eTrader Review - Is it scam or safe?

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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

Latest news about eTrader

No news about eTrader. Check back later.

Broker	Advantages
	FXTM a regulated forex broker (regulated by CySEC, FCA and IFSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $5 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
	easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
	FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
	FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
	FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
	FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
	HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.

	Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.

Broker	Country	Regulation	Platform	Min Deposit	Review
	Cyprus, UK, Belize	CySec, FCA, IFSC	MT4, MT5, Web	$5	Review Website
	Cyprus, Australia	CySec, ASIC	MT4, Web, Mobile app	$100	Review Website
	Australia	ASIC	MT4, MT5, IRESSTrader	$100	Review Website
	UK, Cyprus, Australia	FCA, CySec, ASIC	MT4, MT5	$5	Review Website
	UK, Australia	FCA, ASIC	MT4, Trading Station, NinjaTrader	$50	Review Website
	UK, Cyprus, UAE, South Africa	FCA, CySEC, DFSA, FSB	MT4, MT5, FxPro Markets, cTrader	$100	Review Website
	Cyprus	CySEC	MT4, MT5, Web	$1	Review Website
	Belize	IFSC	MT4, MT5	$100	Review Website
	Cyprus, UK, South Africa, UAE	CySec, FCA, FSCA, DFSA	MT4, MT5, Web	$5	Review Website
	Cyprus	CySEC	MT4, Web	$25	Review Website
	Cyprus, UK	CySEC, FCA	MT4, MT5	$1	Review Website

Traders` reviews for eTrader

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Platform

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Customer service

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Summary

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