MasterECN Review

Think Twice Before Trading with This Broker

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Published: 02 March 2020

Posted by: anonymous

MasterECN operates all around the world. It has its origin in St.Vincent and the Grenadines. Still, it is better to think twice before depositing funds here. Many surprises will give all readers a big shock.

First and foremost, MasterECN is not a valid holder of a legit license. To be precise, it does not hold a valid license to operate openly in the world of trading. Hence, it is very risky to hand all your finances to such a company. You may search online and ask top traders. Hardly someone will inform you about this company.

Why is it Good to Stay Away from MasterECN?

A company devoid of a valid license wouldn’t have all its information transparently available to its customers. MasterECN is not available in the list of top brokers. According to my MasterECN review, MasterECN Ltd. owns the company, FOREX trading will go on without any proper regulation. It is the first sign of a scammer.

Carrying on trading activities with a forex broker that does not hold any valid license will pose lots of dangers to the funds of traders. Such funds will rarely get sent back into your bank account. Fraudsters do not follow any rules. Due to this reason, they put the traders in higher risk than they expect.

Why Do People Fall Prey to MasterECN?

Once you login to the website of MasterECN, you will come across numerous pieces of information. It claims to be transparent initially, but in reality is just the reverse. It will take into usage tight spreads and low amounts of commissions. Also, it will offer you numerous trading instruments. It also uses multiple platforms for trading.

It is very common for forex brokers to start out by providing claims to make clients richer. The reason is that everyone seeks some easy ways for trading in an effective manner to make high profit. However, traders have to be very much careful at the time of believing this broker.

Shady brokers gear themselves out to deceive and steal funds of their customers. It is high time to consider the offerings and proofs that are highly effective in discovering frauds. Reading reviews and comparing them with each other will help in getting the names of top legit brokers among fraudsters. A little bit of research will serve the purpose.

A Peep inside the Trading Platform of MasterECN

MasterECN provides clients with access to both MT4 and MT5 trading platforms. Instead of blowing yourself away by coming across such luring offers, it is better to have a deep look at both the platforms. MetaTrader platforms are common in terms of usage as they permit easy use of trading robots.

Genuinely licensed brokers will offer customers the access to either MT4 or MT5. These platforms indicate that top brokers are operating under them. They are compatible with various operating systems that include:

  • Linux
  • Windows
  • iOS
  • Android

Tools in association with these trading platforms are useful for traders. They are user-friendly and help traders in analyzing the market with ease as well as comfort. Trading instruments available for traders include:

  • FOREX currencies
  • CFDs on commodities
  • Indices
  • Energy
  • Metals
  • Cryptocurrencies

It is essential for traders to know about various options that are open to them. Unfortunately, MasterECN will never produce any information transparently. As per my MasterECN review, maximum leverage for clients is of a good ratio of 1:400. Though it seems to be generous, it is not advisable to go with the same. People hungry for high leverages may result in coming across devastating losses. Spreads the broker uses are fixed at a maximum of two pips. This means their spreads are quite high in comparison to industry standards. 

Spreads to a maximum of 1.5 pips are available in the forex industry and traders need to look out for the same. Leverages ranging between 1:25 and 1:50 are common among brokers having high regulations. Unfortunately, you will not get the same from MasterECN.

Deposit and Withdrawing Methods with MasterECN

There are various channels available in making deposits and withdrawals with MasterECN including MasterCard, Wire Transfer, VISA, Neteller and Skrill. E-wallets are preferable as standard and legit brokers make their deposits as well as withdrawals through these channels. Still, it is advisable to think twice before shaking hands with this broker.

How to judge a scammer? The minimum deposit that traders need to shake hands with this broker is $500, that is too high than average. It is more than the average minimum rate in the market. MasterECN does not mention any withdrawal procedures clearly.

This particular information is quite important as itl helps customers to make decisions in the best possible manner. It would be an intelligent step to approach reliable and trustworthy brokers, rather than approaching MasterECN.

MasterECN does Not Hold a Valid License

It is surprising that MasterECN does not hold a valid license. Also, it does not hold a valid registration. If you come across any license in association with this firm that is similar to offshore, still you must think twice before approaching this place. Though you may come across few details regarding the license of the company, it is better not to believe it. They aren’t regulated by any major authority. That’s why they aren’t trustworthy.

Pushy and Manipulative Customer Support

Nowadays, almost each and every activity takes place through the online channel. Similarly, MasterECN will get in touch with you through virtual online messaging. Hence, you may get best customer assistance from this website until you have made all your deposits. The moment you are done, everything will come to a halt.

You will not receive any updates from them regarding your funds. Also, there will be no chance to get your money back at any cost. They will not even respond to your email and online chatting support. These all are signs of a scammer that will spare no way to eat away all your money in a tricky manner.

Zero Protection to Your Private Information

At the time of registering with MasterECN, you need to provide all your personal information. Otherwise, how will you carry on with the registration process? Though the broker promises high protection to the same, in reality it misuses them in numerous ways. Random unknown access and harm to your transaction information hold higher chances with this broker.

Data exchange between the site and unscrupulous users does not take place over a SSL communication channel. No encryption and protection will be there for your digital signatures.

MasterECN Does Not Comply with Online Privacy Protection

Privacy protection is the first thing that every trader desires. Unfortunately, MasterECN does not maintain the same thing. To attract everyone, it will show luring statements. But in reality, it will not provide you with anything fruitful. It is better to stay away from such brokers that do not care to keep information of the traders in a transparent state.

Random Change in Privacy Policy

Every broker has the discretion to change its privacy policy anytime. But after doing so, they must inform the customers and update the website regularly. MasterECN will change its privacy policy but will not update its website, thus creating confusion among traders.

These are some demerits that repel traders from doing business with MasterECN.

Links:

https://www.fxopen.com/en/trading-accounts/ecn

https://www.forex-ratings.com/forex-brokers/masterforex/

https://www.dailyforex.com/master-forex/master-forex-review/515

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