Encounter Finance Ltd is a forex broker established in 2023, offering trading services in forex, precious metals, energy, and cryptocurrency derivatives. The company's registration details and regulatory status lack transparency, hence investors should exercise caution when considering the use of this platform.
Company Background:
Encounter Finance Ltd claims to have been established in 2016, but investigations revealed that it was actually established on March 1, 2023, with a registered address at Flat 43 Perkins House, Wallwood Street, London, England, E14 7AH. Encounter Finance Ltd's registration expired on March 14, 2024, and it is currently in an expired state. The broker's official domain was registered on March 27, 2023, indicating a relatively short establishment time.
This broker falsely advertised its establishment date, and investors should remain vigilant when considering trading or cooperation related to Encounter Finance Ltd.
Regulatory Status:
Encounter Finance Ltd is a broker that is not regulated by any financial regulatory authorities, and no regulatory information is disclosed on its website. Likewise, no relevant records can be found on official regulatory bodies' websites. Investors should note that trading with this broker may involve extremely high transaction risks. Therefore, investors should be vigilant when considering trading or cooperation with Encounter Finance Ltd to avoid potential loss of personal financial security.
Account Registration:
Firstly, users need to visit the official website of Encounter Finance Ltd and click on "Real account". On the account opening page, users will need to fill in some basic information, including but not limited to an email address and setting up a password. After filling in the basic information, users can submit their registration application by clicking the submit or register button. Once the registration application is approved, users will successfully complete the account registration process. The system may send a confirmation message through email or other means, including account login credentials.
Account Types:
The official website of Encounter Finance Ltd does not elaborate on the types of accounts offered. Typically, brokers provide different types of accounts to meet the needs of various investors. Due to the limited information on Encounter Finance Ltd's account types, investors are advised to further understand the account types and their features before choosing to use the platform, to make informed decisions.
Trading Products:
- Forex Trading: Encounter Finance Ltd supports forex trading, but does not provide specific product information.
- Precious Metals Trading: Offers spot trading of gold and silver against the US dollar. Investors can buy and sell gold and silver on this platform and trade them against other major currencies.
- Cryptocurrency Trading: Encounter Finance Ltd offers popular digital currency trading, including Bitcoin, Ethereum, Ripple and Litecoin. Investors can trade these digital currencies on the platform.
- Energy Trading:
- WTI Crude Oil trading: The trading unit is barrels, and the quote unit is USD per barrel. The standard trading volume is 1000 barrels, with the minimum trading volume being 0.1 lot, i.e., 10 barrels.
- Brent Crude Oil trading: The trading unit is barrels, and the quote unit is USD per barrel. The standard trading volume is 1000 barrels, with the minimum trading volume being 0.1 lot, i.e., 10 barrels.
Trading Software:
Encounter Finance Ltd introduces FX6 as the trading software provided on its official website, supporting both PC and mobile versions, compatible with Android and iOS systems. FX6 trading software is a proprietary trading platform, which may involve platform manipulation, internal fraud, and unauthorized trading. Investors should remain vigilant when selecting a trading platform and prefer brokers that offer well-known trading software.
Spreads and Commissions:
Encounter Finance Ltd offers forex trading with features including zero commission, zero spread trading, and supports up to 500 times leverage. Currently, besides this basic information, the website does not provide further detailed information. Investors considering using this platform may need more information to fully understand its trading conditions.
Summary:
Encounter Finance Ltd is a forex broker that misrepresents itself, with many shortcomings in information transparency, regulatory compliance, and customer support. The broker primarily offers services through its proprietary trading platform and does not support platforms like MT4/MT5. Investors should carefully consider before choosing this platform and ensure they fully understand the platform's features and potential risks.
Currently, Encounter Finance Ltd is marked as "Suspected Fraud" on TraderKnows.
