EuroxtradeFX Review – A Scam Broker (And How To Get Your Money Back!)

Have you decided to venture into the world of online trading? There are countless opportunities for you to explore, but you will require the services of a brokerage to be able to do so. Sure, you can just Google and find a list of companies that are offering their trading services. But, you have to do some research before one can be chosen. Not every brokerage is created equal and there will be different categories to be found here as well. There are professional, mediocre and low quality brokers and there are also those that are downright fraudulent. They are just good at hiding it, as you will see in this EuroxtradeFX review.

EuroxtradeFX Review

These are the ones that you have to avoid because you do not want to see all your efforts and your money go down the drain. You want to be able to trade with complete peace of mind and only a genuine brokerage can offer you that. So, how do you go about finding one? The key is to not let their appearances deceive you. This is exactly what the scams are going to try to do, so you have to play it smart. It means you have to be skeptical of everything you read about a broker.

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Instead, you have to do your own research into a brokerage in order to ensure there are no issues. If you come across any, you have to figure out if they are a deal breaker or it is something you can accept. It might take some time, but it is worth it when you select the brokerage that can help you have a profitable and flawless trading experience. It can certainly help you with EuroxtradeFX that is presented as a regulated and reliable online broker for everyone.

With its headquarters in the UK, EuroxtradeFX is offering access to hundreds of trading instruments via the MT4 platform and promises good trading conditions. Does it have any issues? Let’s go over its offerings.

Licensing and regulation

The one characteristic of an online broker that can make or break it is its licensing and regulation. Your priority should be to find a brokerage that has a license to offer its services because this gives you certainty that you are dealing with a legitimate company. Getting a license is not a piece of cake, as there are requirements to be fulfilled and they are not that easy. But, companies that do obtain a license offer quality services, along with security and transparency, which is exactly what you want.

The licensing will depend on where the brokerage is based, which is the United Kingdom in the case of EuroxtradeFX. The UK is considered a well-regulated region because its regulatory body, the Financial Conduct Authority (FCA) has a very strict criteria for issuing licenses to companies. Therefore, a brokerage licensed by the FCA is considered a very dependable one.

Unfortunately, when you check the register of the FCA, you are not going to find EuroxtradeFX and this is an issue that cannot be ignored. It means that either EuroxtradeFX is not based in the UK and is lying about its address, or it is operating illegally. It turns out that the latter condition is applicable because the FCA has actually issued a warning about EuroxtradeFX. You will find that the regulatory body says the company is operating without a license and providing services illegally. It has been blacklisted and this takes away all credibility, so it is not a brokerage to be trusted.

Trading software

One of the biggest features of EuroxtradeFX that will grab your eye right away is that it offers the MT4 trading platform. If you do some research, you can quickly discover that it is one of the leading trading platforms in the market. The MetaTrader 4 is known for its advanced technology and sophisticated set of trading tools that have made it immensely popular. You will obviously be excited about using it because it can deliver a good trading experience.

But, it turns out to be a lie because you will not find the MT4 anywhere at EuroxtradeFX. The actual trading platform it provides is a web trading software that is extremely basic and is very lacking in terms of trading tools. The platform will not help much in the long run because it is for beginner traders. This web trading software is commonly offered by scam brokerages for furthering their illusion.

Trading conditions

Checking the trading conditions of a brokerage is a must because it determines your profits and you want them to be as competitive as possible. This is another area where you will find issues with EuroxtradeFX because its trading conditions are nowhere close to profitable. The spreads that it offers start with 3 pips and this is extremely high because most brokers offer 0.5 pips, or even lower at 0.3 pips.

When it comes to leverage, you will find that the ratios that EuroxtradeFX offers go as high as 1:100. These sound very attractive because they give you flexibility. But, these are also quite dangerous because leverage also multiplies your losses. Moreover, EuroxtradeFX should not be offering such high leverage because it claims to be based in the UK where the FCA has limited leverage to 1:30.

Payment options

Yet another issue that you will come across at EuroxtradeFX is when you go through the payment options it is offering. Deposits and withdrawals are part of the trading process and you want to have access to reliable and secure methods. But, you will be disappointed with what you find at EuroxtradeFX because it only allows you to use cryptocurrencies for payments.

This means that the deposits are final and there can be no chargebacks if there is an issue. EuroxtradeFX will keep your money and since these payments are also anonymous, this also works in their favor.

Bottom Line

The issues that you uncover with scam brokers and at EuroxtradeFX when you do your research shows that it is trying to deceive you and is up to no good.