EZTrader is a broker that proves that regulation doesn’t always clean up a broker’s behavior. EZTrader is one of the oldest binary options brokers and one that has had quite a history. It makes you wonder if these guys were just set up to defraud their clients and never had any intention of operating an honest brokerage.
It doesn’t take long to find complaint after complaint usually revolving around account managers pressuring clients to over trade and preventing them from withdrawing their funds. EZ Trader is another reason why CySEC and FCA have decided to ban bonuses. To obtain your bonus, you are usually required to trade an amount that will all but ensure your account will go to zero.
No Shortage of Sponsorships with EZTrader
EZ Trader has not one but two football sponsorships. In 2016 they signed a sponsorship deal with Tottenham Hotspur of the Premier League. They also are an official sponsor of Roma of the Italian professional league Serie A. If that is not enough, they are also sponsoring the German Handball league. Hopefully, at some point, these organizations will wake up and realize that the association of a company like this will eventually be damaging to their brand and not worth the marketing dollars involved.
No Shortage of Regulatory Issues with EZTrader
EZTrader like Banc De Binary found itself in hot water with US regulators for solicitation of US clients. EZTrader has paid US regulators $200,000 for the infractions. EZTrader has had plenty of issues with CySEC, its regulator as well. They have spent over 300,000 Euros in fines for a variety of violations. The penalties along with some poor management have led the company to report a recent loss of $3.2 million and a need to raise additional operating capital. It is still unclear if EZTrader is licensed with CySEC as on their website they only list their regulation with Vanuatu. The sponsorship pages still list their CySEC registration number. Either way, EZTrader is a bad binary broker that has done its share of damage to the binary options industry and contributed to the poor reputation of its brokers.