EuroTradeFX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
EuroTradeFX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
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://eurotradefx.com
Founded: 2021
Regulations: Unlicensed
Languages: Italian, English
Deposit Methods: Bitcoin, FavBuys, SerenityPay
Minimum Deposit: $100
Free Demo Account: Unavailable
Number of Assets: N/A
Types of Assets: CFDs on Indices, CFDs on Shares, Forex Pairs, Cryptocurrencies
Trading Accounts and Conditions
We could not find any information on EuroTradeFX’s website about the kinds of trading accounts they have on offer. From what we can gather, there is only a single trading account type which all traders must register for.
With regard to the minimum deposit, it appears to be $100. The leverage is 1:100 but can be increased to 1:500 if required. The spread for the EURUSD pair, which is the market benchmark, is at 0.2 pips.
EuroTradeFX – Advantages
Despite going through EuroTradeFX’s website in great detail, we could not find anything positive to write about this broker. Therefore, we have left this section of this review black.
EuroTradeFX – Disadvantages
Given below are all the reasons why EuroTradeFX is not a broker to be trusted:
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Unlicensed Clone Firm Blacklisted by CySEC
On its homepage, EuroTradeFX boldly claims to be registered with and licensed by the CySEC (Cyprus Securities and Exchange Commission). The broker also gives an address in Larnaca, Cyprus. The license number provided is HE317893, and there is link provided to the CySEC’s online register so that you can verify that there actually is a legitimate license issued. When you click that link, you will find that this license is issued to a company by the name of Eurotrade Investments RGB Ltd. It all looks absolutely legitimate until you start looking at the details.
The address, for example. The address on EuroTradeFX’s website is different from the one listed on the CySEC register. And then the domain names. On the register, the names of the domains approved by the CySEC are eurotrade.eu, euro.capital and eurotrader.group. There is no mention of the domain used by this broker – eurotradefx.com. Even the contact email addresses are different. We cannot comment on the phone numbers since EuroTradeFX hasn’t bothered to list any.
What all of this means is that we are dealing with a clone firm. So, what is a clone firm? It is a brokerage that uses another company’s – a legitimate company’s – identity and passes it off as its own. This is done in a bid to scam unwary traders of their money.
We are not the only ones to have noticed the fact that this broker is stealing another legitimate company’s identity and trying to pass it off as its own. The CySEC has issued a public warning against EuroTradeFX for being a clone firm and has warned its citizens to steer clear of this scam broker.
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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Lies About Trading Platform
EuroTradeFX also claims that it offers its clients the MetaTrader 4 trading platform. However, we could not find any way to download this platform on their website. What we did get was a poorly made WebTrader platform which had few tools for trading and can be easily used for price manipulation and fraud.
Furthermore, this WebTrader platform that EuroTradeFX offers is actually listed under another broker’s name; this platform is owned by another broker by the name of tradingroomstar.com. Interestingly enough, that broker has also been flagged off as a scammer by another financial authority – the Italian CONSOB.
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Leverage Too High
Another issue we have with this broker is that the maximum leverage it offers its clients is 1:500. That type of leverage is not only dangerous, but it is also illegal in the jurisdictions that this broker targets (Cyprus, Italy).
Because of the fact that there was a wide misuse of leverage as a tool, many authorities across the world have placed stringent limits on how much leverage a broker can offer its clients. One of these jurisdictions is the European Union, of which Italy and Cyprus are a part. Thus, here the maximum allowed leverage is 1:30. So, a maximum leverage of 1:500 is simply illegal, as we said. So, even if we hadn’t found out about the fact that this broker is a clone firm, this kind of leverage would be a dead giveaway of a scam.
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Suspicious Payment Methods
EuroTradeFX claims to offer multiple reputed and reliable payment methods – Skrill, Visa, MasterCard, Bank Transfer and Neteller. However, when we checked the payment methods that were actually available, we found that there were only 3 ways in which you can deposit funds – Bitcoin, and two very fishy-sounding unknown e-wallets: SerenityPay and FavBuys. You can also Manually make a payment, but that is only a button to click for a call-back.
The fact that there are no reliable payment methods is a red flag and it raises serious doubts about this broker’s legitimacy – even if we did not already expose it as a clone firm.
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No Legal Documents
One of the biggest indicators of a scam is the lack of legal documents. This broker has no legal documents whatsoever. Legal documents, called Client Agreements or User Agreement or Terms and Conditions etc., are critical since they clearly define the relationship between the trader and the broker. It specifies what the services the broker offers are as well as what these services will cost the trader. There are also policies spelled out so that the trader knows what to expect from the broker.
Without these legal documents, the trader is basically signing away their money – allowing the broker to do whatever they want.
Conclusion
Now, to answer the question – can EuroTradeFX be trusted? The answer is – absolutely not! This broker is a clone firm that has stolen a legitimate company’s details and presented them as its own. It has lied about its trading platform offering. It has no legal documents. And it has some very suspicious payment options. All in all, a broker that all should stay away from.
EuroTradeFX
Pros
- None
Cons
- Unlicensed Clone Firm Blacklisted by CySEC
- Lies About Trading Platform
- Leverage Too High
- Suspicious Payment Methods
- No Legal Documents
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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