Beware! EconomyPair is an offshore broker! Your investment may be at risk.
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EconomyPair wants us to believe that it is an established forex broker that we can trust with our money without worry. But this website does not provide us with the evidence we need to believe these claims. In fact, fact-checking shows that we are no doubt dealing with yet another online scam.
EconomyPair Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
EconomyPair insists that it is a brand operating legally in the European Economic Area. But neither the website nor the Terms and Conditions give a company name or exact address.
Such an anonymous website could not legally offer financial services in regulated jurisdictions.
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.
Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.
As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK.
Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.
EconomyPair Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|cTrader||40+ indicators||✅||✅||Android and iOS|
EconomyPair claims to offer an award-winning trading platform available in desktop, web and mobile versions. But after signing up for an account, we don’t get access to functioning trading software. The links to the alleged platform are not active.
But even if EconomyPair had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.
Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
EconomyPair Trading instruments
EconomyPair claims to offer trading in currency pairs, indices, stocks and commodities. But in the absence of a licence and trading software, we have no reason to believe that EconomyPair really facilitates trading in financial instruments.
EconomyPair Spreads and cost of trading
Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.
The account descriptions on the EconomyPair website are missing important information, including the price paid by the trader.
EconomyPair Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
EconomyPair states that it offers leverage up to 1:50. This may also serve as evidence that this broker is not licensed to operate in the European Economic Area.
The European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
EconomyPair Deposit and withdrawal methods
EconomyPair provides absolutely no information on available payment methods and transaction fees. The deposit menu is not available if the account is not approved.
Experience has shown that fake brokers steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.
EconomyPair Minimum deposit
Even the EconomyPair starter account requires an extremely high minimum deposit of 5000 EUR. In comparison, the leading brands usually require a minimum deposit of 50-100 USD/EUR/GBP, often even less.
EconomyPair Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|EconomyPair||lots equal to the bonus amount divided by four||Not Specified||$50|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
The minimum withdrawal amount is 50 USD.
EconomyPair says it is offering bonuses, a practice banned by EU and European Economic Area financial regulators.
To withdraw funds, the customer must trade a number of lots equal to the bonus amount divided by four. That is, a bonus of 200 USD requires trading 50 lots.
Such clauses are designed to make the withdrawal of funds virtually impossible.