Emirate Finance Group (EFG): company reviews in 2024
Emirat Finance Group Broker Reliability Check
Emirat Finance Group (EFG) presents itself as a reputable broker with twenty years of experience in the financial markets. They boast not only significant experience, but also impressive statistics, a range of awards, and positive reviews. However, delving deeper reveals a different picture – feedback is only starting to emerge, with reviewers persistently including the company in the list of suspicious entities. Let’s investigate the intricacies. After an independent analysis, you will learn what lies behind the legal aspects, web presence, and commercial offer. This data will help you make a considered decision.
What is Known About EFG?
Emirat Finance Group claims to have been established in 2002 and obtained a license from the DFSA regulator over the years. The company aims to expand its geographical reach and has been actively offering its services in Europe and CIS countries since 2014. On their platform, you can see the following metrics:
- 680,778 active users,
- client assets exceeding $68 billion,
- over 178,000 trades executed daily.
In addition, the company mentions a dozen prestigious awards received over the past two years. However, we found no evidence confirming the receipt of these awards or the accuracy of the presented figures.
A check of the domain history revealed that the emirate-fg.com site has been active only since October 2023. The broker exaggerated information about its long-standing market experience in hopes of gaining traders’ trust.
Regarding the contact information on the Emirat Finance Group site, a fake office address is listed in Dubai (UAE) along with a fake email. According to user reviews, reaching out to customer support is nearly impossible. Company employees use disposable phone numbers and start ignoring users when additional questions are raised.
There is no information about the project’s founders. Such secrecy is another indication of suspicious activities. Reliable brokers adhere to transparent policies and take responsibility for their actions, while dubious intermediaries disregard traders’ issues and interests.
Regulatory Situation
EFG states that it is officially registered in the United Arab Emirates and holds a license from the local regulator. As proof, the company even provides a link to verify the document. Indeed, the license was issued in 2005, as indicated on the EFG website.
However, there is one caveat. The license was obtained by EFG-Hermes UAE Limited, whose official website is www.efghldg.com/en/united-arab-emirates.
Fraudsters at Emirat Finance Group intentionally exploited the similarity of names and falsely appropriated others’ legal data. Inattentive newcomers may overlook this and risk engaging with an illegitimate intermediary, putting their funds in jeopardy. Incidents like these are not uncommon, according to reviews.
A meticulous examination of the pseudo-broker’s website revealed that attempts to register redirect users to the Liberty Trade website. This is a fraudulent broker with negative reviews. Apparently, both of these scam projects are managed by the same individuals.
Investment Opportunities
EFG offers potential clients various investment options. For passive income, ready-made portfolios with an annual return of 20.8% in currency are available. For active trading, the following commercial set of services is provided:
- trading in currency pairs, stocks, futures, commodities, cryptocurrencies,
- 6 tariff plans (including educational),
- fixed spreads,
- analytical tools for real-time response to market changes,
- various order types to choose from,
- ability to use bots,
- secure asset storage.
User reviews indicate that the Emirat Finance Group platform is solely focused on deposit intake. Withdrawing profits or personal savings is nearly impossible.
User Reviews
While EFG has been operational for less than six months, reviews about this fake company already exist. Users are outraged by the unethical behavior and warn others against interacting with this project.
If you have experience investing or trading on the Emirat Finance Group platform, share your opinion. More honest information online means fewer chances of fraud for newcomers.
Financial Scheme Characteristics
Scammers deliberately concealed information about the minimum entry threshold to not deter novice traders. Users are prompted to start with a demo account and practice. However, this is merely a ploy. Once a person gains confidence and trust in EFG, they will be pushed towards real investments.
To quickly withdraw a trader’s money, they are persuaded to install remote access software. Con artists promise assistance in trading from afar, but in reality, they need access to the trader’s account to steal all funds. Proving that these scammers are culpable for the fund loss would be extremely difficult.
Conclusion
We recommend refraining from collaborating with EFG for quick profits. These scammers only wave empty promises without fulfilling their obligations. It is better to find an honest broker who operates within international laws and is trustworthy.