Archives: Brokers

Is Milton Markets Scam or Legit Broker?

No, it is not safe to trade with Milton Markets. The company operates with an offshore license from Saint Vincent and the Grenadines, which is considered the highest risk if company solely based offshore. The payment agent of Milton Financial Services is MFSC Managements Limited, located at 30 Tempon Street, Engomi, Nicosia, 2408, Cyprus, however it is only used for payment processes and has nothing to do with regulation of the Forex Trading operation of the company itself. 

• In fact, scammers frequently target offshore areas because of the absence of proper oversight and regulatory guidelines, so there is high risk to fall into one of those proposals. Overall, dealing with offshore companies, such as Milton Markets and others (OsprayFX, COIN-ROYAL, etc.) with a license from Saint Vincent and the Grenadines demands caution due to their typical lack of transparency. Learn more about why signing in with brokers from Saint Vincent and the Grenadines is not advisable.

What is Milton Markets?

Registered in 2021 Milton Markets is a Forex and CFD broker. According to the website, Milton Markets provides highly favorable trading conditions for traders of all skill levels, catering to both beginners and day traders (Read about Day trading in our detailed article). Also, it states that there are no hidden fees, making the trading experience transparent and reliable. It offers to operate trades on the market's popular MT4 platform, enabling leverages as high as 1:1000.

However, there are a lot of issues we were able to reveal while researching the broker, and some of the most important ones including:

• Lack of proper registration: In Forex trading the most crucial aspect is registration. Traders are urged to choose brokers that have a license from top-tier agencies. What does this give? This is a guarantee for the highest safety and reliability, granting the customers the reassurance that their funds and profits are safe.
• Withdrawal and Deposit Issues: There is no need to mention that the funds’ accessibility is essential in Forex trading. Unfortunately, many brokers from offshore zone lack in this respect. It is common for them to operate for a certain period, then disappear from the market together with their clients’ investments. To avoid financial losses, it is always preferable to choose a regulated broker, that provides a package of financial protection (Different Compensation schemes, Negative Balance protection, etc.)
• Restricted access in a wide list of countries: Milton Markets mentions that it does not accept clients from the US, Canada,  Iran, North Korea, St. Vincent and the Grenadine Islands. It also might be restricted in North Korea, Afghanistan, American Samoa, Belarus Burundi, Central African Republic, Congo - Brazzaville, Cuba, Iran, Iraq, Lebanon, Liberia, Libya, Myanmar (Burma), Puerto Rico, Rwanda, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.
• Negative Review from clients: While choosing a forex broker it is crucial to consider review and feedback from actual traders. This will help to have a better insight into the brokers’ offerings, trading conditions, and standing in the market. Based on available reviews, Milton Markets is not a reliable broker. Many traders mention it being a total scam. The main issue mentioned is the inappropriate deposit and withdrawal processes.

Overall Milton Markets Ranking

Based on our Expert Opinion, backed by over 10 Years of experience in Forex Trading, we have uncovered notable concerns regarding Milton Markets' regulation and reliability. As a result, we cannot provide a positive ranking for Milton Markets.

• Milton Market 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.

Milton Market Alternative Brokers

Due to the significant safety issues with Milton Market, we highly recommend considering much better alternatives that boast tight regulations and excellent trading conditions. We select Good Brokers and reliable options for your comparison below: 

• Interactive Brokers – Good Instruments and CopyTrading
• FP Markets – Low Spreads and Competitive Trading Conditions
• GO Markets– The best selection of Educational Resources

Deposits and Withdrawals

Milton Markets deposit methods are limited to Bitwallet and a wire transfer within Japan. These payment methods may not be suitable for a wide range of traders due to their constraints. This is perhaps one of the reasons why residents from a wide list of countries cannot sign with the broker. In fact, the availability of different deposit and withdrawal options is crucial for any broker, making it more accessible for traders.

• As to withdrawals, there is a specified 3-5 days period, which could be considered relatively lengthy for some traders.
• Also, it is impossible to overlook the fact, that there are many dissatisfied traders with the deposit and withdrawal processes offered by Milton Markets.

Account Types

Milton Markets offers two account types: Flex and Smart. The Flex account demands a minimum deposit of $50, while for the Smart account, the minimum requirement is $100. Both accounts come with high leverage - the Flex account at 1:500 and the Smart account at 1:1000. Additionally, the spread on the Flex account starts at 1.7 pips, which is slightly higher compared to the Smart account (Check our article on Low Spread Brokers).

• The leverage of the Smart account is determined based on the account's balance.
• When depositing funds in a currency other than JPY /USD / EUR), the conversion will be done at the prevailing rate at deposit reflection.

Milton Markets Review Conclusion

Based on the gathered information about Milton Markets, there are evident concerns regarding the broker's reliability and trustworthiness. Its Saint Vincent and the Grenadines registration makes the broker an unreliable offering, raising the possibility of it being a financial scam.

We recommend avoiding brokers with questionable registrations and giving preference to those with well-established reputations, known for consistently 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 higher level of security and protection.

• Overall ranking and experience for Milton Markets is Negative

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.