Eurotrader Review 2020
Eurotrader is a financial service provider that offers online trading of forex, stocks, indices, commodities and cryptocurrencies to retail and institutional traders. The broker offers multiple payment options and various account types. Clients are offered the powerful MetaTrader platforms for conducting all trading activities across multiple devices. However, the broker does not have the lowest spreads and the best trading account conditions require a large deposit.
Eurotrader Review 2020, Pros & Cons
- Regulated brokerage firm
- User-friendly MetaTrader platforms
- Multiple payment options including eWallets & cryptos
- Various trading account types
- No US clients
- Not the lowest spreads
- No educational resources
- Absence of expert market analysis & insights
- Large account size required for best trading conditions
In this detailed Eurotrader review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Eurotrader is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Eurotrader.
Eurotrader Review: Summary
Eurotrader is a fintech company with a mission to provide the best turnkey solution in the financial markets.
The brand was founded in 2015 and is owned by Eurotrade Global Limited; a company registered in the Republic of Marshall Islands. It is headquartered in Limassol, Cyprus where it is licensed to offer financial brokerage services within the European region. It also has an office in London, UK, one of the world’s top financial centres.
Eurotrader aims to use the latest trading technology to provide the best services for its clients in the financial markets. It has partnered with premium liquidity providers for pricing and market execution of clients’ trades. This is why the broker is able to offer spreads as low as 0.2 pips. However, there are many other trading brokers who offer spreads starting from 0 pips.
Eurotrader uses the globally renowned MetaTrader 4 trading platform as well as its successor, the MetaTrader 5 trading platform. These platforms are known to be user-friendly and have a vast array of built-in analytical and trading tools that assist clients in their trading. Eurotrader offers a diverse range of trading instruments across multiple asset classes.
Eurotrader Review: Regulation
www.eurotrader.com is operated by Eurotrade Global Ltd; a company registered in the Republic of Marshall Islands. This is the global arm of the brokerage.
www.eurotrader.eu is operated by Eurotrade Investments RGB Ltd; a Cypriot Investment Firm (CIF) with the Registration number HE317893. It is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) with the license number: 279/15.
As a result of being regulated by CySEC, Eurotrader is subject to the rules and regulations laid down by the European Union’s Market of Financial Instruments Directive (MiFID II) which enables it to extend its service across Europe.
All client funds should be segregated and adequate digital security is provided via secured socket layer (SSL) technology which encrypts all user data before transmission to the servers.
Eurotrader Review: Countries
Eurotrader does not provide its financial services to clients from the United States of America. Some Eurotrader broker features and products mentioned within this Eurotrader review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Eurotrader Review: Trading Platforms
Clients of Eurotrader can trade on one of the best trading platforms, MetaTrader 4 (MT4). This is a user-friendly platform that is flexible and can be customized to individual trader preferences. MT4 comes with a lot of built-in features including analytical tools, automated trading, 30 technical indicators, 24 drawing tools, 4 pending order types and other features which makes it a powerful trading platform. MT4 is fast, rugged, stable and versatile. Its features can be enhanced through plugin apps built with the MQL4 programming language. Eurotrader MT4 is available as downloadable softwares for Windows and MAC OS computers.
MetaTrader 5 (MT5) is the next generation of the MetaTrader trading platform available for Eurotrader clients. It includes most of the same features as the previous version, MetaTrader 4 as well as its flexibility and user-friendly interface. MT5 also supports the coding, installation and activation of Expert Advisors (EAs) which automate trading strategies.
MT5 has more features and tools than its predecessor. It has more technical indicators (38) and graphical objects (44) as well as more trading timeframes (21 compared to 9 on the MT4). There are also 6 pending order types and inbuilt economic calendar. Clients can also interact with other traders on the MQL5 community forum. The Eurotrader MT5 platform is available for both Windows and Mac desktop devices.
The mobile versions of both the MT4 and MT5 trading platforms are available for iOS and Android devices. The two apps have the same physical interface and similar features except that the MT5 has more tools and capabilities than the MT4. Both apps can be downloaded from the respective app stores. With the mobile trading apps, you can monitor the markets, perform technical analysis, enter and close trade positions. They do not have all of the same functionality and capabilities as the MetaTrader desktop platforms.
Eurotrader Review: Trading Tools
MT4/MT5 Trading Tools
Clients of Eurotrader have access to all the trading and analytical tools available on the MT4 and MT5 trading platforms. This is also in addition to the real time financial information available and access to the MetaTrader market where various general and specialized trading tools like expert advisors, trading signals and indicators can be obtained.
On its website, Eurotrader updates its traders with the financial news. This information enables clients to have a view of the background and happenings in the financial world which can be an important part of fundamental analysis.
Eurotrader Review: Education
Presently, there is no provision of educational resources by Eurotrader for its clients on its website.
Eurotrader Review: Trading Instruments
There is a reasonable range of trading instruments offered by Eurotrader. The broker offers a choice of 61 currency pairs, 121 stocks, 9 indices, 5 commodities and 4 cryptocurrencies.
