Equity CFDs is proudly touting “elite Forex services” which entail multiple trading instruments, lightning fast execution happening in a safe and secure environment. They also promote equitycfds.com as a broker who is trusted, licensed and regulated. They explain to the trading community that the brokerage is equipped with a plethora of trading benefits that are designed and optimized for every trader’s FX needs.

As a matter of fact, it doesn’t matter how boastful this broker is. If they can’t deliver, traders are going to lose money. Therefore, in our upcoming review, we will discuss how we signed up, what we experienced with this broker and whether or not Equity CFDs is a scam.

General information about Equity CFDs broker

Website	https://equitycfds.com/
Company	EquityCFD (Unverified company name)
Email	support@equitycfds.com
Location	First Floor, First St. Vincent Bank Ltd Building, James Street, Kings-town, St. Vincent, and the Grenadines
Phone number	+442036959630
License	Not licensed
Assets	Forex and Contract for Difference
Trading platform	MT4

A review of EquityCFDs website, client portal and trading platform

The website of this broker was welcoming and the promises of how we had found an ideal broker were abound. The broker was enticing us to quickly register, deposit funds and start trading. This is not a good sign considering that we’re dealing with high risk instruments called CFDs and the broker is not offering any practice account for new traders.

The about page doesn’t capture the history or track record of the company. We also don’t know who is behind the activities of this website. The broker is not bothered with these details yet we can clearly see that their website is very new. They ought to have paid special attention to introductions.

It seems that their main goal is to just ensure that they can make as many people as possible to sign up and not ask the questions that matter.

The sign up process was quick and smooth though. The client portal immediately redirects to a page requesting for your deposit. KYC verification is not their concern at this time.

The client dashboard consists of features such as account information and summary, transaction history and a documents upload center. EquityCFDs has also included a 2 factor authentication feature to secure user accounts from hacking activity. Generally, this is a basic user dashboard and its features are straight-forward.

A review of EquityCFDs broker account types

5 account types are offered by this broker and they’re differentiated in terms of fees, spreads, swaps, number of assets and account manager services. The broker would like you to place a deposit of at least $250 if you’re opening a basic account. The basic account is obviously limited in terms of features that can be accessed. For instance, only one withdrawal will be free. Subsequent withdrawal requests will attract an undisclosed fee.

No market reviews are included in this account type. Spreads are standard but we ‘re also concerned with the fact that Equity CFDs is unwilling to provide information about the exact spreads/fees that users of this account will incur.

Upgrading to the next account requires an investment of at least $25,000. This is supposed to be a professional trading account yet its features are not so different from the basic account that we discussed above. Instead of daily market review, we get monthly market reviews. The broker is also going to offer one free monthly withdrawal. Spreads are cheaper by 10% discount. We don’t know the exact figure for the spreads that they’re talking about here.

The higher account type is only good because the frequency of free withdrawals has been increased as well as market reviews are offered on a daily basis. The question is whether you’re willing to risk $250,000 in investments.

Is Equity CFDs a scam broker?

The location of this broker is a matter of concern. That location is considered offshore and the address which Equity CFDs is using is associated with a couple of controversial brokers such as SS8FX, Union Market and FXCE. We do not think that people are willing to transfer funds to this offshore address because of the reputation of brokers who set up office in that location.

Equity CFDs is also not a licensed broker. The absence of a regulatory license means that this broker is not implementing guidelines that financial oversight authorities expect of them. Consequently, the broker can’t make any guarantees that they’ll keep your funds safe and their services will be free from abuse. Furthermore, the absense of a license would mean that EquityCFDs is not willing to fulfill any of their promises.

We would also like to mention that this broker is completely anonymous. Their website was created just the other day and the person who registered it made sure that their identity was 100% anonymous. The about page of this broker is also too generic to conclude that this broker is serious about delivering their services as promised. Therefore, we believe that Equity CFDs may be a scam.

The pros and cons

Summary of this review

We consider Equity CFDs a high risk broker with no track record. They are also not a transparent broker and giving them a chance with your money would likely result in a very negative experience. In addition to this, we received an email from a person who claimed that this broker scammed them. This would be in line with our observation that the broker is unlicensed and risky to use for your trading. And therefore, the conclusion is that EquityCFDs is unfit and unable to deliver any of their numerous promises.