Beware! EuroMTS.uk 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.
EuroMTS.uk is yet another offshore broker that is not to be trusted with your money – here is why:
EuroMTS.uk regulation and safety of funds
EuroMTS.uk is completely unregulated – in fact, the broker also states the following to be its address:
The problem with this address is the fact that St. Vincent and the Grenadines is an offshore scam haven that simply does not regulate its Forex markets. Therefore, a lot of companies like EuroMTS.uk set up shop there and run their operations without any governmental opposition. This is why you should distrust companies from there.
Contrast that with licensed brokers – they are required to comply with various governmental regulation based on where they operate from. For example, in the UK, brokers are required to keep client accounts segregated from their own and report on a daily basis on open and closed trades to ensure they are acting in good faith. If you wish to make sure you are trading as profitably as possible, do so with a licensed broker!
EuroMTS.uk trading software
EuroMTS.uk provides access to a distribution of Metatrader 5 – the industry standard when it comes to trading software. Here is what that platform looks like:
The broker also has a more limited web platform that lacks the majority of MT5’s features – for one, automated trading is nowhere to be seen. Here is that platform as well:
The trading conditions on either platform are nothing to write home about, with the spreads moving way over the accepted 1 pip difference for common FX majors like the EURUSD. The leverage EuroMTS.uk provides access to is just downright obscene – 1:1000! Such amounts have been seen as too high for retail traders by most regulatory jurisdictions and most brokers that have them available nowadays are just like EuroMTS.uk – so be careful when you see high-leverage trading advertised!
EuroMTS.uk deposit and withdrawal methods and fees
EuroMTS.uk accepts deposits via credit cards, which is quite fortunate – these deposits allow for a chargeback to be filed on any payment, provided it happened within 540 days. Filing a chargeback might be the only way you have of escaping EuroMTS.uk’s withdrawal fees, which are also quite obscene – here is the broker describing them in its own words:
A minimum of $35 will be charged for a withdrawal, as well as a levy of 10% for any account that has not achieved a turnover of at least 200 times. This turnover is impossible to achieve, of course – the additional charge is unavoidable.
There is also a fee that EuroMTS.uk charges to inactive accounts, as seen below:
This is an incredibly high fee, and although legitimate brokers often have such fees available, they are never as high!
There is also the matter of the broker not allowing the withdrawal of profits under its policy regarding bonuses, which is available below:
It states that any profit made with the bonuses EuroMTS.uk issues is not eligible for a withdrawal – but there is no way to know what money is made using the bonus and what your deposit. Make no mistake – this clause is simply an excuse for EuroMTS.uk to limit your withdrawals!
Similarly, the ability to withdraw the bonus should you execute another impossible turnover is an excuse to keep it out of your reach!
How does the scam work?
EuroMTS.uk is definitely running a scam – here is how the scheme it uses unfolds
Someone stumbles upon the website EuroMTS.uk runs, and are prompted to make an account. This requires them to leave a phone number, which the scammers will use to call around the clock and demand deposits. More and more money will be taken from the victim until they are either bled dry or realize what’s going on and stop depositing – at which point, the scammers will cut them off and move on to new targets.
What to do when scammed?
If you have been scammed, you would need to take the following steps to ensure you stop further loss:
Re-issue whatever credit cards and forms of ID the scammers had access to – and remove any remote control software they had you install on your PC!
Contact your bank and seek a chargeback, but do not trust recovery agencies that demand an upfront payment for their services – they are all scams!
Finally, speak up about your experience – leave a comment in the section below and you might help save others from being scammed in the future!
