Beware! EBrokerHouse is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
EBrokerHouse.eu (Google ebrokerhouse.eu for results) uses an interface that we are familiar with, where the log is on the right side of the web page and the navigation bar contains a dozen or so option. Recently, we have come to review mostly broker who utilize the same layout, with the only real difference being in the name and imagery used. The same unregulated broker feel remains throughout. Read the review to find out more about EBrokerHouse.eu.
We got a hold of a trading platform that was reminiscent of illicit brokerages. The terminal was accessed after we registered in a way too easy a process. The spread is 0.1 pip for the EUR/USD currency pair. The leverage was capped at an unfamiliar value. Users can trade with forex pairs, commodities, crypto coins, ETFs, and indices.
To register, we had no issues. The trouble came when we were granted access to the trader area.
EBROKERHOUSE.EU REGULATION AND SAFETY OF FUNDS
The legal documents, as well as the footer reveals that the broker is regulated in Hungary, out of all places.
In Hungary, the Forex industry regulations fall into the hands of the nation’s National Bank, the Magyar Nemzeti Bank. The website has a whole registry of regulated broker, and wouldn’t you know, we found information on EBrokerHouse.eu’s alleged parent company, eBrókerház Befektetési Szolgáltató.
However, we still had some doubt. And our suspicions were met, when we discovered the authorised domain, as noted on the snip above. ebrokerhaz.hu is the sole domain with the right to provided FX services. EBrokerHouse.eu (the reviewed broker) is under the domain name ebrokerhouse.eu. Not only is the name not spelled right, but the domain is European, and not Hungarian as is the case with ebrokerhaz.
This leads us to believe that EBrokerHouse.eu is a clone firm of ebrokerhaz.hu. All the proof works in favour of this. Both of these websites footer contain the same crucial licensing number.
Furthermore, in EBrokerHouse.eu’s legal documents, each page contain a footnote with short licensing and contact info for ebrokerhaz.hu, and not the broker currently being reviewed.
There are certainly more things to point out, however what we have revealed is enough to reach a sound verdict that EBrokerHouse.eu is UNREGULATED, a clone firm, and a scam. Any investments here will be forever lost.
We return back to the legal documents. We figured out that none of the legal provisions actually apply to the broker, for they are clearly taken from a different source. So, in a way, EBrokerHouse.eu has no legal clauses. This gives all the power to the broker; it can do as it please with the user’s funds and personal details, which is exactly what scammer brokerages want to do.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
EBROKERHOUSE.EU TRADING PLATFORM
The software used for trading here is an clear reminder that EBrokerHouse.eu is a pure scam. Dozens of previous reviews have covered this trading terminal, and all our verdicts of this trading office were the same: that this is not worth you time, but most importantly, that this trading terminal is used almost exclusively by fraudulent brokers.
EBROKERHOUSE.EU DEPOSIT/WITHDRAW METHODS AND FEES
There was no way to get a hold of a minimum deposit, for the company required of us our identification documents. The payment methods seems to be through wire card, credit card, and debit card.
Withdrawal details are not available to be taken from the user area. And as you might have figured out, we do not trust the legal documents. The website has no further withdrawal information. This is expected from similar brokers, as they are not legitimate, and thus can do what ever they want.
There are fees scattered in the Terms and Conditions, though how much they apply we cannot say, for the reason that the legal docs, as a whole, do not belong to the broker at hand. Rest assured that, as a rule, non regulated brokerage firms will issue commissions out of nowhere.
We have not included any suspicious or downright scammer clauses in the review, because the documents do not belong to EBrokerHouse.eu. They belong to the company from which EBrokerHouse.eu has stolen from. This way we are not sure whether or not these docs actually apply to the whole scammer experience of EBrokerHouse.eu or not. Our advice to you is not to check their applicability.
Everything we have said so far, all of it, works against EBrokerHouse.eu. Why would anyone deposit here is beyond us. This broker is a scam, and as such will not return your investments! Do not deposits here!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.