Eiro Group Review – Borderline Creepy Broker

Eiro Group (Eiro-Group.com) is a weird online brokerage platform that operates in a shady manner. They are unregulated. Information about anyone involved on the management side of the firm is not revealed.

The contact details are not present and regardless of which way you look at them, you will encounter uncertainty. User feedback about this platform is also scarce and the ratings are way too pessimistic.

Most of the reviews about them on Trustpilot are not addressed which means the firm is least bothered about their image. Due to the insufficient data, we cannot specify the regions they are targeting.

Nonetheless, there is a good chance that they might be after people from the western countries. Choosing a broker involves tedious research. As far as this platform goes, the following points will be more than enough to help you make a decision.

Is Eiro Group Regulated?

Sticking with regulated brokers is the first thing every retail client should do. In the past, numerous firms have defrauded the public and have exposed them to ridiculous degrees of risk and pain.

Our advice in general is to invest small amounts and always sign up with a broker that does not compromise on security. Things like negative balance protection and compensation funds should be sought after.

Eiro Group is said to be located in the St Vincent and Grenadines. It goes without saying that they are unregulated. Absence of segregated bank accounts and proper policies are other hassles present with them.

If you are someone that prioritizes security over everything else, then this firm is the one you should stay away from. After all, there are a lot of fishes in the sea, right?

Moving on from regulation, even their customer support is pathetic and the response time is never guaranteed. If a client faces any kind of problems, then he or she will be helpless in most cases and that trait alone is enough to taint them forever.

Instruments Offered and Conditions

Eiro Group mainly focuses on forex pairs. There may be other asset classes available, but we couldn’t find any during our investigation. The default layout is not that great and apart from basic functionalities, there’s nothing much to say about it.

Narrow range of instruments is definitely a deal breaker for many people. Perhaps, the most scary thing about them is that there is no clear information on the trading conditions.

For example, the margin levels required to open a position is not stated. We do not know whether they support any form of algorithmic trading. Social trading functionality is absent.

Opening a position on their platform is just like gambling, the odds are clearly against you. Details regarding spreads, margin and liquidations are important to know before starting out.

So, never indulge with a broker that is not transparent about the conditions involved. Remember, without knowing all the metrics, it is impossible to be consistent in the markets.

Eiro Group Leverage

Leverage is one of the most fascinating things about the financial markets. Nowadays, a lot of instruments give you high leverage, but that is not a good thing all the time.

Knowing the leverage is important for traders because it allows them to adjust their position size and portfolio accordingly. Eiro Group does not mention the leverage offered by them anywhere on their platform.

In other words, if anyone opens an account with them and decides to trade, the chances of being wiped out is high and they are going in blindly. Moreover, the spreads are huge and it is not comparable to the top brokers.

High trading costs with ambiguous terms is the dish they serve and anyone that accepts it will be left penniless sooner or later. After seeing tons of brokers over the years, we really have to say that this one has secured a top place in the scam broker category.

Trading Software

This broker offers a basic web based interface to the clients. The trading software is not even remotely comparable to the top alternatives such as the MT4 and MT5 platforms. Apart from the basic features and tabs, nothing is present.

Customer indicators are not supported and even liquidity providers are unknown. Charting is also very basic and there is no way professionals will settle for this kind of interface.

Markets move quickly and in order to succeed, one needs to be updated in real time. As the time and sophisticated tools are the key essence here, it is better to walk away specifically from them.

Bear in mind that execution delays are also likely to occur with them and they are not the ones anyone should count on during emergencies.

Eiro Group Deposits and Withdrawals

500 Euros or equivalent is required to open an account with them. Guess what? If anyone deposits and tries to withdraw before opening a trade, then they will be fined $250 which is outrageous.

Payment methods supported by them are debit or credit cards and wire transfers. Note that, processing time is not revealed and minimum withdrawal amount is also not clear.

Matching bonuses are available, but given their nature, it is best to avoid them. If any user does not place a trade after 90 days of opening an account, then inactivity fees will be applicable and it is roughly around $50. Without doubt, the entire ecosystem is a mess and the funding mechanism highlights this aspect clearly.

Is Eiro Group a Scam Broker?

Yes, there are no two ways about it. If the thing mentioned above is not enough to scare you, then let us take a look at the user testimonials. On Trustpilot, scary stories of the victims are present and it acts like a deterrent. 

Total thieves. Total scam. Horrible experience.

They showed good profits for 2-3 months, withdrawals were possible.

After my last big bank transfer all contacts were cut and they disappeared. Platform was blocked with no possibility of withdrawal of any amount.

 

Could’nt believe my stupidity for falling for their scam ..

i was really depressed for over a month because i had no idea what to do next but luckily for me i came across asset secure ltd and they got all my money back i have to testify cause they have also promised to shutdown this site soon

Managers working for this firm are known to use high pressure sales tactics. So, do yourself a favor and never let them hassle you in the first place. More importantly, never hand them your credit card details.

Bottom Line

Eiro-Group.com is a brokerage that is slowly revealing their true colors. The kind of service they provide is pathetic and the fees charged by them is unlike any other firm. As the information about them is clear and concise, you should do everything it takes to avoid them.

Got something to say about Eiro-Group.com? The comment’s section is all yours.