contracts based on individual stocks without ownership.
Additionally, commodities, encompassing goods such as oil and agricultural products, round out the comprehensive suite of assets.
This diverse array allows traders to construct well-rounded portfolios, adapting to different market conditions and investment strategies.
Account Types
EGM offers three distinct account types to cater to the diverse needs of traders: CLASSIC, Pro-ECN, and PRO-VIP.
The CLASSIC account is characterized by a spread starting from 1.4 pips, making it an accessible option for traders with no commission charges.
Traders opting for the Pro-ECN account benefit from a much tighter spread starting at 0.1 pips and a leverage of 400:1. While there is a commission starting from $5 per lot, the Pro-ECN account is designed for those seeking competitive pricing and enhanced trading conditions.
For seasoned and high-volume traders, the PRO-VIP account offers further customization with a spread from 0.1 pips, leverage on request, and a commission starting from $1.50 per lot. All account types support EA trading, allowing users to implement automated strategies effectively.
These offerings provide a spectrum of choices, allowing traders to align their preferences with their trading styles and objectives.
How to Open an Account？
Below is a detailed, step-by-step guide on how to open an account of EGM:
Visit the Official Website:
Start the account opening process by navigating to the official website of EGM.
2. Select Account Type:
Choose the account type that aligns with your trading preferences, whether it's CLASSIC, Pro-ECN, or PRO-VIP.
3. Complete Online Application:
Fill out the online application form with accurate personal information, including your full name, contact details, residential address, and other required details.
4. Submit Identification Documents:
As part of the account verification process, be prepared to submit necessary identification documents such as a copy of your passport, proof of address (like a utility bill), and any additional documents requested by the platform.
5. Fund Your Account:
Once your account is approved, proceed to fund it. Different account types may have varying minimum deposit requirements, so ensure you meet the threshold. Choose from available payment methods, such as crypto (Tether and Bitcoin) or wire transfers.
Leverage
EGM offers a consistent leverage ratio of 400:1 across all its account types, providing traders with significant market exposure. This level of leverage allows for the amplification of both potential gains and losses, emphasizing the importance of prudent risk management strategies when engaging in trading activities with EGM.
Spreads & Commissions
EGM provides varying spreads and commissions based on the account type.
Classic accounts feature spreads starting from 1.4 pips with no commissions.
Pro-ECN accounts boast tighter spreads from 0.1 pips with commissions starting from $5 per lot. PRO-VIP accounts, with spreads also from 0.1 pips, offer commissions from $1.50 per lot.
Trading Platform
EGM offers the widely acclaimed MetaTrader4 (MT4) trading platform, known for its global popularity among forex traders. Additionally, the upcoming introduction of the Eagletrade platform is anticipated. However, the recommendation is to opt for the proven reliability and stability of MT4 or MT5 for optimal trading experience. Forex traders appreciate MetaTrader's robustness and credibility, solidifying its status as the most favored forex trading platform.
MetaTrader provides advanced features such as Expert Advisors, Algo trading, Complex indicators, and Strategy testers, empowering users with sophisticated tools for effective trading. The platform boasts a vast selection of over 10,000 trading apps available on the MetaTrader marketplace, allowing traders to enhance their performance significantly.
Moreover, traders benefit from the flexibility of trading on the go through the right mobile terminals, compatible with iOS and Android devices, ensuring accessibility from any location and at any time when utilizing MT4 and MT5.
Deposit & Withdrawal
EGM offers two primary payment methods – Crypto and Wire Transfers. Traders can fund their accounts using popular cryptocurrencies like Tether (USDT) and Bitcoin, providing a digital and decentralized option for transactions. Additionally, wire transfers are accepted, allowing for traditional bank-based transactions.
The minimum deposit required by EGM may vary based on the chosen account type. The CLASSIC account stands out for its accessibility, allowing traders to begin with a $0 minimum deposit. For those seeking enhanced trading conditions, the Pro-ECN account requires a minimum deposit of $250, offering tighter spreads from 0.1 pips and leverage of up to 400:1. The PRO-VIP account, designed for advanced traders, commands a higher minimum deposit of $2000.
The processing time for payments with EGM can vary based on the selected method. Cryptocurrency transactions, particularly those on well-established blockchain networks, tend to have faster processing times. On the other hand, wire transfers may take longer, typically ranging from one to several business days, depending on the banks involved and their respective processing times. Traders should consider these timelines when planning their deposits and withdrawals.
Customer Support
EGM provides comprehensive customer support through various channels.
Clients can reach them via phone at +853 0908 290 8871 or through the customer service email address support@eagleglobalmarkets.com.
The company maintains an active presence on social media platforms, including Twitter (https://twitter.com/egmarkets), Facebook (https://web.facebook.com/eagleglobalmarkets/？_rdc=1&_rdr), Instagram (https://www.instagram.com/egmarkets/), and LinkedIn (https://www.linkedin.com/company/eagle-global-markets-egm-/).
Additionally, they share insights and updates on their YouTube channel (https://www.youtube.com/channel/UCygWKOVLhXCZFg8KcLtw7kg).
For in-person inquiries, the company's physical address is 34 South Molton Street, Mayfair, W1K 4RG.
The availability of multiple communication channels demonstrates EGM's commitment to accessible and responsive customer service.
Educational Resources
EGM provides a comprehensive set of educational resources through its EGM Academy, catering to traders of all levels.
The academy offers webinars, providing live sessions where experts share insights and strategies. Traders can access informative videos covering various topics, enhancing their understanding of market dynamics. Additionally, EGM provides guides, offering in-depth written materials that serve as valuable references for traders looking to deepen their knowledge.
These educational resources reflect EGM's commitment to empowering traders with the information and skills needed to make informed decisions in the financial markets. Whether through interactive webinars, insightful videos, or detailed guides, EGM aims to support the continuous learning journey of its clients.
Conclusion
In conclusion, EGM offers a diverse range of trading assets and features, including multiple account types, competitive spreads, and support for MetaTrader 4. However, the absence of regulation raises concerns about client protection. EGM's responsive customer support is a positive aspect, but the limited payment methods might hinder user convenience. Traders should carefully consider the platform's strengths and weaknesses based on their preferences and risk tolerance.
FAQs
Q: Is EGM regulated？
A: No, EGM is not regulated by any financial authority.
Q: What account types does EGM offer？
A: EGM provides Classic, Pro-ECN, and Pro-VIP account types.
Q: Are there educational resources available？
A: Yes, EGM offers an academy, webinars, videos, and guides.
Q: How can I contact customer support？
A: You can reach EGM's customer support at support@eagleglobalmarkets.com.
Q: What payment methods are accepted？
A: EGM accepts payments through crypto (Tether and Bitcoin) and wire transfers.
Q: What is the minimum deposit for Pro-ECN accounts？
A: The minimum deposit for Pro-ECN accounts is $250.
