EterWealth – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
EterWealth - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://eterwealth.com
Founded: 2023
Regulations: Not Regulated
Languages: English, Thai
Deposit Methods: Mobile Banking
Minimum Deposit: $20 (Automatically converted to Thai Baht)
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currencies, Cryptocurrencies, Indices, Stocks, Commodities
Trading Accounts and Conditions
EterWealth offers their clients the following account types:
- Classic: The spreads for this account type are low. There are no trading commissions.
- VIP: The spreads for this account type are lower. There are no trading commissions.
- Standard: The spreads for this account type are lowest. There are trading commission.
As you can see, all details on trading conditions are missing. We had to check the broker’s trading platform to get some information about those trading conditions. We found out that the spreads started from 1.3 pips for the EURUSD, GBPUSD and USDJPY currency pairs. The maximum leverage ratio is 1:1000. The minimum deposit is $20, which automatically gets converted to Thai Baht.
No other trading conditions are mentioned.
EterWealth – Advantages
The single good thing about EterWealth is the fact that this broker offers their clients the use of the MetaTrader5 software for trading. The MT5 software is the top trading platform in the world today. This platform has an array of features – analytics tools, charting tools, automatic trading bots, and so much more. These features make this software a dream for advanced traders. And yet, the platform is designed in such a way that even a novice trader will be able to use this software for trading.
Having said that EterWealth offers an excellent trading software does not take away from fact that this broker is still a scammer.
EterWealth – Disadvantages
Here is all the proof you need to know that EterWealth is just another scam operation:
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Lies About Regulation
On their website, EterWealth posts prominent registration certificates, claiming to be regulated in St. Vincent and the Grenadines. The broker claims that the name of their parent company is Eterwealth Limited. The broker also posts a certificate supposedly issued by the National Futures Association (NFA) in the US.
As we dig further, we find more contradictory information in this broker’s Client Agreement section. We find here that EterWealth claims that they are owned by ETERWEALTH Global Limited, and that they are authorized to operate by the National Futures Association of Belize.
All these claims are lies. First, we did find a company by the name of Eterwealth Limited listed with the St. Vincent and Grenadines Financial Services Authority. However, this does not make a difference, since the SVGFSA does not authorize forex and binary options brokers. The regulator clearly states this on their website. So, being registered with the SVGFSA does not mean anything for a forex broker like EterWealth – they are still not regulated.
Next, that certification from the NFA, US is a fake. We checked the online register and found no company (or broker) by the name of Eterwealth listed with the NFA. This broker and its so-called parent company are not members with the NFA.
Traders should also be informed that getting a license to operate in the US is not a simple matter. Brokers need to be registered with the CFTC (Commodity Futures Trading Commission) and be members of the NFA. This takes a lot of capital, and the other conditions for registration are among the most stringent in the world. This is why there are so few licensed brokers in this country.
As for their claim in their legal documents, they are just lies. The Belize regulator is called the International Financial Services Commission (IFSC). There is no government body called the NFA in that country!
And finally, in their Contact Us section, we see an Eterwealth Thailand Facebook link.
Considering the fact that there is no clear company name, no physical address, and no contact number, and that this broker has lied about their regulation status, we can safely conclude that we are dealing with an anonymous scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Conditions
Brokers ensure that their trading conditions are clearly spelled out and displayed prominently on their websites. These conditions are what will decide whether a broker will get clientele or not.
Scammers, on the other hand, tend to hide their trading conditions. Just like this broker has done.
EterWealth does not bother telling us anything about their trading conditions. We had to access their trading platform to get that information. While the minimum deposit of $20 is very advantageous, and the spreads are also quite positive, the 1:1000 leverage tells us that we are dealing with a scammer.
Legitimate brokers are constrained by law in offering high leverage ratios. Therefore, if you see a broker offering high leverage, then you know that you are in all probability dealing with a scammer.
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Issues with Payments
The first red flag we have is that while the minimum deposit requirement is just $20, the currency is automatically converted to Thai currency when we try and deposit that amount. This gives us a hint that this broker is probably located in Thailand and is scamming people from that country.
Next, the broker claims to offer multiple payment methods. However, when we checked their deposit menu, there was only one payment option possible – a mobile banking app.
Added to this, the broker states that every withdrawal will cost you a minimum of $25, and the only withdrawal options is via bank wire (we could not confirm if this was true). Furthermore, the withdrawal processing would take between 2 and 5 business days. Even deposits will take that much time! Considering the fact that most brokers allow for instant deposits, this long wait period tells us that we are dealing with a scammer.
And, of course, this broker offers bonuses, which are banned in most parts of the world. The problem is we do not know the terms of those bonuses.
Conclusion
EterWealth is a scammer, and you cannot trust this broker.
EterWealth
Pros
- MetaTrader 5 Software Available
Cons
- Lies About Regulation
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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