Note: EuroTrade is to operate via the website - https://eurotrade.co/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
EuroTrade is allegedly a forex broker registered in the United Kingdom that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:1000 and spreads floating around 0.3-0.4 pips on the web-based trading platform via 5 different live account types, as well as 24/7 customer support service.
As for regulation, it has been verified that EuroTrade currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.22/10. Please be aware of the risk.
Market Instruments
EuroTrade advertises that it offers access to a wide range of trading instruments in financial markets, including stocks, cryptocurrencies, indices, currencies and commodities.
Account Types
EuroTrade claims to offer 5 types of trading accounts - Basic, Silver, Gold, Platinum and Diamond, with minimum initial deposit requirements of $5,000, $10,000, $25,000, $100,000 and $1,000,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The leverage for different account types ranges from 1:50 to 1:1000 at EuroTrade. Specifically, 1:50 for the Basic, 1:100 for the Silver, 1:200 for the Gold, 1:400 for the Platinum and 1:1000 for the Diamond. However, according to the regulations, British and Australian brokers have to limit their clients to 1:30, while US brokers cant provide more than 1:50. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
No spread level is specified in the account description. In EuroTrades web trading platform, levels of 0.3-0.4 pips on the EUR/USD pair are visible.
Trading Platform Available
Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, EuroTrade gives traders a web trading platform, just as the below screenshot shows. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
EuroTrade only supports three unknown payment methods - NeoBanQ, GateWay and Oobit. The minimum amount the deposit menu accepts is said to be $250 while opening an account requires the minimum deposit is extremely high - up to $5,000.
Also, different account types are equipped with different withdrawal processing speeds. For example, 4 business days for the Basic account, 3 business days for the Silver account, 2 business days for the Gold account and 1 business day for the Platinum account.
Bonuses
EuroTrade claims to offer some bonuses. However, if the client has received a bonus, the withdrawal of any funds from his account becomes conditional upon the fulfilment of a high minimum trading volume requirement of at least 30 times the amount of the bonus plus the deposit amount.
In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.
Customer Support
EuroTrade‘s customer support can be reached by telephone: +44 2080971875, email: support@eurotrade.co. However, this broker doesn’t disclose other more direct contact information like the company address that most transparent brokers offer.
Pros & Cons
Frequently Asked Questions (FAQs)
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