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EurTrades Review - is it scam or safe?

EurTrades review - Is eurtrades.com scam or good forex broker?

RATING: 1 / 4 REVIEWS ForexBrokerz EurTrades
EurTrades is an offshore broker. Your money is not safe.

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EurTrades is an offshore broker offering forex services with three account types, leverage of up to 1:500 and the MetaTrader5 platform. Unfortunately they are not regulated so if you are considering opening an account with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Bronze Account

$500 1:500 1 pip
Silver Account $1000 1:400 n/a
Gold Account $2500 1:300 n/a

 

EurTrades Advantages:

 

60 forex pairs

 

Although in it presentation along the forex pairs EurTrades says to be offering CFDs on indices precious metals and some commodities, when we tested their trading platform with a demo account we found only currency pairs. Still, we counted 60 of them, many of which crosses, minor or exotic like USDCNH, USDRUB, USDSEK, USDMXN, USDHKD, USDSGD, USDNOK, USDDKK, USDTRY, USDZAR, USDCZK, USDHUF, USDPLN and USDGEL. 

 

However, as no crypto assets were available, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high a s 1:500

 

Currently leverage as high as 1:500 is offered only by offshore brokers or brokers regulated in Australia – the only major regulatory hub, where the local authorities still allow higher margin trading. So having in mind that higher leverage is associated with higher risk, here you may also check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

Various payment methods

 

EurTrades accepts payments with credit and debit cards like VISA and MasterCard, bank wire and popular e-wallets including NetellerSkrill and PayPal. The broker however does not accept crypto coins, so here you may check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader5 available

 

EurTrades supports the MetaTrader5 platform and that is good news.

 

 

MT4 is a reliable trading solution, featuring numerous market indicators and trading bots, which will help you run automated trading sessions. And the charting package looks also good, so here you may also check our list of brokers, trading with MetaTrader5 as well:

 

>>MT5 Brokers<<

 

Attractive spreads

 

When we tested EurTrades trading platform with a demo account the benchmark EURUSD spread floated about 0,8 pip – 1 pip and that is attractive especially if we take in to account the fact that there is no trading commission. Still bear in mind that such spreads look good only with a standard account, while with the premium accounts we will expect tighter spreads. Besides, here you may check our list of brokers offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

EurTrades Disadvantages:

 

Not regulated

 

EurTrades is owned and operated by the Marshall Islands based Brown Fox Limited, but all IT, finance and administration services are provided by Pexil Financial OU, which is based in Estonia.

 

As we already noted the broker is not regulated and legally does not have the right to target customers on regulated markets like the US, Australia, Canada, the European Union or Japan. 

 

Also, bear in mind that trading with unregulated brokers comes with a significant risk of getting scammed.

 

Brokers regulated by respectable financial institutions such as the Financial Conduct Authority (FCA) in the UK, BaFin in Germany, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) on the other hand are reliable because of the strict regulatory regimes they have to abide by. 

 

And besides FCA regulated brokers are even required to participate in client compensation schemes. For example, if you trade with a FCA broker and the broker happens to be insolvent, the funds in your trading account will be insured for up to 85 000 GBP. Here you may check our list of FCA regulated brokers as well:

 

>>FCA Regulated Forex Brokers<<

 

Market maker offering managed accounts

 

In their Terms and Conditions EurTrades admit that they act as a Market Maker, which means they are counterparts to all your trades, in practice making money when you lose. And although this might not be a problem by itself, combined with the fact that  EurTrades offers managed accounts, called  MAM trading accounts, using “the Algorithms” of EurTrades, this is really a serious issue. See for yourself:

 

 

And besides, with a MAM account you will not have the right to withdraw for at least 6 months.

 

Trading bonuses with additional withdraw conditions

 

Although a trading bonus might sound attractive in reality such promotions are always linked to some additional withdraw conditions, which too often prove quite challenging to be met. For example if you accept 100 USD as a bonus from EurTrades, you will not have right to withdraw until you trade at least  3 million USD. See for your self:

 

 

And besides, bear in mind that trading bonuses are banned throughout Europe altogether.

 

Withdraw limits and fees

 

EurTrades reserves the right to impose withdrawal limits and withdrawal fees in its system and that is not a usual practice. On top of that they reserve the right to impose as they please additional charges, such as statement fee, order cancellation fee, account transfer fee and telephone order fee.

 

High minimum deposit requirement

 

EurTrades asks for a minimum deposit of at least 500 USD and that is twice higher then what most brokers usually ask with a standard account. And besides, with some big well known brokers like FBS and IG you can start trading with virtually 5 USD or even less.

 

Conclusion:

 

EurTrades is a unregulated, offshore broker offering managed accounts, while acting as a Market Maker. Such a combination by definition is a recipe for a scam, so here we will repeat our usual advise to trade only with legit  brokers, holding licenses by respectable institutions such as the FCA in the UK, ASIC in Australia and CySEC in Cyprus. 

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Traders` reviews for EurTrades

Spread

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Slippage

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Requotes

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Price feed

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Platform

Pros

Cons

 

 

Deposit/Withdraw

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Customer service

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Summary

Pros

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Scam

I have been scammed by these thieves. Now website is not available.

Victim 11/03/2019

Scammed by the eurtrades

I've been scammed by the eurtrades couple of months ago.before i deposit a 100€ they always calling me.then right after they convince me to make a deposit they never contact me anymore.i cant even reach them anymore.eurtrade is totally scam.

Eleazar Cabalse 10/31/2019

fraud

Attention 100% fraud away you will never see your money

Markus 07/03/2019
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