Ecofix Review: Fixed Trading App Rips Off Investors

This scam brokerage stalks its prey while hiding behind a defunct legal entity. Everything you see on the con’s website, from trading apps to account types and instruments, is just a charade to keep the victims complacent.

The trades may be fake, but the risk of loss is very much real. Find out more about online fraud in our Ecofix review.

Liquidated Parent Company

Finding anything about the Ecofix broker was a difficult task. For a company that claims to operate from Europe, this is almost unheard of. This is because European regulators, particularly those that operate under the strict MiFID ruleset, must be completely transparent.

A single clause in the Terms and Conditions document clearly mentions Estonian governing law as having legal precedent. The next step was to check with the Estonian authorities. The only clue about the company’s name is a logo that says Ecofix Finance Investment. There is a company named Ecofix OÜ in the E-Business register, but it is currently marked as in liquidation, pending deletion.

Never Had a Forex License

The only company that we’ve been able to remotely match with is closed down. But was Ecofix legit at any point in time? According to the Estonian main financial regulator, an agency called FI, the answer is no.

When dealing with an online broker, regulation is the most important part of the deal. MiFID-compliant nations impose client safeguards that include negative balance protection, segregated bank accounts, and compensation funds.

Dealing with an unlicensed company means you can’t benefit from any of these. Additionally, your money is more likely to end up stolen.

How Fraud Works

There’s no way an illegal company can use an advert in the newspaper to attract new clients. Instead, fake brokers like this one or Rommode operate a scam call center instead.

These boiler rooms, as they are called, employ persuasive people to basically harass people and pressure them into investing. Agents will contact their mark directly, usually by phone, and try to sell their fake expertise.

If the victim shows interest, the agents start asking for more money, usually by citing various benefits or higher profit margins. 

Younger Than They Claim

The con artists claim that their company has over 10 years on the market. A quick check with the WhoIs database, though, and we see that the ecofix.io domain was actually launched in November 2024. The hoax has been around for a short enough time that there are no Ecofix reviews yet. It seems that the cons are particularly fond of these areas:

• France
• Belgium
• United States
• Canada

If you or someone you know has been a victim of an online scam like this one or HiBT, feel free to contact our legal experts for help.

Poorly Defined Trading Accounts

Looking at the selection of account types, we see a tiered structure similar to that of other internet scams. The names aren’t exactly imaginative:

• Bronze
• Silver
• Gold

In this case, there is no information about different benefits or costs. One thing is common for all of them, though: They come paired with free management software. Remember—these account managers are the same boiler room agents who solicit the service. Their financial gain relies solely on the total loss of your investment!

Deceptive Software Names

One of the things that this fake broker seems really proud of is their two distinct trading applications. Golly, we thought, a schemer with actual trading software! This excitement quickly turned into another disappointment, though. The main Ecofix app is your basic WebTrader that uses the free TradingView charts to track pricing.

The other app is MT4, but wait – this is not the MetaQuotes MetaTrader 4. No, instead, the MT4 is, in this case, abbreviated to MobileTrader4, and it’s identical to WebTrader but running on a mobile device browser.

Selection of Tradable Instruments

The application might be ramshackle, but it does actually contain some trading assets. Still, the company is not licensed and does not have actual market access.

All of the most popular groups are available:

• Forex – EUR/USD, USD/JPY, CHF/GBP
• Crypto – BTC, ETH, XRP
• Stocks – BASF, LLOYDS, CISCO
• Commodities – Brent, Cocoa, Wheat
• Metals – Silver, Gold, Platinum
• Indices – S&P 500, Nikkei, Hang Seng

Trading Terms – Leverage and Fees

We can see that the swindlers are trying to appear transparent in some cases, but only for the things that concern them directly. For instance, you won’t find any trading information such as spreads, swaps or commissions.

Withdrawal fees, however, are extremely precisely defined. For instance, payouts through bank wires are billed 50€, and 25€ for bank cards or ePayments. There is an additional processing fee of 7€ and a levy of 10% for accounts that did not execute 200 trades. Additional transaction fees are also present, set at 50€.

The leverage ratio is set at 1:200, much above the EU maximum of 1:30. This ensures that nobody can make 200 trades on a single deposit.

Problems With Payouts

There is a great disparity of information when it comes to financial channels. The website advertises bank cards and bank wires, while the withdrawal policy adds ePayments as well. The client dashboard is, again, a different story. In it, users can’t even decide on the funding and payout channels, as the form that should deal with these does not contain such information.

The minimum payout amount is set at 250€ for wires and 100€ for other methods. Ecofix’s withdrawal policy may be well-defined, but swindlers will not consider it legally binding. Many people have already complained about the company denying withdrawals. If you’ve had any such experience, feel free to get in touch with our chargeback experts.

We Can Help You Get Your Money Back!

This faux broker is just another one of tens of thousands of con schemes on the internet. Everything about this company is illegal, from its alleged owner to the unlicensed service they provide.

The con-circle that runs the whole charade has taken steps to maintain anonymity, but that doesn’t mean they can get away with theft. With the help of our recovery experts, it is still possible to recover the lost funds. You may reach out via live chat or book a free consultation at any time.

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