East Capital Markets (East-capitalmarkets.com) is a brute Crypto and Forex broker out to defraud online investors. EastCapitalMarkets is another scam rearing its ugly head in the ever lucrative Forex trading world. After receiving hundreds of email complaints, we decided to conduct a thorough investigation. What we found out is shocking to say the least. Members are losing funds upwards of $4,000. Read this detailed and exclusive EAST CAPITAL MARKETS review.
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Most of the members are crying foul over mistreatment by the broker. According to what most say is a well laid plot, the broker at the beginning is sweet. These brokers will constantly call you and request you deposit funds with them. With over the moon claims and promises, users are promised quick returns. All they have to do is open an account with these unknown brokers. Do they have any trading reputation? Are there any professional traders who have heard of East Capital Markets?
Professional scam artists will create a cloned website to try and steal funds from users. What they do is simple; create a visually compelling website to entice users. After designing a broker website, they post claims of easy and fast returns. Scammers know for a fact we all want to make a quick buck or two. What they are good at is taking advantage of this need by professing to have an amicable solution. Stay away from any broker who offers over the moon claims and promises. In most cases, they are false!
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Who is East Capital Markets trying to fool with their empty claims? When it comes to information regarding this broker, all is quiet. After landing on their homepage, one can see its targeting French investors. In order to confirm this claim, we looked at the registrar of companies. Guess what? There’s no company registered with this name making it an anonymous company.
What about the founding members of this platform? As stated on their about us page, they claim to be founded by a group of professional traders in 2016. Why have they failed to reveal actual names of members who helped establish this platform? Lack of clear details regarding ownership remains a huge stumbling block. What this means is users are depositing funds to an unknown third party.
How can an anonymous broker be licensed or registered? No sane regulatory body will give any broker with such anonymity levels credentials to operate. After looking at some of the regulatory search queries, no broker popped up with any license under this name. After looking at the official regulatory body in France, no results popped up. French AMF hasn’t given this broker any license.
And this is a valid reason why East Capital Markets is hiding information regarding licensing. A legit and true broker will post their licensing number for all to see. Be checking and validating any credentials with the proper regulatory body. Where are their licensing certificates and documents? Lack of these vital documents is proof we are dealing with an unauthorized broker. Stay away from this broker and always confirm licensing. Whoever signs up is at risk of joining an illegal trading cell.
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Another unsettling issue we found with this broker is their account managers. Why are they not available for comment when members ask for withdrawals? Are these account managers professional traders? Can users get information regarding these account managers? Just like everything on their platform, account managers are also a fraud.
Why are these account managers only available when asking users to make deposits? What seems to be a well-designed trap is working on their favor. By having unknown persons acting as account managers, they easily sell their scheme. These account managers don’t know a thing regarding Forex trading. In fact, we believe these account managers are using false data knowingly to lose funds. They are in league with other rogue brokers to share the spoils.
What looks like an intuitive trading platform is nothing but another cause for alarm. East Capital Markets is claiming to offer MT4 trading platform as their preferred trading tool. In order to test how their platform works, we decided to download it. Solutionmarkets Software is the company which gives East Capital Markets their trading platform. What is wrong with their MT4 platform?
Downloading their platform took time and installing was a huge problem. It means we are dealing with a platform which is highly unstable. Hackers find unstable platforms to be easy prey for data harvesting. Credit card information is mostly what these hackers are after. Personal identity theft is another security threat this platform opens up users to.
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How can funds be safe from a broker who lacks proper licensing? Why have they failed to mention how they handle funds? Is it possible users are depositing funds straight to owner’s personal bank account?
How about the manner in which they bank funds deposited by users? Which banking institutions do they use? .
East Capital Markets is pooling funds in one account which is extremely dangerous. Merging assets in one account could prove lethal in the long run. What this broker is doing is contrary to set regulations and rules. If you are thinking of getting any compensation, forget about it. East Capital Markets is not insuring funds deposited by members.
With all evidence being proof of our findings, we have no doubt East Capital Markets is a scam. Stay clear of this broker and resist any attempts to sign up. Warn your family and friends from joining any of their affiliate programs.
What we found shocking with this broker is how much they are pocketing from their scam. By adding them to our scam blacklist, we are hoping authorities will investigate. Shutting down this website is only way to ensure safety of all traders.
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Wishing you the very best in your trading!
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