This Etherichness review is aimed at providing potential traders information about the broker, so they know what they are signing up for. Is it necessary? Yes, doing your homework is important, no matter what you are doing and when you are signing up with an online company, it is even more crucial. Why is that? This is primarily because the internet is a hotspot for scams and frauds and it anyone can set up a website that promises people what they want. This has happened in the online trading space as well.
Considering that it is a very lucrative opportunity and people have to have the services of a broker for gaining access, criminals have used it to their advantage. They set up fake brokerages that make tall claims and promise them everything on a platter. Traders have to make deposits and share personal information and this is how these fraudulent platforms are able to profit. Everyone considers themselves smart and don’t believe they will ever fall for such tricks, until the day they do.
Indeed, there are countless people who have fallen victim to these scam brokers and they were some of the smartest people. This happened because they didn’t do their homework and were lured in by the impressive offerings of the scam brokers. The takeaway is that you need to be very careful and not make a decision without thinking things through. You may be overwhelmed by the number of brokers that are offering you their services, but this doesn’t mean that you make your decision in a rush.
One of the brokers you will find is Etherichness and at first glance, it appears to be a fully legitimate option. It runs a functional and sleek website and is advertised as an industry leader. However, you will soon discover that nothing could be further than the truth because it is definitely not an authentic platform. What are the issues? This review will shed some light on them:
It is not regulated
The first thing that indicates whether a broker is legitimate or not is their licensing and regulatory status. If you do some research into scam brokers, you will discover that they are unregulated and don’t have a license to provide their services. This is what you will find in the case of Etherichness as well. The company is based in the Marshall Islands and this jurisdiction is infamous for being a scam haven.
The government of the country is just not interested in regulating the forex market whatsoever and this has made it the prime location for scam brokers. Hence, you will not be able to hold Etherichness accountable for its actions because it doesn’t have any regulation or license.
It has malicious terms and conditions
If the lack of regulation was not enough of a problem, you will find that the terms and conditions of Etherichness are not in your favor either. First and foremost, the broker offers its clients trading bonuses, a practice that is no longer permitted in most regulated markets. It is because these bonuses come with strings attached, most of which exploit traders. Hence, this resulted in the practice being banned.
Yet, Etherichness is offering trading bonuses and to add to it, they do not allow clients to permit the bonus, or any profits generated by the bonus. The company adds that traders can withdraw profits made from their own deposits. The problem is figuring out how to distinguish the two different categories of profits? There is absolutely no way it can be done, which means you will just not be permitted to make a withdrawal at all. Your money will be stuck in your trading account, which means that Etherichness will have full access to it.
It has an excessively high minimum deposit
When you check out most brokers, you will discover that it is the norm for them to ask their clients to make a minimum deposit for opening an account with them. This sound reasonable and the fact that you have to do the same with Etherichness shouldn’t be a problem. It definitely wouldn’t have been, if the minimum deposit was even close to what other brokers as for. According to their requirements, traders have to deposit at least $5,000 for opening an account.
This is downright outrageous because the average minimum deposit requirement is around $200 and $250 and this is nearly 20 times that amount. Why would Etherichness want its clients to deposit such a high amount? Since they will not be able to withdraw it, considering the non-deposited funds policy mentioned above, this means more money for the scam broker.
It doesn’t offer the MT4 or MT5
If you were to do research on the best trading platform that are available, you will come across the MT4 and the MT5 options. They are a favorite of most traders because of their advanced technology and tools, due to which almost all regulated and legitimate brokers offer this trading solution. But, you will not find either of these available at Etherichness. Instead, they offer a distribution of the Sirix web platform.
Interestingly, you will find that Etherichness also offers a social trading feature, which means traders can track and mimic the top traders on the platform. However, it appears that Etherichness has manipulated this feature as well because the top traders appear to be making inhuman returns. It is simply not possible for any trader to have a success rate of 90% in the financial markets, yet the top traders on the platform do have it. This is another indication that the broker is only trying to attract people by promising them high returns, which it cannot deliver at all.
When you have gone through the ins and outs of the broker and evaluated its most primary offerings, it is quite easy to determine that Etherichness is not a company you can or should trust when you want to trade in the financial markets. You should look for a different platform if you don’t want to be scammed.