Beware! Ecoinsvip is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We have reviewed so many brokers that by now we have developed a sort of a sense for all things irregular or offbeat. Ecoinsvip very quickly turned on our suspicion alarm and were not hesitant to dig deep and uncover its scammer roots. Read the review to see what we found out.
The signup process, as we expected, was very familiar, and reminiscent of dozens of illicit brokers that have come and gone. After inserting our credentials, we were off to a user portal area, where the real trading conditions and payment details can be taken. That is why we always strive to register!
We were immediately redirected to a trading platform, one that has been reviewed by us on many occasions. There the EUR/USD cost of trade fell to 3.7 pips on average. This value can never be profitable to any trader,; in fact, it bring profitability exclusively to the broker, which is unacceptable. The leverage was maxed out at 1:200. If clients chose to trade with this broker, they can do so with forex pairs, cryptocurrencies, indices, commodities, stocks, ETFs, and bonds.
The main and only language of the website is English.
ECOINSVIP REGULATION AND SAFETY OF FUNDS
First and foremost, the Terms and Conditions gave us the following:
Does the broker expect us to fill in the x’s? This clearly states that the firm is not holding any sort of regulation.
Further down the legal documents, the broker claims to be working under UK laws. We assure users that in no universe would the FCA take Ecoinsvip under its wing. This broker may or may not be operational from the UK, but one thing is clear as day- it is not licensed by the UK’s FCA!
Seeing that these are the only mention of any regulatory/legal guidelines, we have no choice but to name this company UNREGULATED, and probably a scam, making it a risk to all investments!
There is only one thing left to do! All user who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA and CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adapt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
ECOINSVIP TRADING SOFTWARE
Ecoinsvip is equipped with a very simple yet advanced looking platform, whose main feature is to use its visuals to attract the unsuspecting user.
The features that barely stand out here are pending orders, live news, live TV, and some very limited chart customization. And keep in mind that most of these are standard and are included in most legit broker platforms. Thus there is nothing really here to keep anyone from leaving after 1 hour of trading. To retain a user is one of the most important roles of a trading terminal, and if the trading office cannot do that, then your worth as a broker just lowered.
ECOINSVIP DEPOSIT/WITHDRAW METHODS AND FEES
We could not get a hold of a minimum deposit, due to the seemingly broken deposit section:
There is not even a way to grasp the funding methods. For whatever reason, the process was broken. Or, it just might be concealed, hidden away, only available to those users deemed worthy by Ecoinsvip. If such is the case, the worthy ones are those willing to deposit!
The website claims that the deposit is at its minimum when it is 2 BTC. 2 Bitcoin, at the time of writing this, is around $26 000. So, you are telling me that this is the minimum deposit? For us, this is simply ridiculous.
Unlike the deposit area, the withdrawal one reveals some solid details, like the methods for withdrawing: bank transfer, credit card, and BTC Wallet. However, we could not get a hold of a minimum amount. The typical withdrawal process takes some time between 3 and 5 days, according to the legal provisions.
Here is it. The dreaded clause through which the broker can take all your money. The Non-Deposite Funds provision basically reveals that all profits gained from trading do not belong to you, the trader and as such will be given to the broker. Here Ecoinsvip twists the clause just a little bit by giving the user hope by saying that these funds will only be released if the client meets all the T/C requirements.
If an account is dormant (no activity detected) for more than 6 months, then the broker will issue a fee of $25 for every 6 months of dormancy.
Furthermore, the broker mentions government taxes that is the client’s responsibility. What this tax is, and how and why it applies has not been mentioned.
Here is the classic clause that keeps the broker out of harms way in case users try to file any legal charges against it. The legal documents are filled with individual limited liability clauses that cover all sorts of actions. The one that we have included is here to generalise.
To tie the indemnification of the broker is the following clause revealing that all claims against the broker will be voided after 12 months. This means that the broker can stall your claim until it is no longer valid.
Last but not least, the Terms and Conditions can be changed without notice. As a farewell present, we have also included the date of the last revision of the T/Cs- May 2015. So much has passed since then, that Ecoinsvip has either forgotten to amend them or does not care to do so.
Clauses such as these speak s much of how scammer Ecoinsvip is. This is another fraud of a firm, and we assure readers that it will steal your money. Keep away from this one!
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so-called robo-scam website or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those that at have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so called recovery agencies, who are nothing more than fraudsters in disguise. If you get scammed, you might get contacted by someone claiming t be a recovery agent who is willing t fight for you money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear.