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Interested in trading in the financial markets? Whether it is the forex, stocks, indices, commodities or the cryptocurrency market, there is no doubt that there are lots of opportunities worth exploring. Most importantly, tapping into these opportunities has also become easier than ever, thanks to the internet and technological progress. You just have to open an account with an online broker to get started and this does not sound too complicated. Indeed, it is not that complex, as long as you are able to find a good and reliable brokerage. This is where the challenge lies because not all companies fit this criteria, as you will learn in this EcofxGlobal review.
Of course, it would not be practical of you to expect every brokerage to offer the same quality of services. Some are quite professional, while others may be more mediocre. But, the problem is that some platforms are downright scams and fraudulent, since their only aim is to steal from you. These are the ones you have to be wary of because they can prevent you from achieving your financial goals. You certainly do not want that to happen and this means you need to be diligent when looking for a brokerage.
Most of the time, people are eager to start trading and don’t pay much attention to anything more than the basics when they are signing up with the broker. This often leads them to choose a fraudulent brokerage, as in the case of EcofxGlobal. At first glance, it comes off as a regulated and certified forex and CFD broker, which has been incorporated in the United Kingdom, but has its headquarters located in New York. The broker makes some impressive promises of investment freedom to its clients, along with excellent trading conditions.
The package sounds really great, but you have to discover its flaws and when you do this with EcofxGlobal, you can determine just why you should avoid it. Ready to learn its flaws? Let’s get started:
False claims of regulation
It has become the norm for traders to check the regulatory status of a broker when they are checking them out. This is because it is well-known that regulated and licensed brokerages are considered trustworthy, as they are expected to maintain high standards, ensure consumer protection and provide fair and transparent services. With unregulated companies, there are no guarantees of anything and no protections in place, which means they are not a smart choice. Therefore, it is natural for you to want to ensure that EcofxGlobal is a regulated brokerage.
As mentioned earlier, this is exactly what EcofxGlobal claims to be, but the problem is that this does not make it true. When you go through their website, you will find a certificate of incorporation from England and Wales, but this document is meaningless. For one, the certificate is not even genuine; it is forged. Secondly, the brokerage would need a license from the Financial Conduct Authority (FCA) for it to be based in the UK, as it is the regulatory authority there.
Yet, when you go through the FCA register, you will not find EcofxGlobal listed at all. What you will find is that the FCA has actually blacklisted the brokerage i.e. issued a warning about it. The warning clarifies that the company is operating illegally in the UK and does not have a license, something no legitimate company would ever do.
To make matters worse, you will find that EcofxGlobal also claims to have its headquarters in the US. This would mean that it needs a license from the Commodity Futures Trading Commission (CFTC) and would have to be a member of the National Futures Association (NFA). But, a check of the registers of these authorities’ shows that the broker is not listed anywhere, which means it is probably lying about its headquarters. It has given an address on its website, but you have to take their word for it because it cannot be verified without a license.
We have already established that EcofxGlobal does not have a license and is not regulated, even though it claims to be so. Therefore, it means that all the credentials that it has mentioned on its website, including its address, cannot be verified at all. This makes their website virtually anonymous and it means that you have absolutely no idea who you are dealing with. Would you trust a company like that with your money? It does not make sense to do so.
Another major flaw that you will discover about EcofxGlobal, which shows that it is not an authentic broker, is the promise of returns on their website. They have several accounts on their website and each of them is guaranteeing you returns on your investment. For instance, the Starter account requires a deposit of $500 and promises you profits of $7,000. Of course it sounds fantastic, but it is another indication that the platform is a scam.
This is because when you are trading in the forex and CFD markets, you are dealing with highly leveraged instruments and this can never be without risk. These markets are known for their volatility and no one can make any guarantees. The fact that EcofxGlobal is doing so should immediately alert you because when something sounds too good to be true, it usually is. Genuine brokers do not make any such promises.
One of the typical scam features that you will come across at the EcofxGlobal website is that they demand payments in cryptocurrencies like Bitcoin, Ethereum and Litecoin. The problem with payment methods like crypto, bank wire transfers and gift cards is that these payments are irreversible. You cannot file for a chargeback in case of a problem and this means your money will be lost. This is exactly what scammers count on, hence their decision to support these payment options alone.
Once you have discovered the flaws that EcofxGlobal has, it is not that difficult to see that it is one you should avoid completely.