Ec Markets (ecgroupet.com) is a newly registered broker website, with its domain registered on September 7, 2024. The website claims to offer users a variety of financial product trading services, including forex, precious metals, crude oil, indices, and cryptocurrencies. However, it has many issues and its legitimacy and security are questionable.
Company Background and Regulatory Status
According to publicly available information on ecgroupet.com, Ec Markets is headquartered in Denver, USA, and is among the top 50 financial services companies in the country. The broker also claims to be licensed by the Financial Crimes Enforcement Network (FinCEN) and the National Futures Association (NFA), with MSB number 31000263262302 and NFA number 0561418. However, upon further verification, these claims are found to be false.
Verification shows that the FinCEN website lists the company with MSB number 31000263262302 as SMART GLOBAL and not Ec Markets. The NFA website shows no registered member with the number 0561418.
Additionally, the homepage of ecgroupet.com claims that its headquarters are in New York, while the "About us" page states that it is located in Denver, which is contradictory. Furthermore, the trading name used by ecgroupet.com can easily make people associate it with the reputable broker "Ec Markets," potentially misleading investors.
Further investigation reveals that the overall website design of ecgroupet.com is almost identical to other scam brokers like LKLEE, OTC Markets, and GLOB XE, suggesting that they may be operated by the same group.
Trading Products
ecgroupet.com claims to offer various trading products, including forex, precious metals, crude oil, indices, and cryptocurrencies.
- Forex: Offers multiple major currency pairs including EUR/USD, USD/CAD, GBP/USD, USD/JPY, etc.
- Precious Metals: Offers spot trading for several metals: gold (XAUUSD), silver (XAGUSD).
- Crude Oil: Offers US crude oil (UsOIL) trading.
- Indices: Nikkei 225 (N225), German Index (GER30), S&P 500 Index (US500).
- Cryptocurrencies: Offers multiple major cryptocurrency pairs including Bitcoin (BTC/USD), Ethereum (ETH/USD), Ripple (XRP/USD), etc.
Account Opening Process
- The account opening process on ecgroupet.com is as follows:
Visit the official website and click the "Register" button to go to the account application page. - Fill out the application form with your email address, set a login password, and receive an email verification code to enter into the form, then submit the application.
- Once the application is submitted, the account is successfully registered. Users must complete KYC verification to deposit and trade.
Trading Account Information
The trading account information published by ecgroupet.com is limited, only providing details such as spreads, leverage, and contract size. Critical information regarding specific account types, commission standards, and margin levels is not disclosed.
- Base Currency: USD
- Spreads: Floating spreads, starting from 1 pip
- Leverage: 1:100
- Contract Size: 1 lot equals 100,000 units of currency
Trading Platform and Deposits/Withdrawals
ecgroupet.com claims to offer the ST5 trading platform, available on both web and mobile versions. However, the provided mobile download links lead to "Sdcfskdvt" on the App Store and "Sncowete" on Google Play, both unrelated to ST5.
Furthermore, information about deposit and withdrawal methods, fees, and minimum amounts is not adequately provided on the website.
Conclusion
Traderknows alerts investors that Ec Markets (ecgroupet.com) exhibits clear signs of a scam. The site not only uses the name of a reputable broker but also attempts to attract investors through false regulatory information and non-transparent practices. Additionally, the only way to contact the company is via email, making the security of investors' funds extremely uncertain.
Investors are advised to exercise caution when choosing a broker, opting for platforms strictly regulated by legitimate authorities and ensuring high transparency to effectively reduce the risk of financial losses.
