EcoMarkets review – 5 things you should know about

EcoMarkets review – 5 things you should know about

Rating: 1

Beware! EcoMarkets is an offshore broker! Your investment may be at risk.


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


We are reviewing EcoMarkets, a shady brokerage unwilling to share much information about its products and services. They mention nothing about licenses or regulations and do not even specify account tiers or deposit requirements. It’s allegedly a Netherlands cryptocurrency broker, and you’ll find out if that’s true or not in the full EcoMarkets review.


EcoMarkets is a totally obscure broker. It’s purportedly located in Amsterdam, Netherlands, but that’s falsehood. Actually, EcoMarkets is presented as a brand of OXILIAN DEV WORKS LTD, which happens to be a fictitious company. So, the broker is illegal, and your funds won’t be safe if you deposit. Talking about licenses or regulations is worthless in this case. EcoMarkets is a scam!

Avoid it and see the high-rated EU brokers and British brokers on both lists instead. The European companies are sufficiently regulated, but most importantly, covered by deposit insurance funds protecting traders’ money if things go wrong. For example, if trading with a CySEC broker, you can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. Whereas European licensed companies offer security, illegal entities like EcoMarkets will most probably scam you.


EcoMarkets offers an ugly platform they present as innovative. What a failure! The web-based software is slow and lacking in functionality. In fact, we’ve come across the exact same web trader numerous times before, and it’s always been deployed by dodgy brokers and exposed scams!

As the EcoMarkets is a scam with a deficient platform, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists while talking about software. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Recently, MT5 surpassed MT4 for the first time in terms of brokers offering the platform, but its trading volumes are still lower. Anyway, the licensed MetaTrader brokers are miles ahead of the fraudulent EcoMarkets with its hilarious platform.

The only pairs available are traded against cryptocurrencies which is a red flag we need to raise. Crypto/Crypto instruments are proven to be prone to fraud and price manipulation, and some regulators even prohibited such derivatives (namely FCA in Britain). Worse, though, the BTC/USDT Buy/Sell difference is around $335, which is at least 4 times worse than the industry standards. EcoMarkets is costly, which is an argument enough to stay away from this otherwise fraudulent scheme.

The leverage is 1:3, which may seem not as risky, but it’s a ratio that Netherland based brokers shouldn’t provide for their clients. Since the country adopted MiFID 2 the maximum allowed is 1:2 for cryptocurrencies, so we have yet another proof that there is something wrong with EcoMarkets. In fact, leverage is so dangerous that it’s been a subject of restrictions for quite some time. For instance, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced, and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.


The minimum deposit is unknown. In fact, the broker is so neglectful that it doesn’t even specify anything about its provisions except for the $20 minimum withdrawal requirement. Well, such ignorance tells us a lot- once again, EcoMarkets proves that it’s just another fraudulent scheme you have to avoid!

Information about funding methods is available only upon registration. Namely, EcoMarkets accepts Credit/Debit cards, Bitcoin and Ethereum deposits. Now, we need to warn that crypto funding is anonymous, final and non-refundable, so once you send your bitcoins, you can forget about them. In contrast, Credit/Debit cards allow chargebacks for up to 540 days, depending on the case, so it’s recommended, regardless of the broker.

Nevertheless, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.

Overall, EcoMarkets is unregulated, which is more than enough for you to steer clear of it.


The scam usually starts with the deceitful ad, the cold call or the fraudulent social media profile, and once you get enticed, you’ll be constantly manipulated by the con artists. In most cases, the scammers will claim to manage your account and will show you winning trades at the beginning to make you believe it’s worth dealing with them. By doing so, they aim to gain your confidence and trust, which helps them in the following stages.

From there on, scammers won’t let you withdraw profits but will constantly urge you to invest, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to put all of your savings in the scheme.

You’ll probably understand what’s going on as soon as you try to get your money back. At this point, scammers will try to persuade you not to do so and will even shamelessly say that you can’t withdraw unless you deposit once more. If you are persistent and refuse to follow their instructions, they will simply cut the communication and close your account. Then, whenever fraud becomes publicly exposed, scammers will abandon the website and create new ones, carrying on with their criminal activities.


Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your credit card and contact your bank and ask for advice.

Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!

