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eTrader Review - Is it scam or safe?

eTrader Review - is etrader.eu scam or good forex broker?

RATING: 3 / 0 REVIEWS eTrader
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Spreads Trading platforms
Standard $250 0.01 1:200 3 pips, fixed MT4/xStation

 

eTrader offers its clients a single commission-free account type with leverage up to 1:200, fixed spreads and the option to trade in micro lots.

 

The Company. Security of Funds

  

Company

Country

Regulation

Goldenburg Group Ltd.

Cyprus

CySEC

 

eTrader offers trading in currency pairs, precious metals and CFDs on bonds, commodities, shares and indices through both MetaTrader 4 and xStation. 

 

eTrader in fact is one of the trading names of Goldenburg Group Ltd., which also operates FX Global, topforex, TradeCentrum, social trading brand TopTrader, and binary brand Top Binary, among others. The company is licensed by Cyprus Securities and Exchange Commission (CySEC) since 2014.

 

Cypriot Investment Firms are required to hold at least €730 000 (as a proof of financial stability) and maintain it. Client funds must be held in segregated accounts and regulated entities are required to report to the Commission on a regular basis.

 

Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.

 

Besides, as Cyprus is part of the European MiFID regulations, all CySEC regulated are free to operate in all EU Member States. 

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with eTrader, traders have to invest a minimum of $250, which is average. Yet, many Cyprus-based brokers require less. In order to open an account with FXTM, for example, one has to deposit just $5. The minimum initial deposit required by another Cypriot broker, HotForex, is $50.

 

Spreads & Commissions

eTrader offers commission free-trading, as is usually the case with fixed-spread brokers. Unfortunately, this broker’s spreads are above average, amounting to 3 pips for the EUR/USD pair.  

 

For purposes of comparison, HotForex provides spreads fixed at 1.8 pips on EUR/USD. For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by eTrader is 1:200. Such ratio is common for the FX market.

 

Nonetheless, many Cyprus-based brokers offer similar or higher leverage levels - for example, HotForex and FXTM both provides leverage up to 1:1000.

 

Trading Platforms

 

This broker supports the most widely used forex trading platform MetaTrader4 (MT4), as well as xStation. Both of them come as desktop, mobile and tablet versions.

 

MT4 remains the preferred choice for most traders globally, as it provides a full array of trading tools and features: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.

 

The other platform used by this broker, xStation, is based on open-API XOH Trader. Developed by XOpen Hub, xStation is an intuitive and easy to use multi-functional software that also features one-click trading and the ability to deal straight from the charts. The platform is equipped with a number of technical analysis tools and advanced charting package.

 

 

Methods of Payment

 

eTrader supports a small range of payment methods - credit/debit cards & bank wire transfer, as well as e-wallet Skrill.

 

Minimum withdrawal and deposit amount is $250. 

 

Conclusion

 

eTrader is one of the brands of CySEC-regulated company Goldenburg Group Ltd., which offers trading in FX and CFDs on two robust trading platforms. The main problem with eTrader is that its spreads are too high. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros Cons
Well-regulated High fixed spreads
Choice of trading platforms, MT4 available  
Commission-free trading  
High leverage levels provided  

                                                                

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Traders` reviews for eTrader

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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