Equiti has been flagged by Financial Services Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I wanted to transfer my portfolio from another broker to Equiti. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Regular updates|Automated trading options|Regular platform improvements
Cons: No fractional shares
Tried to withdraw my funds from Equiti and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Lost entire investment|Reported to authorities|Unresponsive
I was about to invest with Equiti but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Services Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Flagged by Financial Services Authority|Cannot verify credentials
I have been trying to close my account with Equiti for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Personal attention|Regular platform improvements
Cons: Cannot customize dashboard fully|No phone support on weekends
Do not believe the bonus offer from Equiti. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited after a friend recommended them and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Segregated accounts|Stable platform|Excellent charting
Cons: Wait times can be long during peak hours
Tried to withdraw my funds from Equiti and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Blocked my account|No legitimate license|Fake returns
For anyone considering Equiti, please be aware that this company has been flagged by Financial Services Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Pros: Information is publicly available for verification
Cons: Flagged by international regulators|Due diligence required