Updated on March 12, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding ECN.Broker due to the issues we've identified.
Is ECN.Broker Scam or Legit Broker? ▲
Trading with ECN.Broker poses a notable risk due to its offshore registration and lack of stringent regulation (Registration number 164483, Address: Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles). Seychelles, as an offshore financial haven, suggests a heightened risk of financial scams with brokers registered there. This casts a shadow over the safety of trading with ECN.Broker. It is essential to conduct thorough research on the broker's history, regulation, and real-trader feedback before engaging with ECN.Broker or similar offshore entities. Due to these concerns, we advise against trading with ECN.Broker.
Established in 2015, ECN.Broker specializes in providing direct market access and liquidity. The broker prides itself on delivering rapid order execution, competitive spreads, and a no requote environment. It offers a diverse range of over 260 trading instruments and multiple account options. ECN.Broker also features Copy Trading, allowing traders to replicate or share their strategies. However, a thorough examination beyond the broker's promotional content revealed significant concerns. Primarily, ECN.Broker suffers from a low trust score, primarily due to its unregulated status and absence of a license from a reputable authority. This lack of regulation is a significant red flag in forex trading. Therefore, choosing a broker with strong regulatory credentials, positive market reputation, and favorable trading conditions is advisable. Additionally, feedback from actual traders regarding ECN.Broker, particularly related to withdrawals, has been predominantly negative. ECN.Broker also restricts users from certain jurisdictions, including the USA and DPRK. Consequently, we find it inadvisable to engage with ECN.Broker, recommending instead more transparent and regulated brokers.
After comprehensive analysis and considering the regulatory and reliability issues associated with ECN.Broker, our evaluation places it unfavorably. With over a decade of expertise in the Forex market, our expert opinion does not favor ECN.Broker. Our overall rating for ECN.Broker is 1.5 out of 5, based on our extensive comparison against 1000 other brokers. This assessment emphasizes the importance of trading with brokers known for their safety, regulation, and reliable trading environment.
ECN.Broker supports a variety of deposit and withdrawal methods, including bank wire, credit/debit cards, and e-wallets like Bitcoin, Perfect Money, and Binance. The broker advertises a low minimum deposit requirement, starting from as little as $1, depending on the account type selected. Bank wire transactions are processed within one business day, with a daily transaction limit in place. Notably, ECN.Broker does not impose fees on deposits or withdrawals. However, it's vital to note that banks or payment processors may levy their own charges. Caution is advised during the withdrawal process, as numerous traders have reported issues, emphasizing the importance of ensuring the security and accessibility of funds in Forex trading.
ECN.Broker offers a selection of account types tailored to different trading needs: ECN, ECN Fix, and ECN Mini (Cent). An automatic trading account is created upon registration, and traders have the option to open additional accounts via the "My Account" section. The registration process is straightforward, requiring traders to click the "Start Trading" button on the homepage, fill in the necessary details, and follow the instructions to complete the sign-up.
Direct market access and a variety of liquidity providers.
Competitive spreads and rapid order execution.
Access to over 260 trading instruments.
Copy Trading feature for strategy sharing and replication.
Registered in an offshore jurisdiction, raising concerns about security and reliability.
Lack of regulation from a reputable authority, posing significant risks.
Negative feedback from traders, especially regarding withdrawal issues.
Restrictions on traders from certain jurisdictions, including the USA and DPRK.
The examination of ECN.Broker reveals considerable concerns regarding its reliability and safety as a trading platform. Despite offering attractive features such as direct market access, competitive spreads, and a Copy Trading option, the broker's registration in an offshore zone and lack of reputable regulation significantly undermine its credibility. Consequently, traders are advised to seek alternative brokers with established reputations, stringent regulatory adherence, and proven track records of reliable service. Prioritizing brokers with top-tier licenses, such as those from FCA, ASIC, or CySEC, ensures a higher level of security and trader protection. In light of these findings, our overall assessment and experience with ECN.Broker are overwhelmingly negative, emphasizing the importance of choosing a broker with a strong regulatory framework and positive trader feedback.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
ECN Broker Review 2024
