If you are looking for a reliable and trustworthy online broker, you might have come across Edge finance. Edge finance is a platform that claims to offer various trading services, such as forex, stocks, commodities, indices, and cryptocurrencies. But is Edge finance a scam or a legit broker? In this blog post, we will review Edge finance and its features, pros and cons, and customer feedback to help you decide if it is worth your time and money.
What is Edge finance?
Edge finance is an online broker that was founded in 2018 and is based in St. Vincent and the Grenadines. According to its website, Edge finance has over 250,000 registered clients from more than 100 countries and offers more than 200 trading instruments. Edge finance also claims to have a team of experienced professionals who provide customer support 24/7 via phone, email, and live chat.
Edge finance is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines under the license number 25369 BC 2019. However, this does not mean that Edge finance is a reputable or safe broker, as the FSA is not a well-known or respected regulator in the industry. Moreover, Edge finance does not have any other licenses from more reputable regulators, such as the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC).
What are the features of Edge finance?
Edge finance offers its clients access to various trading platforms, such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and its own web-based platform. MT4 and MT5 are popular and widely used platforms that offer advanced charting tools, indicators, expert advisors, and automated trading options. Edge finance’s web-based platform is a simple and user-friendly interface that allows clients to trade directly from their browsers without downloading any software.
Edge finance also provides its clients with various account types, such as Standard, Premium, VIP, and Islamic accounts. The minimum deposit required to open an account with Edge finance is $250, which is higher than the industry average of $100. The account types differ in terms of spreads, commissions, leverage, minimum trade size, and other features. For example, the Standard account has variable spreads starting from 1.5 pips and no commissions, while the VIP account has fixed spreads starting from 0.1 pips and commissions of $6 per lot.
Edge finance claims to offer competitive trading conditions, such as low spreads, high leverage, fast execution, no requotes, no hidden fees, and no slippage. However, these claims are not backed by any evidence or verification. In fact, some of the trading conditions offered by Edge finance are risky and unfavorable for traders. For example, the leverage offered by Edge finance can go as high as 1:1000, which can amplify both profits and losses and expose traders to margin calls and liquidation. Moreover, the spreads offered by Edge finance are not very low compared to other brokers in the market.
What are the pros and cons of Edge finance?
- Offers a variety of trading platforms and instruments
- Provides customer support 24/7 via phone, email, and live chat
- Supports multiple payment methods, such as credit/debit cards, wire transfer, Skrill, Neteller, WebMoney, etc.
- Not regulated by any reputable authority
- Requires a high minimum deposit of $250
- Charges high spreads and commissions on some account types
- Offers risky leverage of up to 1:1000
- Does not have a good reputation or customer feedback
What do customers say about Edge finance?
Edge finance does not have many positive reviews or testimonials from its clients. On the contrary, most of the reviews we found online were negative and complained about various issues with Edge finance. Some of the common complaints were:
- Edge finance is a scam that does not allow clients to withdraw their money
- Edge finance manipulates the prices and trades against its clients
- Edge finance does not honor its bonuses or promotions
- Edge finance has poor customer service that does not respond or resolve issues
- Edge finance has hidden fees and charges that are not disclosed upfront
Conclusion: Is Edge finance a scam or a legit broker?
Based on our research and analysis, we conclude that Edge finance is not a legit broker but a potential scam that should be avoided by traders. Edge finance does not have any credible regulation or license that can guarantee its safety or reliability. Moreover, Edge finance has many red flags and negative feedback that indicate that it is not trustworthy or transparent. Therefore, we do not recommend trading with Edge finance and advise you to look for other reputable and regulated brokers in the market.
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