Beware! EuroFX.trade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
A broker whose main page includes a chart provided by an outside source (third party) is a firm that should be studied before investing in it. Many of our previous reviews cover brokers who utilizes the exact same chart, from the same source, and all turned out to be unregulated. In EuroFX.trade’s case it is difficult to process this, because the broker has an attractive website, that nevertheless contains quite useless information. The rest of the review reports on further issues we had with EuroFX.trade.
We will call the broker for the rest of the review EuroFX.trade so as to avoid confusion.
To sign in, we complete a form as part of a familiar process. The moment we opened the registration page, we knew exactly where we were headed. From there, we headed towards opening a trading platform.
The leverage was capped to 1:100, and the EUR/USD spread was 3 pips, ruling it out as a lucrative cost of trade. The financial products that are traded with are forex pairs, commodities, crypto, indices, and shares.
The website comes in English, German, Italian, and Spanish.
EUROFX.TRADE REGULATION AND SAFETY OF FUNDS
The footer of the website locates the parent company of EuroFX.trade in the Commonwealth of Dominica, a country known to harbor many scammer and illegitimate brokers.
The Commonwealth of Dominica has a banking regulator, but it lacks an FX licensing entity, and thus all brokers located there do not hold a license. And neither does EuroFX.trade.
In the same way as Supratrade, Wexness, FXRevolution, and more, so has EuroFX.trade included impossible regulatory information. The NFA in the United States, the FCA (mistaken for the FCA) in the UK, CySEC in Cyprus, the Financial Services Commission of British Virgin Islands, the Financial Services Commission in Mauritius, and the Federal Financial Markets Service in Russia, which, by the way, does not exist anymore. Not only are some of these mistaken, but it is also impossible for all of these to cooperate under the same broker.
And anyway, EuroFX.trade is in such poor quality, and thus a lack of regulation is understandable. EuroFX.trade is UNLICENSED, and thus a risk to any investment made in it.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
EUROFX.TRADE TRADING SOFTWARE
The MT4 that we tried to download came under a different name that the one held by the broker. donnybrook4setup.exe is the .exe file that we got after clicking on the download button. Obviously this unknown entity is in no way connected to EuroFX.trade. The MT4 webtrader was not available, as the link kept refreshing with nothing new.
EuroFX.trade is left with a web based trading office. To some of you, this trading software will look familiar. Many reviews before this one haver covered this exact same office, and all the verdicts center around how it is exclusively used by unregulated brokers.
This terminal offers just the basic features of every other platform. These are one click trading, a live news feed, pending orders, and price alerts. In other words, nothing worth your time here.
To our readers we recommend only brokers who utilize the best trading softwares in the industry, such is the MT4. This excellent terminal will not only be forever useful, but it will also expand your knowledge on forex trading in general.
EUROFX.TRADE DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, and users can fund an account by means of PayTrio and Credit card. This is what we found out in the payment area as part of the user dashboard. Users will notice inconsistencies with the info contained on the website and on the user dashboard- another clear sign that this broker is illicit.
Withdrawals are processed within 4 to 7 business days. There are fees for withdrawals, but in typical scammer broker style, they are not disclosed, but only talked about. There is no clearance of a minimum withdrawal amount.
A 10 per cent fee is deduced every month if a user is dormant in his account for more than 6 months.
All bonuses have to pass a trading turnover, otherwise they cannot be withdrawn. The trading requirement is 25 times the bonus amount plus the initial deposit.
The following is where you should be fully convinced that EuroFX.trade is a pure and utter scam. The Non-Deposited Funds provision in the legal documents makes sure that none of the profit made by trading is able for withdrawal. So, basically, the one thing that makes a broker a broker has been made impossible by EuroFX.trade.
To tie the whole scammer package together is one indemnification clause that makes sure all liabilities held against the broker are not be held against it. This way EuroFX.trade can do what ever it wants,. and get away with it.
What more is there left to say. Users should have gotten the big picture: there is nothing here for them expect financial loss! Do not deposit your money at EuroFX.trade!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.