Beware! eMarketsTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
eMarketsTrade is a unregulated CFD broker that obviously tries to pass for a crypto exchange, as nowhere in their presentation they mention that what they actually offering are CFDs (contracts for difference, which follow the price of underlying assets) and not real crypto coins like Bitcoin, Litecoin, Ethereum and Dash, which they claim they offer. And yet, our main concern with the broker is their regulatory status, which we will discuss in the following paragraphs.
eMarketsTrade regulation & safety of funds
eMarketsTrade is said to be owned and operated by Kalessica Limited – a company supposedly based in Cyprus. However, they are not licensed by the Cyprus Securities and Exchange Commission (CySEC) or for that matter by any other official regulator in the European Union or any where else, and that means they do not have the right to offer financial services on regulated markets like Europe, the US or Australia.
Have in mind that dealing with unregulated brokers is extremely risk as they are completely unaccountable for the funds invested with their websites.
On the other hand brokers with legit licenses by CySEC or the Financial Conduct Authority (FCA) in the UK, for example, do guarantee the security of your investment and are even required to participate in client compensation schemes, which guarantee up to 50 000 GBP of your trading capital if you trade with a FCA broker, and up to 20 000 EUR if you are with a broker regulated by CySEC.
eMarketsTrade deposit/withdrawal methods and fees
In their FAQ section eMarketsTrade says 250 USD is the minimum deposit they accept. In the same time the minimum deposit requirement to open the starting Bronze account is set at 2500 USD, so we are not sure, whether you can start trading with 250 USD or not.
Also, eMarketsTrade does not tell us in their presentation what kind of payment methods do they accept. Just have in mind that most brokers accept major credit cards like VISA and MasterCard, as well as e-wallets like Skrill, which, by the way, recently adopted a new anti-scam policy according which if a broker wants to use their services, it will have to present a legit forex license.
And have in mind that if you accept a trading bonus by eMarketsTrade, in order to withdraw you will have to reach a certain minimum trade volume requirement – 40 times the bonus plus the deposit.
How does the scam work?
Scammers’ main goal is to trick you to invest as much as you can. And they use various techniques to do that. One popular scenario involves the so called robo scam web sites like Crypto Revolt and Bitcoin Evolution. There you will happen to watch a nicely cut video ad promising you fast and risk free returns with just a tiny investment. And if you get hooked and leave them your e-mail and phone, you will be transferred to the web page of a unregulated, offshore, scam broker, where you will be urged to invest your first 250 USD.
And if you really start trading with them you will be amazed by how successful your first trades will be – with just a couple of clicks your account will swell with cash. That, however, will simply be a manipulation. Remember that you are trading with a scam broker, most probably the trading platform is not a real, and the idea is that you should be more susceptible to invest a larger amount.
That is also the moment you will be bombarded with e-mails with trading signals and certainly phone calls from your so called “analyst manager” and “senior account manager”, who will plainly explain, that if you want to make some real money you will simply have to invest more – at least 10 000 USD.
And if you invest those money as well, they will try to convince you to invest even more, but if you do not comply than suddenly a trade will go wrong and the money in your account will suddenly evaporate.
And besides, if you request to withdraw anything scammers will refuse you on the grounds that you have not fulfilled some minimum trade volume requirement, probably linked to the welcoming bonus you have so carelessly accepted when you opened your account. Certainly it could be something else, but the result will be the same, you will not see a single penny back.
What to do if scammed?
The only viable way to get some of your funds back is to file for a charge back with your credit card provider and the good news here is that recently both VISA and MasterCard extended the period in which you can file for a charge back to 540 days.
Also, if for any reason you have given scammers your credit card number or online banking password, or if you have agreed to install TeamViewer (they might have suggested you install the program, so that they can help you with something), immediately block your credit card, delete TeamViewer and change the password for your online banking.
Finally, do not lose any more money by accepting the services of the so called recovery agencies – they will render you no service, but will simply collect some money in advance, leaving you even more miserable.