ECNSwiss – It is Safe or Not?

| Publish date: 01/07/2020 (Last updated: March 24, 2020 02:43 PM)
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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 Deposit
X

updated 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.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

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.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

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.

ECNSwiss

3.3

User Experience

3.2/10

Payment Options

3.5/10

Security

3.4/10

Support

3.3/10

Reputation

3.0/10

Pros

  • Trading Platform MT5
  • Low Spreads
  • High Leverage
  • Range of Trading Options

Cons

  • Anonymous Broker
  • Not Regulated
  • Flagged Off as a Scammer by Spanish CNMV
  • No Demo Account
  • High Minimum Deposit

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

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
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

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