Uncertain about Eterwealth.com platform? Is EterWealth FX a safe broker? Let’s read reviews to know about this forex broker.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What Is EterWealth?
EterWealth FX otherwise known as Eterwealth.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
What’s more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is Eterwealth.com Regulation Claim Genuine?
First of, EterWealth FX openly presents images of certificates of incorporation in the Saint Vincent and the Grenadines (SVG) offshore zone in the name of Eterwealth Limited.
But, Saint Vincent and the Grenadines SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
Following that, a certificate of National Futures Association (NFA), USA is displayed on the website.
As a matter of fact, to operate as a forex broker in the United States, a company must be registered as a futures commission merchant and foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) and to be a member of the NFA.
The NFA register shows that although there is a company called Eterwealth Limited it is not a member of the NFA and is not subject to NFA oversight. This company is only registered with exemptions for commodity pool operator and commodity trading advisor, which prevents it from providing financial services in the US.
Furthering, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Does EterWealth Have Account Types?
EterWealth FX offers variety of trading account for clients like Classic, VIP and Standard. According to the website, the broker leverage is capped 1:1000 and a spread of 1.3 pips.
As for the broker funding methods, EterWealth claims to use multiple payment methods, but the only available option is payment via a mobile banking app.
In contrast, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
EterWealth withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
EterWealth Trading Software
EterWealth offers the popular platform MetaTrader 5 (MT5). The presence of a trading software does not make this brokerage any more legitimate and does not guarantee that this alleged broker offers real trading.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Argument Against EterWealth Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Eterwealth.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdicts:
EterWealth FX located at Eterwealth.com appears like a genuine trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, this broker lacks one important indicator which is – it license. Following this, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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