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European Markets Consulting Review
When you are searching for an online brokerage, you are probably going to be overwhelmed with the sheer number of platforms that have been established. Every single one of them will be making lots of promises and offering numerous features and tools that you find attractive. But, this does not mean that they can actually deliver on these promises. It is important to remember that anyone can promise you anything over the internet, but not fulfill it. A look at this European Markets Consulting review will give you some idea.
Many people have made the grave mistake of believing what a brokerage is telling them and then discovered that it was nowhere close to the truth. Some had had to start from scratch and look for a different broker, while others suffered losses. You do not want to be in the same boat, so it is best to not waste time, or opportunities, and look for a good broker from the get go. The key is to be wary of scammers, who have become quite rampant in the market.
The important thing to remember is that most of these scams appear to be the same as genuine and professional platforms. This means that you have to be diligent in checking their offerings in order to identify the scams and not fall for the illusion they create. It can often be difficult for people, but as long as you check some essentials, you can stay safe. This approach should also be used with European Markets Consulting that gives you the impression of a reliable and professional forex and CFD broker.
It claims to offer you everything you need, including some great trading conditions, which can draw your attention. But, European Markets Consulting is nothing less than a scam and you will discover this quickly enough when you look closely at their offerings. Some of them are mentioned as follows.
No regulation and licensing
The regulation and licensing of a broker adds credibility to it because it shows that you are dealing with an authentic company that has fulfilled certain requirements to be allowed to offer its services. In addition, it tells you that they can offer fair and transparent services and create a secure trading environment. It also promises accountability, which can give you peace of mind, but you cannot find any of this with European Markets Consulting.
First off, the brokerage should not be confused with Emconsulting, a company based in Florida, which has a website emcwizard.com. This has nothing to do with European Markets Consulting and it appears that the fraudulent platform is trying to cash in on the name of a legitimate company to fool people. You will also find that European Markets Consulting boasts a UK phone number on its website.
Again, this is just a false front, as in order to operate from the United Kingdom, a license from the Financial Conduct Authority (FCA) would be required. It is one of the top regulatory authorities in the world and a license from them is considered highly valuable. But, you can search their online register and not find European Markets Consulting listed, or any of the companies listed on its website.
These include European Markets Consulting Trading Group and Infinium Solutions Ltd. As a matter of fact, the latter appears to be based in the Commonwealth of Dominica, which is an offshore jurisdiction that does not regulate its forex industry. Hence, this shows that you are dealing with an unlicensed and unregulated brokerage and this does not offer you any safety at all.
False trading platform claims
Another sign that you are dealing with a scam when it comes to European Markets Consulting is the fact that it is lying about its trading platform. Many people would eagerly want to sign up with the brokerage because it claims to offer you the MT5, which is the top trading platform in the market. It is a highly advanced and cutting edge software that offers you the best tools for your trading needs.
But, this is just a claim of European Markets Consulting because when you actually check out their trading platform, you will find that they only have a web platform available. You will discover that it lacks most of the standard functions of the MT5 and does not come close to offering any of its advanced offerings. They only mention the MT5 to lure people in and then you will be stuck with this basic and oversimplified platform.
Unfavorable trading conditions
The trading conditions of a broker are directly linked to your bottom line, so you want to make sure they are competitive and favorable. The same cannot be said for European Markets Consulting because when you check out their spreads, you will find that they start at 3 pips for the EUR/USD pair. The most competitive brokers in the market offer spreads starting from 1 pip and this is three times that.
Another problem that you will find is with the leverage that European Markets Consulting is offering. It claims to give you leverage ratios as high as 1:500. Again, this is a false claim meant to attract people because the leverage does not go higher than 1:200. Even then, the ratios are extremely high and should not be considered a benefit.
Unreliable payment options
When you check out the payment options advertised by European Markets Consulting, you will come across options like VISA and MasterCard, which some people find reassuring. After all, these cards come with a chargeback option, but there is a flaw that you will find.
These payment options are available through a third-party payment provider named agorpay.com, which makes it highly unsafe. Other than these options, there is another payment method called GameChangers and even that is unreliable and unknown, as it will not help you get a refund if there is a problem.
All of these are considered the hallmarks of a scam and show that European Markets Consulting is not a brokerage to be trusted.