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Ecap24 Review: Another Scam Broker Who Hasn’t Regulated
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Ecap24 Review, As soon as you embark on online financial trading, you will realize how foreign exchange markets are filled with scam brokers trying to exploit beginners. For this reason, we have composed this Ecap24 review, enabling you to avoid this and similar fake brokerage companies.
In brief, the Ecap24 broker is a trademark of Business [Business] Investersato Inc (a misspelled name, usually a sign of amateurs). The company has been formed in the Marshall Islands and operates without being licensed and regulated.
It declares itself as an industry leader in providing a safe and transparent trading environment with access to over two hundred trading instruments including forex, indices, metals, energies, futures, and shares. However, all of this is far away from the truth.
Please read the full review to get all the info on this investment scam and build fraud awareness.
|Broker Type||Forex provider|
How Are You Protected at Ecap24? Broker Regulation
Shortly, you aren’t protected here since Ecap24 is unregulated. After checking major supervisory bodies, there are no details about its trading credentials. So, you are at high financial risk when trading with this unlicensed brokerage firm.
According to the Ecap24 website, this bogus broker is based in the Marshall Islands, which is among jurisdictions that have weak control of their forex providers. For that reason, many fake brokers establish their HQs there.
Only authorized brokers can ensure the safety of your funds. It is achieved by adhering to strict legislation laid down by financial authorities. In particular, those certified by premium financial markets regulators like the Australian ASIC, British FCA, and Germany BaFin are trustworthy.
For instance, their traders are covered by compensation schemes (up to 100,000 EUR per trader) and a range of risk management tools (negative balance protection, collaboration with tier-one banks, and segregation of funds).
Overview of Trading Platform
Unlicensed brokerage firms also provide untrustworthy trading platforms. The same applies to trading software at Ecap24, which is a web trader with poor performance. Although this phony broker claims that its trading program enables trading on different devices with plenty of features, it is yet another empty promise.
In reality, this web trader has some basic tools that can’t ensure safe and successful trading. Moreover, its mobile trading app requires a direct download from the Ecap24 website, which raises a red flag. This program most likely contains a virus or malware. Thus, only install mobile trading applications available at Google Play Store and Apple Store.
While on this subject, we highly recommend legitimate brokers using advanced trading platforms such as MetaTrader 4, MetaTrader 5, Sirix, and cTrader. Each of these programs is user-friendly (suitable for traders of all levels), versatile (accessible on all devices), and reliable.
Trading Account Available
When it comes to trading account versions, Ecap24 offers only live ones, such as those displayed below, while there is no demo account option, which is so typical of a broker scam.
- Classic: max leverage 1:100
- Silver: max leverage 1:100, 10% bonuses
- Gold: max leverage 1:200, 30% bonuses
- Platinum: max leverage 1:400, 50% bonuses
- Premium: max leverage 1:500, 100% bonuses.
Concerning this offer, we want to point out two things. First, the leverage ratio is too high for retail traders and goes against the legislation. Although leverage is a great tool for making profits, it is risky. That is why it is restricted in some jurisdictions (e.g., 1:30/UK).
Second, the offer of bonuses is always a warning sign, especially when it is associated with unauthorized brokers. They use generous bonuses to entice and rip traders off. Lastly, other details of terms of exchange remain unknown (e.g., deposit, spreads, and trading commissions).
Deposit and Withdrawal Process
Speaking of deposits at Ecap24, this shady brokerage firm is not transparent about it. This trick is frequently employed by fraudsters to easily con traders. For instance, Ecap24 can change its minimum required deposit as it pleases.
With reference to funding and withdrawal methods, allegedly, you can transfer funds to and from accounts via credit and debit cards, wire transfers, and electronic wallets (e.g. UnionPay). However, we are very skeptical about this accepted means of payment; more seemingly, this illicit broker supports crypto payments. More about it in the next heading.
About withdrawal fees and processing time, there is no info about that. Anyway, you should be aware that there are no money withdrawal guarantees with an unlicensed broker.
Are You a Victim of Ecap24? Chargeback Is The Answer!
If you have been deceived by Ecap24 reviews and invested with this unscrupulous broker, then you should know that getting your money back is possible. A chargeback process depends on forms of payment. For example, VISA and Mastercard allow a refund (note: you must apply for it within 540 days).
Bank transfers are also safe and can be terminated; however, that is possible until a transaction is confirmed. Finally, crypto payments are hard to trace and reverse. For this reason, scam brokers insist on deposits through crypto wallets.
Nonetheless, cyber security experts can assist you with any type of chargeback. Thus, get in touch with our company to help you retrieve your funds stolen by the Ecap24 scam.
In our Ecap24 broker review, we analyzed this offshore-based broker operating without necessary licenses and regulations. By doing so, it can be involved in fraudulent trading activities with no consequences.
Other than that, this illegal broker has an unfavorable trading environment involving conditions specific to financial swindlers. All things considered, this anonymous brokerage firm is not trustworthy and should be avoided by all means.
FAQs About Ecap24 Broker
Is Ecap24 Regulated Broker?
No, it is not; it is an unlicensed broker representing a high investment risk.
Does Ecap24 Offer A Demo Account?
No, it doesn't, which is typical for fraudulent brokers.
What Is The Minimum Deposit for Ecap24?
This bogus brokerage firm doesn't provide info on the minimum deposit, which fraudsters do to defraud traders more easily.