Beware! EUMarkets 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.
EUMarkets is a very generic name, that can be attributed to almost any EU brokerage out there. We don’t mean this in the bad way, but it is kind of lazy to name your brokerage firm thusly. Quite symbolically, however, the thought process that went behind the choice of such a name is an archetype of the entire EUMarkets experience. We leave you with the rest of the review to read.
To register an account, user must input simple credentials, and the entire process does not take more than half a minute. The follow-up was a familiar user area, that we associate with unregulated brokerages. There is where our disappointments started piling up. The only thing that really mattered to us, was that there was no way to access a trading software. None! So, any spreads or a leverage are not at all applicable…
Our safest assumption is that EUMarkets picks its own customers via phone calls. But more on this tactic at the end of the review.
EUMarkets uses Google Translate to provide its user base more than 20 languages. This is clear evidence that EUMarkets has taken the wrong approach…
EUMARKETS REGULATION AND SAFETY OF FUNDS
There is no regulation that has been spoken of anywhere on the website of the broker. The closest we get is an alleged address in London, as per the Contact US page, and we all known that to be a complete sham, becasue the local FCA would never allow for a firm like EUMarkets to hold a license under its authority. Without any regulatory info there is just one thing to conclude…
As the rest of the review will reveal, EUMarkets is 100% UNLICENSED, and a risk to any investment.
There is a very clear clause that essentially reveals that any of the users’ funds may not be safe at all. Here, EUMarkets states that it may transfer funds belonging to its users outside its home jurisdiction, to a different bank. In case that bank fall into insolvency, the user may not be able to get her money back. Oh, and the broker is not to be held accountable in such a case… This is a big tell that your investments are not safe at EUMarkets.
Want more proof of just how shameless and illegitimate EUMarkets is? The broker can deposit your money with undisclosed parties that may have a security interest, or the right of set-off. Furthermore, upon registering, the user gives EUMarkets the ability to make deposits and withdrawals on its own behalf.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
EUMARKETS TRADING SOFTWARE
As we said, we were not able to get a hold of a trading platform. Once we logged in, the user area was barren of any trading terminals. Even the website is extremely vague, and it only hints at the possibility of the presence of a platform.
Unfortunately, this is all there is to this section of the review. We ask you this… What kind of a broker does not have a trading office?
EUMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $100. User can fund their accounts via the following gateways: MNPPay, PayCent, and RealDeposits.
EUMarkets has applicable withdrawal handling fees. This is a very common move on the side of all brokers, and users should not be surprised. These fees are as follows: $50 for Bank Transfers, $35 for Credit Cards, and $25 for e-payments. Those users who apply for a withdrawal without first completing a 200 turnover requirement will be issued a 10% fee.
The minimum withdrawal for Wire Transfer is $250, and $100 for all other methods. Withdrawals are processed within 4 to 7 days. These details were revealed in the Deposit & Withdrawal Policy.
The Terms and Condition tell a completely different story. According to these legal provisions, the minimum withdraw amount is $50, and there is a $30 charge for every withdrawal amount.
We cannot confirm which one of these two documents to trust , but seeing everything that we have discussed so far and considering what we are about to reveal, there is absolutely no speck of trust left in us for EUMarkets.
There may be other fees and charges, some even coming from third parties.
There is an inactive account fee. Should a user be dormant, i.e has not logged in and not traded from his/her account in more than 6 months, the broker will levy a monthly 10% fee.
The following clauses is the epitomy of illegal FX firms- the Non-Deposited Funds provision. Essentially, all profits form trading are considered Non-Deposited Funds. And the worst part is that Non-Deposited Funds are not available for withdrawal! So basically any money you make, you cannot use for your own purposes. The same clause reveals that all bonuses + deposits have to be turned over at least 25 times in order for a bonus to be withdrawable.
The limited liability section of the Terms and Conditions is rather extensive, and it contains clauses that absolve the broker from any financial harm that it may cause to the user.
We think that what we have revealed is more than enough for all our readers to get the point. It is not so often that we get broker as bad as EUMarkets. This is a complete and utter scam, and what ever you do, please do not invest your money in it. We assure you that this investment will be forever lost.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.