Eiro-group claims to have a trading platform that boosts your confidence. A quick check using their trading conditions shows their spreads are relatively huge. One issue with their leverage is it seems that’s non-existent. Eiro Group is an offshore broker and won’t guarantee the safety of funds. When push comes to shove, the broker will shut down and won’t give members any notice. There are several complaints we’ve seen from members. Learn what to expect with the broker in this vivid EIRO-GROUP Review.
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By claiming to be a leading trading platform, the broker wants to feign reliability. We can give them thumbs up for coming up with an engaging website. When it comes to website design, this one takes the cake.
What we deduce is that the designer is probably a professional broker. The only issue is they are targeting naïve investors. There’s no actual trading taking place. Once you deposit funds, the broker claims to double it within a week.
The allure of doubling funds is what drives newbies to sign up with the broker. Most of them deposit huge amounts expecting to double it. Little do they know that the double promise is a trap set for depositing funds.
Most of these members end up languishing in pain after having their accounts blocked. Please stay away from Eiro Group, as this is another offshore brand waiting to pounce on unsuspecting investors.
Account opening procedure
Opening an account with the platform is easy, and the process takes less than five minutes to complete. We do have an issue with their verification process as members have to send their IDs. Once you send the ID, the broker will demand your credit card details.
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According to them, they use the credit card number to deposit funds. This is not how trading works, and it seems that the broker is gathering banking information.
Assets and trading instruments
The broker claims to offer all types of assets, including commodities and currency pairs. You will also get indices and stocks via CFDs. Most of the stocks you get are from leading American and European companies.
Expect to get stocks from the FAANG group as this is an enticing portfolio. As we stated earlier, the broker mentions no trading conditions regarding the assets. You sign up not knowing the leverage and spread available on the platform.
Anonymity is another reason you should stay away from Eiro Group. There’s no mention of a single broker or manager operating the website. This is to say that members are depositing funds to an unknown entity.
Recovering funds from such a platform is next to impossible. Any recovery agent that claims to offer such services is lying. These are offshore brokers who use personal offshore accounts.
Comments and user experience
Most of the complaints we’ve seen come from European investors. It seems that the platform hit Greece the hardest. Almost half of the complaints come from this region. Their stories are all the same; they deposit funds and later can’t access the accounts.
Any positive review you read is a paid sponsorship post. The broker will try and pay webmasters to post positive comments about the platform.
Domain insights (eiro-group.com review)
Their IP address shows that the website bounces from time to time. This means that their IP history shows a web footprint of over 16 years. According to domain checker tools, the website went up in 2020.
How they have managed to have a 16 year period is beyond us. We believe that this is another short-term trading website that will soon shut down. Depositing funds to such a platform is not worth the risk.
Eiro-group License and Registration
Eiro-group is not a valid broker and doesn’t have any documents to prove it. Their phone code shows a broker residing in the UK. We had to check with the FCA to confirm their regulation status.
The regulator doesn’t have a broker licensed with the above name. These are scam artists who try to penetrate the European trading scene using the FCA. Such brokers think that investors won’t bother to confirm their registration; they are wrong.
Without any valid document, it goes to show how risky it is to interact with the platform. The broker doesn’t inform users of their license status, which is a breach of trust. Investors should know first-hand from the broker that the platform holds no license.
Members won’t enjoy the protection they need from regulators. Anyone who deposits is at the mercy of the broker, making it a risky platform.
Features of Eiro-Group
Eiro-group is furnishing members with six account types to choose from. These six accounts include basic, silver, gold, platinum, diamond, and millionaire club. The basic account holder must deposit $500 to start trading.
That’s another reason to doubt the broker as they double the acceptable minimum deposit. If the broker had a license from the FCA, this would not happen. All accounts have almost similar features, including account signals.
Depositing funds with the broker is another quick process. The depository options include bank and wire transfers. Withdrawing funds with EiroGroup is still the biggest hurdle you will face as a member.
No member has made withdrawals for the past year. It goes to show how the trading conditions are against members. The broker is only using the website to transfer funds to their personal accounts.
Another missing feature on their homepage is the type of trading platform to expect. From the screenshots we’ve seen, the broker is using a web-based platform. Their custom-built platform lacks essential trading tools.
You don’t get any advantage as a user which is reason enough to stay away. The best trading platforms include MT4, MT5, and SIRIX. The broker is not considering the plea of members with their web platform.
Safety of funds with Eiro-group
There’s no safety of funds from a broker that doesn’t have a valid license. We believe the broker is out to cause harm. There’s no segregation of accounts which puts your funds at risk. All funds deposited are transferred into a personal bank account.
If the platform winds up, there won’t be any compensation. Please stay away from this website as it’s more of a risk than a trading platform. There’s no way this broker doubles money in a week.
Scam or Legit Eiro-group
Eiro-group is a scam that waits for you to deposit with them and later block all communication. The members are facing beyond words; we hope authorities will catch up and block the website.
That’s the only way to ensure that no one else falls for this trap. You will also notice that there’s no live support. Contacting the broker is next to impossible once you deposit with them.
There’s no way we recommend a broker that blocks withdrawals. Please stay away from them.
Use industry-backed experts who offer fair and transparent trading conditions. It’s the only way to enjoy trading and profit from it.
We wish everyone a happy and prosperous trading experience.