EC Markets

EC Markets broker has been operating since 2011 and presents itself as a multi-regulated broker overseen by bodies such as the UK's FCA and Australia's ASIC, offering ECN accounts, leverage up to 1:1000 and the MetaTrader 4 and 5 platforms. However, EC Markets has restricted its services for Iran. In this overview, we review EC Markets' licenses, accounts, platforms, payment methods and risks based on Teagle's data.

What kind of broker is EC Markets?

EC Markets has about 15 years of history, and its country is recorded as Mauritius in Teagle's data. This broker offers trading in forex, cryptocurrencies, metals, energy and indices with market execution. Scalping, hedging, news trading, phone trading and the use of expert advisors are allowed at EC Markets, and services such as education, copy trading, PAMM, a trading API and an economic calendar are also listed among its services. According to Teagle, this broker is not suitable for traders who run arbitrage and latency strategies.

EC Markets licenses and credibility

Teagle's license list shows these six licenses for EC Markets:

• UK FCA (No. 571881) and Australia ASIC (No. 414198);
• South Africa FSCA (No. 51886);
• CMA (Capital Market Authority, No. 20200000281);
• Mauritius FSC (No. GB21200130) and Seychelles FSA (No. SD009), which are the group's offshore and weaker licenses.

The important point is that no status (active or revoked) is recorded for any of these licenses in Teagle's data. For this reason, the Teagle Eye risk index has not counted any active license for this broker, while the overview text and Teagle's expert speak of FCA and ASIC oversight and its high regulatory credibility. Before making any decision, check the license status on the regulator's own website. The guide to broker regulation and how it is graded and the article on the difference between offshore and onshore brokers will help with this check.

Does EC Markets serve Iranians?

No. According to the Teagle team's review and follow-up with the broker's support, EC Markets does not serve Iranians due to sanctions, and it has no Persian website or support either. Therefore, traders residing in Iran cannot officially use this broker's services, and registering with false information can lead to the account being blocked. To choose a safe broker, read the article Brokers banned for Iranians and how to choose a safe broker .

EC Markets trading accounts

EC Markets has three accounts with floating spreads, leverage up to 1:1000, a 50% margin call and a 30% stop-out, and an Islamic version is available for all of them:

• STD account: minimum deposit $10, no commission and spreads from 1 pip.
• ECN account: minimum deposit $10, spreads from zero and a commission of $3 per lot.
• PRO account: minimum deposit $5000, spreads from zero and no commission.

The requote status of these accounts is unclear. The low commission of the ECN account makes it attractive to scalpers; how it differs from a standard account is explained in the article What is an ECN account at a broker . Leverage of 1:1000 also carries high risk, and before using it you should understand how margin in forex works.

EC Markets trading platforms

EC Markets offers MetaTrader 4 and MetaTrader 5 in Windows, Mac, Android and iOS versions, as well as its own EC Markets App. Expert advisors, trading robots and a trading API also make algorithmic trading possible.

Deposits and withdrawals at EC Markets

Teagle's payment table lists four deposit methods: e-wallets, cryptocurrency, international bank wire and Visa and Mastercard credit cards. Deposits by all methods are free of broker fees and take from instant to 15 minutes. The minimum deposit for each method is $10, and $5000 for the PRO account. Withdrawal fees, limits and processing times are not recorded in Teagle's data.

EC Markets rating and risk on Teagle

EC Markets' final score on Teagle is 4.62 out of 5, which comes from only one source, WikiFX with a score of 4.62, and no user on Teagle has reviewed it yet. The Teagle Eye risk index for this broker is 65 out of 100, in the "high risk" category; this figure stems mainly from the license statuses not being recorded in Teagle's data and may change once they are updated. The high credibility score and 15 years of history are the positive points of this assessment.

Pros and cons of EC Markets

• Pro: claims oversight by reputable bodies such as the FCA and ASIC
• Pro: ECN account with low commission, Islamic account and leverage up to 1:1000
• Pro: MetaTrader 4 and 5 support and fee-free deposits
• Con: no services for Iranians
• Con: no Persian support
• Con: license statuses and withdrawal terms not recorded in Teagle's data

Who is EC Markets suitable for?

EC Markets suits non-Iranian traders looking for an international broker with high leverage, an ECN account and the MT4 and MT5 platforms. It is not a good option for beginners who need Persian support or for residents of Iran. For a comparison with a well-known broker holding a top-tier license, see the EC Markets vs FxPro comparison .

Conclusion

EC Markets is a noteworthy option in terms of trading conditions and platforms, but the Iran ban and the unclear license statuses in Teagle's data are two points that should not be overlooked. Avoid bypassing geographic restrictions, choose a broker that officially accepts Iranians, start with small capital and follow the latest warnings on the investment risk warning page .