MasterECN Review Is Masterecn.com A Scam Or Legit Broker

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MasterECN Review: Is Masterecn.com A Scam Or Legit Broker?

After doing some research, we found out that a lot of traders are reporting MasterECN and writting bad reviews about it.
It seems like they are not happy about it and they warn others not to trade with them.

It’s always important to know what other traders are thinking about a broker before using it and we can say that they are not saying good things about MasterECN.

What do regulators say about MasterECN ?

This is the most important thing you need to know about a broker before using it. Is MasterECN regulated ? Is it an offshore company ?

Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).

An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.

MasterECN is an offshore broker owned by MasterECN Ltd and located at First Floor, Fist St.Vincent Bank Ltd Building James Street Kingstown, St.Vincent and The Grenadines.

They can be contacted by phone at this number : +442037451249 / +0123456789 or you can send an email to [email protected] / [email protected] / [email protected] / [email protected]

You should definitely avoid any unregulated or offshore broker and MasterECN is one of them.

Have you been Scammed by MasterECN ?

Have you been victim of this company ? Did you lose money with them ? Everyone does mistakes. Don’t worry, you are not alone, and we are here to help you.

Our team of experts is available 24/7 in order to help you recovering your hard-earned money.
After asking you some questions, they will be able to build a chargeback case to fight the broker and get your money back as soon as possible.

Chargeback is the solution

As we said before, the good news is that there is a solution and it’s called a Chargeback.
But what is a Chargeback ?
A Chargeback is the retroactive cancellation and refund of a charge made using your credit card.

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Not a lot of people know that, but there is a high probability of getting your money back when you build a Chargeback case as long as it is built correctly from the beginning to the end.

Using a chargeback service like MyChargeBack may be the only way to build a correct Chargeback case in order to get your money back as fast as possible.

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MasterECN Review: Is Masterecn.com A Scam Or Legit Broker?

Masterecn.com Review: this is the website of a Forex broker that is located in St. Vincent and the Grenadines. Is trading with MasterECN safe? Before you deposit funds with this broker, read all the details we found about it.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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Master ECN mentions that it is owned by MasterECN Ltd, a company incorporated in the offshore region of St. Vincent and the Grenadines. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of MasterECN

The brokerage claims to be transparent in its dealings with clients. Tight spreads and low commissions are used and it offers many trading instruments. Multiple trading platforms are also provided for clients to choose from.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

MasterECN Trading Platform

The broker mentions that it provides clients with access to the MT4 and MT5 trading platforms. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are forex currencies, CFDs on commodities, indices, energy, metals, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads used are fixed at 2 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on MasterECN

The means of making deposits and withdrawals with this broker are MasterCard, VISA, Bank Wire Transfer, Skrill, and Neteller. We are encouraged that e-wallets are named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required to trade with the broker is $500 and this is more than the average minimum among many known legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is MasterECN Licensed?

No. MasterECN is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the broker or its customer service, there is an online message form on the website.

Conclusion

MasterECN is an offshore broker and thus, we do not trust any kind of license it may mention on the page. It supports the MT5 trading platform which is encouraging but requires a high deposit minimum. The broker also uses high spreads which we do not find encouraging.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

MasterECN Review – is it scam or safe?

Trading Accounts and Conditions

Account typr Min. deposit Max. leverage Spreads
Master Mini $500 1:300 2 Pips
Master Elite $1 000 1:400 1.5 Pips
Master STP $5 000 1:200 1 Pips

MasterECN is an offshore forex and CFD broker that offers trading in wide range of assets on the MetaTrader 5 platform. Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them such a low rating, although the broker seems to have some strong sides to it.

MasterECN Advantages

Access to MT5, wide range of assets offered

As was mentioned abiove, MasterECN uses the industry leading MetaTrader5 (MT5), which is always considered as a strong selling point.

The MT5 is the latest edition of the MetaQuotes’ software, and is highly valued for its great charting and analytical tools, support for automated trading via EAs, customization options, and more. Besides, users of the MT5 are able to enjoy even more trading possibilities than with the MT4, as the platform allows dealing in derivatives and exchange-traded stocks from one and the same account.

