Archives: Brokers

Is ECN.Broker Scam or Legit Broker?

No, it is not safe to trade with ECN.Broker. The main reason why it is not recommendable to trade with ECN.Broker is its offshore jurisdiction and lenient regulations (Registration number 164483, Address: Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles).

• Seychelles is known offshore financial zone, so when brokers are registered in offshore jurisdictions there is a great chance that their offerings might be highly risky and lead to financial losses due to scam. This is why it is crucial to research the broker's background, regulations, and feedback from real traders before signing in with ECN.Broker or other offshore or unregistered brokers (ClickTrades, OspreyFX, etc.)

What is ECN.Broker?

Founded in 2015, ECN.Broker provides direct access to markets and liquidity providers. The broker boasts about its fast order execution, low spreads and no requotes. Besides, ECN.Broker enables access to more than 260 instruments, and offers various account types. 

Also, ECN.Broker gives access to one of the most popular trading strategies, Copy trading, enabling traders to create and maintain their own strategies in ECN.Broker CopyTrading. However, during our research, we try to examine the broker from different perspectives, and not only rely on the information provided on the broker's website.

This is what we were able to reveal about ECN.Broker:

• To begin with, ECN.Broker has a very low trust score. This is mostly due to the fact that the broker is not properly regulated and does not hold any license from a reputable agency. In forex trading, lack of regulation is considered a huge red flag for any broker, even for those that provide favorable features and offerings. Thus, to be on the safe side, it is always wiser to choose a regulated broker with a higher trust score, good standing in the market and favorable trading conditions. 
• Besides, it is also useful to check feedback and reviews from other real traders. This way it is possible to learn more about the broker's offerings, deposit and withdrawal processes, etc. Based on our research, traders do not rank ECN.Broker positively, and most of the complaints are regarding withdrawals.
• In addition, ECN.Broker states on its website that it does not accept residents of certain jurisdictions, such as the USA and DPRK.
• All in all, based on the accumulated information, we are of the opinion that it is not preferable to sign in with ECN.Broker. There are much better options among adequately regulated brokers, that also provide better conditions (trading tools, technical analysis, etc.), also, Brokers that provide various protection and safety schemes, such as Negative balance protection. 

Overall ECN.Broker Ranking

We have revealed significant issues regarding ECN.Broker regulation and reliability, thus we do not rank positively ECN.Broker, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• ECN.Broker Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

ECN.Broker Alternative Brokers

Based on the significant safety issues with ECN.Broker here are much better Alternatives to ECN.Broker with tight regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• BDSwiss – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• Deriv – The best selection of Educational Resources

Deposits and Withdrawals

ECN.Broker offers various deposit and withdrawal options, such as Bank wire, Cards, E-wallets (Bitcoin, Perfect Money, Binance).

• The broker enables Minimum Deposits as low as 1$, however, this is based on the account type. 
• Bank transfers typically take up to 1 business day to process deposits. Generally, there is a limit to transactions in a day (not more than 5 transactions). 
• The broker does not charge a fee for depositing and withdrawing funds. The commission can be kept by the bank or payment system through which the payment is processed (Read our article on the No-commission Forex Brokers).
• When it comes to withdrawals, we advise traders to be very careful, as they are complaints from traders regarding the withdrawal process. As a matter of fact, the safety and accessibility of funds is one of the major points to consider in Forex trading. 

Account Types

ECN.Broker provides the following types of accounts: ECN, ECN Fix and ECN Mini (Cent). Upon registration, an automatic trading account is created for the traders. If they wish to open additional accounts, they can easily do so independently through the "My Account" section. 

• To register for "My Account" it is necassary to click on the "Start Trading" button located on the main page of the site. From there, it is needed to fill in the required information and follow the provided instructions to complete the sign-up process.

ECN.Broker Review Conclusion

Based on the gathered information about ECN.Broker, there are clear concerns regarding the broker's reliability and trustworthiness. Despite some appealing features and offerings, the fact that it is registered in an offshore zone makes the broker a risky choice.

