Beware! Eufinance.co 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.
Eufinance.co presented us with a decent-looking website but that was the only good thing about them. This is another unlicensed company who offers things it cannot legally offer and that seems set on preventing you from withdrawing your money after you have deposited. Investing in them would not be a good decision in our opinion.
Eufinance.co REGULATION AND SAFETY OF FUNDS
Eufinance.co claims to be based in the UK but has not mentioned anything about being licensed in the country. In fact, some of the conditions the broker offers (bonuses, high leverage) directly oppose certain UK regulations. Unsurprisingly, we did not find any matches for a broker with this name in the database of the FCA – the UK financial regulator. We can safely conclude that this is not a licensed broker – investing with them would mean taking a huge risk.
We would advise you to turn to a broker who is actually licensed in the UK. Such brokers have to report to the FCA regularly to ensure that they are conducting business in a fair and transparent manner and employing good practices. They also have to meet quite a few requirements – for example, prove their financial stability by maintaining a minimum capital of €730 000 – possibly more if they have many clients – and participate in a compensation scheme. If the broker becomes insolvent, each of their clients could receive a compensation of up to £85 000 because of this compensation scheme. Negative balance protection is also ensured – this means that no retail trader could lose more money than they have in their account at a given time.
Eufinance.co TRADING SOFTWARE
Eufinance.co offers a very basic web-based trading platform:
You will surely be able to trade on such a platform but you would only be getting access to primitive functionality – which is why we would urge you to start trading on leading platforms like MetaTrader 4 or MetaTrader 5 instead.
Both platforms are quite beloved and used by millions of traders – the reason for that is more than simple. Both MT4 and MT5 are quite user-friendly but still very functional. You would be able to get access not only to a full charting and analysis package but also to features like Expert Advisors you could employ to track markets and trade automatically, a Strategy Tester, VPSs, a market where you could purchase additional trading apps, and add-ons. You would also be able to set signals for prices going up and down and even develop custom scripts.
Eufinance.co TRADING CONDITIONS
Eufinance.co offers access to a very decent range of markets – forex, commodities, metals, shares, indices, and cryptocurrencies – for a decent price – $250. However, there are many reliable brokers who offer thousands of instruments even on their cheapest trading accounts – such an account could cost you as little as $10.
The spread offered by Eufinance.co was great – just 0.1 pips on EURUSD. However, the broker has not mentioned anything about the additional commissions it charges (if it charges such). A high commission will definitely ruin your chances of turning a decent profit. Moreover, scam brokers sometimes tend to manipulate platforms in order to fabricate good results.
The maximum leverage you could trade with was 1:200 – concrete proof this could not be a UK or EU broker. Such brokers cannot offer leverage higher than 1:30 on forex majors to retail traders – since trading with high leverage is risky and could lead to big losses. If you are sure you can handle it, however, we would still urge you to check out some brokers who can legally offer higher rates instead of dealing with scammers.
Eufinance.co DEPOSIT AND WITHDRAWAL METHODS AND FEES
We could not deposit funds with Eufinance.co before our account has been verified. Subsequently, we were unable to establish which deposit methods were available. In its Terms and Conditions, the broker has mentioned the withdrawal fees it charges on a few different payment solutions – and those fees were huge.
If you deposit via wire transfer, you would have to pay $50 – keep in mind that this is only the fee charged by the broker and your bank might charge you additional fees. For credit or debit card payments, you would have to pay $25 plus an additional $10 processing fee. If your account has not been verified or you have not reached a certain turnover, you would have to pay an additional 10%. No broker would blackmail you into reaching a certain turnover in this way. And most brokers would not even allow withdrawals as a whole before your account has been verified – after all, they must make sure that you are who you say you are. This broker’s obscene withdrawal fees are another reason why depositing with them would not be a great idea.
Eufinance.co offers bonuses – another thing that is banned in both the UK and the EU. And just like many other scammers, this company has added some interesting clauses that would prevent you from withdrawing your money:
If you have received a bonus, that bonus along with all profits it has helped generate will be considered non-deposited funds. Those funds cannot be withdrawn before you have reached an obscene turnover – 25 times the deposit plus the bonus. The problem is that nobody could say with complete certainty if certain profits were the result of the deposit or of the bonus. The scammers might prevent you from withdrawing a huge chunk of your money – and they might raise your turnover requirements so that you might be prevented from withdrawing for an even longer period of time.
Always read the Terms and Conditions extra carefully when a scam broker offers you a bonus.
HOW DOES THE SCAM WORK?
This type of scam is really not that complicated – but it has proven to be quite effective and has managed to trick quite a few people. Given such schemes’ growing popularity, it is important to know how to avoid them – so reading the following paragraphs carefully is vital.
The scam starts with you seeing an ad on the Internet for a certain broker’s website. Such websites usually promise amazing conditions and extremely fast profits – but offer very little in terms of license and company information. However, sometimes scammers can be very elaborate in their promise – so you fall for it and provide them with a phone number or an email. There is another option – they might have stumbled upon your contact details somewhere and are the first to make contact. After that, a game of cat and mouse begins – you will be asked to open an account and make a deposit. Keep in mind that these are professional scammers who convince people to transfer money for a living – they will sweet-talk you into depositing by talking about profits and opportunities.
After that, you might indeed see profits and deposit even more money – but all of this is smoke and mirrors, scammers often manipulate results to make you transfer bigger amounts.
At some point, of course, you would want to withdraw your money – and the problems will start. Additional fees or unfulfilled clauses in the Terms and Conditions will appear, and you will be denied access to your money. At this point, you will probably discover something is wrong – and this is when the scammers will drop out of sight.
WHAT TO DO WHEN SCAMMED?
There are a few things you could do if you discover you have been scammed. Chargebacks are possible in some cases depending on the payment method you have used to deposit. Both Visa and MasterCard allow such chargebacks within 540 days while bank transfers and cryptocurrency transactions are irreversible.
Make sure to change all banking passwords. If you have installed any remote access software, remove it immediately – scammers ask their victims to install such software under different pretexts but their endgame is to just get access to your banking accounts and steal even more money.
Notify authorities and share your story with as many people as possible – the more people know about such scams, the less they will fall victim to fraudulent schemes.
Last but not least – don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam, sometimes even conducted by the same people that stole your money in the first place.
