We have run into many issues in writing this Ecap24 review, the first of which is the fact that to simply open an account the client is required to use a promo code.
This is an increasingly common trend amongst scam brokers as it makes it more difficult for review sites to fully review the scam/service that they provide.
Nonetheless, concluding that this is likely to be a scam can be done just via the location that the scammer says they are based in, that being the Marshall Islands.
This is an offshore location that is home to untold numbers of investment scams with more popping up each day.
It should be clear that investing or at least attempting to with this “brokerage” is a bad idea, as they are unregulated and anything but transparent.
|Address||Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960.|
|Bonuses||Up to 100%|
Ecap24 Regulation and Fund Security
It is common for scam brokers to attempt to obscure the fact that they are operating from an offshore scam haven like the Marshall Islands. To Ecap24’s credit, they do not even try to hide where they are located, right there on their main page you can clearly see the address.
This does not, however, give them any real credibility as an investment firm as the local financial authority does not provide any oversight for the forex exchange market.
When selecting a broker the most important thing to look for in your initial search is that the brokerage is regulated by a tier-one regulatory body.
Some of the top-tier regulatory agencies that are considered green flags for a broker are ASIC, CySEC, the FCA, the CFTC, and BaFIN. If a broker is licensed by any of these agencies they are legitimate. This information can be checked on the websites of these regulatory bodies.
Ecap24 Trading Software Overview,
Unfortunately, we were unable to open an account with this broker as they require a “promo code” in order to sign up. This means that we were not able to test out their trading platform. From what we can tell this broker uses a web trader.
This broker makes outlandish claims that their web-based trader offers similar functionality to that of MetaTrader5 with automated trades, but this piece of information can not be trusted.
It is all too common for scam brokers to claim that they have crafted a top-tier trading platform when in reality they do not even offer a functional trading platform at all.
Trusted industry-standard platforms like MetaTrader4-5 are that for a reason, that reason being the wide array of tools that they offer as well as the nearly endless customization options.
These tools and customization options are important for users as they are there to aid in the trading process.
Even if this broker does offer a trading platform it can not compare to all of the benefits offered by legitimate platforms like MetaTrader.
Deposits and Withdrawals Procedure
Much like a number of other scam brokers Ecap24 claims to accept legitimate payment options such as
- Credit card
- Wire transfer
Unfortunately, without access to their client area, we are not able to confirm or deny this. What we can tell you is that it is a commonality amongst scam brokers to claim that they accept legitimate payment options whilst pushing their clients towards making a deposit in cryptocurrency.
The reason this is done is that payments made via credit card and wire transfer are subject to a process called chargeback (credit card) or a recall (wire transfer). These procedures are carried out by the bank at the request of the bank’s clients.
As far as a withdrawal is concerned, there is nothing on this scam broker’s website that would indicate that a withdrawal is at all possible. Seeing the fact that creating an account is impossible we can not verify what or even if a withdrawal procedure exists.
How Is Fraud Carried Out?
Scams like this are often carried out by searching for victims via social media ads where the victim is given access to a promo code and a video or article to convince them to sign up with this broker. The video/article serves as a sales pitch for a get-rich-quick scheme in order to get the client/victim to make a deposit.
The promo code aspect of this scam is there to make reviewing a scam broker like Ecap24 more difficult. This allows the scammers complete control over who can or can not create an account with them.
It is also a common occurrence for these brokers to claim to have built an exceptional trading platform or even that they offer an industry-standard platform like MetaTrader4-5 when in actuality they don’t offer a trading platform that works at all.
This is something they can afford to do as they do everything they can to make their brokerage unreviewable by way of “promo code” access gates.
Forex Broker Highly Recommended
When looking for a broker there is a lot to consider, above all else the brokerage’s regulatory status. In order to help with that we have provided a list of 6 well-regulated brokers for you below.
Each of these brokers is regulated by at least one tier-one regulator.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Overall, this broker almost screams an investment scam. We say this because they clearly state that they are based in an investment scam haven, that being the Marshall Islands, a place where the local financial authorities offer no oversight for forex brokers.
Next is the fact that creating an account with them is impossible unless you have a “promo code” meaning that the broker has complete control over who can and can not create an account with them.
Finally, the broker makes claims of having created a top-tier web-based trading platform which of course you can not see or access till you create an account and make a deposit.
We do not suggest trying to make a deposit with this broker as you are sure to end up losing your money as they do not even provide any insight into what a withdrawal procedure would look like.
FAQs About Ecap24 Broker
How Secure is the Ecap24 Trading Platform?
This broker claims to have a functional web-based trading platform however there is no way to confirm that this is really the case.
Does Ecap24 offer Demo Account?
This scam broker does not offer a demo account.
Are Payouts Subject to Taxes at Ecap24?
All payouts from all brokers are subject to taxes.