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Rogue online FOREX traders masquerading as Agents of EGM Securities Limited

2 Dec 2018

We wish to bring to the attention of our esteemed clients and the general public of rogue traders masquerading as Agents of EGM Securities and obtaining money by false pretence.

EGM Securities Limited is a licensed non- dealing online foreign exchange broker duly licensed and regulated by the Capital Markets Authority to offer a trading platform where its clients can trade on online foreign exchange and contracts for difference. Clients trading or who wish to trade with EGM Securities are onboarded via an online application available on www.egmsecurities.com where upon a thorough KYC and client due diligence process, the client deposits trading funds into the a client segregated account in line with the Capital Markets Online Foreign Exchange Trading Regulations, 2017.

A client can trade personally on their account or through an authorised Money Manager. A Money Manager, as defined under the Online Foreign Exchange Trading Regulations, refers to an entity licensed by the Capital Markets Authority to trade on behalf of clients. Money managers are however prohibited from receiving any funds from clients for purposes of trading.  All funds are deposited by the client in the broker’s client segregated account and the Money Manager only has access to the client trading account. The client maintains full control of the client portal account, which includes deposit and withdrawal of funds on the client segregated account.

EGM Securities has not engaged any person or entity as its employee or agent to receive and trade funds on behalf of its client. As such, all persons collecting money from clients and trading on behalf of clients without a CMA license are in breach of the aforementioned Regulations.

We wish to reiterate our commitment to promoting investor protection on all our existing and prospective clients in line with the CMA’s mandate.