in Dubai is a scam


Private, 1st Class
I have been trading with for the past month, and I have been doing well in results of my trading. I received a message from them stating that they are having technical issues with their platform, and suspended trading on my account on the 10th of March. They said they would fix the issue and restore the account. They have not done anything to make the account tradable again, and the CEO Alex Chehade has stopped responding completely where he was in contact on a daily basis before.

We have requested all the profits from the account as this is very suspiscious, and have had absolutely no response. I am on high alert now as they have 35,295.21.00 USD of my money that they will not return. We have requested a refund daily with still no response.

I am drafting up a letter to the DFSA in Dubai about this unscupulous behaviour. These people cannot carry on doing this to others. Basically if they are making money and their clients are losing, they are happy, but if they are losing, then they dissapear and don't pay. People that operate like this need to be shut down, fined, have all their assets taken away from them and thrown in jail.

Do not go NEAR this company!

I have attached screen caps showing the trade results and balance.


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How and when did you deposit?

Go ahead and send an email to EC Markets to invite them to come and join this discussion thread.
I am submitting the case against:

My Case is: We opened account a trading account with (directly with Alex Chehade, the CEO of ECMarkets) and they used a trading platform through to execute trades. They communicated with to configure the platform that would be used for trading. Finally, they informed us the account was ready to be traded as of Monday Feb 22 (below) and we proceeded to trade. We have done very well in profits and suddenly we were notified on Mar 10, they froze our account and said that all trading since the beginning of our trading session with them was invalid because of issues with the platform. Even though they stated that everything was good to go with the account and platform on Monday Feb 22 in email (attached), AND they had complete and full access to the administrative area of the platform and account to notify us right away if there were any issues with the account or platform. But they never did notify us that there was any issue. If there was issues with the platform, this is their area of responsibility, not ours. We have no way to tell if there were any issues, as the platform performed exactly as expected. They immediately sent us back our initial investment and basically have washed their hands of us, hoping we would just go away. This is the type of company where if their users are losing money, the company is very happy, but once their users are making money, they will come up with excuses to not pay profits. It just is not right that companies can operate in such a dishonest way.

We have caught Alex Chehade in a lie with actual proof from skype conversations that were had with himself and then a conversation with a representative of the platform provider, Julia Stepanova. View the file "description.pdf" as it shows in colour the relevant comments. First is the conversation with Alex Chehade :

>> [3/10/2016 4:00:56 PM] Elite Capital Markets: so what exactly are you saying
>> [3/10/2016 4:01:03 PM] Elite Capital Markets: in clear terms
>> [3/10/2016 4:01:14 PM] Alex Chehade: no trades before today are valid
>> [3/10/2016 4:01:38 PM] Elite Capital Markets: and all profits made you mean are canceled?
>> [3/10/2016 4:01:45 PM] Elite Capital Markets: i dont understand
>> [3/10/2016 4:03:03 PM] Elite Capital Markets: and what proof do u and they have about ur claims
>> [3/10/2016 4:03:13 PM] Alex Chehade: the algo was off and naxtrader were unaware of the fact the trader was live

>> [3/10/2016 4:05:47 PM] Elite Capital Markets: the platform was in perfect conditions
>> [3/10/2016 4:05:55 PM] Alex Chehade: I know exactly what I'm saying
>> [3/10/2016 4:05:57 PM] Elite Capital Markets: before the profits were made
>> [3/10/2016 4:06:02 PM] Elite Capital Markets: and loses made as well
>> [3/10/2016 4:06:31 PM] Elite Capital Markets: i told naxtrader that this is a live account
>> [3/10/2016 4:06:39 PM] Elite Capital Markets: you sent me a live account 24
>> [3/10/2016 4:06:51 PM] Elite Capital Markets: and told me it is ready for trading
>> [3/10/2016 4:07:04 PM] Elite Capital Markets: naxtrader was aware as well as i told julia
>> [3/10/2016 4:07:14 PM] Alex Chehade: that's not what she said

>> [3/10/2016 4:09:07 PM] Alex Chehade: it's unfortunate for the client who was trading
>> [3/10/2016 4:09:33 PM] Alex Chehade: the environment was not treated as live and in this case the trades will not stand
>> [3/10/2016 4:10:32 PM] Alex Chehade: the settings we configured, they were not functioning
>> [3/10/2016 4:10:53 PM] Elite Capital Markets: what settings did you configure and were not functioning
>> [3/10/2016 4:11:08 PM] Elite Capital Markets: and from what point did you configure the settings
>> [3/10/2016 4:11:15 PM] Elite Capital Markets: what proof of this do you have
>> [3/10/2016 4:11:42 PM] Elite Capital Markets: and why didnt you alert me long before
>> [3/10/2016 4:11:48 PM] Elite Capital Markets: why wait till this time

So, Alex Chehade's stance was that the platform provider was unaware that the trading was live. This is proven as false below from a skype conversation with Julia Stepanova from (below and in the section "company replies and other coments" in "description.pdf"). But that aside, ECMarkets should never have given us the go ahead to trade if the platform was not yet confirmed by them. They simply told us that the account and platform was ready to go and we could start trading right away (proof in email in attachment "description.pdf" from Below is Julia Stepanova's acceptance that we were going to start trading the week of Feb 22:

[2/18/2016 12:48:23 PM] Elite Capital Markets: we need to make all the touch no touch and range options expiry to start from 1 or 2 hours
[2/18/2016 12:48:44 PM] Elite Capital Markets: no touch starts from 36 hours
[2/18/2016 12:52:43 PM] Julia Stepanova: yes
[2/18/2016 12:52:47 PM] Julia Stepanova: ok
[2/18/2016 12:53:13 PM] Julia Stepanova: I'll send u srinshot
[2/18/2016 12:55:17 PM] Elite Capital Markets: ok
[2/18/2016 12:56:06 PM] Elite Capital Markets: then make the payouts from 1 hour for touch to be 70%
[2/18/2016 12:56:33 PM] Elite Capital Markets: no touch from 1 hour 150%
[2/18/2016 12:56:56 PM] Elite Capital Markets: range from 1 hour 80%
[2/18/2016 12:57:47 PM] Elite Capital Markets: or dont worry about the payouts meantime i will agree that with my LP
[2/18/2016 12:57:56 PM] Elite Capital Markets: just make the expiries from 1 hour on all the options
[2/18/2016 12:58:16 PM] Elite Capital Markets: when i agree with the LP then i will tell you what the payouts will be
[2/18/2016 12:58:30 PM] Julia Stepanova: ok
[2/18/2016 12:59:14 PM] Elite Capital Markets: we will start trading by next week
[2/18/2016 1:00:18 PM] Julia Stepanova: the range option are 4 various touch range/no touch range/out of range/ in range
[2/18/2016 1:00:41 PM] Julia Stepanova: are they all start at 1 hour?
[2/18/2016 1:00:58 PM] Julia Stepanova: ok
[2/18/2016 1:01:10 PM] Elite Capital Markets: yes

If ECMarkets was going to accept the use of technology for their trading for their users, it is not the responsibility of the users to ensure it operates to ECMarkets requirements. It is the responsibility of ECMarkets. There is no way a user can understand what is happening behind the scenes of the technology that the broker provides. This is simple case of a broker not willing to pay out profits that they are obligated to. And there are plenty of brokers around the world that do this same kind of trickery.

The attachments contain the trail of emails of our repeated requests for our profits to be sent to us, as well as the email from them stating that the account and platform were set up and trading could commence.


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Last edited by a moderator:
We then were asked to provide proof that from Naxtrader's perspective, the trades were all valid in their platform for the time period in question.

I contacted NaxTrader to ensure that the trades had actually been executed in the platform properly, and they confirmed through the admin panel that everything was operating exactly as it should during the period of trading. See below the conversations.

[3/24/2016 7:57:01 PM] Elite Capital Markets: hi there
[3/24/2016 7:57:36 PM] Elite Capital Markets: did everything go through on trades from February 22nd to March 10th?
[3/24/2016 7:58:12 PM] Elite Capital Markets: the FPA says i should ask you
[3/24/2016 7:58:44 PM] Elite Capital Markets: all trades went through as we can see on our trading account 24 on the platform
[3/24/2016 7:59:17 PM] Elite Capital Markets: but the FPA wants to hear from you if your platform opened all trades sent to the server
[3/24/2016 7:59:38 PM] Elite Capital Markets: please reply as soon as possible so i can reply to them
[3/25/2016 10:57:30 AM] Julia Stepanova: Hi,
[3/25/2016 10:57:58 AM] Julia Stepanova: you can see the all information yourself in
[3/25/2016 10:59:14 AM] Julia Stepanova: TRADERS tab/ Select login -24
[3/25/2016 10:59:40 AM] Julia Stepanova: choose page - Binary Options (Timeframe - all time)
[3/25/2016 11:01:05 AM] Julia Stepanova: by these settings you seen that 24 account traded from 25.02.2016 to 10.03.2016
[3/25/2016 11:02:34 AM] Julia Stepanova: all data are stored on the server
[3/25/2016 12:10:36 PM] Elite Capital Markets: Yes I can see
[3/25/2016 12:41:16 PM] Julia Stepanova: Are you sign in platform and see this info?
[3/25/2016 1:21:13 PM] Julia Stepanova: ok good
[3/25/2016 1:22:39 PM] Elite Capital Markets: Yes everything is clear on the platform

I have attached the screen captures showing the trades on the admin side, solidifying Naxtraders stance that the trades were placed without issue. ECMarkets had full access to the admin side of the platform to see these trades. This along with Naxtrader knowing that we were live (pointed out in conversation with them), and the email from ECMarkets stating that our account and platform were up, live and ready to go (in the sample documents attached in previous post "description.pdf"), there is no other conclusion except that is trying to get out of paying us for our trades that we placed.

Thank you


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This is the info about the wire transfer I sent to them and the date:

I sent the wire transfer on Wed Feb 17. The amount was $10,000USD It went to the following customer:

ECM Limited
305 Griffith Corporate Centre
Beachmont, Kingstown
Saint Vincent and the Grenadines
IBAN CZ89 0800 0000 0000 0671 0732

Settlement Bank:
Ceska Sporitelna A.S.
Prosecka 851/64. 190 00
Praha 9
Czech Republic
Yes. Please send a link to this thread to every address you have for ECNMarkets. Invite them to come and join the discussion.