Beware! EcoMarkets 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.
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 REGULATION AND SAFETY OF FUNDS
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 TRADING SOFTWARE
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.
EcoMarkets DEPOSIT/WITHDRAW METHODS AND FEES
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.
HOW DOES THE SCAM WORK
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.
WHAT TO DO WHEN SCAMMED
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!
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