Beware! EsMarketsFX 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.
EsMarketsFX provides a simple website that is somehow also filled with unnecessary details and sub pages that all seem like filler content. EsMarketsFX’s site might seem like the real deal, and at times even we were convinced, but the reality is that this broker does very few things that impress. In fact, the only thing this company does right is to include a very popular and effective trading platform. Everything else is shady and unprofessional, as most unregulated brokers. Make sure to read the review before investing, which is something that you will regret!
It was very easy to open an account, revealing that EsMarketsFX is desperate for user- not a good sign, considering that anyone can be lulled into depositing. The real issue, though, was the client portal, a mess of a thing, that did not offer a trading software. We had to find it ourselves on the website.
Anyway, we did open an MT4 live account, which was a surprise to us for sure. The EUR/USD spread there was 1.8 pips, quite average if you ask us, while the leverage is capped at 1:100. Users can trade with forex currency pairs, cryptos, commodities, and indexes.
EsMarketsFX is available in English and Chinese.
ESMARKETSFX REGULATION AND SAFETY OF FUNDS
The main deal of the broker is that is claims to be registered in Seychelles. Yet, Seychelles does not offer an FX license to this broker. The local Seychelles Financial Services Authority (FSA) does not regulate this company evidenced by the lack of proof. Therefore if the firm is located in Seychelles it is operating there without a license.
The same thing is applied to the claim that the broker makes about a registration in the UK. On another section of the site claims EsMarketsFX claims to be actually registered in the UK. The broker is definitely not licensed in the UK.
There were also no legal documents, acting as another clear sign that this broker is lost touch with reality.
And just to clear things out, EsMarketsFX is in no way tied to the EU’s securities markets regulator ESMA. One is a respected market regulator, while the other is an investment scam.
Any UK, EU, US, or Aussie-regulated broker is your best hope of getting back on the trail and avoiding scams. Investing, and even dealing with unregulated brokers is both a waste of time and money! Licensed brokers tend to the need of their users, and provide a safe and fair trading environment, accommodated with all the necessary tools to bring clients a superb trading experience. Not to mention that the FCA and CySEC, offer reimbursement schemes that see users getting covered for any losses should their broker fall into insolvency. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
ESMARKETSFX TRADING SOFTWARE
The user area has no trading area. The only way to access a platform is by downloading it from the website and taking the credential sent over to the client’s email by the broker. And as it turns out the trading software available here is MT4.
The MT4 is more and more used by scammer brokers, but users should not consider investing just because the broker has the MT4. Don’t get us wrong, there is no better platform than this one, but when it all boils down to a license and the broker does not have one, then you know not to invest there!
ESMARKETSFX DEPOSIT/WITHDRAW METHODS AND FEES
As per the user area, we see that users can only deposit by means of crypto payments and bank transfers. These methods are the hardest to reimburse and are therefore preferred by scammer brokers.
We find no minimum deposit, the broker allowed us to proceed with just $1. And even though the site claims the minimum to be $500, the user area is where the truth lies at.
There is no withdrawal info at all, and we cannot really confirm that the broker processes these. Considering that it is unregulated, we can say for sure that users will get scammed.
This broker is a full risk to all traders and their investments!
HOW DOES THE SCAM WORK
The scam works very easily. Users are lured by online ads that promise unrealistic, and therefore unattainable things. Then they are redirected to the investment schemer website, and from then on the manipulation begins.
First, users will be asked to provide contact details so that the broker can directly contact them and ask them for payment. But this is not done directly; there are scripts upon scripts with psychological tricks and tactics that lead to users being charmed into investing.
These tricks range from all the imaginable to the impressive. What the main goal is to keep the user invested in the scam, and deposit at least once!
After a while, each user will feel the pressure and will want to withdraw. This is where the last line of defence of the fraudulent broker will deploy, cutting the user from his or her funds by means of shutting down the account, stalling clients, or simply shutting the website. The scammer will do everything not to let you withdraw!
WHAT TO DO IF SCAMMED
File for a chargeback with your credit or debit card provider. It’s the surest way to get your money back, although it is not set in stone. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to trace and are most like lost for good. Although, certain banks might have a special plan-of-action ready for scammed users, so be sure to check with your local bank for more info. It is also a good idea to change your bank account password and user name.
Crypto investments are lost for good. The only way to get them back is if the broker itself reimburses the money back.
Do not trust recovery agents that promise to return your lost money without ever giving any technical details. These are separate fraudsters that will ask a commission for the “service” and will alter disappear without a trace!