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Is EZBTC a scam broker?
EZBTC is a Canada based crypto broker that provides the trading environment for twenty-six cryptocurrencies. Also, EZBTC provides exclusive savings account for bitcoins with nine percent of annual interest. Traders are required to perform Identity Verification, Know Your Customer and Anti-Money Laundering procedures to trade with this broker in fiat money. In this review, we will show you the reality of this scam broker.
About the EZBTC:
The two notable offerings of EZBTC are Altcoin Concierge and VIP services for the prompt transaction. EZBTC is neither regulated nor licensed scam broker. Commonly, the legislation of Canada doesn’t have any specified prerequisites on the exchange of cryptos. But, other crypto brokers are registered under the FINTRAC for doing money transactions. The EZBTC is not registered with FINTRAC and this is worrisome. Due to the fear of chargeback, EZBTC avoids dealing with credit cards. But there are many brokers they do offer payment services by the credit cards. The broker only deals with the Canadian Dollars this is enough for traders to feel constrained. Meanwhile, several other brokers accept other currencies as well. The major drawback of EZBTC is that it does not provide leverage trading as leverage is fixed at 1:1. The website of EZBTC is catchy and feels modern. But the website of EZBTC is very noninformative and lacks the Frequently Asked Questions section. Also, all the other sections are showing a 404 error.
EZBTC charges several fees to its traders. These are 0.30% of the trading fee, and 0.001 BTC of withdrawal fee. These charges are inarguably high compared to the market average. Also, the bank transfer charges you CAD 25 and 1% on the cash. The minimum deposit is 250 Canadian Dollars.
Is EZBTC scam or legit?
The EZBTC offers a wide variety of cryptocurrencies that can be bartered counter to the Canadian Dollars. The use of fiat currency has many disadvantages. Firstly, there are many legal procedures like ID Verification, KYC and AML that need to be performed by the trader. Secondly, hectic, time-consuming and cost-inefficient exchange of currency to Canadian Dollars needs to be performed by the trader. The best feature of EZBTC is the availability of the savings account with an annual interest rate of nine percent. Traders might not like the absence of credit card payments.
In conclusion, we can say that this scam broker is useful to the US and Canadian traders but not others. The offshore nature of this broker for the rest of the world is worrisome. Also, it’s an unregulated and unlicensed broker this is a big red flag. Your money at the high risk and stay away from this scam broker.