Ec Markets – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Ec Markets - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://ecmarkets.net
Founded: 2020
Regulations: Licensed
Languages: English, Russian, Italian, Bulgarian, French, Swedish, Portuguese, Korean, Japanese, Chinese, French, Urdu, Arabic, Vietnamese, Bahasa (Indonesia), Dutch, German, Norwegian, Romanian, Others
Deposit Methods: Wire Transfers, UnionPay, OTC365, Tether, Thai QR Payment, VN Pay, Poli
Minimum Deposit: Unspecified
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Forex pairs, Precious Metals, Crude Oil, Indices, Cryptocurrency CFDs
Trading Accounts and Conditions
Ec Markets offers their clients three different types of trading accounts:
- STD Account: The minimum deposit amount is not specified. Spreads start from 1.2 pips. Leverage for Forex pairs is 1:500, for Metals is 1:500 and for Crude Oil is 1:200. The minimum order size is 0.1 lot. There is no limit on the maximum order size. Margin calls are at 100% and Stop Out is at 50%.
- ECN Account: The minimum deposit amount is not specified. Spreads start from 0.0 pips. Leverage is the same as the STD Account. The other trading conditions remain the same as the basic account.
- Pro Account: The minimum deposit amount is not specified. Spreads start from 0.0 pips. All other trading conditions are the same as the other accounts.
The broker also states that there is no deposit fee imposed. However, if you use Poli, then there is a 4% deposit fee. There is no mention of commissions, so we do not know the exact cost of a trade.
Ec Markets – Advantages
There is one clear advantage that this broker does have. They offer their clients the use of the MetaTrader 4 trading software, a world-class trading platform. This platform is easy to navigate and intuitive, so much so that even novice traders will not have a problem using this software. The MT4 platform also has so many fantastic tools and functions that even pro traders love this software. It is actually almost perfect, and is only beaten by its successor, the MT5 platform.
Ec Markets – Disadvantages
Listed below are all the concerns that we have about Ec Markets, because of which we are not willing to recommend this broker to traders:
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Confusing Regulation Status
As we stated earlier, Ec Markets claims to be regulated by 3 different financial authorities.
In the footer of their webiste, the broker states first that their parent company, Ec Markets Limited, is authorized and regulated by the Seychelles Financial Services Authority. The broker provides us with their local address as well as their license details.
Next, the broker states that their company, Ec Markets Group Ltd is authorized and regulated by the UK’s Financial Conduct Authority. The company is incorporated in England and Wales. Once again, the broker gives us their local UK address and licensing information.
And finally, the broker states that their company Ec Markets Limited is authorized and regulated by the Mauritius Financial Services Commission. Once again, the broker gives us their local address and licensing details.
Here is where things get a little confusing. This broker is indeed registered with all these authorities. However, the domain name of the broker is different. In the FCA’s register, the domain name linked to this company and its corporate details is www.ecmarkets.co.uk. The Seychelles register shows that the domain name is www.ecmarkets.sc. And the Mauritius register shows no details about their domain name, but another company (Credentia International Management Ltd) is mentioned. Nowhere do we see the domain name www.ecmarkets.net being used.
These irregularities make us question the legitimacy of this broker. Are they really regulated, or are they actually a clone firm using a legitimate entity’s identity to pass off as real? This concern is a huge issue because of which we cannot recommend this broker to traders.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Conditions
While the trading platform offered by Ec Markets is excellent, the same cannot be said about this broker’s trading conditions.
The first issue we have is that this broker has not mentioned something as basic as the minimum deposit requirement. We do not know how much you need to deposit to open an account with this broker.
Added to this, the cost of trading is not fully given. We know what they spreads are, and they look good – advantageous for the trader. However, the cost of a trade is spread plus the commissions, and this broker has not mentioned what commissions they charge per trade.
The leverages provided are also suspicious. A maximum leverage of 1:500 is much too high, especially if this broker is really regulated by the FCA – as they claim. In the UK (and many other jurisdictions), there is a ban on high leverage ratios. Brokers cannot offer more than a 1:30 leverage in the UK, so the 1:500 ratio is actually illegal in that region. This kind of leverage makes us even more suspicious about this broker and their legitimacy.
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Issues with Deposits and Withdrawals
As we mentioned earlier, Ec Markets has not provided any information about their minimum deposit requirement; all we are told is that there are no deposit fees. We are told that the bank wire deposits will take 2 to 5 business days, which is quite ridiculous in today’s digital age. The withdrawal time is equally long for bank wires. Crypto payments will take 24 hours, which is also too long, since crypto transactions are instant.
We also need to raise another concern – all the payment methods this broker offers are permanent; there is no way to get your money back in case you are scammed. And this is raises a rad flag and highlights Ec Markets’ lack of trustworthiness.
Conclusion
Ec Markets is a broker that we are absolutely not sure about; there are too many inconsistencies which lead us to believe that they cannot be trusted. It would be best to find a more trustworthy and reliable broker. We cannot recommend Ec Markets to traders.
Ec Markets
Pros
- Excellent Trading Platform
Cons
- Confusing Regulation Status
- Issues with Trading Conditions
- Issues with Deposits and Withdrawals
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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