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EIV Forex Review - Is it scam or safe?

EIV Review - is eivforex.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz EIV Forex
EIV Forex is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
Standard Unknown 1:400 Fixed, from 3.8 pips

 

EIV Forex is a company, which provides access to the global financial markets. The company’s website is rather light on information, which may be an indication for it not being finished yet. 

 

The Company. Security of Funds 

 

Company Country Regulation
EIV Forex Vanuatu  VFSC

 

EIV Forex is regulated in Vanuatu. Generally speaking, an off-shore registration does not sound stable. We are not saying all off-shore companies are scammers, but the fact some of them are, leaves a negative stain on the entire group.

 

Vanuatu is one of the most popular destinations for shady forex brokers. The island attracts them with the loose regulatory environment, provided by the Vanuatu Financial Services Commission (VFSC), which has a $2,000 capital requirement for forex brokers. The fact basically any firm could register there, naturally attracts shady entities. Australia used to have a similar problem years ago, but later tightened the regulatory standards. Nowadays the Australian Securities and Investments Commission (ASIC) requires AUD 1 million in capital holdings from brokerages. This vastly limits the number of scammers who attempt to register. Furthermore ASIC forces companies to keep client funds in the so called segregated accounts. This rule prevent brokers from freely accessing a trader’s investment and spending it by their own whim.

 

Trading Conditions

 

Minimum Initial Deposit

EIV Forex does not provide any information on the minimum you need to deposit, in order to create a new account with them. The current industry average is around $100, which HYCM requires for instance. 

 

That being said, this shouldn’t be that big of a factor for you when choosing a forex broker as every solid trading strategy requires adequate capital.

 

Average spreads & Commissions

Spreads at EIV Forex appear to be fixed, as they didn’t change while we were testing the platform. They start from 3.8 pips on EUR/USD, which is a very high level given the current state of the industry. If you are set on trading with fixed spreads, easyMarkets offers a 1 pip spread on this pair, if you deposit more than $250. 

 

On the other hand, variable spreads are usually even lower. You can check the live comparison of spreads offered by some of the leading brokers, which wee have set up here.

 

Leverage

EIV Forex offers a maximum leverage ratio of 1:400. This may feel a bit absurd, if you are coming to forex, after trading a different asset class. However these and even higher levels are quite popular nowadays.

 

In fact, misusing high leverage is probably the key reason why new traders loose money in the currency markets. Make sure you fully understand how margin trading works before participating in it.

 

Trading Platforms

 

EIV Forex offers MetaTrader5(MT5) to its clients. The platform is very similar to the previous leading iteration – MetaTrader4, but has a few improvements. One of them is the fact, positions can now be closed partially – one of the biggest disadvantages of the older version. By default MT5 also has the FIFO (first in, first out) rule in place, with many brokers opting to remove it, upon client request.

 

One of the biggest disadvantages which MT5 has, is the lack of support for MQL4, the programming language, used to create thousands of add-ons for MT4. All of the old custom made technical indicators and Expert Advisors, will have to be re-coded, in order to function properly.

 

Visually, the platform is very similar to MT4. The charting capabilities are basically the same, as you can see from this preview of EIV Forex’s offering:

 

 

Methods of Payment

 

As far as we can tell, the only way to fund your account at EIV Forex is via Bank Transfer. This may be inconviniant at times, since international bank transfers can take up to several business days. Many people prefer instant online payment solutions, such as Neteller.

 

Conclusion

 

EIV Forex is an off-shore forex broker. They are registered and regulated in Vanuatu. This may be better than a total lack of oversight, but the local watchdog – VFSC is mostly known for its low standards. Additionally the spreads at EIV Forex are much wider than what other brokers are currently offering. Here is a summary of this broker’s positive and negative attributes:

 

Pros Cons
MetaTrader5 available Off-shore regulation
  High fixed spreads
  Lack of information on the website

 

Latest news about EIV Forex
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Traders` reviews for EIV Forex

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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