Cyprus is the location of Eurotrader, an offshore brokerage firm. This forex broker is a subsidiary of Eurotrade Investments RGB Ltd., which is the main firm. Additionally, they operate Eurotrade SA Pty Ltd., which is a subsidiary in the country of South Africa.
Both the CySEC and the FSCA have issued licenses to Eurotrader. The Cyprus Securities and Exchange Commission is the authority on financial regulation in Cyprus. This commission imposes a number of stringent standards on its members.
In a similar vein, the Financial Sector Conduct Authority of South Africa serves as the country’s financial watchdog. On the other hand, the criteria of the FSCA are rather less stringent than those of the CySEC.
According to my analysis, Eurotrader is a fraudulent forex broker, and you should keep a safe distance from them. Continue reading to find out why I do not advise conducting business with them:
| Minimum Deposit | $50 |
| Maximum Leverage | 500:1 |
| Trading Platform | MT4 |
| Regulation | CySEC, FSCA |
| Prohibited Countries | US, UK, Japan, Australia, Belgium, Canada, and Countries Outside the 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
Minimum Deposit
The minimum amount required to open an account with Eurotrader is $50. This is a pretty hefty demand, considering that the majority of reputable brokers set their minimum deposit requirement at about $10 or below.
In general, dodgy brokers have a tendency to maintain high minimum deposit requirements for their clients. It makes it possible for them to grab significant amounts from you immediately. Because of this, you should proceed with extreme caution when dealing with brokers who have high requirements for the minimum deposit.
For instance, the cryptocurrency broker Bitcastle does not even make a mention of its minimum deposit requirement, but it nevertheless charges a commission of 8% on each deposit. Obviously, dealing with them is not a good idea because it is a clandestine exchange. It would appear that Eurotrader is a fraud in the same vein as Bitcastle.
Leverage
You can acquire a leverage ratio of 1:500 if you use this particular broker, which is really high. Brokers who are subject to regulation are not allowed to provide such high leverage.
Because Eurotrader is registered in South Africa, it is able to get away with giving leverage that is significantly higher than what is typically allowed. Because it is registered there, it is exempt from the stringent requirements that CySEC imposes while yet maintaining its license.
This is not just unethical but also dishonest in its approach.
The vast majority of forex traders, and especially novices, should avoid using leverage of this magnitude. When you trade with leverage as high as 1:500, it is possible to lose your entire investment and incur additional debt.
If you have even one loss while using such leverage, the broker has the ability to freeze your account and take out all of the cash that is currently in it. Because of this, regulators place restrictions on the amount of leverage that licensed brokers are allowed to provide their clients.
For instance, forex brokers in the United States are only allowed to offer a maximum leverage of 1:50.
You are now aware of how risky the leverage that Eurotrader makes available to its customers.
Trading Platform
The trading platform utilized by Eurotrader is known as MetaTrader 4. To my knowledge, this is one of the few favorable aspects that this broker possesses. Because it enables you to carry out deals in a prompt manner, MetaTrader 4 is a very popular trading platform.
In addition, the platform supports a wide variety of graphic and graphing tools, as well as four other kinds of pending orders to choose from.
Nevertheless, in addition to MT4, they also provide access to the EuroTrader mobile app. The application can be downloaded on mobile devices running both Android and iOS.
Eurotrader Trading Instruments
Eurotrader provides access to more than 60 different currencies, as well as cryptocurrency options including Bitcoin, Ethereum, and Litecoin. These include stock indices as well as commodities such as oil, gold, silver, and others. In a similar vein, all of the most common currency pairs, such as EUR/USD and AUD/CAD, may be found on this website.
The HK50, the US500, and the NIKKEI225 are some of the indexes that may be accessed using this platform.
Eurotrader Account Types:
This foreign exchange broker provides its customers with the following three types of accounts:
Hero
Zero
Micro
Each type of account has its own unique minimum deposit requirement and range of available leverages. When you have more money in your account, you have less leverage than when you have less money in your account.
