Eiro-Group-Overview of Minimum Deposit, Leverage, Spreads

GENERAL INFORMATION

Eiro-Group is a suspicious broker allegedly originating in St. Vincent and the Grenadines, an offshore jurisdiction considered a tax haven. It‘s well-known for the lack of adequate financial regulation, and the local authority SVGFSA does not even license or control the brokers legally operating there. As a result, the island is bustling with scammers and dodgy investment companies who want to steal as much as possible from traders and investors. Your funds are not safe if you deposit with Eiro-Group because it’s an unregulated offshore business.

ACCOUNT AND LEVERAGE

Eiro-Group claims to offer

plenty of account choices for traders: Basic, Silver, Gold, Platinum, Diamond, Millioner Club. Even though we couldnt find the details and features associated with each of the accounts type, but we believe that each account offers access to different certain deposit amounts required accordingly.

The leverage provided is amazing, too. The single possible level we could access was 1:1, meaning that Eiro-Group doesn‘t even offer leveraged trading. The broker has created a weird trading environment, which is fishy and a solid argument to stay away. As leverage is critical in trading, we’ll mention some basic regulations and provide even more lists with brokers to choose from.

The regulations we are talking about are essentially restrictions because leverage is an utterly risky financial tool. For example, if not wisely used, levels such as 1:500 can cause heavy losses inflicted very quickly indeed. Leverage hazardous nature motivated many financial authorities to put it under control by imposing a cap on the market. As a result, EU, British and Australian brokers are limited to 1:30, while Canadian brokers and US brokers are not allowed to provide more than 1:50. Most of the high-leverage brokers are poorly regulated offshore businesses, so be cautious.

The EUR/USD spread is mind-blowing- 240 pips, which is 240 times worse than the regulated brokers standards.

TRADING INSTRUMENTS

Day Traders and Investors will find hundreds of underlying assets available for CFD trading including; Shares, Crypto Currency, Forex Pairs, Stocks, Commodities and Market Indexes.

TRADING PLATFORM

First, though, the Eiro-Groups platform is web-based and does not deliver any significant advantages compared to the MetaTrader distributions. In fact, the software is miles behind in terms of functionality, being hard to navigate, not intuitive and pretty ugly, as well.

Our quick review of this broker called Eiro Group finds, that the trading platform offered to their client investors is made by Airsoft. The Airsoft white label trading platform, is a very simple web-based CFD software. Serious day traders will not have the ability to utilize MT4 (MetaTrader 4) or any mobile trading app.

So, youd better see the high-rated MetaTrader4 brokers and MetaTrader5 brokers

DEPOSIT AND WITHDRAWAL METHOD

The minimum deposit with Eiro-Group is €500, which is almost 6 times more than the regulated brokers‘ requirements on average- $100. The funding methods are supposedly Credit/Debit card and Wire Transfers. Brokers widely accept both, but bank card deposits are considered the safer option because it’s possible to get a refund within an extended period of time if things go wrong.

There is no information about withdrawal, fees or request processing time. However, if you want to withdraw but you havent placed a trade yet, you need to pay a penalty fee of $250, which is totally unfair. But things can get worse if you accept a bonus from the broker. In such a case, you need to reach a minimum trading volume of 500 times the bonus to become eligible for withdrawal, which is yet another truly unfair requirement.

CUSTOMER SERVICE

The broker claimed to have a standard customer support team providing best response and services to their clients. But that can never be true and attractive for any unregulated broker.

The phone number listed on their website is in United Kingdom: +441873440108. Customer service email address is: support@eiro-group.com. Official website is at: https://www.Eiro-Group.com/.