Ester Review: Withheld Funds & Trade Manipulation Allegations

Are you struggling to receive withdrawals from Ester, a Saint Lucia-based forex broker? Did you face trade manipulation on various aspects, including copytrading? Did this manipulation lead to massive capital losses? You are not alone! Several traders have accused the broker of trading misconduct. In this Ester review article, we have examined their allegations. Have a look!

Ester Overview: Company Profile & Trading Product Portfolio

Ester Holdings Inc. claims to offer the best-in-class trading knowledge and advisory services to its clients so that they can make informed decisions. As per the information available on its official website, Ester gets quotes on ECN platforms from the top banks and liquidity suppliers. This leads to the execution of trade orders received from the liquidity supplier. Customers can view and trade at the best prices (bid and ask) in the trading terminal.

As far as the companys trading product portfolio is concerned, it has a wide array comprising forex, spot metals, stock indices, commodities and cryptocurrencies. All these instruments are traded on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.

Speaking about forex, the Ester trading platform allows you to invest in currency pairs such as AUD/CAD, AUD/CHF, AUD/DKK, AUD/HUF, AUD/JPY, AUD/NZD, AUD/NOK, etc. The contract size for forex trading is 100000.

If you want to do spot metal trading, you have options such as XAG/AUD, XAG/CHF, XAG/EUR, XAG/GBP, XAG/USD, XAU/AUD, XAU/CHF, XAU/EUR, etc. The contract size here ranges from 100 to 25,000, depending on the trading instrument used.

Stock indices available for trading include DAXEUR, F40EUR, FTSGBP, ESXEUR, IBXEUR, DJIUSD, NDXUSD, etc.

As a trader, you can also leverage oil and natural gas trading on Ester. The options available are WTIUSD, BRNUSD and NGCUSD.

Commonly used cryptocurrencies on the Ester platform include BTCUSD, BTCEUR, BTCJPY, BTCGBP, BTCCHF, BTC AUD, BTCNZD, etc.

Investigating the Top Forex Trading Complaints Against Ester

No Withdrawal Processing, Zero Account Balance

A user from the Czech Republic claimed that Ester failed to process his request to withdraw funds worth USD 681.65. At the same time, the trader highlighted that the account balance turned ZERO. The alleged change of the MT4 Master password by the broker made it impossible for the trader to execute the Ester login. The story, according to the trader, began when he was funded with 1600 EUR. As per the traders admission, the trading made on the News trading/copier service resulted in -3.24 EUR since April 1, 2019. The user decided to withdraw funds. However, the trader failed to receive any confirmation email from the broker. A few days later, the trader did manage to receive USD. His subsequent withdrawal request of USD 681.65, however, was allegedly withheld by Ester. Affected by the overall experience, the trader shared this negative Ester review.

$14,000 Reportedly Lost After Alleged Fake Trades and Withdrawal Denial

A Cyprus-based trader raised serious allegations against a couple of brokers, including Ester, claiming to have lost a total of $14,000 under suspicious circumstances. According to the complaint, the broker offered a trade-copying service that required a significant deposit to activate. After funding the account, the trader noticed irregularities in trade execution, including identical and seemingly fabricated trades. The user further alleged that past trades were manipulated to appear profitable through post-trade adjustments.

When the trader questioned these discrepancies, the broker reportedly provided unclear and unconvincing explanations. Upon requesting a full withdrawal of funds, the situation allegedly worsened. The very next day, the account was flooded with hundreds of high-volume trades, leading to a complete wipeout of the balance. The trader claims these trades were not genuine but were intentionally created to prevent fund withdrawal.

Despite repeated complaints and requests for a refund, the broker allegedly blamed technical issues and failed to return the funds. The situation escalated when a representative contacted the trader and denied responsibility, instead suggesting further investment. The complaint highlighted concerns about trade manipulation, withdrawal obstruction, and unethical practices. The trader warned others to exercise caution and avoid engaging with brokers, such as Ester, to prevent similar financial losses.

The screenshot below contains a review, where the trader highlighted several glitches at the brokers end.

Is Ester Legit or a Scam? Find Out in This WikiFX Review

The complaints against Ester sounded serious and demanded a thorough investigation into its regulatory status. The WikiFX team investigated to find that the broker was not granted a valid license to conduct trading business. The no-license status meant a considerable rise in investment risks for traders. As a result, the team gave Ester a score of just 2.22 out of 10.

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