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Eurotrades Review - is it scam or safe?

Eurotrades Review - is eurotrades.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Eurotrades
Eurotrades is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Micro  $1 1:400 N/A
Classic  $1 000 1:200 N/A
Premium  $5 000 1:200 N/A
VIP  $30 000 1:100 N/A

  

Offshore broker Eurotrades offers access to the good old MetaTrader4 and a choice of 4 account types. Apart from their account types and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review. If you are going to skim through it, make sure you read at least the first points of the Disadvantages sections prior to investing any money.

 

 

Eurotrades Advantages

 

Access to the MT4, generous leverage

We always consider the presence of the MT4 as an advantage in any forex broker’s offer. The platform provides a full spectrum of trading tools and resources:  a number of built-in technical indicators, advanced charting package, wide range of Expert Advisers (EAs), extensive back-testing environment, as well as other advanced features. Furthermore, the MT4 is available as a desktop download, web-based platform and mobile apps

 

 

>> Check out some of the best MT4 brokers <<

 

 

Furthermore, Eurotrades offers high leverage levels, reaching 1:400 on Micro accounts, and that is another possible benefit of this broker. Now that a lot of jurisdictions have capped leverage for investor protection concerns, it seems that most brokers who offer higher ratios are unregulated, which adds additional risk to forex margin trading.

 

 

Eurotrades Disadvantages

 

Registered offshore, company blacklisted by CONSOB

Although the broker’s website features a UK phone number, the company behind it, Trade Up Ltd., is registered on the Marshall Islands. The same company operates another two shady brokerage brands - SimpleTrades and Тrades.com. The latter was blacklisted by the Italian financial regulator, CONSOB, for illegally targeting Italian investors.

 

 

Click on the image to view larger.

 

Needless to say, offshore companies are not authorized to operate on any regulated financial market - the EU, USA, Canada, Australia, Japan, etc.

 

Spreads not disclosed

This is an obvious disadvantage that is actually very common among dubious unregulated brokerages like Eurotrades. Investors have the right to know what are the prices of the services offered by the company, which means typical spreads, commission fees, initial investment required, and other essential information.

 

 

>> Compare the spreads of top forex brokers <<

 

 

The fact that Eurotrades’s website does not mention anything about spreads, nor does offer free testing service, only makes us more suspicious about this broker.

 

MT4 issues

Another thing about Eurotrades that leaves us puzzled is the fact that the MetaTrader4 freely available for download is provided by MTGFX Global Markets Limited, while those who sign up with the broker get a MT4 from Techinvest Solutions Ltd. We find this inconsistence quite disturbing.

 

Only credit cards & Bitcoin accepted

This is not a major disadvantage, when compared to the previous ones, but still we will mention it. Eurotrades supports only credit cards & Bitcoin as payment methods. Its clients cannot use bank wire transfer, nor popular e-payment systems such as PayPal, Skrill, Netteler, etc.

 

 

 

Conclusion

 

Regulation is the single most important factor for the safety of any investment and the fact that Eurotrades does not have a license significantly lowers its credibility.

 

Here is a slight clarification for those of you who are new to the forex world: offshore brokers like Eurotrades face little if any requirements and are not supervised by any governmental agency. They can easily disappear with your money and there is little you can do about it.

               

In order to ensure the stability of client funds, most countries have dedicated agencies, like the UK’s Financial Conduct Authority, or the Cyprus Securities and Exchange Commission (CySEC), which are one of the most reputable ones in Europe. These organizations require compliance with a number of strict rules that give significant assurance for the security of clients’ funds.

 

 

>> Trade with a CySEC regulated broker <<

 

 

And finally, here are the highlights of the present review of Eurotrades:

 

Pros Cons
Access to the MT4 Offshore broker, company blacklisted by CONSOB
Generous leverage Spreads not disclosed
  No demo accounts
  Limited payment options

 

Latest news about Eurotrades
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Traders` reviews for Eurotrades

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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