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ECNpremium Review - is it scam or safe?

ECNpremium Review - Is ecnpremium.com scam or good forex broker?

RATING: 1 / 8 REVIEWS ForexBrokerz ECNpremium
ECNpremium is an offshore broker. Your money is not safe.

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ECNpremium is a forex and CFD broker, offering five different accounts on two trading platforms. If you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Starting Account $500 1:400 2 pips, fixed
Advanced Account $1000 1:400 2 pips, fixed
Silver Account $2500 1:400 0,5 pips, floating
Premium Account $10 000 1:400 0,5 pips, floating
Pro Account $25 000 1:400 0,3 pips, floating

 

ECNpremium Advantages:

 

Lots of exotic currency pairs

 

ECNpremium offers 59 forex pairs including some exotic currencies - Chinese Yuan,  Russian Rubla, Swedish Krone, Singapore Dollar, Hong Kong Dollar, Mexican Peso, Danish Krone,  Norwegian Krone, Turkish Lira, South African Rand, Polish Zloti, Czech Krona and Hungarian Forint, as well as CFDs on stocks and futures. There are no CFDs on crypto currencies however. Here you can check our list of brokers trading with Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Various account types

 

ECNpremium is offering 5 account types on a couple of trading platforms. The Starting and the Advanced Accounts are offered on the Sirix platform and the minimum trading size with both is 0,01 lot or 1000 base currency units. The Silver, the Premium and the Pro accounts are offered with the MetaTrader4 platform as well as with Sirix. The minimum trading volume with the three premium accounts is 0,1 lot or 10 000 base currency units.

 

Generous leverage

 

Maximum leverage of 1:400 is available for all the ECNpremium accounts and that should satisfy even the most aggressive strategies. Still, keeping in mind that higher leverage is associated with higher risk, here you can check our list of brokers, offering leverage of up to 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

Competitive spreads with the premium accounts

 

As advertised on the ECNpremium website with the Starting and the Advanced accounts spreads are fixed and start at 2 pips. With the Silver and the Premium accounts the spreads start at 0,5 pips and are floating, while with the Pro Account the spreads start as low as 0,3 pips. 

 

ECNpremium says they do not take commission for the trade. At the same time with the Silver, the Premium and the Pro accounts you can opt for fixed spreads, starting form 1 pip, 0,7 pips and 0,4 pips respectively.

 

When tasted with a Demo account the EURUSD spread was even lower – between 0,2 and 0,3 pips, which is basically as good as it can get. Still here you may want to check our brokers, offering similarly tight spreads:

 

>> Lowest spread forex brokers<<

 

Various payment methods

 

ECNpremium accepts transfers with Visa and MasterCard, Neteller, WebMoney, PayPal and Skrill, UnionPay, OKPay, FasaPay as well as bank wire. Here however you can check our list of brokers, accepting Bitcoin as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

A choice of trading platforms, including MetarTrader4

 

The Starting and the Advanced accounts with ECNpremium are offered with the Sirix platform, while with the premium accounts you have a choice between Sirix and MetaTrader4. 

 

And while Sirix is not a bad option especially if you are into social trading, MetaTrader4 is a pure classic and can offer every bit of functionality a trader can wish for. Still the platform is mostly appreciated for its ability to run trading algorithms, for which traders can modify and even compile their own market indicators. Here you can check our list of brokers, also offering the MT4 platform:

 

>>Find other MT4 brokers here<<

 

ECNpremium Disadvantages:

 

Lack of regulation

 

Let us start with the fact, that there is neither a physical address nor a contact number on the ECNpremium website. There is no information about who owns the website either. 

 

ECNpremium says it “owns a Financial Services Board (FSB) regulation” but we are not convinced.

 

 

FSB is a the former name of the financial regulator is South Africa – the Financial Sector Conduct Authority (FSCA). We were not able to associate ECNpremium with a company registered with the FSCA.

 

That is the reason we will review ECNpremium as an unregulated broker and that significantly lowers its credibility. 

 

Brokers, which have no license and are not supervised by any of the respected financial authorities, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) are very likely to be a scam.

 

Properly licensed brokers on the other hand have to abide by strict code of conduct and and financial rules.

 

On top of that FCA and  CySEC regulated brokers are obliged to participate in traders' money insurance schemes. The FCA backed Financial Services Compensation Scheme for instance guarantees that traders can receive up to 50 000 GBP of their money back if their broker goes insolvent. Similar scheme insures up to 20 000 EUR with CySEC brokers. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Excessive minimum deposit requirements:

 

You can open a Starting Account with ECNpremium with 500 USD and that is too much compared with what most brokers ask for with a standard account. Here we should note that with many brokers you can open an account with 100 USD or less, while with some like XM and FXTM the minimum deposit requirement is just 5 USD. 

 

At the same time the minimum deposit for an Advanced Account is 1000 USD, for a Silver Account – 2500 USD, for a Premium Account – 10 000 USD and for a Pro Account – 25 000 USD. 

 

Unusual withdraw fees

 

ECNpremium charges 1,5% of any withdrawn amount as well as additional 25 to 100 USD for bank wire transfers.

 

Conclusion:

 

Although the trading conditions with the premium accounts look good, ECNpremium remains an unregulated, forex broker with low credibility. There is no physical address or a phone number mentioned in their presentation and we were not able to identify the company that stands behind the site. All of that should alert potential investors.

