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