Ecap24 Review – Identifying the Scam Indicators

Ecap24 Review

Looking for an online broker sounds like a piece of cake? Just run a Google search and you can find a list of options to choose from. But, you should note that you cannot just pick a company at random.

No matter how good their reviews may be, or how attractive their website is and the many claims and promises they make, you should never believe everything you see and read. This Ecap24 review will highlight just how smart scammers are when it comes to devising platforms for fooling people.

There are millions of people all over the world who have made the mistake of choosing a brokerage without doing their research and paid the price for it by losing their entire investment to a scam. Do you want to be in the same situation?

No one wants to have to go through such difficult circumstances and the best way to avoid it is by researching a brokerage before you decide to make a commitment. In this way, you can avoid any surprises down the road and also choose the best platform for your trading preferences and needs.

The sheer number of online brokers you will come across can be quite overwhelming, but the good news is that there are some scam indicators you can look for to assess their authenticity.

This can save you from making a bad decision. Of course, not many people are aware of what exactly these scam indicators are and this Ecap24 review below can help you in this aspect.

One of the many brokers you will discover in your quest is Ecap24 that seems to be a good and capable brokerage at first glance, but when you do your research, you will stumble onto the scam indicators that show its true nature.

It has used several tricks to convince people that it is genuine, but it really isn’t and the following indicators can help you come to this conclusion:

It operates from an offshore jurisdiction

Before you sign up with any brokerage, you should first check out where it is based. This is because it will help you check if the company has a license and is regulated by the authority of the respective jurisdiction.

Dealing with a licensed and regulated broker can give you peace of mind and ensures that you can get quality and reliable services. Plus, most unregulated and unlicensed brokers turn out to be fraudulent, so it is better to not take this risk.

The first scam indicator that you come across at Ecap24 is that the brokerage is based in an offshore jurisdiction and it makes absolutely no effort to hide this either.

According to the website of the brokerage, it has its offices located in the Marshall Islands and the offshore jurisdictions does not regulate its forex markets at all. Its authorities have clarified this detail, which means that any company based there is not regulated and has no oversight, whatsoever.

Thus, if you decide to deal with a brokerage like Ecap24, then you will be taking a huge risk because there will be no accountability if anything goes wrong. It can come up with its own rules and policies and does not have to be transparent or fair because it does not answer to anyone.

It has a malicious bonus policy

As soon as you find out that an online broker is offering you trading bonuses, you should immediately become suspicious. Why? This is because most legitimate companies are no longer offering these to their clients, since they have been banned in various jurisdictions around the world.

Regulatory authorities had decided to do so because of the conditions that were associated with these bonuses, which were not considered fair to the traders.

You will come to know that Ecap24 offers trading bonuses and this is a big scam indicator because fraudulent companies are still offering them.

They come with strings attached, which are primarily aimed at preventing people from withdrawing their money once they have deposited it. This is exactly what is happening at Ecap24 as well and you will discover this when you check out their policy.

It mentions that traders will not be able to withdraw their profits from their Ecap24 account until they have met a specific trading volume requirement. The problem is evident when you check the requirement because it turns out that if you receive a $200 bonus, you have to have a trading volume of a whopping $5,000,000.

This is almost impossible for even the most professional traders and it simply means that there will be no withdrawals for you. Ecap24 will keep your funds and this makes it a scam.

It has a promo code requirement

Another problem that you will come across at Ecap24, which is a scam indicator, is that it asks for a promo code when you are signing up for an account.

This obviously does not make sense, but it is a common tactic that fraudsters use for convincing people that they are offering an exclusive opportunity to people to use their services. No legitimate brokerage would ever have any such promo code requirement because it is just a ruse for handpicking victims.

It offers obscene leverage

Leverage is an important trading condition offered by online brokers and it determines what kind of flexibility you can have during the trading process. The fact that Ecap24 is offering leverage ratios that are as much as 1:500 might seem impressive to some people, but you should remember that leverage is actually a double-edged sword.

Yes, high leverage could lead to high profits, but losses can be just as high and this makes it incredibly risky. Therefore, a lot of regulatory bodies have actually set caps on the maximum leverage that brokers in their jurisdictions can offer to retail traders.

Since Ecap24 is an offshore broker, it does not have a cap, but this does not mean that offering such ratios is safe.

The Verdict

All these scam indicators tell the same thing; Ecap24 is just another hoax and should not be trusted at all.