Beware! Tradeuros is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Tradeuros is yet another offshore broker that is best avoided. Here is why:
Tradeuros regulation and security of funds
Tradeuros might wish to appear to be an European broker, but nothing could be further from the truth – the company is not actually licensed by any of the EU member states.
You see, the Union takes the regulation of its markets incredibly seriously – it demands that all companies that wish to provide their services on them have over 730 000 euro to their name, report back on a daily basis on open and closed trades, keep client accounts segregated from the company’s funds and much more. As you can imagine, this has created a strong regulatory environment where no scam can flourish.
But Tradeuros is not a part of that environment – the broker contradicts key EU policy on leverage – all companies in the Union must restrict the amounts they provide to retail clients to 1:30. Meanwhile, Tradeuros offers just about anyone leverage of 1:500.
Therefore, even though we are not quite certain where Tradeuros operates from, we know for a fact it is not the EU. And to elaborate on that, the company’s lack of contact information is another cause for concern – it constitutes a worrisome lack of transparency.
Tradeuros trading software
While other brokers provide access to renowned platforms like Metatrader 5, Tradeuros has decided to go for its own platform. It is lacking when compared to the industry standard, of course – mainly in the automated trading department. Here is what Tradeuros’ desktop client looks like:
It is quite alright, if a bit basic. Tradeuros also provides access to a web-based distribution of the same platform:
The web-based platform is quite similar to its desktop version. The spreads on both platforms are also quite different – 1.5 pips on desktop and well over 2 in the web-based platform. Even the lower spread of these two is still nothing to write home about – brokers nowadays have spreads on such FX major pairs no higher than 1 pip in general.
What’s more, the leverage Tradeuros offers is simply too much – we explained why already, but you should also know that if you see a broker offering a high leverage in the wild, you are dealing with an unlicensed company nine times out of ten!
Tradeuros deposit and withdrawal methods and fees
Tradeuros accepts deposits through wire transfers – this method is quite infamous for being ineligible for any form of chargeback. Therefore scammers like it, because it helps restrict the options their victims have to get their money back. And Tradeuros is certainly doing that – check out the broker’s Bonus policy:
As you can see, the company distinguishes between funds made from trading with your own deposit and ones made by trading with the bonuses Tradeuros issues – but there is no way for that distinction to actually be applied to reality. Brokers with such clauses lump all of their clients’ profits in the non-deposited category and forbid them to withdraw them! Tradeuros charges fees as well, as you can see below:
This is the only information we have on the fees, which means they are probably quite unsavory! Also, as a sidenote, Tradeuros was obviously copying the Terms from somewhere else and forgot to adjust the name here, which is rather funny.
How does the scam work?
By now it should be clear – Tradeuros is running a scam. And what’s more, it is running one we are able to easily recognize – here is how it plays out:
The victim of the scam stumbles upon the broker’s website. If they decide to create an account on it, they need to leave a phone number – the scammers will then use that number to start calling around the clock an harassing their victim with demands for money. They will take more and more until the poor victim realizes what’s going on and stops depositing – at which point, the scammers simply cut them off.
What to do when scammed?
Here is what you need to do if what we described above sounds familiar:
First off, remove any form of remote control software the scammers had you install – anything like TeamViewer, AnyDesk and so on needs to go! Then, you should recall what credit cards and IDs you gave the scammers access to and get new ones issued ASAP.
Once that is done, think about getting your money back – contact your bank and have them walk you through the available chargeback options. However, if you get in touch with a recovery agency that demands upfront payments for its services, know that you are simply dealing with a further scam!
Finally, consider leaving your story below – by doing so, you could help someone else not fall for the scam!