Erzinex Review: Reasons to Avoid This Unlicensed Scam Broker
We have plenty of arguments against this offshore brokerage. First and foremost, Erzinex is unlicensed to provide trading services. Considering that this company is based in a controversial offshore domain of Saint Vincent and the Grenadines (SVG), trouble is inevitable.
That is why we are committed to exposing this trading scam. All the evidence we found against this broker is here in our Erzinex Review. If you are a victim of this scam, please contact us for help.
|Is This Company Safe?
|Have Warnings from:
|FSMA, CNMV, FI
|Forex, Indices, Commodities, Stocks, Crypto
|Free Demo Account:
|How to� Withdraw from This Company?
|Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.
Is Erzinex a Legitimate Company for Trading?
No, the Erzinex platform is not regulated. TRD & MNY Company LLC, the company behind this brokerage, is based in the aforementioned offshore domain of SVG and this is the last thing we wanted to read.
Why? Because SVG’s local regulator, the Financial Services Authority, is not interested in regulating Forex trading, as stated on the regulator’s website. The only regulated sector in SVG is the banking sector but the laws on that island are generally pretty lax. SVG is known for being a nest of scammers.
To make matters worse, Erzinex appears on three warning lists. This trading scam was first blacklisted by the Belgian fsma on June 5, 2023. After Belgium’s financial market watchdog, the Spanish cnmv and Norwegian finanstilsynet issued their warnings as well.
You must avoid this unlicensed offshore provider. Aside from Erzinex, avoid Tradespeck too. Instead, find a licensed broker that’s regulated by reputable financial market authorities such as the FCA (UK), CFTC (US), ASIC (Australia), FINMA (Switzerland), etc.
Who are Erzinex’s Victims?
According to whois, Erzinex’s website was created on December 27, 2022. Since then, the financial swindler has mainly been targeting unsuspecting traders from the following countries:
All three countries have Tier 1 regulators overseeing the financial market. Thus, there is no room for unlicensed scammers that violate regulations and rules. On top of that, this broker has been blacklisted by several European authorities just like immediate-edge. Do you need help recovering your funds? If so, call us as soon as possible.
When it comes to trading account options, Erzinex offers three live account tiers:
- Standard – floating spreads, commissions charged, leverage up to 1:30;
- Premium – floating spreads, no commissions, leverage depends on ability to invest;
- VIP – spreads from 1.4 pips, no commissions, leverage depends on ability to invest.
There is no USD option for the base currencies, only EUR and GBP. Erzinex did not disclose the minimum deposit amounts or account prices. The VIP account’s spread starts from 1.4 pips, which is competitive but the other two accounts then surely offer wider spreads, which are probably too wide to be profitable.
Leverage, Spreads, Commissions & Fees
Leverage, spreads, and commissions vary depending on the account type. Thus, the leverage for the Standard account can be set at 1:30, which is in line with the regulatory limit for retail clients in Europe and Australia.
However, the leverage for the other account types can be set even higher depending on the client’s ability to invest. Keep in mind that trading with extremely high leverage is risky, especially considering Erzinex’s unregulated status.
The spreads for the Standard and Premium accounts are floating but not specified. The VIP account offers 1.4 pips, which is pretty much the industry’s standard. Commissions are charged only for the Standard account. Again, not disclosed. Dormant accounts, inactive for six or more months, are charged 40 $ per month.
Erzinex Trading Platforms
The Erzinex website advertises two different trading platforms. The first is the famous MetaTrader 4, a renowned trading software with a wide range of advanced options and tools.
MT4 brokers offer cutting-edge features such as automated trading, lightning-fast order execution, a customizable interface, advanced charting, etc. However, such an effective trading platform cannot compensate for the fact that Erzinex is unlicensed.
The other platform is web-based. This online platform has limited features. There are none of the aforementioned advanced options, just basic charts and graphs.�
Trading on a Mobile Device
Yes, Erzinex offers a mobile trading app that can be downloaded on both Android and iOS systems. Mobile trading offers several advantages such as trading on the go and the possibility of making quick adjustments.�
Yet, it is undoubtedly in vain if you trade on a rigged platform with an unlicensed broker. You’d be wise to avoid downloading this app and instead find a regulated broker.
Available Trading Products
The financial swindler promises the following selection of the most popular trading instruments and markets:
- Forex currency pairs – EUR/USD, GBP/JPY, AUD/NZD…
- Indices – S&P 500, NASDAQ 100, DAX 30…
- Commodities – gold, wheat, crude oil…
- Stocks – Netflix, Apple, General Electric…
- Crypto – BTC, XPR, BNB…�
Is There a Risk-free Demo Account
Yes, there is an Erzinex demo account available on the website. However, scammers sometimes do include a demo account simply because they have patience and are willing to wait for the trader to switch to a live account and invest real money.
The demo account registration page has an Erzinex promo code option, which the broker sends to traders to mark them as potential victims. If you are one of them, contact us for help!
Erzinex Withdrawal Process
We doubt that withdrawals are possible. Erzinex did not list the available payment methods. Deposit and withdrawal minimum requirements and fees are unknown as well. Such lack of transparency is alarming; do not invest money in the Erzinex scam.
We assume that all payments go through cryptocurrencies and transactions since it is a method that allows the scammer to remain anonymous and is extremely hard to trace.
Key Information About Erzinex�
Erzinex is a clear trading scam with no trading license. This broker has been blacklisted by the Belgian FSMA, Spanish CNMV, and Norwegian FI. Based in SVG, this fraudster has been targeting traders mainly from the UK, Switzerland, and Australia since December 2022.
If you lost money to this fraud, you can book a free consultation with our team and they will help you get your money back. If need be, our experts can trace your crypto transaction using CipherTrace.
Book your free consultation today and recover your hard-earned funds.
What Is Erzinex, And Should I Invest Money In It?
Erzinex is an offshore broker with no trading license. Call us if you invested money in this trading scam, we can help!
Can I Trade Cryptocurrencies And CFDs With Erzinex?
Yes, Erzinex’s platform offers both the user to trade both cryptocurrencies and CFDs.
Are My Funds Safe With Erzinex?
No. Erzinex has no trading license and has been blacklisted by three European financial regulators.