Beware! EuroZTrade 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.
Warning! EuroZTrade is an offshore Forex broker that gives a tremendous amount of scam signs! This Forex creature is allegedly registered offshore, but it’s impossible to track down the company supposed to own and operate it. The trading conditions of EuroZTrade, however, is the greatest downside that undoubtedly confirms that it’s a scam Forex broker. On top of that, we suspect that it might be a clone firm of another Forex broker, which is quite a shady enterprise indeed. Find out everything you need to know about this Forex broker in the full EuroZTrade review.
EuroZTrade REGULATION AND SAFETY OF FUNDS
EuroZTrade is said to be a brand name of Grand Investing LTD, a company allegedly registered in the Marshall Islands. The broker is headquartered at Ajeltake Road, Majuro, Marshall Islands, a location that is linked to many other shady entities such as Razer Markets and TerratradeX, the latter being confirmed as a scam by FCA(UK), FI(Sweden) and CONSOB(Italy). EuroZTrade does also lists an UK contact number, which is also a scam sign, as its advertised trading conditions doesn’t comply with the rules and requirements imposed by FCA!
Marshall Islands is an offshore jurisdiction which does not regulate its financial sector, meaning that the Forex brokers based there are not supervised in any way and work solely on their own discretion. Your funds are not safe if you choose an offshore broker as there aren’t any customer protection measures put in place. Some of the tax havens has undertaken certain steps in terms of customer protection, but Marshall Islands is not among them, you should avoid brokers that claim to be registered there because it’s most probably a scam!
EuroZTrade copies the website of XtreamForex, which is the ultimate scam sign that we detected. In fact, not only the websites are identical, but EuroZTrade does also present the Client Agreement of XtreamForex! Have a look:
Your funds are not safe if you make a deposit with EuroZTrade, it’s an unlicensed, unauthorized and unregulated Forex broker, which shows a tremendous amount of scam signs, stay away and report immediately if they contact you!
Avoid anonymous and offshore Forex brokers and trust the ones which are legit, transparent and regulated in EU or UK, because the customer protection is guaranteed. The licensed European entities, for example, have to hold the clients funds in segregated accounts, separate from their own bank accounts, meaning that the deposits made by the customers cannot be used by the broker for operational transactions or investment. As a result, the funds are protected at all times, the Forex broker is not exposed to unnecessary risks, the customers are in full control over their money and can make withdrawals whenever they want, also the withdrawal processing time significantly decreases.
Above all, there are Deposit insurance funds inaugurated, such as ICF in Cyprus and FSCS in UK, which are set to protect the deposits made by the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
EuroZTrade TRADING SOFTWARE
You can only download the generic stock version of Metatrader and it’s MT5, not MT4, which is a collosal red flag! The only functioning platform is web based, a very primitive software that lacks the functionalities that you can find in Metatrader. Most shockingly, however, there are only 4 Crypto pairs that you can trade, the standard majors such as EUR/USD, GBP/USD or USD/JPY are missing, which is another tremendous red flag!
No spreads are known, because the EuroZTrade so-called platform doesn’t show any! The leverage level is unknown, as well. Stay away from EuroZTrade, it’s a scam.
EuroZTrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit is said to be $5, but in reality you need to put at least $500 in your account, which is the next red flag in the never-ending list that confirms EuroZTrade is a scam.
The only funding method is CoinPayments, where you are supposed to buy bitcoins in order to make a deposit, which is even the next proof that EuroZTrade is a fraudulent Forex broker.
No minimum withdrawal amount or withdrawal fees are specified. However, as we already pointed out, EuroZTrade uses the Client Agreement of XtreamForex, which means that anything specified in it cannot be accepted as valid.
No dormant account policy or fees for inactivity. There are some bonuses offered and a Partnership Program introduced, but we are not going to refer to them, because none of the information is authentic and applicable. You should stay away from EuroZTrade, it’s a scam Forex broker!
HOW DOES THE SCAM WORK
The scam is a criminal activity, the scammers are trying to defraud people by making them believe that easy money can be made if the people join them and begin to invest. In most of the cases, the scammers are hiding behind offshore companies, offshore Forex brokers, trusts and so on, trying to remain anonymous and difficult to trace. There is no or very light FX regulation in the offshore jurisdictions such as Vanuatu, Marshall Islands or St. Vincent and the Grenadines, making them some of the most popular destinations for shady and illegitimate enterprises. Regulation means customer protection and safety, financial authorities such as CySEC or FCA will make it impossible for a scam Forex broker to conduct illicit activities and harming the traders.
Crypto currency funding went extremely popular among scammers, because this form of digital money is absolutely uncontrolled and the direct Bitcoin, Ethereum etc. payments are totally anonymous. It is a very obvious scam sign if an alleged Forex broker is accepting only Crypto deposits, because it’s almost impossible to bring some money back.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!