Share online your experience; it’s important to protect others, too. Be responsible

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  1. Yes, I got scammed by eco market

    1. Absolutely stay away from Ecomarkets. I was ripped off for over $4k. This happened in less than 8 weeks. Posted Nov 21

  2. I actually charge back this trader. I was wondering what to do with account that i have with Eco markets trader?

  3. i wish i have read this warning about ecomarkets I got scammed around $200,000.00 in two months.

  4. ‘m from Australia
    I’m from Australia, I invested $500 AUD, my account manager is Ian Spencer (with indian accent). After I realised their business was dodgy I tried to withdraw my funds, they have ignored my phone calls and emails. I plan on contacting the Dutch criminal investigation unit as well as the AFP( Australian Federal Police), to try get back my stolen money. If this has occurred to anyone else, this is the Dutch criminal investigation unit number: +31 79 3458 999. Hopefully with enough noise we can get back all our money.

    1. I was scammed by Ian Spencer from eco markets too,scum bags.

    2. i would like to contact you, iam having trouble getting my money back

  5. Eco Market is a scam stay away they scammed me all my savings witch was 15000 they are very convincing and come across friendly but be awere they took full control of my account and made me put all my money on trads that lost all my money and mean wail this was happing I had no control of my account I couldn’t close the trade or withdraw nothing!!!!

  6. This company needs to be shut down asap can someone help me with getting my review on Google I don’t want anyone else to be scammed!!!

  7. Same here $2250aud ,gone by the look of it,other lesson learned

  8. I am afraid I too fell victim to these guys….. don’t be fooled into putting any money in…

  9. I’m been scammed by ecofxmarket for $850 now asking for more bitcoin to buy single than only I can withdraw My profit.
    Girl contacted me frm Instagram – name – Noemi cambel & insta id-earn_like_cambel_fx1

    1. Don’t listen to anything they tell you. Especially Adam Green, who will pass you off to a so called Floor trader (Nick) once he has sucked your account dry. Thieving Dutch Bastards.

  10. Yes scam scam scam just lost over 35,000 Ian Spencer very convincing guy fooled me,, feel so stupid,this company need to be stopped.but l dont even know where to start,chargeable company apparently scam you as well.just at a lost.

    1. How can this happen .. I was totally scammed by Ian Spencer also .. I have also enlisted the Australian securities commission and am doing whatever I can to bring down this company. I have lost so much money it is devastating. I want to go nuclear on these guys . Clearly they have this system set up to just entice people and once in you cannot get your money back . Horrific experience.
      They need to be shut down

      No way to withdraw your money .

      1. Will they not let you guys withdraw your money, I am have trouble with drawing my money

        1. I don’t know if the name the carried on are real? Did they installed anydesk in your computer? What to do if you transfer your money through your bank ring them and as for a ”dispute request” in that way a fraudulent team trace back were the money was deposited. Have you noticed that every phone calls they have had various numbers. I had calls for 38+ with different numbers. And I traced it back they’re all +61 under Australian country code. I didn’t tell them about it. They told me they’re in Netherlands and it’s winter over here!

  11. Neville Craig-Smith

    Yes I was scammed…Ian Spencer is a fake,a real snake oil salesman… don’t touch Ecomarkets with a barge pole. I’m following on this and will be handing all details over to Europol Cyber crime Centre EC3. It may bring some grief to the blood sucking NOgoods in the long term. Neville Smith.

  12. They are not in the Netherlands in Amsterdam I rang the Newpay office in Overschie straat in Amsterdam and there is no Ecomarkets or Oxilian dev works ltd in their building the Oxilian is a made up name so God knows where they are they are a bunch of bullshit artists.

  13. I’ve seen this Ian Spencer mentioned but has anyone had dealings with a David Moreno who is the account mgr I’ve been appointed. I’d be grateful for any truthful feedback ASAP.

  14. Could anybody actually advise of a reputable broker then as it’s been highlighted to bail away print from ecomarkets but where do I now go to invest in trades any concrete advises willing to be shared here on guiding me right?

  15. I advise you all to be careful before risking your capital with this company I was defrauded by this scam company .

  16. I lost £200 at the beginning of the year, was asked numerous times to put in another £5k but refused as i wanted proof first that their system worked. I have told them i am now longer interested and to write off the funds i placed. I still daily get calls from them, from all sorts of numbers, France, Holland, Wales, UK mobile numbers. They have a phone number generator that every time they call you it makes it look like a new caller. I got 14 different calls in the space of 5 minuets because i didn’t pick up.

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