Warning! ECryptoService is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
We can immediately deduce what ECryptoService has on offer. This broker is clearly on the dark side of things. Read on to find out why.
The holding company of the broker is Day Dream Investments LTD and is based in the Marshal Islands, while the broker’s so called company agent is registered in Bulgaria as UP Services LTD. There are two issues here that we shall see.
The Marshall Islands are one of the ideal destinations for all sorts of shady companies, because of the nation’s looser laws, yet the country does not have a financial regulator, thus ECryptoService, even if registered there, most certainly is NOT regulated there.
Next is the address in Bulgaria. Note that it is not said that the broker holds a license from there. Nevertheless, in Bulgaria, the license issuer is the Financial Supervision Commission (FSC). The agency is not the most renowned, and Bulgaria is known to host some shady firms, yet there is an upside to it. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450. After searching the official FSC website for ECryptoService we no results.
These facts all points to the truth that ECryptoService is UNREGULATED, and thus a risk to all investors.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
We easily opened a live account, with the most standard account type and where presented with a trading platform that lacks any actual trading terminal properties, as we shall see in the following section. For this fact we cannot give you any, as there are no, spreads, leverages, and trading assets.
As for the languages, the broker clearly uses Google Translate to convert the languages, which in reality can be used for every website. Thus the only real language that the website is in is in English.
ECryptoService is plagued by a very common “problem” that many illicit brokers have, and hope that no one will mention. And that is that the trading platform at ECryptoService is in fact not a trader at all but a 3rd party chart with unconnected spread values. Thus this broker has in fact no trading platform.
It is understood by now that ECryptoService has no costs of trade, leverage, and trading assets. This makes ECryptoService not a broker at all.
ECRYPTOSERVICE MINIMUM DEPOSIT
It seems that the only method to deposit funds is via bitcoin.
We could not proceed with the depositing process in the client are. According to the account types the minimum deposit amount is $500.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
This broker has sneaked in the AnyDesk software as means for traders to receive help; it’s located on the bottom right of the screen on the website. 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.
ECRYPTOSERVICE WITHDRAWAL TIME AND FEES
We were not able to proceed with the withdrawal of funds from the client portal; the broker just processes the request and does neither approve nor denies it. The legal documents mention that the company pays out the withdrawal amount within 7 days of the request. Any other withdrawal info, including minimum withdrawals and fees, have not been included.
ADDITONAL FEES AND TAXES
On multiple occasions in the legal documents, the broker explicitly mentions that there are payable fees by the client, including charges incurred for system services, subscriptions, taxes, governmental fees, levies and others.
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.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
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!
ECryptoService is not worth your investement. Those that deposit here will quickly understand why; their money will never be retrned to them, and they will be left with no other choice but to accept that fact. Stay away!