Eurotrader – Forex Scam Preying on Investors
Eurotrader is an offshore broker based in Cyprus. The parent company of this forex broker is Eurotrade Investments RGB Ltd.
Also, they have a subsidiary in South Africa, Eurotrade SA Pty Ltd.
The company came into business in 2015. Their office is located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH 96960, Marshall Islands.
You can call them at 020-8004-7430 or send them an email at [email protected]
Eurotrader has licenses from both CySEC and FSCA. The Cyprus Securities and Exchange Commission is the financial regulatory authority of Cyprus and has several strict requirements.
Similarly, the Financial Sector Conduct Authority is the financial watchdog in South Africa. However, the FSCA has a bit more lenient requirements than CySEC.
In my review, Eurotrader is a forex scam and you should stay miles away from this broker. Read on to find out why I don’t recommend trading with them:
|Prohibited Countries||US, UK, Japan, Australia, Belgium,Canada, Countries Outside EU|
|Payment Methods||Wire Transfer, VISA, Bitcoin, MasterCard, Litecoin, Neteller, Ripple, Skrill|
|Are They Recommended?||No|
Eurotrader Trading Conditions: Minimum Deposit, Leverage and Trading Platform
The minimum deposit at Eurotrader is $50. This is fairly high as most reputed brokers keep their minimum deposit requirement around $10 or below.
Usually, shady brokers tend to keep their minimum deposit requirement high. It allows them to take substantial funds from you instantly. That’s why, you should be extremely wary of brokers who have high minimum deposit requirements.
For example, Bitcastle is a crypto broker which doesn’t even mention its minimum deposit requirement and charges 8% commission on every deposit. Clearly, they are a shady exchange you should avoid. It seems Eurotrader is also a scam, just like Bitcastle.
With this broker, you can get 1:500 leverage, which is extremely high. Regulated brokers can’t offer such high leverage.
The reason why Eurotrader is getting away with offering such high leverage is because of its registration in South Africa. By registering there, it has been able to bypass the strict regulations of CySEC while having a license.
Not only is this unethical but also deceptive.
Such high leverage is not suitable for most forex traders, especially beginners. While trading with leverage like 1:500, you can lose your entire deposit and get in debt.
The broker can freeze your account and deduct all the funds present in your account if you suffer one loss with such leverage. This is why regulators limit the amount of leverage licensed brokers can offer.
For example, forex brokers in the US can only offer leverage up to 1:50.
You can understand now how dangerous Eurotrader’s offered leverage is.
Eurotrader offers MetaTrader 4 as its trading platform. This is one of the few positive things I noticed about this broker. MetaTrader 4 is a highly popular platform as it allows you to execute trades quickly.
Also, the platform offers 4 different types of pending orders and numerous graphic and charting tools.
However, apart from MT4, they also offer the EuroTrader mobile app. The app is available for Android as well as iOS devices.
Eurotrader Trading Instruments:
Eurotrader offers 60+ currencies, Bitcoin, Ethereum and Litecoin and 135+ CFD options. These include stock indices, oil, gold, silver and other commodities. Similarly, you will find all of the popular currency pairs here such as EUR/USD and AUD/CAD.
Some of the indices available here are HK50, US500 and NIKKEI225.
Eurotrader Account Types:
This forex broker offers its clients 3 types of accounts:
Every account type has different deposit requirements and offered leverages. The more money you’d have in your account, the less leverage you will get.
Also, the commission charges for each account are different as well. For example, the Micro account has $0 commissions while the Zero account has $2.75 commission charges.
The minimum deposit requirement for each account are as follows:
- Micro: $50
- Zero: $500
- Hero: $25,000
Apart from these account types, you can also get a Eurotrader demo account. There, you can test out the interface and get a feel of what it’s like to trade there.
As usual, the demo account is free to use.
Furthermore, Eurotrader offers swap-free Islamic accounts to its clients.
Eurotrader Transaction Methods and Requirements:
Eurotrader offers various transaction methods to its clients. For standard USD, GBP and EUR accounts, you have the option to use:
- Wire transfer
If you use ZAR, you have the option to use OZOW and wire transfers.
Eurotrader minimum deposit requirement for most payment methods is $50. However, there are exceptions.
For example, the minimum deposit requirement for wire transfer is $500 and for OZOW, there is no limit.
All of the payment methods available for deposits are available for Eurotrader withdrawals as well. Credit cards have a minimum withdrawal limit of $50 while other payment methods have no such limits.
The company claims to take 1-5 business days for processing withdrawal requests.
However, according to numerous Eurotrader reviews, the company takes much longer than that.
Eurotrader Reviews: Using Fake Reviews to Bury Complaints
When I checked Eurotrader reviews, I found several suspicious 5-star reviews.
Then, I found several complaints against them and understood why t hey have posted so many fake reviews on their online profiles.
The offshore broker doesn’t want you to find out the numerous complaints it has been receiving from its disgruntled customers.
In the above review, Franco shares that the forex broker kept his money on hold for 2 weeks. He had deposited the funds through crypto.
Franco received the blockchain confirmation after 10 minutes of making the deposit.
However, the forex broker didn’t let him access his funds for weeks.
That’s why he doesn’t recommend trading with this broker.
Moreover, this isn’t the only complaint I found against this broker. There are a ton of other customers complaining about the same issue.
Suspicious Fake Eurotrader Reviews:
When you look up “Eurotrader reviews”, you find a ton of reviews praising the forex broker. However, when you look closely, you’d realize that most of these 5-star reviews are fake.
These reviews don’t share any details on their experience. Furthermore, the accounts posting these reviews are inactive and temporary. You can see that none of these accounts have posted another review on the platform.
Clearly, someone created an account solely to write a 5-star review on Eurotrader where they didn’t even explain anything.
Using fake reviews is a rather common tactic among shady businesses and online scams. For example, F1 Solutions Australia is a firm which uses fake reviews to deceive job-seekers.
Why does Eurotrader post these fake reviews?
Because the company doesn’t want people to find out the various complaints people have posted against them.
The reviews I have shared here are highly suspicious. They suggest that Eurotrader can resort to lies, deceit and false advertising to promote its brand.
Should You Trust Eurotrader?
After reviewing the trading conditions and shady regulatory status of this broker, I don’t recommend Eurotrader.
The broker has received numerous complaints from customers and is using unethical marketing tactics to bury them.
Moreover, the broker has horrible trading conditions.
You will be better off trading with a different forex broker. Luckily, there are a ton of brokers available in the market right now.
Eurotrader is a shady offshore broker which violates several regulations of its licensing authority, CySEC. The broker offers an unreasonably high leverage and has received complaints from its clients for stealing funds.
- Licensed by CySEC and FSCA
- MetaTrader 4
- Violates CySEC’s regulations
- Excessive leverage
- High fees
- Fake reviews
- High minimum deposit requirement