Ecoinsvip – Can You Trust Them?

Website URL: https://www.ecoinsvip.com/

Founded: 2015

Regulations: Unregulated

Languages: English

Deposit Methods: BTC wallet, bank transfer, and credit card

Minimum Deposit: 2 BTC

Free Demo Account: N/A

Number of Assets: N/A

Types of Assets: Bonds, Cryptocurrencies, Commodities, ETFs, Forex pairs, Indices, and Stocks

Trading Accounts and Conditions 

Five account types are available for investors to open trading accounts.

• Mini account: You can deposit a minimum amount of 2 BTC, leverage is at 1:2000, and has up to 25% margin loan.
• Silver account: The initial deposit is 10 BTC, has leverage of 1:200, and a 35% margin loan.
• Gold account: You can initially deposit at least 20 BTC, with 1:200 leverage, and a margin loan of up to 50%.
• Diamond account: The minimum deposit is 45 BTC, a leverage of 1:300, and a margin loan of 75%.
• VIP account: The least you can deposit is 45 BTC, with a leverage of 1:400, and up to 100% margin loan.

Ecoinsvip – Advantages

After scrutinizing every information we can get about this broker, we can say that it doesn’t offer any advantage or benefit to traders.

Ecoinsvip – Disadvantages 

• Unregulated and unlicensed broker

The first thing we checked is the company’s regulation status. Ecoinsvip claims that it is operating under the laws of the UK. However, upon further inspection in its Terms and Conditions page, the firm isn’t able to provide any proof of this claim. For instance, the section where it says ownership of site indicates that the firm is operated by xxx, incorporated under laws of xxx, and registered in xxx. The firm doesn’t even bother to fill in what xxx stands for.

UK has one of the strictest regulation rules, and seeing that this broker doesn’t provide that much transparency as to its origins and operations, we can assure you that it is by no means registered under the UK’s FCA.

With few details in connection with its legal guidelines, we can conclude that this firm is unregulated and a possible scam. Hence, we strongly discourage you to invest with them.

In order to avoid getting scammed, you have to choose firms that are regulated by the world’s most renowned regulators such as CySEC and the FCA. These regulatory bodies have a strict set of rules backed up by the local governments in order to protect investors from scammers. They serve as watchdogs to brokers under their wings and impose their rules of conduct to them.

Furthermore, they made it obligatory for every broker to pay investors a certain amount in case it goes bankrupt or stops its operation. FCA implements a financial compensation of 85,000 pounds, and with CySEC up to 20,000 euros per person.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

• Weak Trading Platform

If there’s one good thing about Ecoinsvip is that it knows the importance of visuals. Its website, as well as its trading platform, looks pretty good, but they’re really just for the show, yet no substance. The visuals’ purpose is only to attract investors.

Though its trading platform looks advanced, it only allows very limited customization on charts. Some of the features that may impress you include live news and TV, but these things can also be found on better platforms such as the MetaTrader 4 and MetaTrader 5.

If we can suggest a better alternative to trade your assets, use those two platforms mentioned above. 80% of traders around the world use either of them because of their efficiency and functionality.

• High Minimum Deposit and Fees

While there are several things that shocked us about this firm, the most ridiculous about it is its minimum deposit. The lowest amount you can invest is 2 BTC. As of writing, the amount of 1 BTC is around $28,000, multiply it by two and you’ll get a whopping $56,000 as your minimum deposit which is crazy! Most legit brokers only require traders to start with $100. Asking this much is a clear indication that they’re scammers.

Another thing is that they issue a fee amounting to $25 for accounts that are dormant for at least six months. Additionally, we found that the firm won’t handle taxes and puts the burden on all investors. Regarding how it works is not mentioned on the website, so it’s hard to tell whether the tax will be credited on your initial investment or only on your profits.

Worse, its website has indicated a disclaimer saying that the firm and all its employees will not be held liable for any kind of damage or loss during trading using its platform. Furthermore, it also mentioned that its terms and conditions can be changed anytime without prior notice. This will give them an advantage if you ever want to sue them in the event you’ve lost all your investments.

With these, we strongly advise not to do any kind of business with this unregulated firm.

• Unclear Withdrawal Process

The website doesn’t provide details about the minimum withdrawal amount. This is very problematic because the firm’s terms and conditions may change anytime, hence, when it’s time to withdraw your money, they can easily tell you that you need to fulfill certain conditions first and reach a specific amount before you can actually take out your money.

Conclusion  

Ecoinsvip is an unregulated firm that has unknown legal guidelines. It has carefully crafted its terms and conditions page that puts them in a great advantage, and the traders to zero advantage. If you invest with them, you’ll clearly be in a loss knowing that you can’t file any charges against them in case something goes wrong. Don’t be fooled by its advanced looking website and trading platform as they are only meant to lure you in so you can give them your precious assets. If you don’t want to lose your assets, don’t invest with them.

Instead, we strongly recommend to only doing business with regulated brokers that are regulated by the FCA or CySEC, as mentioned above. With these types of firms, you’ll be able to trade under the best environments and you’ll receive compensation if the firm decides to shut down operation.

Ecoinsvip

2.6

User Experience

3.4/10

Payment Options

2.5/10

Security

2.4/10

Support

2.3/10

Reputation

2.6/10

Pros

• None

Cons

• Unregulated and unlicensed broker
• Weak Trading Platform
• High Minimum Deposit and Fees
• Unclear Withdrawal Process