Rather than opting for brokers with questionable registrations, it is highly advisable to choose those with a well-established reputation, known for providing excellent trading conditions and reliable services over the years. Traders should prioritize brokers holding top-tier licenses such as FCA, ASIC, or CySEC, as these licenses offer a greater level of security and protection. Also, some of the reliable brokers to consider are HFM, FP Markets, eToro. 

• Overall ranking and experience for ECN.Broker is Negative

Is ClickTrades Scam or Legit Broker?

No, it is not safe to trade with ClickTrades due to the risks associated with its registration in Seychelles, an offshore jurisdiction known for its looser regulations and oversight. Founded in 2018, ClickTrades is regulated by Seychelles Financial Services Authority with the license number SD020.

• Offshore brokers like ClickTrades often lack tight financial regulations, protection measures, and transparent practices found in brokers registered in reputable jurisdictions (See our list of Regulated brokers). Consequently, trading with ClickTrades or other brokers from Seychelles such as T4Trade  or GemForex increases the likelihood of risks and financial scams. 

Is ClickTrades legit Registered in UAE? 

No ClickTrades is solely offshore Seychelles registered Broker and does not holdUAE Trading License, so can not be considered a safe option for trading purposes. 

What is ClickTrades?

Founded in 2018, ClickTrades is a forex broker that operates under the Seychelles Financial Services Authority (Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe Seychelles). ClickTrades provides a diverse range of investment opportunities across multiple asset classes, including over 55 forex currency pairs, shares, indices, CFDs, commodities, gold, silver, bitcoin, and other cryptocurrencies. 

The broker enables trading through the industry-popular MT5 and WebTrader. Besides, ClickTrades also enables access to Trading Central, several trading accounts, and other favorable offerings. However, as has already been mentioned, ClickTrades does not hold any serious license, thus it might be a risky option for Forex Trading.

• Generally, the main recommendation while choosing a reliable forex broker is to find a company with tight regulations and good standing in the market. Very often offshore brokers turn out to be financial scams. 
• In addition to the inadequate regulation, ClickTrades seems to have vast number of negative reviews. Feedback and reviews from side of other traders are very useful to consider while choosing a broker. In this case, they are mostly negative and refer to an insufficient withdrawal process. Besides, traders report that they are constantly contacted by the company's agents and are encouraged to make more deposits. In fact, this is how most scam brokers operate.
• Also, we revealed that ClickTrades does not accept residents of certain jurisdictions (Japan, Canada, and the USA), which is obvious since regulations are very tight there even for offshore registered brokers. 
• At last, we highly advise traders to be extremely cautious when considering signing up with the broker and, preferably, avoid it altogether. It is crucial to keep in mind that ClickTrades lacks proper regulation and may not provide sufficient protection schemes (such as Negative balance protection) for investments. 

Overall ClickTrades Ranking

We have significant concerns regarding ClickTrades regulatory status and overall reliability, thus we do not rank positively ClickTrades, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• ClickTrades Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Is T4Trade Scam or Legit Broker?

No, it is not safe to trade with T4Trade. Based on the information provided on the broker's website, T4Trade is registered in Seychelles with license number SD029. The latter is a widely known offshore jurisdiction that lacks comprehensive guidelines and regulations. 

• The fact that T4Trade has an offshore registration is a red flag for those considering signing with it. Although the offering of the broker seems to be attractive, in Forex trading only properly licensed brokers from trusted jurisdictions can be fully trusted. Brokers registered in Seychelles, such as other non-trusted Brokers like Capitalix and GemForex are not trustworthy for investments. 

What is T4Trade?

Based on the information provided on the broker's website, T4Trade provides a wide range of financial instruments (Forex, Metals, Indices, Commodities, Futures, and Shares ), featuring competitive spreads and flexible leverage options. T4Trade is dedicated to catering to the needs of both novice and experienced traders, offering interesting trading tools and conditions.

