Beware! Epentomia 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.
Epentomia is a broker that has managed to earn a scam warning from one of the most respected financial regulators in the world, the reputable FCA. This is far from the only problem with the broker – they promise things they cannot deliver on and discriminate against clients from some countries and regions. This is a bad investment choice if ever there was one – avoid the broker at all costs.
Epentomia REGULATION AND SAFETY OF FUNDS
Epentomia claims to be a UK-based broker. However, they have provided no proof that they are actually regulated in the country. In fact, the first thing you will find if you Google the broker’s name is a warning issued by the UK’s financial regulatory body, the FCA.
This broker is not authorized to offer services in the UK and has met none of the requirements UK brokers have to face. Such a warning proves with almost absolute certainty that a broker is running a scam. Stay away from companies that have attracted the attention of respected financial regulators in such a negative manner.
Turn to a broker who is actually licensed in the UK if you want your money to be in good hands. The UK’s financial authority, the FCA, is one of the most reputable and respected regulators in the world and is there to make sure that traders are protected and treated fairly. There are many requirements for UK brokers – they have to prove their financial stability by maintaining a minimum capital of €730 000 – however, the sum can be bigger for brokers with more clients. UK brokers are obligated to participate in the Financial Services Compensation Scheme (FSCS) – so if a broker becomes insolvent, each one of their clients could receive a compensation of up to £85 000. Client deposits must be kept in segregated accounts managed by third parties – which ensures that the broker would not be able to use your money for their own purposes – and negative balance protection is mandatory-you could never lose more money than you have in your account at the time.
Epentomia TRADING SOFTWARE
Clients in our region were not allowed to open accounts with Epentomia – this probably means that the broker prefers picking its clients itself. As a result, we could not see what sort of trading conditions the broker actually offers. We also could not try any sort of trading platform, or make sure that this company offers any sort of trading platform at all.
We would recomend that you start trading on an industry-leading platform like MetaTrader 4 and MetaTrader 5. Both versions of the MT software are still fairly user-friendly but allow you to perform much more advanced charting and analysis, use trading bots that trade automatically or create your own bots and indicators, purchase add-ons on the MT market, exchange strategies with a community of traders, try out those strategies in a demo account, or through back-testing. On top of all the features like signals and pending orders we already mentioned.
Epentomia TRADING CONDITIONS
Epentomia offers different trading accounts – however, a more accurate term would be an investment plan. The broker asks you to invest a certain amount of money – you would then be allowed to collect a certain profit on a weekly basis. You have to invest at least $300 with this broker – which is actually a lot. Many legitimate brokers would allow you to start trading with $100 or less.
The broker states that you would be able to collect 100% weekly profit for 4 weeks if you invest in any of its plans. That is impossible – even the best investors of our time rarely generate more than 40% to 60% annual returns. Retail investors, on the other hand, should be happy to see a 15% annual return on their portfolio. The kind of returns Epentomia promises is very unlikely. Moreover, no legitimate broker would dare guarantee your profits – they cannot promise that you would be able to profit in the volatile financial market. That is why most companies that promise enormous, effortless returns in no time are usually running some sort of scam.
The broker promised maximum leverage of 1:300 on its Starter account. That number could go up to 1:500 on more advanced accounts. This once again proves that this broker could not be regulated in the UK – since UK brokers are banned from offering leverage higher than 1:30 on forex majors to retail traders. The reason for that is that trading with high leverage could result in bigger profits and bigger losses alike – which is why you should always be careful with your leverage settings.
Epentomia DEPOSIT AND WITHDRAWAL METHODS AND FEES
Since we were not allowed to set up an account with this broker, we could not see which deposit methods it accepts. On its website, Epentomia mentioned that you would be able to deposit in popular cryptocurrencies such as Bitcoin, Litecoin, and Ethereum, as well as electronic payment solutions like Payeer, and Perfect Money. However, some scam brokers might try to claim that certain deposit methods are not available in your country or region for some reason. Scammers usually urge their clients to deposit in crypto – because it is impossible to get a chargeback on such a payment. You would not be able to trace it to a specific person or organization either which makes such transactions fairly anonymous.
The best protection is not depositing with such fraudulent brokers in the first place.
HOW DOES THE SCAM WORK?
You might think that not many people fall for such scams but you would be dead wrong – some scams are quite elaborate and have managed to fool a lot of people. That is why it is important to know what to expect and look for in order to spot a scam broker from a mile away.
The scam starts with an ad on the Internet promising you an easy gateway to forex trading or investing – the only thing you would have to do is open an account with the broker. You know that there are people who trade for a job and that even regular Joes manage to earn a nice side income through trading and wonder why not the same, there is no harm in trying. So you give in and provide the scammers with your contact details.
This is the moment when you will start getting constant calls and emails asking you to deposit – even if you have only opened a demo account. At some point, since everything seems legitimate, you do deposit and in the beginning, things might be looking great. The profits you were promised come soon but you should remember that it is easy for scammers to manipulate platforms to make it look like you are turning a profit. But you will be asked to keep on investing – and you would have no problem doing that because you will be smooth-talked into it by people who scam others for a living.
But when you try to withdraw, you will start running into different obstacles – obscure clauses in the Terms and Conditions preventing you from withdrawing, additional fees and taxes, and weird procedures. At some point, you would not be able to deny the fact you have been scammed – but it will be too late. The scammers will disappear and stop answering your calls and emails and leave you wondering what to do.
WHAT TO DO WHEN SCAMMED?
So what can be done in case you have already deposited?
Be prepared that there is a rather high chance that you would never see your money again. There is, however, still hope to retrieve it especially if you have deposited with a credit or debit card – both Visa and MasterCard allow chargebacks within 540 days of the transaction. Moreover, there are some things you absolutely have to do in order to avoid further losses of money.
Change all passwords and banking details you have provided the scammers with and remove all sorts of remote access software if you have installed such. Some scammers would promise to help you trade, or resolve different problems if you only install such software – their actual agenda is to get access to your computer and all your passwords and information.
Don’t trust any so-called “recovery agents” who offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims, often conducted by the same people that are behind your “broker”.
Make sure to notify authorities and try to share your story online, or with your acquaintances – the more people know about such scams and how they function, the lower the success rate they will have.