Binary options trading platforms are quite common in the world of online trading scams. While most well-regulated nations and countries have banned them, they persist and continually grow despite the lack of legislation and legal directives.
Read this EO broker review to find out more on this clone of another unregulated firm, their tactics and investment maladies waiting for you if you decide to invest here.
| Regulated by: | Unregulated Binary Options Broker |
| Is This Company Safe? | No, this is an extremely dangerous and risky platform, so better stay away. |
| Known Websites: | eobroker.com |
| Have Warnings from: | N/A |
| Registered in: | SVG |
| Operating since: | 2021 |
| Trading Platforms: | Proprietary |
| Maximum Leverage: | No leveraged trading offered |
| Minimum Deposit: | $10 |
| Deposit Bonus: | 100% |
| Trading Assets: | Forex, Stocks, Commodities, Indices |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | Withdrawals remain uncertain on this portal, so better contact our legal professionals for fund recovery advice. |
Don’t Risk With Offshore Firms
What may look like a comprehensive, user-oriented, intuitive platform for lucrative investing comes from an offshore company called EOLabs LLC, registered with SVGFSA since 2020. However, that doesn’t mean that the EO Broker regulation is valid, because this financial authority doesn’t regulate Forex brokers.That makes this firm no different than fraudulent conducts like FXBTG with multiple blacklists.
The site also resembles expertoption.com, and is most likely its clone. What should be known about EO Broker is that it’s not them who are members of the Financial Commission, but Expert Option broker whose site they’ve copied.
Fraudulent Scheme Exposed
The eobroker.com website was launched in March 2021. It is mostly directed at people from the following nations:
- Saudi Arabia
- United Arab Emirates
- Kuwait
- Iraq
While the firm itself does not have any social network profiles, it works through numerous intermediaries. These boiler room agents, as they are called, post misleading content on Facebook and X, but that’s not all they do.
Many times, they will contact the victims directly and pressure them into depositing. Their usual narrative consists of promising returns as high as 50% overnight, something which is all but impossible to achieve on the markets.
Users are Not Satisfied
Besides the fake advertisements, there is very little online content about the platform. The only place where you will find any EO Broker reviews is Reddit, and the opinions are not exactly good.
Some of the forum users’ experiences are well in line with how online scammers work, with many users warning the public not to invest. In the case you have deposited with these charlatans, contact our legal experts.
Undisclosed Taxes and Terms
Leveraged trading is not available as this platform only allows users to make price predictions. These refer to whether the price of a product goes up or down and profit is based on accurate predictions.
In short, this is what binary options trading is. At that, the company claims not to charge any transaction fees or other commissions, so it’s a bit odd to think that they’re earning nothing from all of this.
Double Deposit Bonus
As soon as victims decide to invest they will get a chance to double their deposit. However, these incentives are non-withdrawable and can only be used for trading purposes. Something similar is offered by Spago International as well, and they’re also illicitly operating.
Make-Believe Trading
This company would really like to pass as a broker, which is why it tries hard to mimic the behavior of one. It offers some kind of a trading app, as well as a selection of assets and accounts.
Not all is as it seems at first glance, though, with the majority of the trading amenities being provided just for appearances’ sake, with no trading actually taking place.
Stolen Software
The standalone software available in the EO Broker download will lead you to the firm they are actually trying to clone. It does not, in fact, function with the swindlers’ server.
There is also a rudimentary web app which features only a couple of functions. These are charting, asset selection, buy and sell.
The platform sports playful visuals and aesthetics, and features an animated mascot that says “trading is easier than it seems”. The firm also offers social trading and trading signals, which are supposed to forward the “trading is fun” narrative to trap rookies more easily.
Mobile Device App
The EO Broker app for mobile devices is available on AppStore and GooglePlay. This mobile app is, again, just a simple charting tool with “up” and “down” functions, and features some of the payment options.
The swindlers were sure to boost the reputation of their apps by generating a large number of downloads, and posting misleading content.
Forbidden Derivative Assets
Instead of trading on the spot markets or CFDs, the company offers binary options trading. These assets are deemed too dangerous for many jurisdictions, and are banned in many parts of the world.
Let’s take a look at some of them:
- Forex – EUR/USD, GBP/USD, AUD/CAD
- Stocks – Tesla, Netflix, Meta
- Commodities – Gold, Cocoa, Brent
- Indices – VIX, GER30, S&P 500
Useless Account Descriptions
It remains unknown what each EO broker account features. There’s not much that the site reveals besides alleged increased profit, prioritized withdrawals, education and market updates and research. Each package has a defined deposit requirement, however:
- Micro – $10
- Basic – $50
- Silver – $500
- Gold – $2.500
- Platinum – $5.000
- Exclusive -invitation
Simulated Trading
For an undisclosed limited time period, users can test the trading platform through an EO Broker free demo. Virtual margin available is $10.000. This doesn’t mean much, as the entire trading ecosystem is artificial and designed to make victims believe making money is easy.
Mandatory Payout Issues
Of course it’s impossible to profit on a falsely regulated binary options trading domain. However, data theft and boiler room operations are thriving here as new clients are asked for mobile number verification to be shown the deposit methods.
Because of that, we couldn’t verify the available payment channels. Even more disturbing is the fact that the EO Broker withdrawal terms are left hidden.
Support Surprisingly Active
As previously noted, we immediately managed to establish a connection with the chat agent. The employees, or better said scam agents, reply quickly and are very friendly. This is a common strategy to attract new, inexperienced investors to deposit.
Got Scammed? Get Your Money Back!
This binary options broker is an illicit offshore entity. It is neither registered or regulated, and is likely to steal your investment.
If you have already deposited with these charlatans, contact our legal team. With our help, you can start a fund recovery procedure. You may reach us at any time via the live chat on our site.
FAQ Section
What is EO Broker?
This broker is an offshore clone company scam, and will steal your investment. Contact our legal team if you need help with recovery.
Is EO Broker Legit?
No, the company is completely fake. Their corporate credentials are stolen from another, regulated entity, in an effort to appear legitimate.
Who is the Owner of EO Broker?
It is unclear who owns the company. On paper, the company is allegedly owned by EOLabs LLC, but we debunked this claim.
Source:
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