EU Finance Review: Cautious With This Fraudulent Broker
The sole positive aspect of Eufinance.co was their aesthetically pleasing website. Another unlicensed trading firm that offers services it cannot legally provide and is intent on keeping you from retrieving your money after making a deposit. We don’t think it would be wise to invest in them.
Despite claiming to be situated in the UK, EU Finance makes no mention of having a local license. In fact, some of the broker’s terms (bonuses, high leverage, etc.) clearly conflict with some UK legislation. Unsurprisingly, we were unable to locate any brokers by this name in the FCA’s (the UK financial authority) database.
It is safe to say that this is not a registered broker, and trading with them would be incredibly risky as you will find out more about in this EU Finance review.
|Proprietary web trader
Regulation and Security of EU Finance
This scam broker’s regulatory standing is its first significant weakness. One would think that the company would be registered with the FCA (UK’s financial services authority) given that it has a UK address.
You see, in order to conduct business legally in that region, any reputable broker must first have their authorization. A scan of their database turned up with no results for a business with that name or address.
We also attempted looking for this institution in the other 2 main regulators, the Australian Securities and Investment Commission(ASIC) and the Cyprus Securities and Exchange Commission(CySEC), just to be completely objective. Once more, it was in vain as there was no such registration anywhere.
Trading Platform at EU Finance
EU Finance Web Trader is a proprietary trading platform. Yet there isn’t a page or section on the website that elaborates on what that truly means, save from some generalizations about how hassle-free, clever, and straightforward the platform is.
For this EU Finance review, we have tried to find a demo account on their website. There was no way to sign up for a demo account to familiarize yourself with their trading software as this is not an option that this scam broker provides for their clients. This is frequently a sign of a fraudulent broker who is unwilling to assist you in making an informed decision about using their services.
When choosing a broker it is good to look out for ones that aside from meeting the bare minimum requirement of being licensed also provide industry standard trading software like MetaTrader4-5.
EU Finance Account Types
The EU Finance scam really makes a push for its clients to choose one of the pricier account options and this is evident from the way the account types are named. The three account options are as follows:
- Micro account: $250 minimum deposit
- Standard account: $5000 minimum deposit
- Premium account: $25000 minimum deposit
As you can see they are trying to make it seem like the majority of their users function with their “Standard account” which conveniently has a massive $5000 minimum deposit. It is not uncommon for scam brokers to attempt to steer their clients toward pricier account options.
The only seemingly real difference between the account types comes with the premium account that boasts a 50% signup bonus, however, it is unlikely that that is true.
EU Finance Deposit and Withdrawal Method
It is not difficult to once more see the telltale indicators of a scam broker as we scan the company’s Deposit and Withdrawal policy. Right away, we see a 50 USD fee for wire transfers and an additional 10 USD processing fee. This is on top of their already high minimum deposit of $250.
Additionally, deposits from accounts that have not had a turnover of 200x or more are subject to a 10% fee.
For accounts that have been dormant for longer than 6 months, there is additionally a 10% monthly Dormant cost.
These kinds of repeated and/or restricting fees on withdrawals, trading volume, and other things indicate a company attempting to steal your money using dirty tricks that pass for ordinary fees in the administrative world.
Offshore Brokers’ Techniques
When it comes to scamming people, offshore brokers frequently use the same techniques.
This often entails finding their victims using social media ads and convincing them to click the link in the ad to visit a page that requests their email before granting access to “life-changing information” that will make them rich quickly.
Of course, this is only a ploy to obtain the victims’ contact information. At this time, the fraudulent broker approaches you with alluring incentives in an effort to get you to make a deposit.
Additionally, they frequently try to convince their victims to deposit money using cryptocurrency because it is anonymous, untraceable, and immune to chargebacks and recalls.
Scam brokers like EU Finance can also exploit their victims by tricking the trading software to display enormous profits that aren’t actually there. Then, in order for a withdrawal to be possible, they demand a 20% charge based on the fake profits.
Best Performing Forex Brokers
It can be challenging to identify a broker that can satisfy all of your requirements, and it can be even more difficult to conduct all the necessary research to find a trustworthy broker.
For this reason, we have created a list of 6 reliable brokers who provide a range of services and have conducted broker reviews on each of them.
These brokers all offer healthy trading conditions with minimum deposits as low as $10, and they are all licensed and regulated by tier-one regulatory agencies.
|Cyprus, UK, Mauritius
|FP Markets Broker
|Cyprus, Belize, Australia
|HFM HF Markets Broker
|Cyprus, UK, South Africa, UAE, Kenya
|Cyprus, Belize, Marshall Islands
EU Finance Summary
EU Finance is just another in a long line of scam brokers that use the same cheap tricks in order to appear legitimate. Firstly their claim that they are based in London proves to be false as a look at the FCA websites shows that there is no registered brokerage by that name or at that address.
Secondly, the high minimum deposit of $250 is generally a dead giveaway that something isn’t quite right with the broker as there are many legitimate brokerages that offer much better trading conditions and require a substantially lower minimum deposit like HFM with a minimum deposit of just $5.
Last but not least is the fact that the broker does not allow just anyone to open an account and deposit funds. Instead have a procedure where you apply for an account and then wait to be verified for the account before you are able to deposit your funds and start trading. This is a commonality with scammers as they do everything they can to avoid being exposed including limiting access to their “ Services”
FAQs About EU Finance Broker
Is EU Finance Legitimate Broker?
EU Finance is about as far from a legitimate brokerage as one can be.
What is the Minimum Deposit for EU Finance?
The minimum required deposit for this broker is $250.
How Long Does it Take to Withdraw from EU Finance?
It is not quite clear that it is at all possible to withdraw any funds from this broker, especially after the long list of fees is applied.