Beware! EtsCapital 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.
EtsCapital is a very tricky and cheeky broker. We tried to unlock its secrets, and we have to tell you that it looks us some time to see all there is to this one. However, we came and we saw, and now we will show. First of all, the website design is very professional-looking and seems to have been made while considering the modern FX trends. Unfortunately, the buried truth is nothing like the shiny and clean website, but more like a shock. The truth about this one is that EtsCapital is not regulated, and it hides this fact very well, making it especially dangerous.
Registering was not an issue. It took us seconds to go from website to user area. The client dashboard was a web trading software, and around it were scattered all the other pages, like payment or account subsections.
From this web trader, users will be able to trade with four different crypto pairs, and nothing else. This is the first major sign that there is something going on with this broker that isn’t exactly right. The website is in complete disagreement to this fact, but the trading software is where the real conditions are. There is no leverage value given anywhere as well.
Overall, these trading conditions speak a lot of the broker’s current status. We cannot take anything seriosuly.
The website is available in English and no other language.
ETSCAPITAL REGULATION AND SAFETY OF FUNDS
There are a couple of very convincing points that EtsCapital makes, that we undress to see if the shoe fits.
We are made to believe that the company is licensed by the International Securities and Exchange Commission, but this commission does not exist, and it probably never has. In fact, we believe that this agency is a made-up regulator, which in its own is a dangerous trend that we have seen before. These are false FX regulators that exist for the purpose of complementing a scammer broker.
Next, we are almost convinced that EtsCapital is incorporated both in the UK and in Switzerland. This cannot be true, for either of these claims. The UK address is unproven, while the Swiss address not only is not backed up by any proof but is also highly unlikely since there only a handful of brokers operate due to the harsh and strict regulations.
The legal docs are governed by the laws of the UK, much in the same way that the broker is allegedly regulated there; which it isn’t, so EtsCapital is definitely not operating legally in the UK.
All this sounds to us like the desperate calls of attention from an unregulated broker.
Whichever way you see it there is absolutely no sense in investing in brokers that are unregulated. They are a risk to all investments and also a risk to any personal information the users provide them with. We always advise users to choose brokers that have been regular. That is why it is imperative to check for a licence before creating an account. UK, EU, US, or Aussie regulated companies are the ones to look out for. All of these licensed brokers adhere to various regulatory and legal frameworks that allowed them to put the clients’ safety and security as their main priority. Not to mention that the FCA and CySEC offer client compensation schemes that remembers users if the broker cannot pay them back for insolvency reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ETSCAPITAL TRADING SOFTWARE
The web trader used here might seem like it does something above average, but in reality, it does no such thing. The most prominent thing here is a good-looking interface that can easily lure in users, but cannot keep them for too long.
It is the common unlicensed web trader, used by hundreds of other unlicensed brokers. We have seen it before and we will see it again ion the future.
ETSCAPITAL DEPOSIT/WITHDRAW METHODS AND FEES
We had no way to access the payment area, because both the deposit and withdrawal sections were blocked due to an error in the system.
The website reveals close to nothing on payments, yet we would not be surprised that the broker allows only for crypto-based deposits and withdrawals, considering the fact that it offers only crypto assets.
No payment details, a below-average web trader, unlicensed… all the marks of the risky and fraudulent broker. Do not invest here.
How does the scam work?
The most helpful that scammer brokers have in their repertoire or perhaps online advertisements which they use to attract a user base.
Every internet user has witnessed at least a couple of these fake ads are promise Investments returns and luxurious lifestyles. These ads mostly lead to investment scams or so called fraudulent brokers.
Once on this website the user will be advised to provide a phone number or an email address through which the broker can easily solicit investments.
A first deposit is the hardest to get and those users that deposit for the first time are likely to deposit for a second or third time. Personal account managers make sure to keep the user as invested as possible until he or she gets suspicious.
Once this happens the broker can easily all withdrawal requests or shut down the entire account or the website even. It’s crucial to remember that the user will never gets his or her money back easily.
However there are certain ways to get to that money back.
What to do if scammed?
The most important thing to do once you get is to file for a chargeback. Unfortunately this happens only if the user has invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days.
If the money was lost through a bank transfer then the user must contact the bank itself and try to find a solution with it. Most banks probably have a policy of retrieving stolen funds. What’s also imperative is to change the bank user name and password for your account.
Money that was lost through crypto currency investment is unfortunately lost forever. The only way to get this money back yes if the broker itself pays it’s back to you.
Last but not least do not approach recovery agents. These are scams on their own and will ask you for money in return for your lost funds. Of course such services do not really exist and these fraudsters will disappear with the money once you pay them.