ECN Capital Review
ECN Capital Review
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
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.
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.
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).
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.
ECN Capital Review Conclusion
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