Beware! EuroStandarte 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.
EuroStandarte.com does not raise any standards, nor does it follow them. Everything that we have seen of this broker is shady at best, and scammer at its worst. How do we know this before even digging in, you ask? Well, what we have seen thus far revealed many of the overused themes that illegitimate brokers have been applying to their websites for as long as we have been reviewing them. The main ones we will discuss in the following review. Pleaser
The registration process is as simple as it can get. We don’t think that things can get plainer than that. Users need to complete four fields, and they get to access a trading area. Well, things did not happen so smoothly. In fact, things did not happen at all! After imputing our details the registration page simply reloaded with no indication of anything happening. Our email had no new message from the broker, no nothing! We checked after a while, and still nothing!
This means that the broker is most certainly either broken or up to no good! Such instances only occur with brokerages that wish to control the flow of customers going in! This scheme is best explained by the end of the review.
As for the trading conditions, we have to take them from the website, a source that will prove itself very unreliable. The financial instruments are forex currency pairs, indices, commodities, stocks, and options. There is no indication of a spread or a leverage. And furthermore, do not confuse the charts and graphs scattered throughout the website for being a part of EuroStandarte.com. These are owned and provided by TradingView, a company that offers these to just about anyone who wants to use them!
The website is available only in English.
EUROSTANDARTE.COM REGULATION AND SAFETY OF FUNDS
In an odd twist of events, the broker claims that all disputes will be interpreted in accordance with unknown courts, most probably Polish.
Why Polish? Because the broker is registered there, according to the broker’s very own words. We know one thing though: that the broker is not regulated in Poland for sure! The main regulator there in charge of maintaining the local FX integrity is the Polish Financial Supervision Authority (KNF), an agency that does not include EuroStandarte.com in its databank.
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
EUROSTANDARTE.COM TRADING SOFTWARE
We cannot know for sure that there is a functioning trading platform used by the broker. Not only is there no real evidence of a terminal, but the alleged MT4 seems too good to be true.
There are some illegal brokerages that are somehow able to get access to their own MT4 or MT5 servers, but most of them lie about it. Instead, they offer very poor alternatives that don’t even do 5% of what the MT4 does.
We might never know what EuroStandarte.com holds, and it’s not necessary to know, seeing that the broker is illegal.
EUROSTANDARTE.COM DEPOSIT/WITHDRAW METHODS AND FEES
We have no choice but to take the payment details from the website, which is a highly untrustworthy source.
The Terms and Conditions claim the minimum deposit to be $250, while the Accounts page confirms this. The legal documents keep mentioning credit cards, debit cards, and bank transfers as payment methods. We believe that there are other payment methods, or fewer than three. Whatever the case is, our experience over the years has taught us to never trust the website of a scammer broker with the payment information, especially the means of payment. The truth is only found in the logged-in user area.
Withdrawal processing times can take up to 10 days, which is quite unacceptable if you ask us! The minimum withdrawal amount is $100. The broker makes it clear in the Terms and Conditions that there are no withdrawal fees. To what end they will keep their word is not worth waiting for! As for the withdrawal methods, we believe them to be the same ones as those for deposits.
EuroStandarte.com is not with deposits. It’s not the most shocking of scammer brokers. It just might well be the best example of an illicit broker that is after your money. But that does not mean that you should pay close attention to it! Do not invest in this one!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, it to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!