Beware! East-Century.com 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.
In this review, we are going to examine an obscure broker that falsely claims to be a transparent and supervised business. They offer Metals, Oil and Energy CFD trading on MetaTrader, but Forex is also possible. In fact, upon download, the default instruments on the platform are currency pairs. However, we detected way too many red flags and warning signs that we’ll share in the full East-Century.com review.
East-Century.com REGULATION AND SAFETY OF FUNDS
East Century is a truly anonymous broker. The people running this business reveal nothing about themselves except for the company’s name- EAST CENTURY GROUP LIMITED. Our research showed there is a British company bearing the same name, but East Century doesn’t mention anything about the UK. Also, the British entity doesn’t have a license to operate as a Forex broker, so East Century is an illegal enterprise and most probably a scam. Your funds are not safe if you deposit with this broker.
Avoid them and see the adequately regulated EU brokers and the British brokers we recommend by following the links provided. The European financial markets are strictly regulated and safe for traders and investors. Financial authorities in the EU and UK enforce various customer protection regulations to guarantee fair and ethical business behaviour. Most importantly, there are money protection schemes laid down to guarantee traders and investors’ money in case of bankruptcy or fraud. For example, CySEC brokers’ clients can claim up to 20 000 EUR, while the British guarantees are up to 85 000 GBP per person.
East-Century.com TRADING SOFTWARE
East Century’s trading platform is MetaTrader5, one of the best on the market. The EUR/USD spread on the demo account is 1 pip fixed, a favourable Buy/Sell difference for traders. However, as this is a shady and potentially fraudulent scheme, we do not recommend opening an account with East Century. Furthermore, they want from the clients to provide with ID verification documents, which is a major red flag in this case.
We urge traders and investors not to submit personal information to shady brokers like this one. These people might as well be involved in Identity Theft, which is a very dirty criminal offence. The identity thieves want to get hold of your details such as ID, credit card numbers etc. and drain up your bank account. They can also take lines of credit on your name, register companies using your details and so on. Identity Theft includes long-term risks, so beware.
Considering trading software, see the MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular Forex platform, which seasoned traders and investors highly acclaim. The software provides sophisticated tools such as Expert Advisors, Algo trading and plenty of complex indicators. MetaTrader also created a marketplace where you can find more than 10 000 apps and third-party developed trading solutions.
The maximum allowed leverage is 1:100, which is indeed risky for retail traders. Leverage is a financial tool multiplying profit potential, but it significantly increases the risks. In fact, it’s the main losses driver among traders with little or no experience, so many financial authorities stepped up to impose restrictions as customer protection measures.
As a result, the European, British and Australian brokers (to come in effect later in 2021) are limited to 1:30, while the Canadian brokers and the US brokers can’t provide higher levels than 1:50. The Swiss brokers aren’t restricted, but there is a 20 million francs capital requirement in Switzerland, which keeps shady schemes away.
East-Century.com DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with East Century is $100, a requirement that meets the industry standards. However, the funding methods are unknown because neither East Century mentions anything on their website nor test their payment system by ourselves. Anyway, we recommend Credit/Debit cards funding only because it’s the safest deposit method, regardless of the broker.
However, if you have a preferred payment system, see our lists with legit Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers and Bitcoin brokers. The selected companies are strictly regulated, so it’s unlikely for traders to experience fraud.
In this section, we have to raise another red flag. East Century doesn’t provide adequate legal documents to serve as a contract between the parties. As a result, traders are also left unaware of significant provisions regarding withdrawals, fees, inactive accounts, bonuses, etc. That’s yet another reason to run away from this phony broker.
Overall, East Century is a shady business creature not abiding by the laws, so stay safe and avoid.
HOW DOES THE SCAM WORK
People can see many fraudulent ads on the Internet and social media posted by scammers who want to steal as much as possible from traders and investors.
If you click on the post and submit your e-mail and contact number, they’d ring you immediately and would promise you anything to make you deposit money as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they’d ask for your bank card numbers out of the blue. Urgency is a treacherous sign, so if someone pushes you to start trading ASAP, then it’s most probably a scam.
However, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should fund your account over and over again for no obvious reason. Legit companies do not bother you over the phone to deposit with them, so if someone pushes you to invest, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!