Beware! EcoreFX 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.
EcoreFX gives us two third party charts on its home page, that reveal the true nature of the firm right at the beginning. Our impression formation process was accelerated by the presence of these TradingView charts, which are in no way concerned with EcoreFX’s liquidity pool. We were actually intrigued by the look of EcoreFX, but sooner or later things started falling apart. Read the review to find out more.
The registration procedure looked very familiar and not in a good way. We have reviewed many illegal brokerages using the same template, for both the registration form and the resulting trader portal area. In fact, the user dashboard is the most popular one we have seen amongst scammer firms.
The only platform there was under a different name. Bojrers should absolutely have their own servers with the train platforms they have chosen to use. A different name of the platform means that the servers do not belong to EcoreFX. If the servers to don belong to it, then the trading platform and all its conditions do not apply to the broker at hand. Thus EcoreFX has no applicable trading conditions! Meaning the spreads, leverages, and trading assets are completely useless!
The website is in English only.
ECOREFX REGULATION AND SAFETY OF FUNDS
The Terms and Conditions reveal that the legal documents will be governed under the laws of the Marshall Islands.
Bear in mind that this island nation does not yet have an FX regulator to supervise forex brokers. The country is packed with so-called brokers, all of which are unlicensed, making most of them scams!
Aside from what we just said, there seems to be no concrete information on a potential regulation, or similar. Unfortunately, EcoreFX is one of these UNLICENSED entities, immediately making it a risk to all investments and provided personal details!.
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself but the traders as well.
ECOREFX DEPOSIT/WITHDRAW METHODS AND FEES
The payment area in the register client dashboard reveals that the only way to deposit money into an account is through a credit card. We could continue with a minimum of €1 which is technically the minimum deposit. This may seem odd, but this is what the client portal revealed to us. There is no way going around this. The client portal area is the only real source of the information with unregulated brokers, no matter what the website claims.
We had no choice but to quote the withdrawal info we found throughout the website, mainly because the withdrawal area had no info. The Terms and Conditions mentioned that withdrawal fees may be applicable, but in typical unregulated broker style, these fees have not been revealed. The minimum withdrawal amount s $250. The typical processing time for withdrawal requests is 5 days.
Finally, we have the most ridiculous and absurd clause there is the Non-Deposited Funds. Through it, the broker prohibits the client from withdrawing his or her own profit from trading.
EcoreFX offers absolutely no reason for anyone to invest. Not only is this broke a scam, but EcoreFX is technically not even a broker! Do not waste your time and money on this one.
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.