Ec Markets Review: Is ecmarkets.net a Money Pinching Platform?
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Ec Markets is one of those trading platforms that promises a fair trading environment that ends up being the total opposite.
There’s a load of information you need to know about Ec Markets before deciding to sign up with the broker.
At the end of the day, your decision will impact the results and trading experience with ecmarkets.net.
NB: Find out the best brokers to start trading with, including tested brokers with the necessary experience to drive your trading skills to the next level.
What exactly is Ec Markets, and what can you expect from this trading platform?
We will dive deep into our ecmarkets.net review and help give you an idea of what to expect. It also includes our verdict on the platform.
About Ec Markets
There’s clearly a lack of transparency regarding who owns or runs the platform. Information about the founders is not available in the about us section.
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We, however, see the features introduced on the about us page, including the number of trading instruments and years of experience.
The broker claims to have over ten years of experience, and yet, few have heard of this broker.
Despite claiming to have 97.32 percent customer retention and satisfaction levels, there’s no dependent body to verify such statements.
All a trader can do is try and find other users who have had their experience with the broker. Apart from that, the platform does have an enticing appeal at first sight.
Ec Markets Limited is the company behind this platform and apparently regulated by the Seychelles Financial Services Authority.
The broker also claims to have a license from the FCA, which we couldn’t verify as there was no such registered entity.
With such statements, you have to question the eligibility or experience of the brokers behind this platform.
Available Trading Instruments
Ec Markets offers five trading instrument classes for traders on the platform. These include commodities, crypto, forex, indices, and stocks.
Let’s take a closer look at the available trading instruments
Commodities
Some of the commodities to find include crude oil and other metals such as gold and silver for trading.
Most of these commodities are paired against leading currencies such as GBP and the USD.
Crypto
Expect to trade against leading cryptos such as Bitcoin, Ethereum, Litecoin, and Ripple. Please note that the crypto market is volatile.
The platform pairs these digital assets against each other and other major currencies, such as the USD.
Forex
There are various forex pairs which include major and minor pairs. We saw a handful of forex assets for trading.
With forex trading, the platform doesn’t allow the use of robots, meaning you can only trade manually.
Indices
The platform has several leading indices, including DAX and Dow Jones.
Stocks
It’s one of the most traded instruments, and you should expect to find stocks from major players in the industry.
These include stocks from aviation, manufacturing, and other industries.
Accounts Ec Markets
After signing up, you get to choose from three available accounts. These include Standard, ECN, and Pro accounts.
Here’s a closer look at these accounts;
Standard
Dubbed the STD Account, the broker insists this is for experienced market players reaching the top of the forex heights.
Spreads start from 1.2 pips with leverage for forex and metals set at 1:500 and crude oil set at 200:1.
Expect a margin call of 100 percent and stop-out levels of 50 percent with this account.
Traders should expect an unlimited max order size, and this account has no demo account.
ECN
The broker states the ECN account is for professional traders pursuing supreme trading conditions.
Spreads start from 0.0 pips with leverage set exactly as that of the standard account holder.
There’s a margin call of 100 percent and stop out of 50 percent with a minimum order size set at 0.01 per lot.
PRO
From what we can see from the account comparison page, the account differs from the ECN account.
One of the biggest problems we have with this platform is the failure to state the acceptable minimum deposit with each account.
NB: Find out which forex robots to use when trading the markets and sport trading tools for those engaged in sports trading.
Available Trading Platform
You get to trade with one of the most trading platforms that ever graced the trading markets. Ec Markets offers an MT4 trading platform.
With MT4, expect to get custom indicators and expert advisors that help complement your trading style.
Traders also get a chance to use professional charting tools. There are over 80+ indicators and chart types, including drawing tools and timeframes.
Thanks to its compatibility and ease of use, you can use MT4 on all trading devices. With MT4, you get to automate transactions and support backtesting.
With multi-language support and customizable profit and loss tools, MT4 is undoubtedly one of the best trading tools to get.
Deposit and withdrawal channels Ec Markets
There are nine depository channels available on the Ec Markets trading platform. These include bank and wire transfers.
We also saw the platform supports tether deposits with the broker accepting USDT.
Most channels offer instant funding, with the broker offering no deposit fee. Once you deposit funds, expect the amount to reflect within 24 hours.
Withdrawing funds from Ec Markets is a whole different ball game, with the broker claiming the processing time is a maximum of 2 hours.
License and Regulatory Status Ec Markets
EC Markets may claim to have licenses from three different regulatory bodies, but no evidence supports this.
A genuine broker will offer users a direct link to their license on any of the regulatory body’s websites.
We checked with the FCA and couldn’t find any broker listed under the name of EC MARKETS LIMITED.
And that means your investment is at risk with this broker, especially if they decide to go rogue. There’s no way of recovering funds from such brokers.
Also Read: For unfortunate people who lost funds to unregulated brokers, there’s a way to recover your funds.
Pros and cons of Ec Markets
One of this broker’s main pros is that they offer an MT4 trading platform.
The platform mainly has several cons, including lack of license and high leverage.
We also don’t see the broker encouraging any form of support to new traders. The broker is intent on offering trading services to skilled traders.
And this leaves no room for traders to sign up with the platform, which is a shame. We want more beginners to reach financial freedom with forex trading.
Verdict on Ec Markets
Ecmarkets.net is one of those brokers that rarely deliver in terms of sustainability and transparency.
The trading conditions are far from fair as the broker hinges on traders losing more thanks to high leverage.
These are some of the features we saw as red flags going in.
As far as we can see, there’s also no positive response from traders who have already engaged with the broker.
If you decide to engage with the broker, we recommend you start small and ensure you test their withdrawal.
Do leave a comment or email us with any queries.