Furthermore, clients of MasterECN are allegedly offered trading in many currency pairs and a variety of CFDs – on stocks, indices, precious metals, commodities, stocks, as well as major cryptocurrencies like Bitcoin. That said, we couldn’t test the broker’s MT5 and verify this claim, so you may take a look at our extensive list of reliable brokers who support this platform.

High leverage ratios

Another possible benefit of MasterECN is the high leverage ratios it provides, reaching 1:400. Such levels will suit even the most aggressive traders, yet keep in mind that leverage has a dark side to it. It can significantly increase your profits, but it can also dramatically amplify your losses.

MasterECN Disadvantages

The most serious disadvantage of MasterECN is the lack of credible financial regulation. The broker is allegedly owned by MasterECN Ltd., a company registered in St. Vincent and The Grenadines (SVG). The SVG is an offshore zone where financial services providers are not licensed, nor overseen by any financial agency.

This means that clients of MasterECN have no guarantee for the safety of their investment — it is dependent solely on the good will of the people operating the broker. That said, most offshore brokers are running investment scams, so you’d better stay away.

No demo accounts

We view the availability of a test-drive as crucial in judging the legitimacy of a broker. So, the fact that MasterECN doesn’t offer free demo accounts additionally lowers its level of credibility.

Spreads above the average, high initial deposit required

As indicated on MasterECN’s website, the spreads on EUR/USD on the most basic account are 2.0 pips. Those of you who are familiar with the industry will know that a spread of 2 pips is more than expected for a major pair. For further information on trading costs, you can check out the spreads of some leading forex brokerages.

Besides, MasterECN has a rather high entry requirement – $500. Most forex brokers require $100 0 $250 as a start. including reliable and regulated companies.

Conclusion

MasterECN is an offshore broker that doesn’t hold a legit license.

We always advise our readers to select very carefully their forex broker. It is best to choose among companies regulated by trustworthy regulators, such as the UK’s FCA, CySEC in Cyprus, or Australia’s ASIC. These authorities require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

Forex brokers authorized by CySEC have to abide by a set of rules, including those introduced on a EU level, which provide significant assurance for the security of clients’ funds. These include certain capital adequacy requirements, segregation of clients’ funds, reporting transactions on a regular basis, provision negative balance protection, and more.

Besides, in case any broker regulated in Cyprus becomes insolvent, each of their clients may be compensated up to 20 000 euro by the Investor Compensation Fund.

And finally, here are the highlights of the present review of MasterECN:

Pros Cons
MT5 available, various financial instruments An offshore broker
High leverage ratios No free testing service
Spreads above the average
High initial deposit
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

MasterECN Review – 5 things you should know about Masterecn.com

Beware! MasterECN is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

MasterECN is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT5 trading platform and the required minimum deposit is double the industry average of $500, however, further trading conditions remain undisclosed.

MasterECN regulation and safety

On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name News Traders LTD. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.

We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

MasterECN trading software

Putting all this aside – the brokerage does provide the MetaTrader 5 trading platform, a big advantage for traders since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. However, we were unable to get a look at it through a demo account. We always view the lack of a test-drive unfavorably since it is the most transparent way to get a hold of the trading conditions of the brokerage. Besides, there is no information regarding the spread or the leverage on the website as well, we only discern the required minimum deposit which is not enough to go on.

MasterECN deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via only the standard Visa, MasterCard and bank wire, as well as Skrill and Neteller

Going through the terms and conditions of the brokerage we did discover some troublesome provisions. There is a $3 withdrawal fee for credit cards, as well as Skrill and Neteller and a 2.5 percent fee for wire transfer. There is also a minimum withdrawal amount of $1000 for wire transfer which is quite excessive in our view.

There weren’t any other noteworthy provisions, but we do remind readers that many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the Forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

MasterECN Review: Is Masterecn.com A Scam Or Legit Broker?

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