RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Eurotrader is a Cyprus based, forex and CFD broker, licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC) and offering three account types with the MetaTrader4 platform.
The broker presents more than 40 forex pairs with a good variety of exotic currencies such as Chilean Peso, South African Rand, Turkish Lira, Swedish Krona, Romanian Lei, Polish Zloty, Norwegian Krone, Mexican Peso, Israeli Shekel, Hungarian Forint, Czech Krona and Brazilian Real.
CFDs on various assets are also available, such as silver and gold, platinum, palladium, aluminum, copper, nickel and zinc, 25 indices, US bonds and a number of commodities, including cocoa, coffee, corn, cotton, soybean, sugar, wheat, natural gas and oil.
Eurotrader trading conditions
The benchmark EURUSD spread with the basic Micro Account is advertised to float around 1,4 pips, which seems fine. Have in mind that spreads are considered attractive only when starting below 1,5 pips with a standard account.
Besides, with a Gold Account, which you can open at Eurotrader with 500 USD, the EURUSD spread will float about 0,8 pips, which is certainly attractive.
As for the leverage, it is caped in lien with the latest regulations of the European Securities and Markets Authority (ESMA) at 1:30. And still, if you can prove you are a professional trader, you can be offered a much more generous leverage, which with the Micro Account can be as high as 500:1.
Eurotrader trading platforms
Eurotrader offers its clients a very classical trading solution – the MetaTrader4, which is undoubtedly the most widely used trading platform for the past 10 years. MT4 has a great charting package, more than 50 integrated, customizable market indicators and supports automated trading sessions with the help of specially designed trading robots or Exper Advisors.
Eurotrader regulation & safety of funds
As we already noted, Eurotrader is licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC), which also gives them the right to operate in all EU countries under the MIFID guidelines. Eurotrader is owned and operated by Eurotrade Investments RGB Ltd., which is a Cypriot Investment Firm (CIF).
Sound regulation is the single most important factor for the safety of any investment on the retail forex market. And CySEC, along with the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) is definitely one of the most respectable financial institutions in the industry.
CySEC regulated brokers have to abide by strict financial and ethical rules, among which to maintain at all times at least 730 000 EUR of operational capital, to keep all clients funds in a segregated, protected form creditors account, to file regular reports, to allow external audits and even to insure traders money.
Thus, with the CySEC supported Investor Compensation Fund, traders with CySEC brokers are entitled to a compensation of up to 20 000 EUR in the unfortunate event their broker happens to be insolvent.
Eurotrader deposit/withdrawal methods and fees
Unfortunately the only payment methods accepted by Eurotrader are bank wire transfers and and major credit or debit cards like VISA and MasterCard. So here, we definitely miss some popular e-wallets like Neteller, Skrill and PayPal.
The good news, however, is that to open a starting Micro Account with Eurotrader you may invest just 20 USD and that is a definite advantage, as most brokers would ask for at least 250 USD.