The broker has its own WebTrader App that is possible to access through any operating system (Windows, Android, MacOS, and iOS). Besides, the broker has a Trading Academy that includes various webinars, eBooks, videos, etc. 

The first impression about the broker is good, considering the offerings and features it provides, however, it lacks one crucial aspect - proper registration from a top-tier authority, which in Forex trading is a huge drawback. 

• We found that T4Trade is an offshore broker with a registered address of F20, 1st Floor, Eden Plaza, Eden Island, Seychelles, and is a trading name of Tradeco Limited. Tradeco Limited is authorized and regulated by the Seychelles Financial Services Authority with license number SD029. 
• Besides, T4Trade is not intended for EU residents as it is not licensed in that region. Additionally, T4Trade does not extend its services to residents of specific jurisdictions, including the USA, Iran, Cuba, Sudan, Syria, and North Korea.
• When we researched deeper, we were able to reveal real reviews and feedback from traders that were not really that positive. Although some traders mention being satisfied with the broker's services, there are also a great number of reviews claiming that T4Trdae is a scam. Also, there is a chance that many of the good reviews about the broker are false and fabricated. 
• Moreover, we found that customers report inadequate withdrawals, and most traders are not satisfied with the withdrawal process. In fact, easy deposits and withdrawals are one of the key aspects for any broker, as money safety and accessibility is crucial.
• We strongly recommend traders be very careful while signing with the broker and better to avoid it. Remember, that this is not a properly regulated broker with sufficient protection schemes. Thus, your investments are always at risk. It is always safer to choose a regulated broker with licenses from top-tier authorities and feel at ease while trading. 

Overall T4Trade Ranking

We were able to reveal issues regarding regulations and reliability of T4Trade, thus we do not rank positively T4Trade, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• T4TradeOverall Ranking is 4 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

T4Trade Alternative Brokers

Because of the evident issues regarding T4Trade regulations here are much better Alternatives to T4Trade with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• eToro – Best for Copy Trading
• XM – Best selection of Educational Resources
• Pepperstone – Low Spreads and Competitive Trading Conditions

Deposits and Withdrawals

For deposits traders can choose from the available funding methods T4Trade offers, as Broker mentions its conditions:

• The processing time for deposits varies based on the chosen method. Bank wire transfers, for instance, may take up to 3 working days to be processed, depending on the respective bank.
• The broker specifies that profits can only be withdrawn using the Bank Wire method. Clients have the option to receive their initial deposit via the original payment method, and subsequently, profits will be transferred to their designated bank accounts. However, traders are required to submit a withdrawal request through their respective client portals for bank withdrawals.
• Yet, Based on the client's feedback, we were able to reveal that the withdrawal process is not always satisfactory so the Broker claims empty promises which are not also overseen by regulators, and traders face problems in this aspect, to the extent that many are not able to withdraw their profits at all. 

Trading Platforms

T4Trade offers the well-known MT4 and WebTrader platforms to conduct trades. Also provider T4Trade’s mobile trading app and T4Trade's Web trading app, enabling clients to trade online, anywhere, directly from their phone, by gaining direct access to more than 300 trading instruments. 

• T4Trade's Web trading app is compatible with various operating systems, such as IOS, Windows, and Android.

T4Trade Review Conclusion

Based on the available information we have gathered about T4Trade, it appears that the broker may not be reliable and trustworthy. Despite the appealing features and offerings, its registration in an offshore zone is a significant red flag for traders. Furthermore, negative trader feedback and reviews are additional reason to be cautious and refrain from signing up with this broker.

Instead, we always recommend choosing a broker that has gained its name through years of seamless operation and great trading conditions. Also, a license from a top-tier authority is a must, if you want to engage in trading with minimal risks. Find a broker with a license from reputable authorities, such as FCA, ASIC, or CySEC, such as  Go Markets, BlackBull Markets, and FP Markets.

• Overall ranking and experience for T4Trade is Negative

Is OspreyFX Scam or Legit Broker?

