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Swiss Financial Market Supervisory Authority has issued a warning against Erzinex in August 2023
If you are looking for a reliable and trustworthy online broker, you might have come across Erzinex. Erzinex is a forex and CFD broker that claims to offer competitive spreads, fast execution, and a variety of trading instruments. But are they really a legitimate broker or just another scam?
In this Erzinex broker review, we will examine the features, advantages, and disadvantages of trading with Erzinex. We will also look at some of the red flags that indicate that Erzinex might not be as safe as they claim to be.
What is Erzinex?
Erzinex is an online broker that was founded in 2019 and is based in St. Vincent and the Grenadines. According to their website, they are regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines under license number 25675 BC 2019.
Erzinex offers trading in forex, commodities, indices, stocks, and cryptocurrencies. They claim to have over 250 trading instruments, including major, minor, and exotic currency pairs. They also claim to provide access to the MetaTrader 4 platform, which is one of the most popular and widely used trading platforms in the industry.
Erzinex claims to have a customer-centric approach and to offer high-quality services to their clients. They state that they have a dedicated customer support team that is available 24/7 via phone, email, and live chat. They also state that they have a transparent pricing policy and that they do not charge any hidden fees or commissions.
What are the advantages of trading with Erzinex?
- They offer a wide range of trading instruments, including forex, CFDs, and cryptocurrencies.
- They provide access to the MetaTrader 4 platform, which is a user-friendly and powerful trading platform that supports multiple charting tools, indicators, and automated trading strategies.
- They offer competitive spreads, starting from 0.1 pips for some currency pairs.
- They offer fast execution and low latency, thanks to their servers located in London and New York.
- They offer multiple account types, including standard, premium, VIP, and Islamic accounts. Each account type has different minimum deposit requirements, leverage levels, and trading conditions.
- They offer various payment methods, including credit/debit cards, wire transfer, Skrill, Neteller, WebMoney, Perfect Money, and Bitcoin.
What are the disadvantages of trading with Erzinex?
- They are not regulated by a reputable authority, such as the FCA in the UK or the ASIC in Australia. The FSA of St. Vincent and the Grenadines is not a reliable regulator and does not provide adequate protection or oversight for traders. This means that Erzinex is not subject to strict rules or standards regarding client funds segregation, anti-money laundering policies, dispute resolution mechanisms, or compensation schemes.
- They have a poor reputation among online traders and reviewers. Many users have complained about Erzinex’s poor customer service, withdrawal delays or denials, account manipulation, hidden fees or charges, and aggressive marketing tactics. Some users have even accused Erzinex of being a scam or a Ponzi scheme.
- They do not offer any educational or research materials for their clients. Unlike some other brokers, Erzinex does not provide any webinars, tutorials, articles, market analysis, or trading signals for their clients. This means that traders have to rely on their own knowledge and skills to trade successfully with Erzinex.
- They do not offer any demo accounts for their clients. Demo accounts are useful for beginners who want to practice their trading skills and strategies without risking real money. They are also useful for experienced traders who want to test new markets or platforms before investing real money. Erzinex does not allow its clients to open demo accounts or try their services for free.
Is Erzinex a scam?
Based on our research and analysis, we cannot recommend Erzinex as a trustworthy or reliable broker. There are too many red flags and negative feedbacks that suggest that Erzinex is not a legitimate broker but rather a scam.
We advise you to avoid trading with Erzinex and to look for other brokers that are regulated by reputable authorities and have positive reviews from real users. You should also do your own due diligence before choosing any broker and make sure that you understand the risks involved in online trading.
What to Do If You’ve Lost Money with Erzinex?
If you have been scammed by Erzinex or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.