EZTrader a huge scam

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EZTrader a huge scam

EZtrader (Or EZ Trader) is a binary options broker that you may already know. If you have any experience with them, unfortunately, it probably isn’t a good one. We have talked about them a little in previous article.

Is EZ Trader a scam?

Yes, EZtrader broker is a scam because of the following reasons:

  • In 2020, the company WGM Services received a fine of € 340,000 from the Cypriot regulator CySEC for a failure to comply with many conditions (Official CySEC statement)
  • Broker’s activities regarding bonuses and withdrawals are not permitted
  • Before any money withdrawals is possible, you are required to make at least three trades, which is incidentally also against the terms of the regulator
  • In order to make a withdrawal, it is necessary to close your trading account, which means paying a fee of 10% of the entire amount in the account, the minimum withdrawal amount is € 100

A sad fate for the traders

One would think that no one could possible trade with a broker who has such a bad reputation, however, the opposite is true. According to statistics from an independent provider, there is still the same amount of people visiting the website. This means that there still are many of us, who send money to this broker. It is about 200,000 people from around the world per month! ��

Traffic statistics of the broker EZtrader

Online forums and discussions show how the real traders are furious about this broker and their practices. We can see that even if a person asks to withdraw money, it does not always end good! The broker simply leaves all the money and sends traders to go to h….. or simply does not respond to any messages. Yuck!

More information on scams

Author

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

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EZTrader.com — scam

I have been scam by eztrader.com that if I deposit $2, 500.00 to my account. Eztraders will give me bonus of $1, 250. The total fund I have is $3, 750.00. One of their eztrader manager told me that I can withdraw the fund at any time after I made two weeks initial trade with them. After two weekstrade with eztraders.com, I lose $1, 000.00. I am still have about $2, 750.00. Now I try to withdraw the fund, but they not allow to draw the fund according to what they have said. One of the manager told me that I can not get out or make any withdraw until I have $37, 500.00 in my account. Now I can not withdraw the money and I lose all the my money in there. This is a lying and scamming to the general public. Please do not do business with eztraders. If you have any question, feel free to email me at anytime tome at: [protected]@yahoo.com. I will explain more to you. Thanks.

More EZTrader.com Complaints & Reviews

Responses

Hello,
My name is David Campbell, i’m the head account manager for EZTrader.com and would like to respond to the complaint posted above. Since the trader used a false name (bu correct email address) i was able to pull the details of his transactions. Further, since he chose to use a false name i will protect his identity by not revealing personal information but indeed would dispute his claim.

The trader has made two deposits following a conversation with an account manager named Michael Anderson – I have listened to all the phone conversations (which are recorded) and found absolutely no mention to “you can withdraw after two weeks”. There is, however a full mention of the bonus rules – you need to trade twice the value of your deposit + bonus to withdraw your money, OR, you can withdraw your money at anytime before that and the bonus would simply be removed, so you are never in any “money jail” (this is the way it was described on the phone). Further, i’m including a screenshot to our FAQ which covers the bonus in length (And has more restrictive x3 time trading requirement while the trade was offered x2).

It was NEVER been told that he needs to reach a balance of $37, 000 and of course it makes no sense. It was required that he trades a volume (each trade counts towards the volume requirement) of his deposits ($1250+$1250) + bonus of $1250 twice 2, meaning 1250+1250+1250*2=$7500 in trades. The trader has a turnover of $910 at the time requesting a withdrawal and therefor was offered to have the bonus removed which he has eventually accepted. He was paid by PayPal. the process of explaining everything to him and communication took 13 days, which is 10 days too long for which we apologies, but he was never, in any way shape of form “scammed” as he claims.

I can be contacted at anytime at [email protected] or 1-877-846-1365 x301

Why does it take so much time to withdraw our money? It takes 10 seconds for EZTrader to get the money, but it takes more then 10 days (if I’m lucky) to get it back. I know you are going to tell me about all the verifications that need to be made. But I think that’s bunch of BS. Returning money to the same credit card that was initially used to fund the account should not take more then couple of days. Once the withdrawal request is made it takes 3 to 4 business days to approve it, then another 10 days before the money is returned to the credit card. I think because of this very reason people often consider EZTrader as scam. EZTrader should improve the return policy, especially for the credit card returns.

