Eaglestones Finance review – 5 things you should know about fin-eaglestone.net

Beware! Eaglestones Finance is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Eaglestones Finance presents itself as an award winning and regulated broker with over a decade of experience. But if this dodgy website has a track record in anything, it’s scams. Fact checking leaves no doubt that Eaglestones Finance is a fraud disguised as a forex broker.

Eaglestones Finance Regulation and safety of funds

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation.

The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

Eaglestones Finance claims to be based in the UK and licensed not only by the UK’s Financial Conduct Authority (FCA) but also by regulators in the EU, South Africa and other jurisdictions.

But a check of the FCA database reveals not a licence but a warning that Eaglestones Finance is a fraud. The website has also been blacklisted by the Italian financial regulator CONSOB.

The name of the alleged owner is not mentioned on the website, only in the Customer Agreement – Eaglestone Finance LTD.

The document refers to Bulgaria, not the United Kingdom, as the relevant jurisdiction. The Eaglestones Finance is not among the brokers authorised by the Bulgarian Financial Supervision Authority.

Under no circumstances should you trust your money to such websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK.

Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

Eaglestones Finance Trading software

The website advertises that Eaglestones Finance offers the popular MetaTrader 5 (MT5) platform. However, the installation file that can be downloaded from the website is for a demo version of the platform, and Eaglestones Finance does not provide credentials to log into a trading server.

After account registration, we get access to a rather rudimentary web platform that is not MetaTrader.

It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Eaglestones Finance Trading instruments

All asset classes are included in the trading platform, including cryptocurrencies – although the UK FCA prohibits trading in crypto derivatives. But Eaglestones Finance does not provide clear and detailed information on the trading parameters.

Legitimate forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc.

Eaglestones Finance Spreads and cost of trading

At the time of writing this review, the Eaglestones Finance trading platform did not have a functioning menu for placing orders. We actually have no reason to believe that Eaglestones Finance offers real trading.

Eaglestones Finance Maximum leverage

The home page of the website states that a maximum leverage of 1:500 is offered. This is further evidence that Eaglestones Finance is not a licensed broker.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Another such evidence is Eaglestones Finance’s claim that it offers a Deposit Bonus. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms.

If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.

Eaglestones Finance Deposit and withdrawal methods

At the time of writing this review the deposit menu was not active. We were therefore unable to ascertain what payment methods were available.

Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

Eaglestones Finance Minimum deposit

The required minimum deposit is 250 USD. For the same or often lower amount you could open a starter account with almost any licensed broker in the world.

Eaglestones Finance Withdrawal requirements

If the clone seeks to make a call without a trading activity having taken place, Eaglestones Finance charges a hefty fee of 30%, but not less than 80 USD.

The minimum withdrawal amount is EUR 10.