Beware! Ecg-Limited.com 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.
Ecg-Limited.com or East Century Group Ltd, is a shady broker that we had a hard time locating, in the sense that it was difficult to search it on any engine and find it on the top results. This might seem like a long shot to many, but most scammer brokers are hard to trace, and thus they themselves are found whenever they want to be found. In the case of Ecg-Limited.com it did not surprise us. It is without a doubt a shady brokerage, one that should be avoided at all costs. Why? Read the review to find out.
We had no way of creating an account, for the reason that the broker never sent over the required verification code that would have confirmed our account. We waited quite some time for it, and in the end, gave up doing so.
This puts us in a familiar situation where we must take all the necessary trading and payment information (for the purpose of the review) from the website, a source unworthy of our trust, for reasons which we shall gradually reveal.
According to the website, the available tradeable assets are oils, metals, and indexes. There are no forex currency pairs, the staple of the industry, nor are there any cryptocurrencies and shares. We thusly cannot give you any EUR/USD spread. Moreover, we could not find any leverage value
The website is available in English and Chinese.
ECG-LIMITED.COM REGULATION AND SAFETY OF FUNDS
Ecg-Limited.com is your common anonymous website, whose reliance on filler text is noticeable after your ten-minute mark with it has been passed.
We find no regulatory information and no contact details. Thus we cannot pinpoint the location of Ecg-Limited.com. However, even if the broker gave us an address, there would be no guarantee that it would have been truthful.
Moreover, there were no official documents to support claims and create legal boundaries between users and the broker. This is one of the biggest indicators that Ecg-Limited.com is UNLICENSED. Without these files, the broker has the ability to manipulate users, their money, and their personal data to serve its own selfish purposes.
So, Ecg-Limited.com is untraceable, has no legal documents, is unregulated, and is thus a complete risk to all deposits and personal data!
Investing in brokers that have no license is a pure waste of funds. You could be doing so much more with your money. Like, say investing in an FCA or CySEC regulated entity where there is a real chance of winning. Not only are all regulated brokers trustworthy, but they also work for the client, always endeavoring to bring the best and most stable trading experience out there, which makes the market very competitive. Furthermore, some regulators, mainly the FCA and CySEC employ fund compensation schemes whose main purpose is to reimburse users at times when the broker cannot pay his clients back, mainly due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ECG-LIMITED.COM TRADING SOFTWARE
Claiming to be offering an MT5 is perhaps the boldest thing to assert. But here we are with Ecg-Limited.com.
However, the broker does come with an MT5, or so it seems… In fact, once we entered the installation folder for the alleged MT5, we saw that the logo for the East Century Group Ltd was different from the one on the website. Then we remembered that this was not the first time seeing this logo, as we had encountered it on another website whose business name was East Century Group Ltd. In fact, this East Century Group Ltd is the first result we get in Google, and is nothing more than another unlicensed broker, probably a domain held by the same people that run Ecg-Limited.com.
And so, we can say with confidence, that Ecg-Limited.com does not offer the MT5.
ECG-LIMITED.COM DEPOSIT/WITHDRAW METHODS AND FEES
Following is another disappointing news for our readers. There is absolutely no payment information revealed anywhere on the website, and even if there were, it would not have been trustworthy.
We find no minimum deposit, no withdrawal fees, and definitely no payment methods. If this is not yet another sign that Ecg-Limited.com is a waste of your time and money, we don’t know what is!
The usual minimum deposit requirement is $250, and scammer brokers tend to rely heavily on crypto deposit means and at times on credit/debit cards or wire transfers.
With all that was revealed, all that we can say is to not waste your money here!
How does the scam work?
The way that scams work is very simple, and it is a surprise that still many people fall for them in this day and age.
What happens is that user clicks on misleading ads on social media or other popular websites, and are there redirected to a scammer broker, an intermediary site, or an investment site that is also a scam. Either way, you are in deep stuff once you enter.
These ads are very alluring, using a number of methods to attract users: beautiful women, luxurious cars and houses, expensive vacations, etc.
Once you enter these sites, the broker will try to convince you to invest, which you should not do! The first investment is usually initiated by the rookie scammers, who will get a large commission out of it, meaning they have a motive to defraud you.
A second deposit is made in the presence of the advanced scammers, or sometimes called account managers. These are sweet talkers and can steal your money without you knowing of it.
There will come a time when the user will start getting suspicious. This mainly happens when one tries to withdraw and fails on multiple occasions. Each scammer broker uses one of many tactics to stop users from withdrawing: stalling the request, shutting down the account, not responding to requests, or at times closing down the entire website!
What to do if scammed?
Chargebacks are your safest bet. Credit and debit card companies have this option for such cases. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer losses are harder to recuperate, however, your bank may have a plan installed just for such scams. Best check with your local bank. And make sure to change your bank account user name and password.
If you have lost your money by means of a crypto deposit, then we have some bad news for you. Please never invest in an unregulated broker through any crypto method.
Finally, you may stumble by accident on a recovery agent or similar person or agency claiming to be able to get your money back. Never trust these, for they are scams on their own, or can sometimes work for the fraudulent broker.
Rich Snippet Data