East Capital Markets

East-CapitalMarkets is an overwhelming broker. The website is heavy with images and texts that are very disproportionate slowing it down, and have the ability to rightfully confuse. No good can even come of this…Right? Read on to find out.

After going through the website, we stumbled on zero hints at a regulation. East-CapitalMarkets falls into that category of brokers that think they can easily offer services without even trying to conceal their illegitimate practices.

The Terms and Conditions mention a MUU GROUP LIMITED, which is a company that is incorporated in Hong Kong as a private limited company.

However, it never says what the actual relationship of MUU GROUP LIMITED and East-CapitalMarkets is. We checked with the Securities & Futures Commission of Hong Kong broker regulator to see if the both names appeared in the online registry. Both names bore no results, in turn making East-CapitalMarkets UNREGULATED and a risk to all investments made with it.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

Our speculations have led us to believe that the broker is using the MUU GROUP LIMITED legal documents because they were either too lazy or unqualified to do so. And again, we cannot stress enough how awful the website is.

The EUR/USD spread as seen on the trading platform, which is not really a trading platform as we shall see, is 1 pip. The leverage offered is unknown.

Trading assets are Forex Pairs, Commodities, Cryptocurrencies, some Indices and Stocks.

The website is translatable in French and English.

EAST-CAPITALMARKETS LOGIN

The main platform here is half trader half 3rd party provided chart. This hybrid of a terminal is common with fraudulent brokers. The 3rd party graphs have many options to go through, for sure. On the broker’s side the only option we have is to buy or sell.

The spread is 1 pip for the EUR/USD pair, while a leverage amount is not indicated.

EAST-CAPITALMARKETS MINIMUM DEPOSIT

The minimum deposit is €200. The two methods of depositing are TransferWise and Credit Card. This info we got straight from the dashboard.

We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

EAST-CAPITALMARKETS WITHDRAWAL TIME AND FEES

The minimum withdrawal is not made clear. The dashboard gives us no information, and of course one must deposit first before withdrawing.

We cannot be 100% sure if the legal documents, that turned out to be owned by a different company, are applicable to registered users of East-CapitalMarkets.

The T/C mention that withdrawals using alternative payment methods may have fees attached to them.

Processing times are said to be between 3-5 days.

ADDITIONAL FEES AND TAXES

There is an undisclosed trading volume requirement that must be met before a user can withdrawal any funds gained with the help of bonuses.

Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

East-CapitalMarkets is as shady as one can get: no regulation, false legal documents, sloy website design, and horrendous trading platform. Be sure o stay away from this one.