Beware! Energy-Markets.io 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.
Energy-Markets.io is a forex broker trading in commodities, stocks and forex.
Energy-Markets.io Regulation and safety of funds
As per the company’s website, Energy-Markets.io is owned and operated by Seabreeze Ltd. with an address in the Dominican Republic. The Dominican Republic is an offshore zone and forex brokers are not regulated by the Financial Services Unit in that country which means that it is not safe to trade via this company. The reasons are that, first, even if the company is registered there, it does not provide a guarantee for your safety of funds. It means that if the company declares bankruptcy, you have no way of retrieving your money. Second, this company might be a scam and the moment they decide to shut down their website, you can wave your money goodbye.
What we suggest you do is look for brokers in well-established jurisdictions which are legitimately registered and regulated by a financial authority. Only then will you have a guarantee for the safety of your fund and some assurance that you are not being scammed. Legitimate and regulated brokers in jurisdictions, such as EU or UK must meet rigid requirements to be licensed. For example, they must have an initial capital of no less than 730,000 EUR and contribute to compensation schemes. These schemes, in case the broker goes bankrupt, will allow the traders to be compensate with up to 20,000 EUR per client if the forex company is regulated by CySEC or 85,000 GBP per client if the company is regulated by FCA.
Please make wise choices when selecting a forex broker and don’t risk losing your money by trading with forex brokers from offshore zones!
Energy-Markets.io Trading software
To its clients, Energy-Markets.io offers two trading platforms – MetaTrader 4 and web trader. In the screenshot below, you can see how the webtrader for the demo account is organised. On the left you have the currency pairs with their bid/as price and in the middle, you see the chart of one of the currency pairs, EUR/USD with its price fluctuation in a given timeframe. We can calculate that for EUR/USD currency pair the spread is 1.8 pips which is not too wide.
Clients who choose the Start account have a leverage of 1:200. It may look like a high leverage gives clients more trading power but actually this is misleading. High leverage also signifies high risk of financial loss if the trader loses the deal. Don’t forget that statistically over 70% of traders lose money in forex transactions.Please note that in some jurisdictions, there is a cap on leverage for legitimate and regulated forex brokers. In EU the leverage cannot exceed 1:30 and in US the leverage cannot exceed 1:50 which are measures to protect clients’ funds and avoid risky transactions.
Another thing we want to point out is that it is very important for traders what type of trading platform they use. For example, MetaTrader 4 trading platforms that is offered by Energy-Markets.io is considered one of the best in forex trade. Although quite old (more than 15 years since it was launched), this platform is still widely used by around 80% of the brokers for its proven qualities. For example, it has auto trading options, VPS, code base with customs scripts, an app market, practically unlimited options for displaying different numbers of charts and designs, a financial calendar, etc.
However, you should keep in mind that no matter how brilliant the trading platform is, if the broker is not regulated or you have doubts that it might be scam, you should then look into other possibilities and choose another forex broker.
Energy-Markets.io Deposit/Withdrawal methods and fees
From the screenshot below, you can see that Energy-Markets.io offers 6 trading accounts – Start, Standard, Trader, Premium, Gold and VIP. The minimum initial account is $500. For the other accounts, it’s $ 1,000, 5,000, 10,000, 25,000 and 100,000 respectively.
Payment methods include wire transfer, cryptocurrency, Paytrio and credit card. Processing time for deposits may take up to 5 business days and the same processing time applies for withdrawals.
If you choose to open one of the three first accounts, you will be charged commission which is not specified on the company’s website.
You may notice in the account information that for each account the broker offers bonuses which start at 10% for the Start account and increase proportionately with each next account reaching up to 100% for the VIP account. Please note that bonuses come with heavy to fulfill requirements. In the Terms and Conditions document for this forex broker, we find out that to be able to withdraw the issued bonus, the client must execute a minimum of trading volume equal to 30 times the deposit amount plus the bonus issued. This without any doubt is a trap in which traders will fall if the choose to accept the bonus because it will result in completing almost the impossible. Once your funds are mixed up with the funds from the bonus, it will be extremely difficult to disentangle yourself from this mess and be able to withdraw any funds from your account. For your information, EU legitimate brokers are prohibited from offering bonuses in order to prevent scammers taking advantage of unsuspecting clients.
How does scam work?
Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mouse trap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for awhile and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for chargeback.
What to do if scammed?
There are a few things that you must do immediately – file for chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives scammer access to your personal data.