Beware! EuroXN 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.
EuroXN is even shadier than an offshore IBC. The only thing we know about this entity is that they have a handful of contact numbers in Europe. At the same time, though, they shamelessly pretend to have a great legacy behind and a bright future ahead. Trading with anonymous brokers like this one is always fraught with danger, and we’ll explain why in the full EuroXN review.
EuroXN REGULATION AND SAFETY OF FUNDS
As already stated, we know nothing about EuroXN- no company, no addresses, no country of origin etc. They present a few European contact numbers, so they apparently target European customers. Well, as usual, we relied on the British regulator FCA because it gives information about UK and EEA companies, too. By simply submitting the domain name in the field, you get information about brokers and their country of regulation if it’s within EEA, of course. We did so, and it turned out that EuroXN is neither EU nor UK regulated, so your funds won’t be safe if you deposit. That’s potentially a scam scheme because the broker is evidently presented as European. It’s not legit, and you should be careful!
Avoid it and better consider the high-rated EU brokers and British brokers, which are adequately regulated and, most importantly, covered by deposit insurance funds. Hence, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. The guarantees ensure an extra layer of protection, so it’s worth opening accounts with European companies.
EuroXN TRADING SOFTWARE
EuroXN’s trading software is web-based and can’t offer anything valuable whatsoever. The indicators are scarce, the charting tools unreliable, and the platform is simply not as good as MetaTrader, for example. However, the EUR/USD spread is 0.1 pips, which is possibly the best Buy/Sell difference, only if the broker were legit. Such a tiny spread makes trading affordable and significantly improve profit potential. In fact, the best brokers provide the lowest spreads and fortunately, the FX market, as a highly competitive place, is overcrowded with companies offering fantastic trading conditions.
That said, consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are safe and deliver the best trading terminals. The MTs are packed with sophisticated features such as Expert Advisors, complex indicators, and first-class charting tools. MetaTrader also comes with a Marketplace where traders can find more than 10 000 apps, and that’s an unrivalled advantage.
The maximum leverage is 1:400, an excessively risky ratio that can cause severe losses if not carefully deployed. However, the default leverage upon registering an account is 1:200 fixed, which is less risky, of course, but it’s still considered inadequate for retail clients. In fact, leverage is so dangerous that many regulators restrict its usage in their pursuit to reduce traders’ risks. As a result, EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Overall, most high-leverage FX companies are poorly or not regulated at all, so you’d better remain sceptical.
EuroXN DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is €100, but we spotted inconsistency that’s undermining the broker’s credibility. To avoid detailed explanations for something as simple, just have a look at the screenshots at the bottom of the section. They speak for themselves. As you can see, the single funding method is Credit/Debit cards, which actually allows clients to dispute transactions and eventually get a refund. Nevertheless, it’s a bad idea to deposit money with anonymous, unregulated brokers like EuroXN.
While on funding, check some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
EuroXN doesn’t specify a minimum withdrawal amount and fees, which probably means traders will be able to take out any sum that they want. Still, EuroXN is too shady, so we can’t guarantee the broker won’t invent some restrictions or fees on the run. Unregulated entities usually do so, and out of nowhere, they will tell you that you need to pay if you want to withdraw. Beware.
However, withdrawal provisions will alter if you accept trading incentives, and you won’t evade the bonus because you can’t register unless you check the box and agree to receive funds from EuroXN. That’s a scam! Still, clients need to execute the bonus amount 40 times to become eligible for withdrawal, which is indeed a clause favouring the broker.
Information about fees for inactivity or other charges is not available, which is a red flag nonetheless. Dormant accounts are always subject to fees, EuroXN doesn’t even utter a word about the matter, so the broker is apparently trying to hide something. Beware!
Overall, EuroXN is anonymous and unregulated, which is more than enough for you to stay safe and avoid this dubious business.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their deceitful deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!