EEN Market – Highlighting the Problems with the Broker
A few decades ago, people could only dream about trading in the financial markets because trying their luck in this space while holding onto a 9 to 5 job was not that easy. Things have drastically changed in the last couple of decades and today, there is no reason...
A few decades ago, people could only dream about trading in the financial markets because trying their luck in this space while holding onto a 9 to 5 job was not that easy. Things have drastically changed in the last couple of decades and today, there is no reason for people to not trade when they can do so from the comfort of their homes, or even their offices. You can now trade full-time, part-time, or every now and then because there are online brokers that are ready to facilitate you. Hundreds, if not thousands, of brokers can be found and this EEN Market review is meant to shed some light on one of the companies in the market.
When you are shopping for a product or service, you always do some research before deciding which company to opt for. The same approach should be taken in the case of an online broker because you want quality services and they are a must if you want to achieve your financial goals. It is understandable that every platform will promise to offer you the services you require, but whether they are able to do so or not is an entirely different story. Moreover, their standards can vary from your expectations, so you should always know what you are getting into.
Not only can this help you in finding a broker that can fulfill your trading needs, but this is also how you can keep yourself safe from online scams. Indeed, scams are very active in the financial markets and the top strategy these criminals use is to pose as professional and good online brokers. Those who are not aware fall for their trick and suffer from hefty losses. You do not want to find yourself in the same boat, so it is best to know the problems associated with a brokerage and then decide if it is worth choosing.
Take the same approach where EEN Market is concerned because even though it does not become apparent at first glance, there are several problems with the broker. What are they? Some of them are highlighted below:
Unregulated and unlicensed
There are two categories of online brokers you will find in the financial markets; regulated and unregulated ones. You will be advised to choose a broker that belongs to the former category because this can help in keeping you safe from a scam. If you do your research, you will find that most fraudulent companies are unregulated and do not have a license to offer trading services. Since they are not accountable to anyone, they can up and disappear whenever they want. You need to know which category EEN Market belongs to before you make a commitment with them.
When you look into their details, you will find that EEN Market is registered in Saint Vincent and the Grenadines, which does not do any good. This is because the Financial Services Authority (FSA) of SVG has clearly said that they do not oversee the forex trading industry. It means that there is no monitoring or accountability and anyone can set up their operations. Consequently, it has become a breeding ground for scam companies.
Moreover, when you check out the company that owns and operates EEN Market, you will discover another issue. The company’s name is Bodacious Consulting LLC and it has already been blacklisted by the Spanish regulatory authorities. The CNMV (National Securities Market Commission) had already issued a warning against the company for operating another broker by the name of UnionMarkets. It is quite common for these scam companies to operate several fraudulent websites at the same time, as they are shut down regularly.
Malicious bonus conditions
You will find that EEN Market is offering its clients trading bonuses and this is also a common practice of unregulated brokers. This is because most regulatory authorities, such as the FCA in the UK and CySEC in Cyprus and others have imposed a ban on offering trading bonuses. These bonuses usually come with strings attached and these are abusive towards the traders, which resulted in their ban.
The example of this abuse can be found in the bonus conditions that EEN Market has outlined in its Terms and Conditions. If you go through their bonus policy, you will find that traders are expected to achieve a specific trading volume to be able to withdraw profits generated from the bonus. Until they do that, they are not permitted to submit any withdrawal requests.
But, this is not all. You will also find the Non-Deposited Funds clause outlined by EEN Market and this indicates that the broker just wants to prevent its clients from making withdrawals. Since you cannot distinguish the profits generated from your own deposits and that from your bonus, you will not be able to withdraw at all until you meet the turnover requirement. This requirement is deliberately kept high to ensure traders are unable to achieve them.
Lack of good trading conditions
The trading conditions offered by a broker are of the utmost importance because they affect the kinds of returns you will generate. These are another area where EEN Market is extremely disappointing because they have a whopping 3 pips for the EUR/USD trading pair. This is three times more than what brokers usually have, which means it is not a competitive option at all.
EEN Market does offer a leverage of 1:100 and some people might consider this attractive, but you should bear in mind that this is a two-edged sword. The profits may be high and so are the risks, due to which most regulatory authorities have imposed a cap on the amount of leverage that can be offered to traders.
No MT4 or MT5
The MT4 and the MT5 are the top two trading platforms in the market and are popular amongst traders due to their features and tools. But, EEN Market offers a basic web-trading platform that offers nothing special and is a standard amongst scammers.
With these problems, it is evident that EEN Market is not a good brokerage and has numerous issues that indicate it is a scam.