Equaledge

Do you want to start your trading journey in the financial markets? Then the broker Equaledge is ready to offer you its services, but it’s important to know that it’s an unregulated organization based in the offshore jurisdiction of Saint Vincent and the Grenadines. Furthermore, the company follows a policy of secrecy and opacity. Therefore, the firm requires thorough investigation before making a decision on cooperation. It’s the main task of our review – to determine whether the firm can be trusted or if it is a scam.

Overview of Equaledge

No matter how attractive and reliable a company may seem, it is essential to verify it. This should be done before making a deposit, not after, to avoid a situation where it is impossible to get your money back. Let’s move on to a more detailed analysis of Equaledge.

Broker History

In the footer of the official website, the legal entity is listed as Duosoft LLC, while the user agreement mentions another firm, Fluxlogy LLC. Both are registered in Saint Vincent and the Grenadines, but it is unclear which one actually owns the platform. The duration of operation and licenses are unknown because Equaledge does not even mention these details. It is also unclear which business model the organization operates under, but it is highly likely to be a dealing desk, which has a conflict of interest.

Equaledge.co Website

The website’s header carries the usual array of sections including contact details and key documents like the user agreement, AML & KYC policies, along with insights into the platform, tariffs, and info about activity. The homepage introduces the benefits and possibilities, while the bottom of the page displays the standard risk disclaimer. The Equaledge site is presented solely in English, with no other language options, and social media icons are visible on the right.

Overall, the site lacks distinctiveness and allure. Its design and framework are plain and uninspired. What we encounter here is a site that seems more like a generic template. Equaledge has opted for a readily available web template, inserting their specific information, rather than crafting a distinctive site from scratch. It’s also important to highlight the lack of transparency, evident in the missing crucial details such as the company’s operational history, licensing, and business model, among others.

Registration Process and Personal Account

To get acquainted with the platform and other “internal” aspects of the company, it is necessary to create a personal account. However, trying the service on a demo account is not possible, as Equaledge does not offer such a service.

The registration process includes providing the following information:

• Name.
• Contact information.
• Date of birth.
• Country.
• Account currency (USD, EUR, or GBP).
• Password.
• Promo code.

Creating an account without a promo code is impossible. The system does not allow entry without this invitation code. Closed registration via promo codes is a serious drawback at Equaledge. None of the known, safe, and verified brokers would permit closed registration. Such a practice is most often found among fraudulent firms.

Meanwhile, the broker adheres to AML&KYC policies, making verification a mandatory procedure here. Equaledge requires two types of documents:

1. Proof of identity (passport or ID card).
2. Proof of residential address (utility bill not older than three months).

The company accepts files in three formats: jpg, jpeg, or pdf, and they must be sent to an email address. The processing time for the documents is unknown.

Trading Platform

Equaledge’s platform is described in the most laudatory and positive terms, but we understand perfectly well that brokers inflate the assessment of their terminal to lure traders, so we will not take their word for it. Judging by the screenshots, it is a standard webtrader, which is unlikely to have applications for smartphones and is instead simply adapted for mobile browsers.

The terminal supports basic functions, such as pending orders, including stop-loss and take-profit features, alerts, indicators, various timeframes and types of charts, lists of favorite assets, and multicharts. However, it is doubtful that the platform allows for more advanced options such as auto-trading, copy-trading, uploading custom indicators, market depth, horizontal volumes, and open interest. We have already encountered software like Equaledge’s at other brokers, and it had nothing outstanding.

Contacts

Equaledge lists an email address support@equaledge.co and two phone numbers (+442030971450 for support, and +447835182154 for WhatsApp). The absence of an online chat cannot go unnoticed, so it is unlikely that you can quickly resolve an issue or problem with technical support, but you can try your luck via the WhatsApp messenger. Also, the website lists two legal addresses, but it is doubtful that physical offices are located there:

1. Euro House, Richmond Hill Road, P.O. Box 2897, Kingstown, St. Vincent and the Grenadines.
2. First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St Vincent, and the Grenadines.

Analysis of Services Offered by Equaledge

Trading conditions and available features are important aspects of any broker. Many companies invent unique advantages to attract clients. Let’s find out what Equaledge has prepared for its users.

Funding and Withdrawal

Money can be transferred in several ways:

• Credit/debit cards.
• Bank wire transfers.
• Cryptocurrency (only Bitcoin).

