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Etrader Broker Review
Online investors can trade FX and CFDs on eTrader. The broker is employed by Goldenburg Group Ltd. The firm has a number of additional brokers, including FX Global, TopForex, TradeCentrum, TopTrader, and Top Binary, and it has been functioning since 2014. This final broker offers binary options, a type of investment that is prohibited in many countries throughout the world. The Cypriot financial authority, CySEC, has verified that eTrader is still registered.
High Deposits and Leverage
New users must make a $250 minimum deposit to sign up for eTrader. However, many rival brokers only need $100.
They don’t have great spreads. A common indicator of a broker’s spreads is the EUR/USD, and this broker’s spread is 3.0 pip. This is more than twice what some brokers are offering, which is much higher than most brokers.
Despite the ESMA-mandated 1:30 limit, the broker offers leverage up to 1:200. For new traders, this kind of high leverage can be extremely risky.
Trading Platforms eTrader’s
The industry-standard trading platform, MetaTrader 4, is available to traders with eTrade. Numerous charting and automated trading features are available.
The broker also grants access to the open-API platform xStation in addition to this. The platform has many user-friendly features, such as one-click trading, and a highly optimized design.
Parent Company Receives Major Penalty from CySEC
The parent company of eTrader, Goldenburg Group Ltd, was fined $189,800 by CySEC in May 2019. CySEC removed mentioning eTrader by name. This fine was due to problems with TopForex, another broker employed by the business. The fine was made up of several smaller fines.
The biggest portion of the fine, $55,280, was due to insufficient record-keeping of the services provided to customers and their transactions. For breaking the rule requiring brokers to treat their clients honestly, there were two $44,650 fines. The group was penalized $33,500 for failing to make sure that any third-party businesses they worked with complied with regulations. The total fine for failing to meet the requirements for tied agents was $5,581.
There are definitely good reasons to be wary of the services offered by brokers operated by the same company as eTrader.
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