EZtrader (Or EZ Trader) is a binary options broker that you may already know. If you have any experience with them, unfortunately, it probably isn’t a good one. We have talked about them a little in previous article.
Is EZ Trader a scam?
Yes, EZtrader broker is a scam because of the following reasons:
- In 2015, the company WGM Services received a fine of € 340,000 from the Cypriot regulator CySEC for a failure to comply with many conditions (Official CySEC statement)
- Broker’s activities regarding bonuses and withdrawals are not permitted
- Before any money withdrawals is possible, you are required to make at least three trades, which is incidentally also against the terms of the regulator
- In order to make a withdrawal, it is necessary to close your trading account, which means paying a fee of 10% of the entire amount in the account, the minimum withdrawal amount is € 100
A sad fate for the traders
One would think that no one could possible trade with a broker who has such a bad reputation, however, the opposite is true. According to statistics from an independent provider, there is still the same amount of people visiting the website. This means that there still are many of us, who send money to this broker. It is about 200,000 people from around the world per month! 🙁
Online forums and discussions show how the real traders are furious about this broker and their practices. We can see that even if a person asks to withdraw money, it does not always end good! The broker simply leaves all the money and sends traders to go to h….. or simply does not respond to any messages. Yuck!
More information on scams
- Olymptrade – Legitimate Platform or a Scam?
- Newly published list of non-recommended brokers
- EZTrader a huge scam
- Review: Ultimate4Trading – Scam or a great system?
- Binary Options Brokers And Their Licenses
- Is OptioNavigator a Scam?
- A Court Decided: Binary Options Are Legitimate
- Is BinaryBotPro Scam?
- Are Binary Options a Scam?