Is eplanet a Scam?

At FXCanary, our mission is to cut through the marketing noise and give retail traders a clear, evidence-based view of a broker’s safety. We build every review from the ground up, cross-checking regulatory filings, scraping user feedback, and analysing complaint patterns.

Our proprietary Scam Risk Score aggregates these signals into a single number — for ePlanet, it sits at 39 out of 100, a rating we label ‘Guarded’. A score below 40 does not automatically mean a broker is a scam, but it flashes a warning: traders face genuine risks here that demand careful investigation.

We weigh three pillars heavily: the strength and applicability of regulation, the transparency of the corporate structure, and the consistency of real-world withdrawal experiences. Each of these pillars shows cracks at ePlanet, which we examine in the sections that follow.

ePlanet Brokers LTD displays a single regulatory credential: a Financial Sector Conduct Authority (FSCA) licence from South Africa, number 52199, categorised as a Derivatives Trading License. The FSCA is a credible frontline regulator, but it is not a stamp of universal protection.

Under FSCA oversight, client funds must be segregated from the broker’s own money, and firms are subject to capital adequacy rules and periodic audits. However, South Africa does not operate a comprehensive compensation fund for failed forex brokers, and negative balance protection is not mandated by the regulator — a trade can theoretically wipe out more than the account balance.

Crucially, ePlanet is incorporated in Comoros, an offshore jurisdiction with minimal financial oversight. The FSCA licence likely covers only a South African registered entity, leaving international clients effectively under the Comoros structure. When we examined public registers and aggregated industry data, the lack of a dedicated local regulatory framework in Comoros was stark, and the broker’s own website offers no clarity on which entity holds client funds. This split between a legitimate licence and an offshore base is a classic red flag.

Of all the metrics we track, withdrawal reliability is the most visceral test of a broker’s integrity. Here, ePlanet’s record is deeply mixed. Across the 87 Trustpilot reviews we analysed, 19 specifically mention withdrawal problems — a rate that sets off alarms.

Take the case of Karas Oleksii (Account No. 22209088), who reported being unable to withdraw funds for over a month, with the company allegedly ignoring inquiries. Dzhula Mykhailo (Account No. 11105608) posted a detailed complaint under their real name, offering to provide deposit confirmations after the broker allegedly blocked access to their profits. Another trader complained that ePlanet cited a shared IP address as a reason to deny a withdrawal without providing proof.

These are not isolated anecdotes. A pattern of denied or stalled withdrawals, especially after a trader becomes profitable, is exactly the kind of behaviour we associate with high-risk operators. While many reviewers did report fast, trouble-free withdrawals, the sheer volume of serious complaints — and the specificity of the evidence — means that anyone depositing with ePlanet is rolling the dice.

Beyond the withdrawal grievances, multiple structural red flags emerge from our investigation. First, the company lists zero employees in the structured data we reviewed. For a broker that claims to be operating since 2022 and handling client funds, having no verifiable staff is virtually impossible — it suggests a skeletal or opaque operation.

Second, there is a small but pointed cluster of outright scam accusations. One reviewer stated, “The broker is a fraud. If you make money, they will find a reason not to pay you. They stole $2,900 from me.” Another lamented that their account was frozen and all communication ceased after they sought to withdraw profits. These claims, while fewer in number, mirror the worst-case scenarios we have documented at fraudulent firms.

Third, the corporate registration in Comoros creates a jurisdictional fog. An FSCA licence is respectable, but when the entity holding your money is domiciled in a lax offshore centre, legal recourse becomes exponentially more difficult. This mismatch between regulatory promise and practical protection is a textbook risk we cannot ignore.

To be fair, ePlanet does enjoy a 4.3 out of 5 Trustpilot score, and many reviewers praise fast execution, responsive support, and smooth KYC. Comments like “transparency, fast withdrawal, and compliance” and “the best broker I have found in 8 years” appear alongside the critical voices.

A notable 25 out of 29 mentions of ‘speed’ are positive, suggesting that for many clients, the technical onboarding and trade execution work as advertised. The broker offers MT5 and cTrader, both industry-standard platforms that reduce the risk of manipulated pricing.

However, we caution against overweighting these green flags. A high Trustpilot score can be cultivated, and the existence of many satisfied users does not negate a minority who have lost all access to their capital. Our role is to interpret the full picture, and the positive reviews are counterbalanced by hard-to-explain, detailed complaints.

One area where ePlanet passes with flying colours is clone activity. Our scans of industry databases and impersonation alerts found zero clone or impersonator sites targeting this brand. This is a genuine positive: many scams involve fake entities mimicking legitimate brokers, and ePlanet so far appears free of that specific threat.

It also suggests that the broker’s identity is not being widely exploited by criminals — a sign that it has some degree of brand recognition without being a prime impersonation target. For now, traders need only worry about the broker’s own practices, not a lookalike threat.

If you still consider trading with ePlanet, a rigorous self-protection strategy is non-negotiable. Start small: deposit the minimum required by your chosen account type, and treat that capital as expendable until you have successfully withdrawn it multiple times.

Test withdrawals early and often. Do not wait until a large profit has accumulated; request small payouts within the first few weeks to verify that the process works under real-world conditions. Should any delays or excuses arise, escalate immediately and document every interaction.

Verify your own FSCA protections. Ask the broker directly which legal entity holds your funds, and check that the entity is indeed covered by FSCA licence 52199. If the answer points to Comoros or is evasive, treat it as a dealbreaker. Finally, never accept a bonus without understanding the fine print — even if a few reviewers mention “nice bonuses,” bonus terms can be weaponised to block withdrawals.

ePlanet illustrates a classic dilemma: a broker with a legitimate-appearing licence, a spate of satisfied customers, and yet a troubling undercurrent of unresolved withdrawal disputes. Our Scam Risk Score of 39 (Guarded) reflects this tension. The FSCA credential provides some baseline oversight, but the Comoros registration and the specific, detailed complaints tip the balance firmly into high-risk territory.

We do not label ePlanet a scam — the sample of negative reviews, while serious, does not prove systematic fraud. However, the risk of losing your money is unacceptably high compared to brokers with top-tier regulation and a clean withdrawal record. Only traders with a hardened risk appetite should engage, and even then only with full awareness of the worst-case scenarios reported by fellow users.

In our assessment, the signals are too contradictory for us to place ePlanet in a ‘safe’ category. Vigilance, small deposits, and relentless withdrawal-testing are the minimum defences if you choose to proceed.