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.)
|🏢 Registered in||Seychelles|
|🗺️ Type of License||Offshore|
|🛡️ Is ECN.Broker safe to trade?||No|
|🗺️ Recommended Licenses||FCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets - licensed by ASIC in Australia|
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.
|Is Broker safe? ||No||Yes||Yes|
|Advantages||None||Trading Conditions||Trading Platforms |
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.
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