Ecr Capital FX is a shady CFDs broker that has also incorporated an MT5 trading software to look legitimate. Their website can be accessed from ecrcapitalfx.com, and this is where they present their business to unsuspecting victims. Traders who use ECR Capital FX to access the global financial markets will lose money even if they use trading systems or signals that have been proven to work all these years. Reason is that this broker will rig your trades and make it impossible to prosper as a trader. Good trading experience involves a good broker, experience, education or a combination of all.
ECR Capital FX Review: Why ecrcapitalfx.com is a scam broker
According to this broker’s website, they are regulated by the British Virgin Islands financial commission.
They also claim that they’re licensed in the England and Wales. However, this is the jurisdiction of the FCA, which is a very strict financial regulator.
The lie is quite apparent because ECR Capital FX is not honest when they give us two juridictions while also hoping that we’ll be too ignorant not to know who is the financial regulator in England and Wales.
To cut long story short, this broker is not licensed, and is therefore dangerous for your trading and financial prosperity.
What does ECR Capital FX offer?
As usual, they have big promises for naive traders who will not stop for a minute and think that they are possibly being dupped.
We signed into the ECR Capital FX platform to take a look at what they offer.
The first thing we saw is that instead of the advertised leverage of 1:1000, the broker is actually offering a maximum leverage of up to 1:500.
They provide over 60+ currencies, indices and commodities. This is typical for all MT5 Forex brokers. So there is nothing special here.
There are 4 different account types with minimum deposit starting $100. Their supposed ECN account offers raw spreads. This means we will pay a commision of $6 per lot and not pay spreads.
As always, an unlicensed Forex broker like ECR Capital FX will never offer true ECN trading conditions since there will be conflict of interest.
They are market makers and such brokers want to capitalize on your trades as much as possible. Brokers who operate like this include Pro Elite Markets, FX-trade.co, and Proactive FX Markets. You must avoid them.
What to do if you have been scammed by ECR Capital FX
Defrauding you is a sure thing if you deposit any amount of money. If the loss is small, say $100, there’s generally no need to follow up a chargeback but if you lost something like $5,000, it is worth applying for chargeback.
I’ve made it eaiser by integrating a live chat button on this website. Follow the prompts in the live chat to present your case for review.
You can also use the form that I have included in my review. Once you fill and submit your details, the agency will get back to you, letting you know whether your case was successful or not. 99% of these chargeback requests are successful because they’re often from people who are complaing against a company that is well-known to be a scam.
ECR Capital FX is a fraud and you need to avoid this broker. Their website presents a number of red flags that are hard to ignore.
You should therefore not send them any money, seeing that the company is not willing to disclose their licensing status as well as location of their offices.
Thanks for reading this review. You can use the comment section to discuss your experience with others and to put an end to these scams.