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Eurotrader (CY) Review - is it scam or safe?

Eurotrader (CY) Review - is eurotrader.eu scam or good forex broker?

RATING: 2.8 / 0 REVIEWS
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Trading Accounts & Conditions

 

Account type Min. deposit Min. trade size Default leverage Average Spread
Micro $20 0.01 1:50 1 pips
Gold $500 0.01 1:50 0.7 pips
VIP $25 000 0.1 1:50 0.1 pips + commission?


Forex and CFD broker Eurotrader (CY) offers its clients a choice of three account types. All of them allegedly provide trading with variable spreads and a default leverage of 1:50. The company is regulated in Cyprus, which is generally a good sign, but we have some concerns about it. Read the full review to get more details.

 


Eurotrader (CY) Advantages


CySEC regulation
Eurotrader (CY) is operated by Eurotrade Investments RGB Ltd., a Cypriot Investment Firm (CIF) regulated by the Cyprus Securities and Exchange Commission (CySEC). The CySEC license is undoubtedly the strongest advantage of this broker, and besides, it gives them access to the entire European Single Market, under the MIFID rules. More importantly, clients of such brokers get proper protection for their investment.


MT4 available

Another part of Eurotrader (CY)’s offering we like is the MetaTrader4 (MT4) platform. Although released more than 10 years ago, this piece of trading software is still the preferred choice of most traders. The reason for this is the MT4’s reliability, ease of use, and professional functionalities. First of all, it has some of the best charting packages. Second, the platform is very popular for its automated trading strategies, known as Expert Advisors (EAs).

 


>> More MT4 brokers <<

 

High leverage

A default leverage ratio of 1:50 may seem insufficient for many traders, but in fact the maximum leverage ratio provided by Eurotrader (CY) is 1:500. This is indeed higher than the maximum allowed by the European Securities and Markets Authority (1:30), that will enter into force from August, 1. 2018 for a period of three months.


Seemingly good spreads

Eurotrader (CY) announces a typical spread of 1 pips on EUR/USD, which sounds really good. Yet, we could not test this broker’s MT4, so we are not sure that its spreads are really as low as announced on the website. Most companies in the forex sector offer spreads within the range of 1.0 – 1.5 for this pair. Here you can compare the spreads of some major forex brokerages in real time:

 

 

>> Compare the spreads of some leading fx brokers <<

 


Low minimum deposit
With a $20 minimum deposit for the Micro account type, virtually anybody can open a live account with this broker. Many brokers, including offshore ones, require higher initial investment, due to the costs involved with the creation of a new account. That being said, the offshore sister company of Eurotrader (CY), requires at least $250 as a start.

 


Eurotrader (CY) Disadvantages

 

No functional demo
We didn’t manage to test the broker’s services, although we opened a demo account with Eurotrader (CY). We downloaded the platform, but weren’t able to sign in and trade. In our opinion, all decent forex brokers have to provide their clients with the opportunity to try out their services for free.

 

Limited payment methods

Another disadvantage of Eurotrader (CY), although not a major one, is that this broker supports only bank wire and cards as payment methods. So, it’s clients are not able to use PayPal, Skrill, nor other popular e-payment systems.



Conclusion

 

The main benefit of trading with this broker is, of course, its legal state. The firm is overseen by the Cyprus Securities and Exchange Commission (CySEC), one of the most famous European financial watchdogs. It also has a sister company that is registered in the Marshall Islands, which we have also reviewed.

 

In addition, Eurotrader (CY)offers high leverage levels and competitive spreads on the most popular forex trading platform. What bothers us with regards to this broker is the fact that we could not test its MT4 in demo mode.

 


>> Other CySEC regulated brokers <<

 


All companies licensed by CySEC must hold at least €730,000, and maintain it. Additionally, they have to meet a set of requirements, such as transaction reporting, client account segregation, and more. On top of that the local compensation scheme insures client’s balances, against their broker going bankrupt, up to €20,000


Here are the key points regarding Eurotrader (CY) again:

 

Pros Cons
CySEC regulation No functional demo
MT4 available Limited payment methods
Seemingly good spreads  
Low minimum deposit  
High leverage  

 

Latest news about Eurotrader (CY)
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Traders` reviews for Eurotrader (CY)

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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