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EratoFX

Item: EratoFX
Rating: 1.58

New Zealand|5-10 years|

http://www.eratofx.com/en/

Website

Time Machine

Rating Index

Contact

cs-cn@eratofx.com

http://www.eratofx.com/en/

220 OrienTal Parade OrienTal Bay WellinGTon New Zealand

Licenses

FSPR Revoked

New Zealand Financial Service Corporate

VPS Standard

No restriction on the broker account. Support service provided by WikiFX

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This platform is a Ponzi Scheme. Please stay away! 4

Previous Detection : 2024-11-21

This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!

The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

New ZealandFSPR (license number: 539646) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!

This broker exceeds the business scope regulated by New Zealand FSPR(license number: 539646)Financial Service Providers Register Non-Forex License. Please be aware of the risk!

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EratoFX · WikiFX Survey

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EratoFX · Company Summary

General Information & Regulation

EratoFX is forex and CFD broker, owned and operated by Erato Services Group Limited, a New Zealand-registered company that does not fall under any regulatory agency. Traders should take extra vigilance when investing with this broker, or just stay away from this broker.

Risk Warning

EratoFX is a Ponzi Scheme. The scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own. Some red flags of a Ponzi Scheme:

High investment returns with little or no risk
Overly consistent returns.
Unregistered investments
Unlicensed sellers
Secretive or complex strategies.
Issues with paperwork.
Difficulty receiving payments

Official Website Unavailable

Since EratoFX website cannot be opened or unavailable at this stage, we can only find minimal information about this broker from some broker reviews portals.

Market Instruments

EratoFX advertises that it can offer forex currency pairs, indices, metals, as well as crypto currencies. .

Minimum Deposit

EratoFX seems to require a minimum deposit of $500. Keep in mind that most legit brokers only ask its traders to fund around $100 or even less into their accounts to start real trading.

Leverage

In terms of trading leverage, the maximum leverage level offered by EratoFX is up to 1:500, which is considered high. Although this trading leverage is generous, inexperienced traders are not advised to use too high leverage given the fact that margin trading is full of risks.

Spreads & Commissions

EratoFX only hypes that it offers low spreads, but does not specify its spreads on particular instruments. Unregulated brokers love to scam traders by hiding their real trading costs, but in fact, trading on its platforms usually costs immensely much.

Trading Platform Available

When it comes to trading platform available, EratoFX does not make this part clear. As an unregulated and scam broker, it can be risky to trade with it no matter what trading platforms it offers.