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Eurotrader Review - is it scam or safe?

Eurotrader Review - is eurotrader.com scam or good forex broker?

RATING: 1.2 / 0 REVIEWS Eurotrader
Eurotrader is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Min. deposit Min. trade size Maximum leverage Spreads
Bronze $250 0.01 1:200 From 1.2 to 1.9 pips
Premium $5 000 0.01 1:300 From 1.2 to 1.9 pips
Platinum $25 000 0.1 1:400 From 0.8 to 1 pips
Exclusive $50 000 0.1 1:500 From 0.8 to 1 pips

 

Eurotrader is an offshore forex and CFD broker. According to the information in the Account Types section of the company’s website, it offers the above account types.  All of them are said to provide variable spreads and comparatively high leverage levels on the renown MetaTrader 4 platform.

 

 

 

Eurotrader Advanatges:

 

Trading on MT4

As we already mentioned, Eurotrader offers trading on the  Metatrader 4 (MT4), the most popular forex trading platform. This piece of software is reliable, intuitive and is highly praised for its professional functionalities. The latter include great charting, automated strategies (Expert Advisors), technical analysis indicators, customization options, and more.

 

However, as Eurotrader is not properly regulated, we suggest that you take a look at a list of more MT4 brokers.

 

 

>> Top MT4 brokers<<

 

 

High leverage

The maximum leverage offered by Eurotrader varies by account type, but is high, reaching 1:500. This is a nice option, as it allows traders to open larger positions. Nonetheless, we would not advise newbies to use the highest leverage levels possible, as they involve greater risk of losses.

 

 

Eurotrader Disdvantages:

 

An offshore broker

Eurotrader is owned and operated by Eurotrade Global Ltd, a company registered offshore, in the Marshall Islands. It has a UK-based subsidiary, ET Global Investments Ltd., but it is only registered in the United Kingdom, and is not authorized by the Financial Conduct Authority.

 

Contradicting info on spreads and account types

In the Trading Accounts & Conditions part above we indicated Eurotrader’s accounts and trading conditions, as announced on the Account Types section of their website. The problem is, in the Spreads section of the websitethe spreads, as well as the account types, are quite different. This is quite confusing for the potential clients of this broker.

 

 

No functional demo accounts

Another thing that bothers us with regards to Eurotrader is that you cannot test the broker’s services without depositing. We registered a demo account, downloaded the platform, but weren’t able to trade. This is a bit disturbing, and the minimum investment required by Eurotrader is not exactly low.

 

Relatively high minimum deposit

As we mentioned in the previous paragraph, Eurotrader requires a minimum initial investment of $250. This may not sound like a big deal to some of you, but in fact quite a lot reliable and tightly regulated brokers require less.  For example, one can open an account with major forex brokerage IG by depositing just $1.

 

Announced spreads slightly above the average

We could not verify whether the spreads announced on Eurotrader’s website, but those on Bronze and Premium accounts appear slightly above the average in the sector. Most brokers offer spreads in the range of 1.0 – 1.5 pips for the most liquid currency pair, EUR/USD. For further information and comparison, check out the below link:

 

 

>> Real-time spreads of top brokers compared <<

 

 

Conclusion

 

Eurotrader is an offshore forex and CFD broker whose presentation of trading conditions is a bit contradictory. On top of that, we failed to test its MT4. Of course, the main problem with this broker is that it is not properly regulated. It seems to be based in the UK, but is officially registered in the Marshall Islands.

 

We keep warning investors against doing business with offshore brokers, as they are not overseen by any governmental authority, and clients of such companies are not protected, if something goes wrong. That being said, Eurotrader has a sister company that is licensed by the Cyprus Securities and Exchange Commission (CySEC), which is definitely a better option. Regulation in the EU is generally a safe alternative, and one of the best forex jurisdictions in terms of client protection is the United Kingdom.

 

 

>> Brokers regulated by UK’ FCA <<

 

 

The FCA has set strict requirements for license holders, and is they fail to meet them, the fines are quite salty. Besides, the UK financial watchdog keeps a register of the financial service providers licensed by it and you can always check whether a certain company is present there.

 

To sum up the advantages and disadvantages of Eurotrader:

 

Pros Cons
Trading on MT4 Registered offshore
Up to 1:500 in leverage Contradicting info on spreads and account types
Has a CySEC regulated sister company No functional demo accounts
  Announced spreads slightly above the average

 

Latest news about Eurotrader
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Traders` reviews for Eurotrader

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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