Beware! En-Rev 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.
En-Rev shocked us by presenting us with a quite slick-looking website. Looks were all they had up their sleeve though – the website lacked a lot of the information we would want to have before depositing a huge amount of money with a broker. It is impossible to register an account with En-Rev at the moment – which is great because this is obviously a scam scheme created to lead you on and rob you. If you are at some point able to deposit with the broker, don’t – that is not a smart decision. Just ask yourself this – what kind of legitimate broker lies about its regulations, does not provide clients with Terms and Conditions, and gives access to trading conditions that financial authorities have deemed unfit for retail clients (like high leverage)? The answer should be more than clear – none.
En-Rev REGULATION AND SAFETY OF FUNDS
En-Rev has provided some sort of address in the Czech Republic and claims to be regulated by multiple financial authorities – CySEC, The Financial Services Commission of Mauritius, and the International Financial Services Commission of Belize. The broker is not only not regulated by CySEC but also has a warning issued on its name by the regulator because it is offering financial services without authorization.
En-Rev did not show up anywhere in the registers of the IFSC and FSC of Mauritius – it seems like the license numbers the broker has provided are fake. This is completely enough to make you reconsider trading with this company – they would not be able to promise you any sort of transparency and fund security because they were created with the very aim to rob you.
We would suggest that you look up brokers regulated in the EU (by CySEC), the UK (by the FCA) or Australia (by ASIC). Such brokers are all but anonymous and answer to strict authorities – so you will not only know who is handling your money but also that they are abiding by the law and have met many requirements before obtaining a license. Client money must be kept in a segregated account which makes it impossible for the broker to use your deposits for their own financial operations and speeds up withdrawals. UK and EU brokers must participate in compensation schemes so if one such broker becomes insolvent, their clients could receive compensation of variable amounts – up to €20 000 in the EU and £85 000 in the UK. Negative balance protection is also a big plus – so your losses cannot ever exceed the size of your investment. Finally, the minimum capital requirements are pretty high – A$1 million for Australia and €730 000 for the EU and the UK.
En-Rev TRADING SOFTWARE
We tried registering an account with En-Rev to see what they had to offer. We kept waiting on a confirmation email that never came – which means we were not able to access a client area or a trading platform and see if all the things the broker promised on the website were actually true.
We would suggest to check out the most popular platforms in the industry – MetaTrader 4 and MetaTrader 5 – if you are new to trading. If you are not, you are probably using one of the platforms already since this has been, without a doubt, the best software in the industry for over 15 years. With MT4, you could use Expert Advisors, develop your own trading bots and indicators, try out strategies in a demo account or through back-testing, set up customizable signals, or subscribe to those set by other people. MT5 has all these features with the addition of a built-in economic calendar and more indicators and pending order types. Most licensed brokers offer one or both platforms so don’t hesitate to check this revolutionary software out.
En-Rev TRADING CONDITIONS
Without an account, we would have to believe En-Rev’s word on the trading conditions they offer – and we are usually reluctant to do that since scammers tend to lie and put things into a deceitful light.
The minimum deposit the broker asks for on a Standard account is $1000 – which is far more than most legitimate brokers would ask for. You could easily trade far more affordably these days since basic accounts with some of the top brokers in the industry only cost between $1 and $250.
The leverage En-Rev offers on a Standard account is up to 1:20 for forex majors – which is completely in line with European leverage restrictions which only allow rates up to 1:30. However, if you choose to open the more expensive Standard Plus or VIP accounts, you could easily get access to as much as 1:50 and 1:100 respectively. The broker seems to imply that the only thing you need to do to get access to higher leverage is to deposit more money. The reality is much different though. To get access to leverage higher than 1:30, a trader must qualify as a professional client and meet two of the following three criteria – to have capital bigger than $500 000, to have worked in the financial sector for at least a year, or to have placed at least ten big offers in the past year. As you can see, just depositing $25 000 with an anonymous broker like En-Rev would not mean you can get access to leverage of 1:100 (as the broker suggests).
The broker also does not offer cryptocurrency and metals trading on the Standard account which only leaves you the possibility of trading forex, stocks, commodities, and indices. They do, however, claim to offer ECN accounts – an advanced account type that grants direct market access and that only top brokers are actually able to offer. In the case of such unreliable scammers, we are sure that such promises are completely empty.
En-Rev DEPOSIT/WITHDRAWAL METHODS AND FEES
The broker mentioned nothing about the payment methods available with them or about any additional fees. They did not provide us with Terms and Conditions either (a huge red flag) which means we don’t have much more to say on the topic.
HOW DOES THE SCAM WORK?
The weird thing is that such scams are never very imaginative but they seem to trick a lot of people – you see an ad on the Internet for a broker’s website and decide to check their website out. Then you start thinking to yourself “Man, that actually sounds great, I should maybe register an account to find out what they have to offer.”
Once the scammers have received your contact details, they won’t leave you alone before you deposit – and with time, they will start asking for bigger and bigger sums. You will probably see that you have turned an unbelievable profit in no time so you will keep transferring money – just know that it is fairly easy for platforms to be manipulated. At some point, of course, you would want to withdraw and this is where it gets complicated. All sorts of clauses in the Terms and Conditions and additional fees will show up – the scammers will try to delay your withdrawal and milk you as much as possible. By the time you figure out something is wrong, your “broker” will be long gone – with your money.
WHAT TO DO IF SCAMMED?
Be prepared that happy endings are not very likely and the chances of you seeing your money again are not big. That is why prevention is key – you should always read Terms and Conditions carefully and make sure that your broker is legitimate by checking if they are actually licensed.
If you got scammed, there are still things you could do. Notify the authorities in your country and share your story with as many people as possible – this way, they would know to avoid such types of scams. Change all passwords that you gave the scammers access to. If you have deposited with a credit or debit card, ask your card provider for assistance – you could get a chargeback within 540 days with both Visa and MasterCard. Bank transfers are a bit harder to reverse but that is still not impossible.
Finally, don’t trust anyone trying to pass as a recovery agent and offering to retrieve your money for a small fee – this is just another type of scam, usually conducted by the same people that robbed you in the first place.