Beware! EtfCorp 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.
EtfCorp is a simple and straightforward forex scam that does pretty much everything by the book. The book is, of course, an unofficial guide to FX scams that thousands of fraudsters abide by. It’s more like a template that is copied constantly, and rarely are there new elements added to it. EtfCorp does not break this cycle. Read the review to find out all you need to know about the firm.
The registration process is very easy to fill in, meaning that users can open an account with ease. But we were not so fortunate, for we never received a confirmation mail. We assume it’s because the broker did not see us a a fit investor, and it preffered not to bother with us. This has happened before with other scammers.
The worst part is that we have to rely on the website for all the information that we usually take from the client area, meaning that what we are about to reveal may not be true. Moreover, the site itself is a mess, with confusing and contradictory information. For one, the leverage value changes from sub section to sub section. The EUR/USD spread is indicated as 0.1 pips, but with no mention of a commissions, we cannot take this cost of trade seriously. It’s too low to be lucrative to the broker, whish would be counterproductive to the likes of EtfCorp. The alleged tradeable assets are forex currency pairs, commodities, stocks, indices, and cryptocurrencies.
ETFCORP REGULATION AND SAFETY OF FUNDS
According to the legal documents, the main laws that the broker abides by are those of Vanuatu, an offshore nation. However, Vanuatu has slowly risen above many of its contemporaries to become one of the best offshore jurisdiction for FX brokers. All that hard work would go to waste if it allowed the likes of EtfCorp to roam free there. The Vanuatu Financial Services Commission does not regulated this shady broker, and thus the legal claim is pretty much nullified.
On the footer of the site, EtfCorp shifts the gear, and claims to be licensed by none other than CySEC, the International Financial Services Commission, and the Financial Services Commission of Mauritius. Safe to say that not one of these actually licenses EtfCorp. Moreover, the so called International Financial Services Commission does not exists as a regulator, nor as any other entity.
Last but not least, we must not underestimate the importance of the CNMV warning issued against EtfCorp. Such a warning does not come without a reason, and so is the last straw for this broker.
EtfCorp is a scam and completely unregulated. Do not invest here for everything you do will be lost!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
ETFCORP TRADING SOFTWARE
There was no solid trading platform information. There are no links to a software, nor to a web trader. In fact, we have no real proof that EtfCorp offers a trading platform. And it isn’t really a surprise considering that the broker is a scam and unregulated.
ETFCORP DEPOSIT/WITHDRAW METHODS AND FEES
The website reveals that the minimum deposit is $1000, which is four times the average minimum requirement of $250.
And that is basically it on the payments front. There are no further details on the what and where of payments, i.e deposits and withdrawals.
What’s bothering us is that there are no payment methods and no talks of fees. On the fees, unregulated brokers usually hide them, meaning that there is for sure a certain fee structure that should not be taken lightly.
Overall, EtfCorp is a scam and a risk to all. Its unlicensed status means that any and all investments made in it will be lost.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.