In all honesty Ez-trader.com is not a scam. I am in no way affiliated with the company. I don’t think it’s right that they are playing with the emotions of financial market during a recession, but to each is own. Everyone has to realize they promise big payout’s and they are a business. People need to sit down and think that everyone is not going to be able to “get rich quick” and the business is still going to be in business. In all honesty, I would not trust them. The uneducated society should realize that the recession we are in is due to the governement and CEO’s of financial institutes. So in short the banks lent out a ### load of loans, they in return made more money the more they gave out sub-prime loans (high interest loans which pose a greater risk). They instead of back in day, where loans were paid directly to the lender now investors would buy all these loans, so that banks are no longer directly affected by non-payment. I wouldn’t invest with these people, because what happens if this company goes under with your money? What do you have for re-course?

I complied with the rule of trading 3X the deposit and bonus, but they still deleted the bonus from my account. I asked for a refund, but they did not issue for 2 weeks. During that 2 weeks, I made the trades I needed to keep it, and their answer was ” you requested a refund before the trades were made, so they don’t count.” The reason I requested the refund was because they charged my account for additional funds without my consent.

I forgot to mention, I even asked about the bonuses I should have received from my original deposit and was told they couldn’t be authorized either.

EZTrader hasa great web site, and they appear to be a very professional outfit at first glance. My problem with EZTrader is this: deposits from your credit card into your EZTrader account are instantaneous and hassle-free, but withdrawals are slow and stressful.

Although they DID eventually refund my original deposit and pay me my profit, I want to let everyone know that this process took almost two full weeks and required 1 to 2 telephone calls every day to make it happen. This was after I filled out the required paperwork according to their specific instructions, which include:

-Photo copy of Driver’s License
-Photo copy of front and back of credit card
-Bank account number & routing number

After the initial request, they told me it would be three days before they would process the withdrawal. Three days later they told me they hadn’t received the documentation. I ended up emailing the documents 4 times to various email addresses during the first week. When they finally acknowledged receiving my documentation, they kept telling me it would be processed “in a few hours, or tomorrow morning at the latest.” This went on for about 5 days. The standard response to my calls was “Your request is with our Withdrawal Department, so there is nothing more we can do.” When I asked to be put in contact with someone in the Withdrawal Department, they told me it was offsite and there wasn’t a way to contact them other than emailing [email protected], which never replied to my emails.

I feel that Carolina Gonzolez (Vice Head account manager, [email protected]) gave me the runaround every time I called them. I believe she lied to me to keep buying more time and delay payment.

No reputable broker should treat their customers this way. Do yourself a favor and stay away from Eztrader.

I deposit $2000 and received bonus $2000. To withdraw money, they require 5X trade amount of the total money($4000). After I made tons of trade, which amount is more than $20, 000. My account has a balance $2004. I want to withdraw my deposit $2000. I filled the form and faxed them the form and credit card information. It’s been about 2 months. I have still NOT got my money back to my credit card yet. Every time when I contact them, they said that they have difficulties to refund me the money. I asked them what’s the difficulties, they don’t answer me. I filed dispute through my credit card company. My credit card company said that they have to give EZtrader 60 days to response according some rules.
I also talked with Carolina Gonzolez and another guy Brian Anderson. I think that they are trying to NOT refund me or buy time to delay the refund. I am a Victim too.

I agree with you, EZtrader is a BIG SCAM. They should got punishment.
My email is [email protected]

Here is the most recent email from EZtrader Withdraw Department (Brian Anderson). I just copy paste it here.
I have called them and email them more than dozens times. Today is March 19, I have NOT got any update yet. If you do business with EZtrader, you will be another victim just like me. So Please STAY AWAY. I don’t want to see you Scammed by EZtrader.

from Brian Anderson [email protected]
to [Offline] “Me, Jenny”
date Tue, Mar 6, 2020 at 4:44 AM
subject Re: Withdrawal Status
Important mainly because of your interaction with messages in the conversation.

hide details Mar 6 (13 days ago)

This Credit of yours is being checked for some time now by our merchant Credit service.
A week ago they said that your card had refund problems and that they will fix it.

As I can see this has not been done.

We have sent them an urgent mail concerning this.

We hope this will be resolved as soon as possible.

I will update you.

Thank you,
– Show quoted text –

PAYPAL. “Can I deposit funds into my EZTrader Account through PayPal?” and if so “Can I also receive and/or withdrawn funds into my PayPal account?”

I opened an account with EZTrader, saw the main page advertised deposit USD$400 gets USD$125 next trading day. Thus, I deposited USD$400 using my credit card. Immediately, I received email from the EZTrader staff trying to persuade me to deposit more to get more bonus. I refused it. After three trading days which I have been actively trading, I still haven’t receive my bonus. Email to them never get replied. I call its customer line and the guy answered the phone tried to pursuade me to deposit more money but never answered me when get the bonus. Anyway, phone line quality is bad thus I ended the call. I still haven’t tried to withdraw my money thus can not give any comment here. from [email protected]

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