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Traders` reviews for ECNpremium

Spread

Pros

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

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They are scammers

First, they contacted through a broker (Flavius), later he transferred me to another one (Mia Flores), she wanted that I invest more money, as I didn't it, they blocked my account. They're very persistent. Now when you go to www.ecnpremiun.com it redirects you to https://lp.poketrading.com

Federico 01/03/2020

ecn premium scam

hello ai now get answer how they work my help have found my money in boghota if spelling maby not right then they have this tre differnet country to invest money london litauen germany have two different broker both leve me with bad direction and no help then they have send my money to bitcoin wallet so we not can tkae out money

sven midholm 08/27/2019

scam broker

hello Ilive in sweden and have deposit a lot of swedish money to this account but they looks like a very big scam broker have deposit frome my swedbank they so good help me with anydesk to do 9 000 euro 10 000 euro

and a second 10 000 euro because they give me so bad trade positions I lost money now my account manager Philp Bakhor give me tre bad trade in same asset then he leave me for 8 weeks now no answer and nobody locks to work in they support if they have that I fail so bad about this they give me bad loan no money to withdraw for me invest for better life they say

sven midhol 08/05/2019

EcnPremium Withdrawal problem

EcnPremium did a good thing in assisting me how to get profit from my money. At first I did nog get it, and they were the first to advice to put additional money on the account to support existing positions, and I did.
However, when I got the hang of it, made a 400% last quarter, and wanted to cash half of the profits, suddenly the account has been blocked because of "bankruptcy" and I have been contacted by some bloke from GoldenCFD who is willing to take over the account if I first pay the amount that the bank put in credit for the account. BTW this is about 16% of total balance right now!

Frits Kuijk 07/22/2019

WARNUNG vor dieser Platform

Ich bin seit ca.1Jahr bei ecnpremium.ACCOUNT Manager Robert müller
Es sind mit meiner Einzahlung und dem Zugewinn ca.€ 42000.00 angesammelt. Jetzt geht es um die Auszahlung .Ich habe im Februar 2019 gekündigt.Mein Account Manager interessiert das nicht.Er will immer weiter traden. Wenn ich das Geld ausgezahlt haben will,dann müßte ich zur Ablösung 6000 € einzahlen.Herrn Robert Müller interessiert das alles nicht und ich kann und werde keine € 6000. zahlen .Fortsetzung folgt.


Translated by Google:

WARNING in front of this platform
I have been with ecnpremium.ACCOUNT Manager Robert müller for about 1 year
There are accumulated with my deposit and the gain about € 42000.00. Now it's about the payout. I quit in February 2019. My account manager does not care. He wants to keep trading. If I want to have the money disbursed, then I would have to pay for the replacement 6000 €. Mr. Robert Müller interested in all this is not and I can not and will not pay € 6000. Continuation follows.

Joachim Dickmann 05/28/2019

ECNpremium account

I am still awaiting my withdrawal and they want more money off me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
so its up to you

colin smith 04/15/2019

trading scams

I am sorry to say that I did not come to your website before getting involved with ECNPremium. The site is no more available now and I lost the money I deposited. I had a very good contct with the broker at first, but then posted a very bad trade after which I could not reach him again. Skype closed, email closed. When I asked for a withdrawal I got no answer at all. Now I see that the whole website has disappeared.
However ECNPremium is not the only scam. There is also NEWS-TRADERS.COM who does not pay out, also they don't give an answer and another scam is OLYMPUS MARKETS.COM who neither pay anything back. The last one trapped me into their scam using an ad from a wellknown TV person.

Maria Verboom 03/29/2019

Unreliable communication with ECN brokers

I have deposited significant amount to ECN premium and then they assigned me a broker. I had no previus experience as I wanted to learn the tricks. The broker took me straight into indices nasq and dax with high risk and we did some good calls and bad ones. Then his advise got worse and they just wanted to upgrade the account to premium. It was almost like they wanted me to loose. Also imposed credits on me so I can protect my positions. Now when I want to stop they claim I have to release the imposed credits with another significant deposit. This locks me in their web. They have closed my account, I cannot protect my positions or even loose my own money. I will probably have to write the whole thing off. To bad since I was learning to manage myself. Any suggestions!

Helgi Geirhardsson 10/12/2018

ECNpremium la fontasma broker

ho aperto un account con ecn premium tramite un account manager piu di un mese con 500 euro mi chiamano per fare posizione con guadagno , volevo assicurarme del broker via mail per avere il numero di licenza nessuna risposta, anche ho provato con un prelievo una settimana fa niente penso a chiudere il conto aperto ma non so come si fa, spero di trovare un aiuto da qualche parte

Translated by Google:

I opened an account with ecn premium through an account manager more than a month with 500 euro call me to make a profit position, I wanted to secure the broker via email to get the license number no answer, even I tried with a withdrawal a week ago I do not think about closing the account open but I do not know how to do it, I hope to find help somewhere

jaafari abdellatif 09/21/2018

ECNpremium refusing return of deposit

I paid a deposit to ECN Premium on June 6th Did no trading except to open this account. I was assured it would be returned to me but ECN are refusing are not answering emails and unable to access them by phone. Any suggestions

Rosemary Murphy 07/23/2018

ECNpremium withdrawal problem

last week i deposited 500 $ in my account there Ac no: 619625
and suddenly a guy calls me and tells me i am your account manager and do as i say , i have some trading experience , the trade given was not a good call and he recommended me to trade higher lots which i didnt and lost around 52$ and then i request for a withdrawal since june 15 and till date no answer from any one there ?? can you please advice me what action can i take ?

jawaid 06/27/2018
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