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Eagle Global Markets Review - is it scam or safe?

Eagle Global Markets (EGM) Review - is eagleglobalmarkets.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz Eagle Global Markets
Eagle Global Markets is an offshore broker. Your money is not safe.

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Trading accounts and Conditions

 

Account type/Platform Minimum deposit Minimum trade size Maximum leverage Average Spreads
MT4 Classc $1 0.01 1:400 From 1.4 pips
MT4 Pro-ECN $250 0.01 1:400 From 0.1 pips + $12 /lot
MT4 Pro-VIP $2000 0.01 Custom From 0.1 pips + $8 /lot
Cloudtrade NGN100 / $1 0.01
N/A
1.6 pips, fixed

 

Eagle Global Markets (EGM) is a brokerage that targets mainly Nigerian investors. It offers several accounts, available on two trading platforms: the widely used MetaTrader 4 (MT4) and web-based Cloudtrade platform. EGM's clients can also choose between fixed and variable spreads, and trading with or without commission fees. That being said, the above listed fee amounts are the default ones, as the broker applies flexible commission structure, depending on trading volume.

 

EGM Advanatges:

 

- Choice of trading platforms, MT4 available

Apart from the common MT4, which hardly needs a presentation, EGM supports CloudTrade, which is a cloud-based platform. Trades through CloudTrade cane be done in Naira as a base currency, which may be more convenient for Nigerian investors.

 

- Relatively competitive spreads

Apart from the MT4 Classic account offerings, EGM`s spreads are really good, both fixed and variable ones. With an initial investment of $250, one can use spreads starting from 0.1 pips on EUR/USD with a default commission of $12, which means that average trading costs for this pair amount to around 1.5 pips per standard lot, which is on the upper end of average. Besides, if you trade in higher volumes with EGM, you get discouints on the commission fees.

 

>>Compare the real-time spreads of 10 leading brokers<<

 

- High leverage levels offered

This broker offers a default leverage of 1:200, which is the industry's standard. Upon request, its clients can use higher ratios, reaching 1:400. Althogh high leverage levels may help you score big profits with ionvesting small amounts, they can also result in losses, exceeding your initial depsits, so be careful.

 

>>A list of brokers offering leverage of 1:500 or higher<<

 

- Many assets available for trade

With EGM one can trade in around 40 currency pairs, CFDs on ommodities, as well as wide range of UK, US and European equities.

 

- Indirectly regulated

Acting as a representative of an authorised company does not mean that EGM is regulated, yet, it is better than nothing.

 

EGM disdvantages:

 

- Does not have a license of its own

EGM operates as a representative of a company that is regulated in South Africa. First of all, this means that the broker does not have a license of its own. Second, the oversight by the Financial Services Board (FSB) is rather formal, with no specific rules appying to forex brokerages.

 

- CludTrade platform too basic

Although it is easy to use and equiped with the basic trading tools and features, CludTrade's charting cannot be compared to the one available on MT4, and besides, there are no automated trading strategies.

 

This is a screenshot of EGM's Cloudtrade. Click to enlarge.

 

Conclusion

 

Launched in 2016 Eagle Global Markets (EGM), focuses on Nigerian investors, offering them an option to trade with Naira in wide range of financial instruments on two trading platforms with good trading conditions.

 

In our opinion, the main disadvantage of EGM, is that it is not properly regulated. The broker operates via two companies - Eagle GM Limited (a firm registered in Nigeria), and Eagle Global Markets (PTY) LTD, a juristic representative of Blackstone Maketing SA (PTY) LTD. The latter is licensed to provide investment and brokerage services by the South African Financial Services Board (FSB) and also operates BlackStone Futures brokerage brand.

 

Given its location, its is not surprising that EGM does not hold a licence of its own. Currently, there are no specific rules applicable to online foreign exchange trading in Nigeria. Although the situation in South Africa is different, we cannot say that EGM is a licensed broker.

 

If you with to trade with a company that must apply strict rules and abide to the highest industry standards, you shoud chech out forex brokers regulated in the UK.

 

>> A list of FCA-regulated brokers<<

 

Pros Cons
Choice of platforms, MT4 available Not properly regulated
Transparent pricing, relatively competitive spreads  
Extensive product portfolio  
Acts as a representative of FSB-licensed firm  

 

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Traders` reviews for Eagle Global Markets

Spread

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Slippage

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Platform

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