Read our Eibank review to see if this broker is a scam or legit. Just to clear doubts, this is a eibank.io review.
Thinking about trading online? The first step in this journey is opening an account with an online broker. Google can be your friend here, as that is how you obtain a list of companies that are willing to cater to you. The only question is how to choose one from the thousands options available? Do you go with the top one? Do you select one at random? While both these steps can certainly speed up the process, you should remember that it does not guarantee that you are making the right choice. Your goal should be to know what kind of broker you are dealing with and this Eibank review can give you some idea.
There may be thousands of online brokers operating in the financial markets and the numbers continue to climb, but this does not mean that they are the same in terms of capabilities and services. Not only is there a difference in the quality of service, there is also a difference in their legitimacy. Many of the brokers that are operating online are not really brokerages; they are just scammers looking for ways to steal money and this is another tactic that can benefit them.
After all, most people are so eager to start online trading that they do not pay much attention to the brokers. As mentioned above, they often choose at random or according to the search results, which can be a mistake. Why? This is because setting up a website has become very easy these days and even fraudsters can create convincing and sophisticated illusions that seem authentic. You should remember that you have to trust a brokerage with your money and personal data, so it is not a decision to be made without careful consideration.
Every brokerage will present itself as the best, just as Eibank does. It claims to be a leading provider of CFD (Contract for Difference) trading and gives you access to more than 40,000 forex, shares, and cryptocurrencies, commodities, indices and ETFs. It offers them with excellent trading conditions as well as top-notch technology and advanced platforms, including the renowned platform MT4. Plus, Eibank also states that it has a license and is authorized and that their priority is to keep your funds and personal information secure.
It sounds like they are ticking all the right boxes, but you have to ensure that Eibank really is providing what it claims. You need to take a closer look to know what kind of broker it is. Let’s check:
Licensing and regulation
In order to determine what kind of a broker it is, the first thing you need to follow up on is the claims that Eibank has made about licensing and regulation. These are the most important because they tell you whether you can expect quality services and safety from the company. Moreover, licensed and regulated platforms can also be held accountable, which is what traders want. Eibank has definitely made regulation and licensing claims, but are they true?
If you go through the Eibank website, you will find that it claims to be an investment firm in the Republic of Mauritius in the Companies Register. In addition, it also claims to be authorized by another company that is based in Romania and named NEOPARTNER ONLINE SEL S.R.L. Unfortunately, none of these claims are true and this means Eibank is not a reliable brokerage.
You will come to know that the Financial Services Commission in Mauritius has actually issued a warning about Eibank in which it clearly states that the brokerage is making false regulation claims. The FSC has stated that the license number the broker is providing is fake because they have not issued a license to any such entity. As for the regulatory authority in Romania, there is no such organization that Eibank has mentioned, which means it is clearly lying and trying to mislead people about its regulatory status.
Terms and Conditions
It is essential for you to check the Terms and Conditions of a broker before signing up with them in order to know the policies that are applicable and the fees that you will be charged with, amongst other details. It is good that you decide to do so with Eibank because you will discover a problem with their withdrawal policy. You will find that the brokerage does not commit itself to a time frame for processing your withdrawal requests.
Why is this a problem? It is an issue because this policy allows Eibank to withhold your withdrawals altogether. Since they have not mentioned how long they will take in processing your withdrawal requests, it means that they can take days, weeks, months or even years to do so, which essentially means that they have no intention of letting you make a withdrawal.
Perhaps, the most important feature that any online broker offers is the trading platform because there can be no trading without this software. As mentioned earlier, you are promised enhanced platforms at Eibank and this includes the market-leading MT4 platform, which is quite impressive, as it boasts a number of advanced features and tools. But, it only turns out to be a claim because this is not what the brokerage delivers.
When you take a look at the trading platform at Eibank, you will find an obscure, web trading platform that is lacking in terms of the features and functionalities you expect. It is an oversimplified and basic platform that has nothing that makes it remarkable.
The payment methods of a brokerage are also relevant because you want to make payments without any hassle. While Eibank advertises payments with major credit cards like VISA and MasterCard, they only offer the option of bank wire transfer. The problem is that this method does not give you a chargeback option in case you want a refund, which means your money will be gone.
Once you have delved into the offerings and claims of Eibank, you can see that it is not a good broker and certainly not one you can rely on.