It is not safe to sign in with OspreyFX. The main reason to stay away from the broker is its offshore registration. The Broker does not hold any serious license that provides a safe trading environment. Instead, it is registered in St. Vincent and the Grenadines. The latter is a well-known offshore zone that does not provide sufficient guidelines and rules.

• Although OspreyFX has rather attractive offerings and features, it is still located in St. Vincent and the Grenadines. Brokers under the entity are not trustworthy and often turn out to be financial scams. For more information about why to avoid brokers from St. Vincent and the Grenadines read our detailed article.

What is OspreyFX?

Our research showed that OspreyFX is an ECN broker, located in St. Vincent and the Grenadines. The broker was established in 2019, and offers over 120 Forex and Contract for Difference (CFD) assets, also leverage that ranges up to 1:500.

• We found that OspreyFX has quite interesting and attractive offerings, including Funded accounts, tight and low spreads starting from 0,1 pips, and 24/7 customer support. However, in Forex Trading the most important factor is regulation. No matter how attractive the features are, if the broker does not provide sufficient protection and safety measures, it is still recommended to avoid the broker.
• So, in the case of OspreyFX, the main red flag is its lack of a license from a top-tier authority. With its St. Vincent and the Grenadines license it is not the most reliable broker to sign with. We recommend checking our list of regulated brokers that are both trustworthy with years of proven experience and offer great opportunities in trading.
• We always look for genuine reviews and feedback from real traders during our research. This is one of the most accurate ways to learn about the broker. As always happens with other offshore brokers, we found that OspreyFX has issues with the withdrawal process. This is a huge drawback, as the safety and accessibility of funds are crucial in Forex trading. We advise traders to always dig deeper and learn about regulation, the funding process, customer support, and other important factors before choosing a broker.

Overall OspreyFX Ranking

Our research revealed issues regarding OspreyFX reliability and regulations, thus we do not rank positively OspreyFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• OspreyFX Overall Ranking is 4 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

OspreyFX Alternative Brokers

Based on the issues we were able to reveal regarding the safety and regulation of OspreyFX here are much better Alternatives to OspreyFX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

Deposits and Withdrawals

OspreyFX claims to offer a range of funding options including Bitcoin, Crypto, Credit/Debit Cards, and PayRedeem.

• The funds traders deposit into their OspreyFX account using a Credit or Debit card are limited to the amount legally authorized to refund to that specific card. However, any additional profits accumulated can be withdrawn using either Bitcoin or Wire/Bank Transfer methods.
• Besides, we found reviews from traders claiming issues with withdrawals and inability to withdraw money, which is unfortunatelly a typical practise unathorized and scam brokers do. 

Account Types

OspreyFX presents a selection of four distinct account types, each tailored with specific features and limitations:

• Standard Accounts offer spreads starting from 0.8 pips, a commission fee of $7.00 per trade and require a minimum deposit of $50.
• PRO Accounts offer spreads starting from 0.4 pips, a commission fee of $8.00 per trade, and require a minimum deposit of $500.
• VAR Accounts offer spreads starting from 1.2 pips, do not include any commission fee, and require a minimum deposit of $250.
• At last, Mini Accounts offer spreads starting from 1.0 pips, a commission fee is $1.00, and require a minimum deposit of $25.

OspreyFX Review Conclusion

Based on the information we were able to come up with about OspreyFX, we found that the broker is not reliable and trustworthy enough. Although the features and offerings of the broker are quite attractive, it is still registered in an offshore zone, huge red flag traders need to consider. Besides, trader feedback and reviews are another reason to hold back from signing with the broker.

Our recommendation, which is based on years of experience in the financial market, is to find a broker with a license from reputable authorities, such as FCA, ASIC, or CySEC. Some notable options to consider among reliable brokers with good standing include but are not limited to Go Markets, BlackBull Markets, and FP Markets.

• Overall ranking and experience for OspreyFX is Negative

OspreyFX Update

We discovered that the OspreyFX website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from OspreyFX and staying alert in case of any proposals.