EJMarkets seems to be another broker that vanished after numerous regulatory warnings. The brand owner is already known in trading circles for another fraudulent firm we already elaborated on, LplInvest. Read our EJMarkets review to check how the scheme operated.
| Broker status: | Unregulated |
| Regulated by: | Unlicensed brokerage |
| Scammers Websites: | ejmarkets.com |
| Blacklisted as a Scam by: | FCA |
| Owned by: | WP Holding Und Management Ltd |
| Headquarters Country: | Germany |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Available |
| Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | No |
What About EJMarkets Regulation?
EJMarkets is a brand owned by WP Holding Und Management Limited, the same company in charge of LplInvest. It’s an allegedly German-based brand, with multiple regulations, from the UK FCA to Australian ASIC.
This would be terrific if it were true. Knowing that we’re dealing with a scheme owner, we checked these registers looking for EJMarkets regulations. Of course, we found nothing.
Why Is It Important For A Broker To Be Licensed?
Every broker has to have a license to ensure funds’ safety. Tier1 regulators such as German BaFin, FCA, and ASIC, have stringent rules regarding compensation funds. Each Forex firm must have a minimum capital of at least 700,000 EUR at any moment to reimburse potential victims.
Since we have already determined that EJMarkets is not licensed, you have no money-back guarantee.
In top of that, we seriously recommend you not to invest in the fake brokersInteractive Fund,OctexTrade, andFXrally. Do not trade with these unlicensed brokers if you want to save your money!
How Reliable Is EJMarkets Broker?
EJMarkets is a fraudulent online trading brokerage. Regulators in Germany, Belgium, and the UK have issued official warnings and banned this investment firm. Not long after, the company disappeared with all the clients’ funds.
EJMarkets Warnings From Financial Regulators
EJMarkets has been blacklisted in several countries, mainly thanks to false regulations claims.
The German BaFin warned against the owner and both domains, including ejmarkets.com.
The UK FCA announced that EJMarkets is not regulated in this country and provides financial services illegally.
A similar warning was issued in Belgium by the FSMA.
Traders Reviews of EJMarkets
Even EJMarkets reviews were fake. If you check their Trustpilot, you will notice that they have detected misuse and had to remove fake reviews, leaving the brokerage with 1.9 stars, rated as poor.
Here’s just one example.
“This a scam, nothing more nothing less.
They just want your 250€ and then want to take over your pc for even more personal data.
I have made a claim with my Paypal, hopefully i can get my money back that way.”
– Trustpilot Customer
What Platforms Does EJMarkets Offer? – Available Trade Software
EJMarkets offers some kind of web-based platform. If you take a look at it, you will notice how difficult it is to find any of the assets since Forex and crypto are listed as separate assets, while all other trading instruments fall into “products.”
Besides, this platform doesn’t have nearly as many trading tools as reputable software such as MT4 or MT5. We wouldn’t be wrong to say that a legitimate brokerage with MetaTrader is way superior to EJMarkets and similar schemes.
AnyDesk – Access To Your Bank Account
As you can tell from the reviews, this brokerage asks for access to your device and more personal information. Scam companies can use remote desktop software such as AnyDesk or TeamViewer, and they gain access to your online banking. Then, they’re free to steal your money and vanish.
Customer Support Of EJMarkets
EJMarkets has a dedicated support team. They pressure you to deposit on the spot and then transfer you to an account manager. Then, this account manager will ask for access to your device, promise you everything you want to hear, and ensure that you never get a withdrawal. They’ll first try and dissuade you from submitting a withdrawal request. They’ll block access to your investment account if their story doesn’t work.
EJMarkets Broker – Countries Of Service
EJMarkets trading scam was mainly active in:
- Germany
- Canada
- Netherlands
- Belgium
- Australia
So, you should avoid Invest Flow forex broker and similar brokers such asStocksKey,Neural 4XandFinoTrend.
EJMarkets Range of Trading Instruments & Markets
Clients had access to a standard range of trading instruments, including:
- Forex – EUR/USD, USD/GBP, USD/JPY
- Commodities – gold, oil, silver
- Indices – NASDAQ, FTSE100, CAC40
- Shares – Google, Tesla, Apple
- Cryptocurrencies – BTC, ADA, ETH
Minimum Deposit – High Initial Investment
With EJMarkets, the minimum deposit was $250. Some would say it’s pretty standard for the trading industry. However, legitimate firms have Micro accounts allowing you to start with as low as $10. Thus, there’s no reason to invest $250 with a shady scammer.
EJMarkets Trading Conditions
Many scheme firms have unfavorable trading conditions. Of course, they’re suitable for the broker but very bad for you. For instance, the EUR/USD spread started at 2 pips, while some average is 1-1.5 pips.
High Leverage
Besides a high spread, this firm offered leverage of up to 1:500. And that’s just another proof that the broker cannot be regulated. EU and UK regulators have set a limit of 1:30 for the Forex market and only 1:2 for crypto, ensuring they keep the risks low.
EJMarkets Deposit, Withdrawal Methods, and Fees
EJMarkets accepts various payment methods, including:
- Debit/credit cards
- PayPal
- Skrill
- Neteller
- Wire transfer
However, many clients were prompted to invest via Bitcoins due to transaction anonymity. It’s easier for the broker to vanish with stolen money if you have no way of tracking and recovering it.
Payment Method Of Legitimate Brokers
The above-listed methods are offered by any reputable brokerage. With credit cards, you’re entitled to a chargeback within up to 540 days, while e-wallets have their own time frame during which you can request your funds back. Note that regulated firms cannot accept crypto payments since those funds are not visible in any tax system.
Scammed by Invest EJMarkets Broker? – Let Us Hear Your Story
If you were scammed by EJMarkets, let us know. Our chargeback specialists will be more than happy to help you recover your funds.
But What Is A Chargeback?
This is a way for your bank to recover money from the merchant, depending on the payment method. Contact us via online chat to book a free consultation, and let’s find the best and the quickest way to recover your money.