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MasterECN Review – is masterecn.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
| Account typr | Min. deposit | Max. leverage | Spreads |
| Master Mini | $500 | 1:300 | 2 Pips |
| Master Elite | $1 000 | 1:400 | 1.5 Pips |
| Master STP | $5 000 | 1:200 | 1 Pips |
MasterECN is an offshore forex and CFD broker that offers trading in wide range of assets on the MetaTrader 5 platform. Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them such a low rating, although the broker seems to have some strong sides to it.
MasterECN Advantages
Access to MT5, wide range of assets offered
As was mentioned abiove, MasterECN uses the industry leading MetaTrader5 (MT5), which is always considered as a strong selling point.
The MT5 is the latest edition of the MetaQuotes’ software, and is highly valued for its great charting and analytical tools, support for automated trading via EAs, customization options, and more. Besides, users of the MT5 are able to enjoy even more trading possibilities than with the MT4, as the platform allows dealing in derivatives and exchange-traded stocks from one and the same account.
Furthermore, clients of MasterECN are allegedly offered trading in many currency pairs and a variety of CFDs – on stocks, indices, precious metals, commodities, stocks, as well as major cryptocurrencies like Bitcoin. That said, we couldn’t test the broker’s MT5 and verify this claim, so you may take a look at our extensive list of reliable brokers who support this platform.
High leverage ratios
Another possible benefit of MasterECN is the high leverage ratios it provides, reaching 1:400. Such levels will suit even the most aggressive traders, yet keep in mind that leverage has a dark side to it. It can significantly increase your profits, but it can also dramatically amplify your losses.
MasterECN Disadvantages
The most serious disadvantage of MasterECN is the lack of credible financial regulation. The broker is allegedly owned by MasterECN Ltd., a company registered in St. Vincent and The Grenadines (SVG). The SVG is an offshore zone where financial services providers are not licensed, nor overseen by any financial agency.
This means that clients of MasterECN have no guarantee for the safety of their investment — it is dependent solely on the good will of the people operating the broker. That said, most offshore brokers are running investment scams, so you’d better stay away.
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No demo accounts
We view the availability of a test-drive as crucial in judging the legitimacy of a broker. So, the fact that MasterECN doesn’t offer free demo accounts additionally lowers its level of credibility.
Spreads above the average, high initial deposit required
As indicated on MasterECN’s website, the spreads on EUR/USD on the most basic account are 2.0 pips. Those of you who are familiar with the industry will know that a spread of 2 pips is more than expected for a major pair. For further information on trading costs, you can check out the spreads of some leading forex brokerages.
Besides, MasterECN has a rather high entry requirement – $500. Most forex brokers require $100 0 $250 as a start. including reliable and regulated companies.
Conclusion
MasterECN is an offshore broker that doesn’t hold a legit license.
We always advise our readers to select very carefully their forex broker. It is best to choose among companies regulated by trustworthy regulators, such as the UK’s FCA, CySEC in Cyprus, or Australia’s ASIC. These authorities require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
Forex brokers authorized by CySEC have to abide by a set of rules, including those introduced on a EU level, which provide significant assurance for the security of clients’ funds. These include certain capital adequacy requirements, segregation of clients’ funds, reporting transactions on a regular basis, provision negative balance protection, and more.
Besides, in case any broker regulated in Cyprus becomes insolvent, each of their clients may be compensated up to 20 000 euro by the Investor Compensation Fund.
And finally, here are the highlights of the present review of MasterECN:
| Pros | Cons |
| MT5 available, various financial instruments | An offshore broker |
| High leverage ratios | No free testing service |
| Spreads above the average | |
| High initial deposit |
| Broker | Advantages |
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FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection. FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals. FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions. HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry. MasterECN Review: Is Masterecn.com A Scam Or Legit Broker?Masterecn.com Review: this is the website of a Forex broker that is located in St. Vincent and the Grenadines. Is trading with MasterECN safe? Before you deposit funds with this broker, read all the details we found about it. The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not. HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.Click HERE to start the recovery processMaster ECN mentions that it is owned by MasterECN Ltd, a company incorporated in the offshore region of St. Vincent and the Grenadines. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones. Advantages of MasterECNThe brokerage claims to be transparent in its dealings with clients. Tight spreads and low commissions are used and it offers many trading instruments. Multiple trading platforms are also provided for clients to choose from. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit. However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article. MasterECN Trading PlatformThe broker mentions that it provides clients with access to the MT4 and MT5 trading platforms. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform. These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android. Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily. Trading instruments offered to traders are forex currencies, CFDs on commodities, indices, energy, metals, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them. The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads used are fixed at 2 pips. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers. Deposit and Withdrawal methods on MasterECNThe means of making deposits and withdrawals with this broker are MasterCard, VISA, Bank Wire Transfer, Skrill, and Neteller. We are encouraged that e-wallets are named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on. The minimum deposit required to trade with the broker is $500 and this is more than the average minimum among many known legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated. This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money. Is MasterECN Licensed?No. MasterECN is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one. Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers. SupportTo get in touch with the broker or its customer service, there is an online message form on the website. ConclusionMasterECN is an offshore broker and thus, we do not trust any kind of license it may mention on the page. It supports the MT5 trading platform which is encouraging but requires a high deposit minimum. The broker also uses high spreads which we do not find encouraging. COMPARE WITH A TRUSTED BROKERFortradeFortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website Best Binary Options Brokers 2020:
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