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ECN Capital Review - is it scam or safe?

ECN Capital Review - is ecncapital.com scam or good forex broker?

RATING: 1 / 5 REVIEWS ECN Capital
ECN Capital is an offshore broker. Your money is not safe.

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Trading accounts and Conditions 

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Bronze $500 0.1 1:200 3.2 pips
Silver $10 000 0.2 1:200 2.3 pips
Gold $30 000 0.4 1:200 1.8 pips
Platinum $50 000 0.6 1:200 1.3 pips
Mega $100 000 1 1:200 0.8 pips

 

Clients of ECN Capital are offered wide range of account types, all of which are said to provide commission-free trading with floating spreads and leverage up to 1:200 (only Mega account offers up to 1:400) on the Sirix platform. In addition, swap-free (Islamic) accounts are also available with this broker.

 

Keep in mind that Signals trading is not available on Bronze accounts.

 

Although the trading conditions of unregulated brokers are not of utter importance, we have to point out that the initial deposit required is comparatively high, and besides, ECN Capital’s clients don’t get much in return for the $500 invested: very high spreads, exceeding 3 pips, no micro tradeable lots and no Signals.

 

By comparison, you may open an account with global broker XM, licensed by FCA, CySEC and ASIC, by investing just $5 and use spreads averaged 1.7 pips on EUR/USD. Why waste your time and money with brokers like ECN Capital?

 

The Company. Security of Funds

 

Company

Country

Regulation

Moslok Ltd.

Cyprus

N/A

 

Founded in 2011, ECN Capital is a broker that offers rather extensive product portfolio, which includes numerous currency pairs and various CFDs. According to the broker’s website, the brand is owned and operated by the brand is Moslok Ltd. The company address indicated on the broker’s website is in Cyprus, however the firm is not authorized to provide financial services by the Cyprus Securities and Exchange Commission (CySEC), nor by any other regulator. 

 

When we googled the company name we found out that it is present in the Client agreement of another broker – Trade24 (“Moslok Ltd. provides services to all customers and remains fully liable for all aspects of the services delivered to consumers”). Indeed, if you care to take a look, the offerings of Trade24 and ECN Capital seem very much alike, even the names of the account types. And we got numerous negative user reviews about Trade24, which is not surprising at all, since there are numerous complaints in the FPA and other forex sites that this broker is a scam. Besides, a couple of financial regulators have issued warnings against Trade24, including New Zealand’s Financial Markets Authority (FMA), the French regulator AMF, and even Belize’s International Financial Services Commission (IFSC).

 

We advise traders to avoid unregulated and/or offshore brokers as a general rule, but the case of ECN Capital is even worse, as there are reasons to believe that is related to the Trade24, which is most likely a scam broker. So you’d better stay away from both ECN Capital and Trade24 and choose a reliable broker holding a license by CySEC, FCA, ASIC or another trustworthy regulator.

 

Trading Platform

 

ECN Capital does not support the ever popular MetaTrader 4 (MT4). Instead, it offers web-based SIrix trading platform.

 

The all-in-one forex and social trading platform Sirix is developed by Leverate, a CySEC regulated company. It is equipped with a special social dashboard, where users can follow experienced traders and easily copy their trades.

 

 

ECN Capital’s browser-based Sirix. Click on the image to zoom in.

 

Methods of Payment

 

ECN Capital supports only bank wire transfer, and credit/debit cards as payments methods.

 

Keep in mind that withdrawals are executed within 7 business days from the moment the withdrawal request was issued (if at all).

 

Conclusion

 

ECN Capital a forex brokerage that supports Leverate’s Sirix platforms and claims to be operating from Cyprus. Its main problem is that it is not licensed by CySEC, nor by any other authority, and there are reasons to believe that ECN Capital is related to Trade24, which most likely is a scam brokerage. You’d better not risk your money with this broker, all the more so that its spreads are too high. Here are, in a nutshell, the pros and cons of ECN Capital:

 

Pros Cons
Sirix platform available Not regulated
Extensive product portfolio Wide spreads, comparatively high initial deposit required
  No MT4, no mobile and desktop platforms available
  Likely connected with Trade24, which seems like a scam

 

Latest news about ECN Capital
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for ECN Capital

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Don't trust ECN Capital

That site is a scam!!!

Don't send them money, because you won't be able to get it out!!!

I have asked for a withdrawal of all funds in my trading account but 3 weeks gone still i did't get it.

Please help me if anyone know how can i solve this issue.

Md Mahfuzul Huda Linkon 03/06/2018

Don't trust ECN Capital

That site is a scam!!!

Don't send them money, because you won't be able to get it out!!!

Matjaž 02/19/2018

ECN Capital scams people of heir hard earned money

They are indeed scammers, I recently closed all open positions bacause I was asked fro more money on top of the 750 US Dollars i had initially invested. I am now given a run around because I have asked for a withdrawal of all funds in my trading account. Documents that they asked to submit after I had deposited the money wer never questioned and now that I have a requested a withdrawal some of the documents are now questionable.

These people should be arrested for their unethical business practise, this world does not need people like these.

Mapule 02/03/2018

ECN Complaint

They are definitely scam artists, continuously looking for one to deposit more money and there is just no return, initially I was told that you had to have a margin level of not below 250 % mine dropped below that and I lost everything, then received a phone call to say that I should deposit another $1000.00 and that we could rectify the situation and at the same time I had a new adviser (this being the second one) so another $1000.00 deposit was made and on new advice I managed to have a balance of nearly $5000.00 I was then told by the adviser that we should get rid of some of the positions that were in a negative this eroded my balance, only to get another new adviser. and a request for another $1000.00 which was done this to see if I could recoup my losses on what this new adviser suggested.I was told to open positions on Brent crude (and to sell) I then sent the adviser an e mail and told him that I should reverse these position to buy as the price was going to go up, and I was told not too, once again I lost a lot on my balance, again requesting that I put in another $ 1000.00, it was at this time that I started doing a bit of googling on this organization and started feeling uncomfortable, hence I never put in any more funds, the next thing I get an e mail from yet another adviser this now being the fourth one, obviously looking for me to put in more funds. Due to this I would like to lodge a formal complaint against ECN Capital as they are a Scam organization and Frauds could you possibly inform me how to go about lodging a formal complaint. A total sum of $5000.00 was paid into these scam artists account,I am currently sitting with a balance of $3340.00 but am having difficulty getting them to pay this amount out to me, I have requested the withdrawal eight days ago and to date nothing has transpired yet again proving that they are scam artist.

Barry 01/24/2018

Arrogant scam , typical boileroom and tomorrow they will not exist

I was surprised when i met my manager saying that he deposit and want to try ecncapital . The results no regulation no mifid no cysec not even normal behaviour from this company .after conecting the dots qith people info came thwy are the scam trade24. Stay away you will loose everything even if you make something there is no way out to take it back. thats why they dont have regulation.they should be closed like the scammers that ruin the forex industry and us as a traders

Kyle 10/29/2017
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