Beware! Ethereal Fx Pro 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.
Ethereal Fx Pro wants us to believe it represents a regulated and award-winning forex broker we can trust with our money without worry. But this website is a good reminder that if we believe such assurances without doing fact-checking there is a good chance we will end up scammed. In this review, we will present the evidence that Ethereal Fx Pro is in fact a scam and point you to more credible investment firms.
Ethereal Fx Pro Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|Ethereal Fx Pro||❌||❌||❌|
|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.
According to the homepage of the website Ethereal Fx Pro is a brand name of Ethereal Fx Pro Financial Services Pty Ltd.
This company is said to be licensed by financial regulators in Australia and New Zealand. But checking the databases of the relevant regulators shows that this is not true.
In fact, another leading financial regulator, the UK’s Financial Conduct Authority (FCA), explicitly warns that Ethereal Fx Pro is not authorised to offer financial services and products.
When choosing a broker through which to invest in the financial markets, you should not only make sure that all the information required by law is available, but also that this information is true. Always check that the company is indeed on the records of the specified regulator and that the domain used is among those officially approved for the particular broker.
You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.
In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
Ethereal Fx Pro Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Ethereal Fx Pro platform||❌||❌||❌||❌|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
On the website we do not see any information about the most important tool for forex trading, the software. After account registration it becomes obvious that Ethereal Fx Pro does not have such software. In the dashboard we see only one “demo trader” with shares of Apple and Gazprom. But this is actually a rather poor imitation of a trading platform, as we have seen with many other fake brokers.
But even if Ethereal Fx Pro had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Ethereal Fx Pro Trading instruments
|Ethereal Fx Pro||❌||❌||❌||❌||❌|
Ethereal Fx Pro claims to offer trading in forex, stocks, indices, commodities, precious metals and other CFDs. But as we have seen this website has neither the legal authorisation nor the necessary software.
Ethereal Fx Pro Spreads and cost of trading
|Ethereal Fx Pro||XM||FBS||FXTM|
In the descriptions of the trading account types, Ethereal Fx Pro promises low spreads and commissions. But since Ethereal Fx Pro is not licensed and does not offer real trading, these promises have no real meaning.
Ethereal Fx ProMaximum leverage
|Ethereal Fx Pro||400:1||100:1||10:1||100:1||100:1|
|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||❌||❌||❌||❌|
Ethereal Fx Pro claims to offer leverage between 1:30 and 1:400.
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. The same rules currently apply to Australia.
Ethereal Fx Pro Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Crypto||24 hours||24 hours||Fee depends on crypto|
Ethereal Fx Pro advertises multiple payment names, but actually only allows deposits via Bitcoin.
Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.
Ethereal Fx Pro Minimum deposit
|Ethereal Fx Pro||XM||FBS||FXTM|
Ethereal Fx Pro requires an extremely high minimum deposit of 5,000 USD. You should know that for as little as 5 USD you could open a Micro Trading Account with some of the industry’s leading brands.
Ethereal Fx Pro Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Ethereal Fx Pro||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Since Ethereal Fx Pro does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.