Unreliable Broker: EZTrader Review - demo, fees, strategy and more!
EZtrader (or EZ Trader) is a broker for binary options trading that you may already know. Unfortunately, the experiences of most people who have used this broker are not good. EZtrader is one of those typical scam brokers, something like zoomtrader.
Is EZ Trader a scam?
Yes, EZtrader is a scam for several reasons:
- In 2015 WGM Services was fined by CySEC (the chief regulator in Cyprus) €340 000 for breaching numerous conditions (CySEC official statement)
- Since 2015, the broker has been fined many times. Anyway. the broker doesn’t even protest as its income from this monkey business is much bigger.
- The behaviour of the broker in terms of bonuses and withdrawals of the traders is unacceptable
- Before any withdrawal is made the trader must place at least three trades – which violates the terms and conditions set by the regulator.
- Before you are eligible for a withdrawal, you have to close your trading account which represents a 10% charge of the total on your account with the minimum of €100.
Sad trading history
One would expect that a broker with such a poor image cannot attract any traders. Surprisingly, the contrary is true. The statistics from an independent provider show that the broker’s web site is being visited by the same number of people as before. This means that there are people among us who continue sending money to this broker. Each month this figure represents 200 000 traders from all over the world.
This used to be true a while ago. However, the word must have spread out and people have stopped going to this broker, as can be seen from more recent statistics (below)
On various discussion forums anywhere in the world you can read that even though traders do place withdrawals, it does not always happen. The broker keeps all money and sends the trader to hell or stops replying to any messages. This surely is not a way a reliable broker should behave, is it?
There are tens or even hundreds of cases like this. The bottom line is that we do not recommend that you get involved in trading with this broker. Sorry, if you are one of those who did it in the past. Anyway, send us your experience in the comments section and we will surely work something out.
EZ Trader Pros
EZ Trader Cons
EZ Trader Details
|Minimum 1st Deposit||$ 200|
|Free Demo Account|
|US Traders Allowed|
|Overall Score||We don't recommend trading with this broker.|