General Information & Regulation
Encore Capitals, a trading name of Encore FX Limited, is allegedly an unregulated forex and CFD brokerage company incorporated in the UK on 2 September 2020 that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:1000, variable spreads and commissions on the industry-standard MetaTrader5 trading platform, a choice of five different account types, as well as copy trading service and 24 hours support.
Market Instruments
Encore Capitals advertises that it mainly offers three different asset classes in financial markets, including forex, CFDs and precious metals. However, some other trading assets like crude oil and a wide range of stock indices are also available.
Account Types
Apart from demo accounts, there are five live trading accounts offered by Encore Capitals, namely Rookie, Scalper, ECN, Elite and Islamic. Opening a Rookie account requires the minimum initial deposit amount of only $10, while the other four account types have much higher minimum initial capital requirements of $250, $1,000, $10,000 and $100 respectively.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Rookie account can enjoy the maximum leverage of 1:1000, the Scalper, ECN and Islamic accounts can experience a leverage of 1:500, while the Elite account has a leverage of 1:200. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.
Spreads & Commissions
Encore Capitals claims that different account types can enjoy quite different spreads and commissions. In particular, the Rookie, Scalper and Islamic can experience spreads from 1 pip with no commission, while the ECN account can enjoy the spread from 0 pips with no commission, and the Elite account has raw spread but may be charged some commissions.
Trading Platform Available
Platforms available for trading at Encore Capitals are MetaTrader5, MT5 Android and MT5 Apple IOS. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
From the logos shown at the foot of the home page on Encore Capitals official website, we found that this broker seems to accept numerous means of deposit and withdrawal choices, consisting of Visa, MasterCard, Neteller, Perfect Money, Bitcoin and Wire Transfer. The minimum initial deposit requirement is said to be only $10.
Bonuses
Encore Capitals claims to offer some bonuses, such as a $50 no deposit bonus and a 15% tradable bonus, as well as an invitation bonus, yet we cannot be sure if the bonus is available without any condition.
Customer Support
Encore Capitals customer support can be reached by telephone: +441273807865, email: support@encorecapitals.com or live chat. Besides, you can also follow this broker on some social media platforms such as Twitter, Facebook, Instagram and YouTube. Company address: 130 Old Street, London, England, EC1V 9BD, United Kingdom.
