Opportunities abound in the Foreign Exchange marketplace and if you want to make money, you’ll need an inter-mediary called a Forex or CFDs broker. This broker must be a reliable company that provides you with a convenient trading platform with less fees and quicker withdrawals. Essex Group poses as one such broker but our assessment of their platform and services show that they are not an ideal choice for traders.

In this review, we will discuss 5 reasons why we don’t recommend trading with Essex Group broker.

Vague Essex Group company information

We’re surprised by the inability for this broker to introduce their company to clients in a transparent and satisfactory manner. The about section of the website is irrelevant since the broker is dwelling on general information rather than specifics. Essex Group doesn’t tell us the incorporated name of the company, their staff, their history or track record. The broker has utilized this chance to praise themselves using a lot of meaningless words. They claim that Essex Group is a broker with an international clientele and that the company was founded by traders who want to equip clients with tools to achieve success. This about page fails to serve the purpose for which it was created, and in our observation, we’ve observed that this is in consistent with how scam brokers present information on their websites.

A broker with no license

The website of Essex Group is primarily in Polish language. This means they’re targeting Polish traders and that their jurisdiction is governed by the Danish FSA. When we run a quick internet search to verify if this broker is licensed, we get negative results instead. Also, the footer of this website claims that the broker is operating within the European Economic Area. There are multiple regulatory agencies in the EEA but this broker has failed to secure a license nonetheless. What this means for traders is that Essex Group is not safe to use for your trading since the broker is not following specific rules and regulations set by the local financial oversight authorities. These rules and guidelines help ensure a fair trading environment where clients will not be taken advantage of. In other words, if you trade with Essex Group, you don’t have this privilege.

Bogus trading platform

The broker offers WebTrader for customers who want to access the financial markets through their platform. Traditionally, we have used and relied on MT4/5 software to trade the markets because it’s robust and compatible with third-party EAs and indicators. On the other hand, WebTrader is lacking in terms of functionality and robustness. WebTrader is also the favorite trading platform for CFDs brokers who are unlicensed and unreliable. Even though Essex Group claims that their WebTrader is compatible to EAs, we were not able to successfully attach a third-party expert advisor.

Essex Group broker has no meaningful track record

The domain of their website was registered in September 2023 and the broker can’t produce any track record or evidence of their achievements. The website is less than 1 year old and it’s a familiar trend on the internet where fly by night brokers create websites now and disappear in under 6 months. Their recent registration is not so encouraging and if you truly value your investments, don’t be quick to trust new websites such as essexg.com. Let them build a track record first before they can advertise their services in an aggressive manner.

Fake Cryptocurrency exchange

The website of this broker also offers a widget for “exchanging” Cryptocurrency to fiat and vice versa. This feature looks fake because it currently places orders for abnormal amounts of money. Even if you want to “buy” 10,000 BTC, the buy botton will still work and prompt you to register or login. This is an unlicensed exchange with no track record. How can you trust them with your money? They would simply take it and disappear. They’ll also ignore your emails thereafter.

Conclusion

The broker has a long way to go because the industry is competetive and there are much better players who guarantee safety of traders’ funds unlike Essex Group who are new and have failed to inspire trust and confidence. This broker is only captivating new traders using a colorful website with too many promises. The more you browse their website, the more the ugly side of the broker becomes apparent. The red flags cannot be ignored, and thus we don’t recommend essexg.com.