eMarketsTrade Scam Review

It was a decade ago that the first cryptocurrency was introduced in the market by Satoshi Nakamoto. While Bitcoin may have been the pioneer cryptocurrency, it has spawned thousands of others and more and being launched on a regular basis. In its early days, there had been a lot of uncertainty surrounding Bitcoin and its ilk, but things have changed considerably since then. The blockchain technology powering Bitcoin and other cryptocurrencies is now being adopted in other industries and with regulation being introduced for governing cryptocurrencies, it is a given that they are here to stay. Thus, investing in cryptocurrencies can turn out to be a smart decision for you.

In order to trade any financial asset, the first requirement to fulfill is to find a broker. There are literally tons of brokers out there, but the key is to find a reliable and trustworthy broker that can provide you with the tools and platform you need. When you are searching for a cryptocurrency broker, the name eMarketsTrade will come up. It is a forex and cryptocurrency broker, which tries very hard to pass off as a cryptocurrency exchange. They have not mentioned anywhere that they are offering Contracts for Difference (CFDs) that follow the price of an underlying asset and claim to offer real crypto coins.

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	Free to use	85% Claimed win-rate $250 Min Deposit Accepts Credit Card	Try Bitcoin Profit With a Trusted Broker Read Review

Background and Regulation

eMarkets Trade opened in June 2017 and is owned and operated by a company called Kalessica Limited, a company that claims to be based in Cyprus. The website of the company dictates that not only is it based in Cyprus, but it is also licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). However, if you check the regulator’s register, you will realize that there is no entity registered with its name. Different contact numbers are provided by the broker with phone codes of the UK, Germany and Italy. This usually means that the company is provide its services to residents of those countries. But, eMarketsTrade does not have the authority or license to provide its financial services in any of the stated countries.

Moreover, the Financial Conduct Authority (FCA), the regulator in the UK, has recently issued a warning about the broker. eMarketsTrade is not licensed by any other regulator in the European Union either or in Australia. You need to bear in mind that dealing with an unregulated broker is extremely risky because they are fully unaccountable for the funds that are invested through their website. In contrast, brokers that have legitimate licenses from notable regulators, such as FCA or CySEC, provide guarantees for the security of your investment. In fact, they also have to participate in client compensation schemes, which means you will receive compensation in case the broker goes bankrupt.

None of these benefits are available with eMarketsTrade because the broker is not regulated and is actually misinforming its customers in regard to its regulatory status.

Cryptocurrency Pairs

For a broker that specializes in cryptocurrency trading, eMarketsTrade has only a limited number of cryptocurrency pairs to offer to its clients. This seems rather strange because if it is solely offering cryptocurrencies, it should offer more than just 12 pairs to trade. Some of the major coins include EUR and USD, but the choice is quite limited.

CFDs

You have to go through the Terms and Conditions of the broker very thoroughly and then you will realize that it is actually a CFD broker. Otherwise, you will be led to believe it is a cryptocurrency exchange and you are buying the real asset. This is confusing and a trustworthy broker will never try to trick their clients in this way.

Spreads

Another prominent problem that you will have with eMarketsTrade is that the cost of trading are quite high with the broker. The spread provided for Bitcoin was somewhere around $120 when this popular cryptocurrency was being traded for a value of $8100 to $8200. This is considerably higher than other CFD brokers that you can find in the market as they are offering a spread of around $30 to $50 for the BTC/USD pair. Thus, their costs are almost double of others.

Trading Conditions

eMarketsTrade has done a really bad job of presenting their trading offers to potential clients. Even though they have a very short list of instruments, it is not fully displayed on the website. This means you will have no idea what the cost of trading might be, the leverage ratio available and the coins that are supported. Why would you sign up with a broker that’s not being open and transparent from the beginning?

Demo Account

For those who are new to the trading world, demo accounts are simply a way to practice trading with virtual money. Not only does it help you learn the ropes, you can also get acquainted with the broker’s services and platform. Yet, eMarketsTrade does not give this option to its clients, which is another red alert.

Minimum Deposit Requirement

If you go through the Terms and Conditions that are mentioned on the broker’s website, you will read that you can start trading with a minimum deposit requirement of $250. However, when you take a look at the account types that are offered by the broker, you will notice that the Bronze account is the most basic option. What’s important is its minimum deposit requirement, which is $2500. So, how can you start trading with $250?

This remains unclear because all other account types have a higher deposit requirement and since there is no demo account, you don’t know if trading can be started with $250. If $2,500 has to be deposited, it would make the broker extremely unreasonable. Plus, you can only make payments through traditional options like credit cards and bank transfers, which will limit your options considerably.

Conclusion

eMarketsTrade is an unregulated cryptocurrency broker that doesn’t have a lot of variety to offer. In addition, it is offering misleading information to its potential clients and has a high cost of trading, which doesn’t make it a good choice for your trading needs.

ROBOT	RATING	PROPERTIES	TRADE
	Free to use	85% Claimed win-rate $250 Min Deposit Accepts Credit Card	Try Bitcoin Profit With a Trusted Broker Read Review