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Eone FX Review - is it scam or safe?

Eone FX Review - Is scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz Eone FX
Eone FX is an offshore broker. Your money is not safe.


Eone FX is a forex and CFD broker, offering four account types and a good variety of crypto currency pairs. If you are thinking about opening an account with them be sure to read this review first.


Account type Min. deposit Max. leverage Spreads
Standard Account 100 GBP 1:50 1,6, flexible
Premier Account 1000 GBP 1:50 1,2, flexible
Elite Account 1000 GBP 1:50 0,4 flexible*
Professional Account 10 000 GBP 1:50 0,4 flexible*

*Commission is applied


Eone FX Advantages:


Various account types


With Eone FX you can choose between a Standard Account, with a minimum trading order of 0,01 lot, a Premier Account where you can also trade with just 0,01 lot, an Elite Account and a Professional Account, where the minimum trading volume is 0,1 lot or 10 000 base currency units. Traders with Elite and Professional accounts also have free access to a Virtual Private Server (VPS) that allows for automated trading on a virtual machine. With a VPS you should not worry of potential system downtime or connectivity failures. 


Competitive spreads


The advertised minimum spread with a Standard Account is 1,6 pips, with the Premier Account - 1,2 pips, while with the Elite Account and the Professional Account  the spreads are said to start as low as 0,4 pips. 


But while trading with a Standard and a Premier Account goes without commission, with an Elite Account you will have to pay 7,5 USD for a traded lot of 100 000 currency units, and with a Professional Account the commission is 5,5 USD.


Also we should note that a commission of 7,5 USD per standard lot adds 0,75 pips to the spread, while 5,5 USD add 0,55 pips. So in practice for the Elite Account we have spreads starting form 1,1 – 1,2 pips and for the Professional Account the spreads start form 0,9 - 1 pip. 


When tested with a demo account the EURUSD spread was between 1,1 and 1,2 pips, without commission. Such spreads are more or less in line with what traders expect to see, as the acceptable market range is considered to be between 1 and 1,5 pips. Still you may want to check our list of brokers offering even tighter spreads:


>> Lowest spread forex brokers<<


Various trading instruments, including 19 crypto currencies


As tested with the demo account Eone FX offers 36 currency pairs, including more exotic ones, such as  Polish Zloti, Turkish Lira, Mexican Peso, Swedish Krona, Norwegian Krone and Singapore Dollar, 11 indices, gold, silver, oil and 19 crypto currencies - Bitcoin, LiteCoin, Ethereum, NameCoin, PeerCoin, DashCoin, DASH, Emercoin, BCASH, NEO, Monero, Zcash,  IOTA,  EOS, Santiment, OmiseGo, ETP, Eidoo and Ripple. Here you can check our list of broklers, which also trade with Bitcoin:


>>Bitcoin forex brokers<<


Various payment methods


To make a deposit or withdraw funds with Eone FX you can use Skrill, Neteller, Visa, MasterCard and UnionPay.


The MetaTrader4 platform is available


The MetaTrader4 platform provides you with everything you need to trade the financial markets. It is both powerful and easy to use, allowing you to create your own indicators and bots for automated algorithmic trading. The platform will also help you analyze historical data with a large selection of charting tools. Here you can check our list of brokers, offering the MT4 platform:


>>Find other MT4 brokers here<<


Eone FX Disadvantages:


Lack of regulation


Eone FX is registered at Trust company complex, Ajeltake road, Ajeltake Islands, Majuro, Marshall Islands MH96960. It is intriguing that a number of other forex brokers, including Novatrades, iForex24, Tradex1 and AvaInvestments are registered on the same address. 


At the same time Eone FX says it is regulated and authorized by the International Financial Servises Commission (IFSC) in Belize. We have checked the registers of  IFSC and we were not able to find any sign of the broker. We should note also that while Belize is a small Caribbean country on the Yucatan peninsula, bordering with Mexico, the Marshall Islands, where Eone FX is based, are in the South Pacific several hundred miles off the shore of Papua New Guinea.



That is the reason we will consider  Eone FX an unregulated, offshore broker with little credibility.


On the other hand regulated brokers with licenses form respected financial authorities are obliged to abide by strict financial and ethical rules. 


CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC) are among the most trusted regulators, providing both security for investors and operational flexibility for their license holders. 


Licensed brokers have to keep all traders money in a secure segregated account. In addition to that they should maintain minimum operational capital and FCA and CySEC brokers are even forced to participate in client compensation schemes, where investors can receive part of their trading capital back in case the broker goes insolvent. Here you can check our list of FCA regulated brokers:


>>Find FCA regulated Brokers here<<


High minimum deposit for opening an account


To open a Standard Account with Eone FX you will need to cash in 100 GBP. If you prefer the better trading conditions with a Premier Account and an Elite Account however you will need at least 1000 GBP and for a Professional Account the sum is minimum 10 000 GBP, which is a bit excessive as with some established players such as FXTM, XM and FBS the the minimum deposit is just 5 USD or less.


Not clearly specified minimum leverage


The standard leverage provided by Eone FX to all traders is 1:50. The broker however says it can increase the leverage, based on the results of an Appropriateness Test you will have to complete when registering a live account. While higher leverage means higher risk, you may still want to see our list of brokers offering minimum leverage of 1:500 and above:


>> Brokers offering at least 1:500 in leverage <<




While offering some interesting trading instruments, including a wide variety of crypto currencies, we should not forget that Eone FX is an unregulated offshore broker and that by definition means very low credibility and lack of investment security. 

Latest news about Eone FX
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