Encore Capitals greets visitors with the catchy slogan “Hustle for your money muscles” and a striking image of a climber with a muscular back. At an initial glance, the broker’s website appears well-organized, providing essential details about their trading conditions and the supposed operating company behind the brand. Yet, upon closer examination, a different narrative emerges.
This Encore Capitals review exposes all the compelling reasons why you should refrain from strengthening your financial muscles with Encore Capitals. Before considering any investments with this broker, it is imperative to read this review, as it strongly suggests the involvement of foul play in their operations!
Website – https://encorecapitals.com/
Website Availability – Yes
Address – 130 Old Street, London, England, EC1V 9BD, United Kingdom
Warning – Financial Conduct Authority (UK)
Regulated – Unregulated
Domain Age –
|Date Registered||August 29, 2020|
|Domain Age||2 years, 10 months, 27 days, 22 hours, 28 minutes, 37 seconds|
Is Encore Capitals legit or a scam broker?
The website of Encore Capitals is claimed to be owned and operated by Encore FX Ltd, with an address in the UK. To verify the legitimacy of this claim, we conducted a thorough search of the register maintained by the Financial Conduct Authority (FCA), which oversees and regulates forex brokers in the UK. Unfortunately, our search yielded no results, indicating that the company’s name is not listed in the FCA register.
The absence of registration or licensing with the FCA raises significant concerns about the legitimacy of Encore Capitals. As it lacks proper authorization and regulation, it is likely to be a non-legitimate, non-licensed entity, and there’s a possibility that it could be a scam operation. Caution is advised when dealing with such unregulated entities.
Encore Capitals Review: Trading Platform
Encore Capitals provides a range of trading products, including forex, CFDs, and metals. The trading software they offer is based on the MetaTrader 5 platform. However, we encountered an issue with the Encore Capitals system during the registration process. The email meant to verify the email address failed to include the necessary login details. As a result, we were unable to proceed with opening a live account and, consequently, couldn’t assess the platform parameters.
Encore Capitals Review: Trading Conditions
The cost of trading EUR/USD with Encore Capitals is reportedly between 0.9 to 1.5 pips, which appear acceptable. However, we were unable to confirm this information due to the broker’s questionable credibility.
It’s worth noting that Encore Capitals offers leverage as high as 1:1000. While such high leverage might be tempting, it is crucial to exercise caution. Trading with leverage levels this extreme should only be done with a reputable and legitimate broker. Otherwise, there is a significant risk of incurring losses far beyond your initial investment.
Deposit and Withdrawal Methods
Encore Capitals presents five types of trading accounts, namely Rookie, Scalper, Standard, Elite, and Islamic. The minimum initial deposit required for the Rookie account is $10.
Payment options available include credit card, Skrill, Neteller, PerfectMoney, Bitcoin, and wire transfer. In a similar manner to other untrustworthy brokers, Encore Capitals also offers various types of bonuses, such as the $50 No Deposit Bonus, 15% Tradable Bonus, and the Invite Your Friends Bonus. It’s important to note that offering such bonuses can complicate matters for traders concerning their accounts and withdrawal options.
It is worth mentioning that legitimate and licensed brokers do not provide bonuses or free gifts. This distinction is yet another way to identify authentic brokers from fraudulent ones.
Encore Capitals Review: Conclusion
In the event that you have concerns about the safety of your funds, taking prompt action and seeking appropriate legal support is of utmost importance. These unscrupulous individuals behind scams are persistent in their attempts to misappropriate funds and are unlikely to willingly return what they have taken. Do not hesitate to contact us for advice and legal assistance in the process of recovering your investments. Our dedicated team of legal experts operates around the clock and is committed to providing a free consultation to help you reclaim your losses from various types and profiles of fraudsters.
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