In an official statement published on September 7th 2015, the Cyprus financial regulator announced that it had registered Eurotrader as a new Cyprus Investment Firm (CIF). As you may already know, every new broker needs to apply for a CIF trading license to be able to propose binary options trading services in Europe. The company will also have to ask for additional authorizations from other European financial regulators (FCA in the UK, AMF in France, BaFin in Germany, Consob in Italy…) in the countries where the broker wishes to operate in order to work in full compliance with the European regulatory framework.
Even though EuroTrader is now regulated, we highly recommend you to trade with the leaders of the market 24option and Banc de Binary.
The CySec recently strengthened its admission controls
The CySec also noted that binary options broker Eurotrader, subsidiary of Eurotrade Investments RGB Ltd, still requires further approvals to be fully regulated. The CIF trading license number 279/15 will only be activated once all these procedures will be completed. In July 2015, the CySEC strengthened its admission procedures after tough complaints from other European regulators blaming the lack of authority from the Cyprus regulator. These complaints also came after multiple CySEC regulated brokers broke the European financial laws and the directives of the regulator. Banc de Binary and other binary option brokers were recently fined by the Cysec after they were found guilty of violations of these directives. Other brokers like FxPulp saw their CIF Tranding licences revoked after they contravened the Investment Services and Activities and Regulated Markets Law of 2007. The CySec announced among other things that it would increase the number of visits from its officials to brokers in order to inspect their operations further into details as well as ask further documentations for the activation of their CIF trading license. The regulator wants to make sure that the Cyprus brokerage industry remains safe and secure has it is still today one of the most important contributor to the economy of the island.
Eurotrader does not look attractive to us
Eurotrader is thus nothing more than a new white label broker using the SpotOption technology. As always, we recommend you to avoid white label brokers if they don’t offer a specific competitive advantage, which is the case for Eurotrader. Little information is available on the website of the broker except the fact that it offers the basic tools provided by the SpotOption platform. The minimum deposit of 500 dollars seems pretty high considering the fact that the broker is new in the business and does not provide any advanced tool such as trading signals or social trading. Once again, we recommend you to wait for Eurotrader to be completely regulated by the CySec and to get some feedback from the first clients to be sure that it is worth opening a trading account with the broker. Don’t hesitate to share your feedback on this broker on the below comment section and help other traders make the appropriate choice.
Compared to Eurotrader, all our recommended brokers propose a comparative advantage that makes them unique. Topoption offers the lowest minimum deposit for binary options trading. 24option offers the largest range of binary option types. Anyoption offers the largest portfolio of available assets. IG binary is regulated by the FCA and is the most secured broker in Europe… Don’t hesitate to have a look at our detailed reviews of each broker and use our secured links to access their websites.