Additionally, the fees that are assessed as commissions for each individual account are distinct from one another. As an illustration, the fees for the Micro account are $0. The Zero account, on the other hand, has commission costs of $2.75.
The following is a list of the minimum deposits that are required for each account:
- Micro: $50
- Zero: $500
- Hero: $25,000
In addition to these account categories, you now have the option of opening a demo account with Eurotrader. You can practice using the interface there, as well as gain a sense of what it’s like to trade on that platform.
As is customary, there is no cost associated with using the demo account.
In addition, clients of Eurotrader can make use of the company’s swap-free Islamic accounts.
Eurotraders Transaction Methods and Requirements
Eurotrader provides its customers with a wide variety of transaction methods to choose from. You have the option to use the following currency pairs with normal USD, GBP, and EUR accounts:
- Neteller
- Skrill
- Wire transfer
- Mastercard
For example, the lowest amount that may be deposited via wire transfer is $500, but the maximum amount that can be deposited using OZOW is unlimited.
Every single payment option that may be used to make deposits can also be used to withdraw money from your Eurotrader account. The minimum amount that can be withdrawn with a credit card is $50, whereas other payment methods do not have any such limits.
The time it takes the company to process withdrawal requests is stated to be between one and five business days.
Several customer reviews of Eurotrader, on the other hand, claim that the company takes far more time than that.
Eurotrader Reviews: Using Fake Reviews to Bury Complaints
“When I reviewed the reviews for Eurotrader, I discovered a number of questionable five-star ratings.
After that, I discovered a number of complaints lodged against them, and I finally realized why they had written a large number of fictitious reviews on their web accounts.
The offshore broker does not want you to learn about the numerous complaints that it has been receiving from its unhappy customers because it does not want you to find out about them.”
Customer’ Review
“In the assessment that was just presented, Franco mentions that the forex broker placed a hold on his funds for a period of two weeks. The monies had been sent to his wallet using cryptography.
After waiting for ten minutes, Franco eventually got the blockchain confirmation for the deposit he made.
On the other hand, the forex broker prevented him from accessing his funds for several weeks.
Because of this, he does not advise trading with this particular broker.
In addition to this, I discovered that this broker was the subject of further complaints in addition to this one. A great number of the company’s other clients have expressed frustration with the same problem.”
Customer Review
Suspicious Fake Eurotrader Reviews
If you search the internet for “Eurotrader reviews,” you will find a multitude of articles that extol the virtues of the forex broker. On the other hand, if you check more closely, you’ll notice that the majority of these reviews with five stars are made up.
The reviews do not include any specifics regarding the reviewer’s experience. In addition, the accounts that are posting these evaluations are transitory and do not exist currently. It is clear that none of these accounts have contributed another review to the website in question.
Someone obviously established an account for the sole purpose of writing a glowing review of Eurotrader, despite the fact that they provided no context or context at all.
Shady enterprises and con artists who operate online frequently resort to using phony reviews in their operations. For instance, F1 Solutions Australia is a company that tricks people into thinking they have been hired by providing them with phony reviews.
What is the purpose of Eurotrader posting these obviously phony reviews?
Because the corporation does not wish for individuals to become aware of the numerous complaints that have been lodged against them online.
The testimonials that I have shown here raise serious red flags. They give the impression that Eurotrader is willing to promote its brand via deception, lies, and other forms of dishonest promotion.
Should You Trust Eurotrader?
Eurotrader is not a broker that would advocate using after looking into the trading circumstances and questionable regulatory history of this company.
The broker has been bombarded with numerous customer complaints, and in an attempt to bury them, he is engaging in illegal marketing practices.
In addition, the broker offers terrible market circumstances for trading.
Trading with a different forex broker will likely be more profitable for you. To our good fortune, the industry currently provides access to a large number of different brokers.
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