The sole positive aspect of Eufinance.co was its aesthetically pleasing website. Another unlicensed business that does not provides legal services 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.
Regulation and the Safety of Funds at Eufinance.co
Eufinance.co says it is in the UK, but it doesn’t say anything about having a license there. Some of the broker’s terms (bonuses, high leverage, etc.) conflict with some UK legislation. Unfortunately, we were unable to locate any brokers by this name in FCA UK’s database. Investing with them would involve taking a significant risk, so we can fairly conclude that they are not a regulated broker.
You should seek out a broker who is legitimately authorized in the UK, as we would suggest. These brokers are required to submit frequent reports to the FCA UK to demonstrate that they are operating ethically and honestly and following best practices. They must also fulfill some standards, such as holding a minimum capital of €730 000, maybe more if they have several clients, and taking part in a compensation system, both of which serve to demonstrate their financial viability.
Each client of the broker might receive up to £85 000 in compensation if the broker goes bankrupt, according to this compensation plan. Retail traders cannot lose more money than they have in their account at any given time thanks to negative balance protection.
Trading software from Eufinance.co
Eufinance.co offers a very simple web-based trading platform: You can trade on such a platform with certainty, but only will have access to basic capabilities. For this reason, we strongly advise you to start trading on cutting-edge platforms like MetaTrader 4 or MetaTrader 5 instead.
Both platforms are used by millions of traders, and there are many reasons why they are so popular. Both MT4 and MT5 are incredibly functional while still being quite user-friendly. You would have access to tools like expert advisors, which you could use to follow markets and execute trades automatically, a strategy tester, VPSs, a market where you could buy additional trading programs, and add-ons, in addition to a full charting and analysis package. Additionally, you would be able to create unique scripts and even set up signals for rising and falling prices.
Conditions for Trading at Eufinance.co
Eufinance.co gives you access to a wide range of markets for a fair price of $250, including currency, commodities, metals, shares, indices, and top cryptocurrencies. Yet, there are a lot of trustworthy brokers who provide thousands of instruments, even on their most affordable trading accounts, which start at just $10.
Only 0.1 pips on EURUSD was the spread eu finance.co gave, which was excellent. The broker, however, has made no mention of the additional commissions it levies (if it charges such). Your prospects of making a respectable profit will surely be ruined by a hefty commission. Moreover, dishonest brokers can modify platforms to produce falsely positive outcomes.
The largest leverage you could use to trade was 1:200, which was clear evidence that this broker was not based in the UK or the EU. Since trading with high leverage is risky and can lead to big losses, these brokers can’t offer leverage on the major forex pairs that are higher than 1:30 to regular traders. Even if you are sure you can handle it, you should still look into brokers who can legally get you better rates instead of doing business with scammers.
Deposit and withdrawal methods and fees for Eufinance.co
With Eufinance.co, we were unable to deposit until our account had been validated. As a result, we were unable to determine which deposit options were offered. The broker stated the substantial withdrawal fees it levies on some different payment methods in its Terms and Conditions.
You would have to pay $50 if you wanted to deposit by wire transfer; however, your bank might charge you more. This is just the broker’s fee. You would be required to pay $25 plus an extra $10 processing fee for payments made with a credit card or debit card. You would be required to pay an additional 10% if your account has not been confirmed or if you have not met a specific turnover. No broker would use blackmail to force you to meet a target turnover.
Additionally, the majority of brokers won’t even let you make any withdrawals until your account has been confirmed because they need to be sure you are who you say you are. Another reason why it would not be a good idea to deposit with this broker is because of their outrageous withdrawal costs.
Bonuses are another thing that is prohibited in the EU and the UK, yet Eufinance.co gives them. Also, this business has added several intriguing terms that would prevent you from withdrawing your money, just like a lot of other scammers:
If you have received a bonus, it will be deemed non-deposited funds along with any gains it contributed to. Before you have attained an outrageous turnover, which is 25 times the deposit plus the bonus, those funds cannot be withdrawn. The issue is that no one could say for sure whether specific profits were brought about by a deposit or a bonus.
The con artists may stop you from withdrawing a sizable portion of your money and may boost your turnover criteria to keep you from withdrawing for even longer.
When a fraudulent broker offers you a bonus, always carefully read the terms and conditions.
How does the fraud occur?
This kind of scam is fairly simple, but it has proven to be very successful and has been able to con quite a few people. The next paragraphs should be carefully studied to learn how to avoid such schemes given their rising popularity.
The con begins when you come across an online advertisement for a specific broker’s website. These websites typically offer fantastic terms and incredibly quick earnings, but very little in the way of license and business information. But, con artists occasionally use highly detailed promises, which make you fall for it and give them your phone number or email.
Another possibility is that they are the first to contact you after finding your contact information somewhere. You will then be required to register an account and make a deposit as part of a cat-and-mouse game. Remember that they are skilled con artists who make their living by persuading others to send money; they will use promises of rewards and possibilities to manipulate you into making a deposit.
You might experience gains and add additional funds to your account, but this is all just smoke and mirrors because con artists frequently fudge the numbers to get you to transfer more sums.
You will eventually want to withdraw your money, of course, and that is when the issues will begin. You won’t be able to access your money, and there may be further charges or unmet terms and conditions. By this time, you will undoubtedly realize something is amiss, and the con artists will vanish from view.
What to do if you’re frauded?
If you realize that you have been defrauded, you have a few options. Depending on the payment method you used to deposit, chargebacks may occasionally be feasible. In contrast to bank transfers and top cryptocurrency transactions, which cannot be reversed, both Visa and MasterCard permit such chargebacks within 540 days.
Verify that you update all banking passwords. If you have any remote access software installed, delete it right away. Scammers often convince their victims to install such software so they may access their bank accounts and steal more money.
Inform the police and tell as many people as you can about the scam; the more people who are aware of it, the less likely they are to become victims.
Last but not least, never believe any so-called “recovery agents” who promise to get your money back for a price. These scams are nothing more than another way for the thieves who stole your money to get your money back.
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