Beware! EuroCryptoFX 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.
The EuroCryptoFX website tries to convince us that it represents an established forex broker with hundreds of thousands of satisfied customers. But even a cursory glance reveals numerous clues that this could not possibly be true. In this review, we will take a detailed look at why EuroCryptoFX is not what it claims to be.
EuroCryptoFX Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
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.
EuroCryptoFX is completely anonymous. Nowhere is the name of the company or a contact address given. The only document available is the Terms and Conditions for the use of the website with generic content.
This website is available in Italian, which prompted the Italian financial authorities to blacklist it:
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online. Under no circumstances should you trust your money to such anonymous 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.
EuroCryptoFX Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
EuroCryptoFX promises the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. But there are no active download links for the software on the website, nor is there an option to register or log into an account.
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.
EuroCryptoFX Trading instruments
EuroCryptoFX advertises trading in all classes of financial assets but does not provide any information on the parameters of this trading.
When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.
EuroCryptoFX Spreads and cost of trading
Given the lack of licence and software, we can be sure that EuroCryptoFX does not offer real trading.
EuroCryptoFX Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
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.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
EuroCryptoFX Deposit and withdrawal methods
Due to our inability to register an account, we were unable to ascertain what payment methods EuroCryptoFX uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.
EuroCryptoFX Minimum deposit
The EuroCryptoFX website gives several different versions of the minimum deposit amount – 10,000 EUR, 250 USD and 500 USD. It will be much more reasonable and cheaper to open an old account with an established brand.
EuroCryptoFX Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|EuroCryptoFX||Not specified||Not specified||$100|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
EuroCryptoFX does not provide information on withdrawal conditions other than a minimum amount of 100 USD. But you can be sure that such a shady website hides unpleasant surprises like huge hidden fees.