EGM Forex-Overview of Minimum Deposit, Spreads & Leverage

Note: EGM Forex's official website: https://www.egmforex.asia is currently inaccessible normally.

EGM Forex Information

Founded by ECONOMIC GLOBAL MARKETS (APAC) LTD, EGM Forex offers various trading assets, including currency pairs, stocks, commodities, precious metals, energies and indices. However, its minimum deposit is $500, which is higher among brokers. And the regulation of EGM Forex is also suspicious clone.

Pros and Cons

Is EGM Forex Legit?

The regulation of EGM Forex is suspicious. The website, email and address are different from what it provides. Traders should be cautious when trading.

What Can I Trade on EGM Forex?

EGM Forex offers over 150 instruments including currency pairs, CFDs on stocks, indices, precious metals and commodities.

Account Type

EGM Forex offers two account types: the Standard account and the ECN account.

The Standard account is characterized by fixed spreads, while the ECN account offers variable spreads. Both accounts have a minimum deposit of $500 and allow trading on all instruments offered by EGM Forex.

The ECN account charges a commission for each lot traded, while the Standard account has no additional commissions.

In general, the Standard account is more suitable for beginner traders who prefer fixed spreads and a simpler commission structure, while the ECN account is more suitable for advanced traders looking for tighter spreads and faster, more straightforward trade execution.

Leverage

EGM Forex offers leverage of up to 1:500 for Forex and precious metals. This means that a trader can trade with a larger amount of capital than he has available. This can increase his profit potential but also his exposure to risk.

EGM Forex Fees

EGM Forex offers variable spreads starting from 0.0 pips and does not charge trading commissions.

In addition, EGM Forex charges an inactivity fee of USD 50 per month if no trades are made on an account for a period of 60 consecutive days.

Deposits and withdrawals may also be subject to fees depending on the payment method used.

Trading platform

Deposit and Withdrawal

EGM Forex offers several deposit and withdrawal options, including credit/debit cards, Skrill and Neteller. Deposits are instant and there are no maximum deposit limits, while withdrawals have a minimum of $10 and may be subject to fees.