There is no commission for depositing funds, but there will be a fee for withdrawals only in the case of using a bank transfer. Equaledge processes withdrawal requests for up to 15 business days, which is a very long period. Especially compared to other firms where withdrawals do not take longer than 3-4 business days, and sometimes funds are sent on the same day the request was made.

Equaledge Trading Conditions

Before starting to trade, it is necessary to decide on a tariff plan:

1. Basic. The minimum deposit is $5,000. The client receives a fixed spread, leverage up to 1:100, and a max trade size of 10 lots.
2. Standard. From $10,000. The same conditions, but with a max order size of 20 lots.
3. Gold. At least $25,000. Equaledge offers a choice between flexible or fixed spreads. In addition, leverage is up to 1:200.
4. Pro. From $100,000. A wider leverage (1:500) and a larger max order size (50 lots).
5. VIP. $250,000 and more. The same conditions as in “Pro”.

Essentially, the account types are almost indistinguishable from each other. The main differences are in leverage and maximum volume. The other conditions at Equaledge are the same: instant execution, account manager, margin call at 40%, stop out at 30%, and 24/5 support.

It is then unclear why different tariffs are introduced if they do not significantly differ and a more expensive tariff does not provide substantial advantages? In general, the conditions at Equaledge look both silly and opaque. Why is the leverage set at 1:100 on the initial account types and 1:500 on the latter when it should be the opposite? The more money there is, the lower the leverage should be. The broker’s logic is definitely missing, or it understands that with increased leverage comes high risk, and therefore it wishes traders to lose their money faster.

The type of spread is indicated, but not its size. Commissions are also hidden. The requirements for the minimum deposit are beyond reasonable. $5,000 – seriously? At a time when most competitors offer to start with $10, Equaledge is asking for $5,000 and that too without the possibility to test the service on a demo account. It is doubtful that many, especially newcomers, will be willing to invest such amounts in an obscure company without a license.

Clients can only trade CFDs, with forex, metals, stocks, indices, commodities, and cryptocurrencies available. There are no spot trading or futures contracts.

Unique Features

The broker lacks a unique advantage. Yes, Equaledge offers assistance from a personal manager, technical support, and some basic educational materials, but that’s about it. Such features are available with any other brokerage firm. So, what makes this firm unique? What is its distinctive feature?

Is Equaledge Trustworthy and Reliable?

Having considered the conditions, let’s now move on to reliability and security. After all, can a broker be trusted to invest a minimum of $5,000 without doubt? Let’s find out.

Assessing Legitimacy

Currently, Equaledge already has several red flags that are quite conspicuous. First, there’s the closed registration, which is impossible without a promo code. Second, there are the unreasonable requirements for a minimum deposit coupled with the simultaneous absence of a demo account. That means to try the service in practice, you need to invest a minimum of $5,000. It doesn’t seem wise to risk such a significant sum. Third, there’s anonymity and secrecy. Commissions, spreads, and other data are unknown.

For unknown reasons, the broker lists two legal entities: Duosoft LLC and Fluxlogy LLC. Both are located in the offshore jurisdiction of Saint Vincent and the Grenadines. This means we need to check the SVGFSA registry for the presence of such organizations. So, Duosoft will be the first to check. Such a company does indeed exist; it was registered in 2023.

The second, Fluxlogy LLC, also appears in the SVGFSA but has an interesting status: “Cancellation pending.” We suspect the following scheme: Equaledge initially operated under the legal entity Fluxlogy LLC but then transitioned to Duosoft LLC.

However, it is not the most crucial point. The most important thing is the understanding and knowledge that SVGFSA does not regulate forex brokers’ activities in principle. And this means that Equaledge is an unregulated brokerage firm. There are no other legal entities, but also, no licenses are listed on the site at all. It is the most significant drawback that needs to be known.

Established Track Record

The legal entity Fluxlogy LLC was registered in 2022, but there’s a little problem. The Equaledge website domain was only registered on August 30, 2023. Clearly, the broker could not operate without a website, which means it only appeared this year. It raises the question: “What is Fluxlogy LLC, and what does it have to do with the subject of our review?” We do not know the answer, but it does not matter. What’s important is that the platform was launched very recently, which is another red flag.

Implications for Traders

An offshore broker that only started operations in August 2023, or possibly even later, is enough reason to refrain from cooperation. Equaledge has too many negative factors that prevent us from recommending this firm for trading. On the contrary, we advise avoiding offshore companies operating without a license, especially such disadvantageous platforms where a huge minimum deposit is required and there isn’t even a demo account available.

Strengths and Weaknesses of Equaledge