Read our Eft Markets review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is an eftmarkets.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Eft Markets is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
| Regulatory Body | Status |
|---|---|
| FCA (UK) | No record of authorization |
| ASIC (AU) | No record |
| CySEC (EU) | No record |
| SEC / CFTC (US) | No record |
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Eft Markets in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
Eft Markets Review Conclusions
Making the Eft Markets review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Eft Markets review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
I wish I had read your article before opening an account with ETF Markets.
I have been trying to withdraw my funds for a few weeks, I was using their online support page and not emails.
I managed to get someone who calls himself Benjamin Dukes to call me this morning, after a lengthy conversation where he was trying to persuade me to deposit more funds into my account, he finally said he would start the process of giving me my money.
I decided to log on to my account with them and they have blocked my access to the account.
The message reads.
Trading Restricted
Please note: Due to our regulatory structure, we are unable to offer our services to residents or citizens of your jurisdiction.
I live in the U.K by the way and they claim to operate in CY,UK,HK and SIG.
I cannot stress how important it is to stay the hell away for this company.
If anyone has any information on other sites where I can leave a comment about staying clear of this company please let me know.
ETF Markets have just stolen my money I had in an account, I probably will not get it back but keeping others from making my mistake will be worth it.
Start with your bank, and tell them you where scammed. they may get your money back. They will hurt them the most, because there credibility will damaged with the banks. I was also scammed. %*#:*&&^#><?"k.
Dear Personal Reviews .com
I have been scammed by EFT Markets also by Ripple Markets,
I have informed my bank [Santander ] about these scammers and asked for Chargebacks. I have also asked BINANCE who were the Bit-Coin intermediaries. I’m not getting much movement on this and would like to pursue this vigorously. Both accounts were left in a positive state. EFT where I had $18300 on my account and $53000 equity [accommodating a supposed loan of $35000 from EFT who want me to pay it to get it or anything else returned. We invested £7000
They have also been harrassing me that I should pay them monies they alrady have – a definate scam. When I started all I wanted was to invest in the Bitcoin Algorithim but instead they encouraged me top start trading which was making money. As predicted to get my money out they wanted more money paid in.
With Ripple Markets we invested £2375 [£1200 initially & £1175 to with draw funds] when they disappeared off the face of the earth. My investor had reputedly made $9350 on my account. When we wanted to withdraw they asked for the £1175 [taxes and fees] and then disappeared. Again this went through Binance and has also been logged with their fraud people – but as yet no reply.
I also noted the british police awho gave me 2 crime numbers and a reply on ripple stating that they were an untrustworthy organisation.
Please can you help.
Please can you help me with this charge back thing.
I’m experiencing this as we speak. I am so embarrased to say how far they were able to take me. I’m in the middle of “waitinf for my return” and they have continued to get me to deposit more money. I need help I have been laid off dew to the pandemic and thought this would help my situation and I’m out almost 3000 dollars at this point.
I just received a phone call from a telephone number that is unobtainable when tried to call them back.
They were claiming tha EFT is getting it’s licence back and i’m owed money but have to pay the tax first.
€6.250, they also wanted me to go on PC anywhere which is another RED FLAG. If they genuinely owe money the tax would be deducted. At this point they will try to convince you that you have agreed to not persue the procedure, they can keep your money and you agreed to that to hopefully get you to go along with losing thousands.
Lynn Massey
Yeah it took months to get my money back I had to write an email to say that I willing opened a wallet to buy Bitcoin-I refused as it was a lie. In the end I did write what they wanted. I got all my deposits back but they kept my profit as I had not followed the rules “what rules” my account was annulled. Next I went to a regulated company Traderspros. I felt safe not so they are wicked put bad trades on and lose all your money. I’m not trading anymote
Does anyone have a name and address and telephone number that works for EFTMarkets? Michael Balla-Goddard
[email protected]