Introduction
EC Markets (ecmarkets.com) markets itself as a global, multi-regulated broker delivering low spreads, fast execution, and seamless withdrawals. But what if that façade hides serious danger? Trader complaints, regulatory actions, and suspicious “VIP tax” demands suggest EC Markets might be playing a dangerous game with your money.
In this exposé on ForexTradingScam.com, we dig deeper—uncovering the cracks beneath the surface. If you’re considering trading with EC Markets, read this first.
1. Past Regulatory Censure: CTRL → EC Markets
EC Markets was previously known as CTRL Investments Limited, which was censured by the New Zealand FMA for failing to maintain required Net Tangible Assets (NTA) and missing financial reporting obligations. (Financial Markets Authority)
This isn’t some minor slip—it was a serious breach of Derivatives Issuer obligations. (Financial Markets Authority)
In mid-2024, the company officially rebranded from CTRL to EC Markets Financial Limited. (Financial Markets Authority)
That history alone deserves scrutiny before you trust your funds.
2. Public Complaints & Red Flags
Withdrawal Failures & Profit Deletions
- Trustpilot users claim EC Markets deleted profits, blocked withdrawals, or froze accounts under vague terms like “toxic flow.” (Trustpilot)
- One user: “Account Blocked Unjustly – Request Immediate Refund” after trying to withdraw. (Trustpilot)
- On Forex Peace Army, profile shows only 2 reviews, but lists multiple regulatory identifiers and notes no strong track record. (Forex Peace Army)
Mixed Ratings & Contradictory Claims
- TradersUnion rates EC Markets’ fees as “medium” — not terrible, but not standout either. (Traders Union)
- BrokersView has user testimonials praising fast withdrawals, stable platform, and tight spreads. (BrokersView) “I have been trading with EC since October 2019 … withdrawals are speedy.” (BrokersView)
These glowing claims are at odds with the darker complaints. When you see both extremes, it often signals a broker managing its narrative.
3. Platform Manipulation & Technical Control
A 2021 academic study “Profit and loss manipulations by online trading brokers” shows that brokers can use platform glitches to suppress profits, delay exits, or delete trades. (arXiv)
EC Markets’ pattern of “profit deletion,” blocked withdrawals, and vague enforcement rules closely mirror those techniques. When “platform error” becomes a go-to excuse, trust erodes fast.
4. Scam Checklist: Does EC Markets Fit?
| Warning Sign | Does EC Markets Show It? |
|---|---|
| Regulatory breach history | ✅ CTRL was censured by FMA (Financial Markets Authority) |
| Withdrawal denials / profit removal | ✅ Many user complaints on Trustpilot (Trustpilot) |
| Mixed public reviews | ✅ Both praise and warnings (TradersUnion, BrokersView) (Traders Union) |
| Platform control / manipulation risk | ✅ Matches patterns in academic research (arXiv) |
| License claims vs. reality gaps | ✅ Domain/back-end identity issues on WikiFX (WikiFX) |
If a broker checks most of these boxes, the risk is far from negligible.
5. How to Protect Yourself (If You Already Deposited)
If you’re trading (or traded) with EC Markets and feel you’re being trapped:
- Stop all deposits immediately.
- Save every piece of evidence: account statements, screenshots, withdrawal requests, chat logs.
- Request a chargeback via your payment provider (bank, card).
- File complaints with financial regulators (FMA NZ, FCA, ASIC depending on your jurisdiction).
- Publish your experience—on Trustpilot, ForexPeaceArmy, Reddit—to alert others.
- Avoid “recovery services” that ask for upfront fees.
Also refer to your internal guide: How to Recover Money from Scam Brokers
6. Final Verdict: High Risk, Not Guaranteed Scam—but Dangerously Close
EC Markets doesn’t yet have a universal “scam” label everywhere, but when you combine:
- the regulatory censure (CTRL’s FMA rebuke),
- repeated user complaints about frozen funds and profits disappearing,
- technical patterns matching known broker manipulations…
…it paints a dangerous picture.
Verdict: EC Markets is a high-risk broker. Don’t trust blindly. Use minimal funds, test withdrawals early, and consider safer alternatives regulated by robust authorities like FCA, ASIC, or CySEC.
🔗 Explore safer options: Best Legit Forex Brokers of 2025