Euronovafxasset Forex broker is another case of unlicensed broker giving a slew of big promises and boasts. As usual our review takes an in-depth look at the features the broker (euronovafxasset.com) allegedly offers.The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about Euronovafxasset.
Table of Contents
Euronovafxasset Trading Platform
At first glance we discover that this broker doesn’t broker support neither the MT4 nor the MT5 trading platform. They use a web-based platform to offer assets.
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High leverages are a double edged sword in the sense that a trader can make a huge profit if the trade falls in the right place but that also means that the trader can also loose a huge sum if the reverse is the case. Regulatory bodies have put a cap on leverages for brokers. But unregulated brokers lacks this Capped leverage. We do advice restraint if you ever come upon a broker with leverage exceeding 1:30, especially if you are new to the market
Euronovafxasset Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has three account types.
Euronovafxasset Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
The payment section only provides a bitcoin address for funding. We do not advise you to send any funds to them as transactions with bitcoin are hard if not impossible to trace or reverse.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is Euronovafxasset Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
In checking the license status of this broker, we had to check several regulatory bodies. We checked the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others. At the end of our search, we didn’t find any licensing information concerning this broker.
The CONSOB Italian, the Commissione Nazionale per le Societa e la Borsa, at the time of this writing has issued a warning against Euronovafxasset. The warning stated that Euronovafxasset are performing unlicensed services on Italy’s territory
To Know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others.
To get a better understanding of how brokers(both licensed and unlicensed) work, read our review on ForexBirds, FTG Markets, Capital GMA.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
In fact checking this broker, we found that many of its claims were false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we lead to loss of your funds.