Thinking of getting into business with EOCFX? Here is what you must know about this broker. Carefully read this review to find out if eocfx.com is the trading platform you will want to trade with.
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About EOCFX Broker
EOCFX is an offshore brokerage company with a lot of promises for traders. The broker provides us with an address showing it is from HONGKONG.
Added, the broker claims regulations from various renowned financial authorities like FCA, FCS, FSA, and CySEC.
To clarify, in spite the trading instruments EOCFX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head. Here is a warning by Financial Conduct Authority, UK. See below.
eocfx.com: Reasons to Avoid This Broker
Firstly, eocfx.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, UK does not recognize the broker.
Secondly, we noticed eocfx.com has no demo account for traders. Since traders can’t test broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
Further, the importance of legal documents cannot be under emphasized especially when doing due diligence. Truly, we could not assess the broker’s legal documents as we found it missing on the webpage.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, EOCFX leaves us with no information on what fees forex traders will be charged for any withdrawal nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
The broker mentioned nothing on its minimum deposit.
As for the payment methods, EOCFX mentioned Debit/ Credit card, Wire Transfer, Neteller, Skrill and more. But, you should not consider making any payment with this broker because it is a risk. So beware!
EOCFX Platform
As for the broker platform, it provides no trading platform for forex traders only a link to download the trading software.
As for the leverage, the broker mentioned nothing on its leverage. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
EOCFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
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1:500
Conclusion: Is eocfx.com a Reliable Broker?
No, eocfx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
