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Table of Contents
e30trade (e30trade.com)
Conclusion
These concerning facts that you discover about e30trade should convince you to avoid this brokerage and look for another one.
Broker Rating
0.1
e30trade (e30trade.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! e30trade scam works by getting you to believe you can become rich by trading with them.
e30trade Review
Online brokers are the key to unlock the door of the financial markets and there are thousands of them that you will find when you start looking for one. When you check out a few of them, you will come to the conclusion that most of them are touting the same features and services. But, this does not mean that they are the same.
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The quality of services can be quite different and that’s not the only issue. Some of these companies could simply be making big claim and not deliver anything. You have to uncover the truth about them and checking out this e30trade review is one way of going about it.
Some people may believe this is just too much effort and opt to choose a brokerage at random because they are eager to start online trading. But, you need to keep the consequences in mind when you decide to take this route.
This is because the broker you choose has a direct impact on your trading experience and your profits. If you end up with a broker that is not the right fit, it will throw a wrench in your plans of making high profits. There is also a possibility that you could lose your money and not because of bad trading decisions.
This can happen if you end up with a scam brokerage, which are quite rampant in the world of online trading. If you have assumed that these fraudulent companies would be immediately identifiable, then you are making a big mistake because this is not the case.
It might have been true decades back when these scams were new, but they have changed their tactics over the years. Today, the only way to tell a good and fraudulent brokerage apart is by going through its offerings. You have to take a close look at everything they are promising and what they are delivering.
It will tell you the truth and you can do this with e30trade that is advertised as a broker based in Dubai that offers an award-winning platform for trading a variety of financial instruments. But, when you check it out closely, you are going to come across some concerning facts. Read on to know what they are:
False regulatory claims
If you check out some scam brokers, you will notice that they all have one thing in common; none of them are regulated and licensed. This is understandable because in order to obtain a license and get regulated, a company has to fulfill certain requirements.
They have to be compliant with rules and regulations, maintain quality standards and offer transparent, fair and secure services. No fraudulent brokerage is going to do so, which means they do not get licensed and regulated.
Therefore, if you want to know what kind of broker you are dealing with, you just need to check their regulatory status. In the case of e30trade, you will see that it claims to be regulated in Dubai and as reassuring as that sounds, you cannot just take their word for it. You need to confirm this fact and this means diligently checking the online register of the regulatory body of Dubai. This is the Central Bank of the United Arab Emirates (CBUAE).
However, when you do follow up, you will find that e30trade does not have a license from the CBUAE, which means that it is not licensed and regulated to offer its services in Dubai or elsewhere. Where is it based? In its Terms and Conditions, you will find a mention of Saint Vincent and the Grenadines. This is an offshore jurisdiction, which has developed a reputation of being a scam haven because its regulatory authorities do not monitor the forex industry. Therefore, this does not add any credibility to e30trade at all.
Lack of trading platform
The one offering of an online broker that is of the utmost importance is its trading platform because you require it for doing the actual trading. This software helps you execute your trades, so you need to check out what kind of platform is available and if it is capable of performing all the required functions. It turns out that e30trade has advertised the MT5 trading platform on its website and if you have done your homework, then you must be aware that it is the top one in the market.
The platform is known for its advanced technology and powerful trading tools, so the fact that e30trade is offering the MT5 is definitely a good sign. But, it turns out that there is no functional trading platform available at e30trade.
The link that they have given for a trading platform leads you to the website of the developer of the MT5 platform from where you can download a trial and unbranded version that has absolutely nothing to do with e30trade at all.
Unfavorable trading conditions
You have already uncovered some concerning facts about e30trade and things only get worse as you go on. It promises lucrative trading conditions to its clients, which is important because they directly affect your bottom line. But, this also turns out to be a big lie and nothing more. The spreads that you are offered start at 2.5 pips and these are not favorable at all.
Most of the competitive brokers in the market are offering spreads as low as 0.5 pips, which means that these are significantly high. They are going to eat into your profits, especially when you add commission. As far as leverage levels are concerned, the presentation at e30trade shows that they go as high as 1:500. Such leverage ratios are considered very dangerous because they can multiply your losses and not just profits.
Likewise, you are asked to deposit a minimum of $1,000 to open an account with e30trade and this is also very high. Nowadays, brokers are allowing their clients to open accounts for a deposit as low as $5, or $10.
Final Thoughts
These concerning facts that you discover about e30trade should convince you to avoid this brokerage and look for another one.