Eurotrader Review: Trading Accounts & Fees
Eurotrader offers 5 different types of live trading accounts that give access to trade forex, cryptocurrencies, stocks, indices and commodities. Here are the account types:
This account was created for beginners as well as clients who wish to trade with smaller amounts. The minimum deposit is $50 whilst the typical spread is 1-1.2 pips. The maximum leverage is 1:500 and no commissions are charged.
This account was created for traders with a little more knowledge and experience of trading. The minimum deposit is $500 and the maximum leverage allowed is 1:300. The minimum trade size allowed is 0.01 lots while the maximum is 50 lots. The average forex spread is 0.6-0.7 pips. In addition to having no trading commission while using this account, clients also get an account manager attached to them.
This account was designed for traders who trade more frequently, especially day traders and scalpers. The minimum opening balance is $500 and the maximum leverage allowed is 1:300. The minimum trade size allowed is 0.01 lot while 50 lots is the maximum trade size allowed. The average forex spread is 0-0.3 pips. Commissions of $2.75 are charged on this forex trading. Account holders also get an account manager.
This account was created for high end traders who demand the best of personalized service as well as the highest level trading conditions that the broker can offer. This is the premium account on Eurotrader and demands a minimum deposit of $25,000 to be used.
The maximum leverage available is 1:100. The minimum trade size allowed is 1 lot while the maximum is 1,000 lots. The average forex spread is 0 – 0.3 pips. Commissions of $4 per round trip are charged on forex trades. An account manager is attached to account holders.
This account was designed for clients who do not want to receive or earn interest on their trade positions that extend to the next day. This account can be useful for practising Muslims as they comply with Sharia law. There are no swap fees charged on this account. A minimum deposit of $1,000 is required whilst the maximum leverage available is 1:100. The minimum trade size allowed is 0.01 lots while the maximum is 50 lots. The average forex spread is 0.7-0.9 pips. An account manager is attached to account holders.
As broker fees can vary and change, there may be additional fees that are not listed in this Eurotrader review. It is imperative to ensure that you check and understand all of the latest information before you open a Eurotrader broker account for online trading.
Eurotrader Review: Customer Service
Clients of Eurotrader who need to make inquiries, lay complaints or make other type of requests can reach the brokers customer service team either through phone lines, email, web chat or the online ‘get in touch’ form. On social media, Eurotrader is on LinkedIn, Facebook and Twitter. The customer care team is available 24 hours a day for the 5 weekdays.
Eurotrader Review: Deposit & Withdrawal
Eurotrader has a range of options for the deposits and withdrawal of funds to and from your trading account. The currencies accepted are US dollar, British pounds and Euros. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
The minimum deposit is $250 while the maximum deposit is dependent on the verification of the account owner. For unverified accounts, the maximum is $2,000 but this limit is removed when the account is verified. The minimum withdrawal amount is $25 while the maximum is dependent on the funds in the account. Any payment or withdrawal method that is used for the first time requires verification.
Some fees may be charged when using certain payment methods. The withdrawal time can vary depending on the payment provider and method. Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites.
You may need to verify your account to remove limits on particular methods in some countries. Eurotrader strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your Eurotrader trading account.
Visa and MasterCard are the cards accepted. Card payments are processed instantly. Eurotrader does not charge any fees for funding and withdrawal with this method. Withdrawals are processed within a day.
Funds transfer through banking institutions are also allowed by Eurotrader. This takes 2-5 business days to process. Clients are liable to pay bank charges incurred in the process but Eurotrader will not charge any commissions.
Eurotrader accepts e-wallet payments through Neteller and Skrill. The processing time for eWallet deposits are instant. Withdrawals are processed within one business day.
Eurotrader offers the opportunity to deposit and withdraw with cryptocurrencies. The accepted cryptocurrencies are Bitcoin, Litecoin, Ripple and Bitcoin cash. All cryptocurrency deposits are processed instantly while withdrawals take a business day.
Eurotrader Review: Account Opening
To open an account on Eurotrader, click on either the ‘open account’ button. You will be taken to a page that will enquire if you are an individual or company. Once you make your choice, you will be taken to a page where you will fill a form with your personal or company information. The form has 3 pages in all.
Fill your personal information, financial info, employment info and trading experience and account preferences. Once all the information is filled correctly, you will be sent an email to verify your email address. Once this is done, you are welcomed and given the information for your account as well as the download link for your preferred trading platform.
You are also prompted to send in your proof of residence and proof of identity for verification in order to satisfy anti-laundering laws and be legally allowed to trade on Eurotrader.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Eurotrader Review: Conclusion
Eurotrader is a regulated broker that offers around 200 instruments for trading online via the MetaTrader platforms. The use of the popular MetaTrader 4 and 5 platforms with their flexibility, ease of use and abundance of built-in features makes trading online with Eurotrader convenient and suitable for the majority of trading styles. The broker also provides financial news along with some other useful trading tools to assist traders.
However, the trading brokers review team did not find Eurotrader to have the tightest spreads and the best trading conditions available required a larger account size. The market news on the brokers website is incomprehensive and not regularly updated. There are no educational resources to assist beginners, no social trading platform integration and no MAMM or PAMM accounts.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.