ECNSwiss – It is Safe or Not?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ECNSwiss - DO NOT TRADE WITH THIS PROVIDER
3.3/10
$100
Minimum Depositupdated 2020
ECNSwiss claims to be a Forex broker that uses the MT5 (MetaTrader 5) trading platform that offers its clients 3 different account types to trade with:
- Bronze: You are required to make a minimum deposit of $500 to trade on this account.
- Gold: You are required to make a minimum deposit of $10,000 to trade on this account.
- Platinum: You are required to make a minimum deposit of $20,000 to trade on this account.
With regard to trading conditions, the broker offers its clients a leverage of as much as 1:500, and a spread of 1 pip for its Bronze account, a fixed pip for its Gold account, and a surprising 0 pips (but there is a commission involved) for its Platinum account.
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://www.ecnswiss.com/
Founded: 2019
Regulations: Unregulated
Languages: English, Arabic, Dutch, Spanish, Italian, Russian, Swedish
Deposit Methods: Visa, MasterCard, Bank Wire, WebMoney
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currency Pairs, Indices, Metals, Stocks, Indices, Commodities
Trading Accounts and Conditions
ECNSwiss claims to be a Forex broker that uses the MT5 (MetaTrader 5) trading platform that offers its clients 3 different account types to trade with:
- Bronze: You are required to make a minimum deposit of $500 to trade on this account.
- Gold: You are required to make a minimum deposit of $10,000 to trade on this account.
- Platinum: You are required to make a minimum deposit of $20,000 to trade on this account.
With regard to trading conditions, the broker offers its clients a leverage of as much as 1:500, and a spread of 1 pip for its Bronze account, a fixed pip for its Gold account, and a surprising 0 pips (but there is a commission involved) for its Platinum account.
ECNSwiss – Advantages
We have noticed a few advantages in trading with ECNSwiss. Here is the list:
-
Trading Platform
ECNSwiss offers its clients the MT5 platform on which to trade. This we feel is a really big plus, since it is one of the best trading platforms in the world.
This software is MetaQuotes’ latest offering and is an upgraded version of the older MT4 trading platform. It is most of the MT4’s popular features – top-of-the-line charting options, trading bots called Expert Advisors for automated trading, features that can be customized, etc.
The add-on that gives an edge to the MT5 platform is that it also allows traders to trade on different markets via one single account.
-
Low Spreads
According to the information we gleaned from the broker’s platform, ECNSwiss offers its clients a spread of about 1 pip (for the basic account). This is an attractive pricing since it works in the traders’ favor. However, since the broker did not offer a demo account, we really could not verify these claims.
-
High Leverage
ECNSwiss also offers a very generous leverage level of 1:500. This kind of a leverage suits all types of traders, whether they are novices or experts.
However, a word of caution has to be put in at this point. High leverage levels also come with massively increased risks, which is why many highly regulated countries place a cap on how high a leverage a broker can offer its clients.
-
Range of Trading Options
ECNSwiss offers its clients a wide as well as diverse range of trading instruments. They include CFDs on currency pairs, stocks, various indices, metals, and different commodities.
ECNSwiss – Disadvantages
With so many advantages, you may wonder what could be the problem in trading with ECNSwiss. The problem is that the list of disadvantages is far longer than the advantages. On top of that, these disadvantages put your money at serious risk.
-
Anonymous Broker
The biggest red flag we find is that ECNSwiss is an anonymous broker. With the exception of an address in Germany, there is no other corporate information available about the broker.
We don’t know the name of the company that owns and operates the brokerage. The address provided on its website also doesn’t seem to actually belong to this broker.
What this means for you as a trader is that you don’t know who you’re trusting with your money. When a broker is anonymous, it is not bound by any of the laws that protect your interests, and so if you have real complaints against such an entity, there is no one you can turn to for help.
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.
-
Not Regulated
Because of the anonymous nature of this broker, we can clearly state that ECNSwiss is not regulated by any financial authority.
-
Blacklisted by the CNMV
The CNMV (Comision Nacional Del Mercado De Valores), the Spanish financial regulator, has blacklisted this broker as a scammer and for providing trading services without being regulated by the relevant authorities.
-
No Demo Account
ECNSwiss does not offer its clients a demo account. A demo account is important because it allows traders to check trading conditions, the range of trading instruments, the spreads and the leverages for themselves.
Not having a demo account is usually a trademark of scammers who don’t want prospective victims of their scams to know what to expect.
-
High Minimum Deposit Requirement
ECNSwiss demands an initial deposit of $500, which is twice as high as the industry average. Most other brokers ask for a deposit of between $100 and $250 as an initial investment.
Putting in so much money all in one go is very high risk, especially when a broker has already been flagged off as a scammer.
-
Trading Platform
Yes. We know we added ECNSwiss’s MT5 trading platform as an advantage. The reason we have also added it as a disadvantage is because it is not the downloadable version of the MT5 platform.
What this means is that your data and personal information is not as secure as it would be with a platform that you downloaded to your device. While an online platform is great to use if a broker is regulated and trusted, it becomes a danger when it is in the hands of a scammer such as ECNSwiss.
Conclusion
After having done the due diligence on ECNSwiss, we would advise all traders to stay far away from this broker. All the red flags point to a clear-cut scam set-up, so if you invest your money with this broker, your chances of ever seeing that money again are slim to none.
Therefore, for your own safety, please do not trade with ECNSwiss.
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.