November 11, 2020

Eternal Wealth Group Review

Overview

Eternal Wealth Group is the company behind Eternal Wealth FX the broker. The broker has had a presence in the Australian market since 2007 apparently. However, looking at their website and other factors, it seems like some of its claims could be fraudulent. Eternal Wealth Group, claims to be a forex broker that has been actively trying to make the trading experience better and more accessible, with the help of an amazing team. The worrisome thing is we never get to meet this team of veterans and industry experts or even get to know their credentials. The broker offers trading in various CFDs including assets like currency pairs, commodities, indices and precious metals. It makes use of the Meta Trader 5 platform, which is arguably the best one on the market. Read the full Eternal Wealth Group review here.

About Eternal Wealth Group

Eternal Wealth Group’s problems start when we look at it’s authority to provide these services. To offer financial services and brokerage, you ought to be registered and licensed wherever you are offering services. While the broker would lead you to believe that it infact is regulated, and will also provide you with a license number, things still need to be checked. The broker claims it is regulated and licensed by the AFC, with the license number 427848. But a check with the AFC reveals that it is not the case, and the company doesn’t have a license under that number. If not having a license is bad, think about how suspicious it is to claim you have a license, and then put up a fake license number also. The company has also claimed to have offices in Hong Kong and the United States, however it is not regulated in either of these countries as well. Which raises a big red flag on the company and its claims.

Coming to the trading conditions themselves. The broker has the audacity to ask for $5000 as minimum deposit, with one of the worst websites in the industry. We do not understand how it can make such an outrageous demand, given that it has such a bad website and when the market average is so much lower. The broker offers leverage up to 1:200 reportedly. 

The Verdict

Given that this broker is not regulated, but might lead you to believe it is, is highly worrying. Also, trading with a broker like this is highly risky, especially when it asks you for such a high minimum deposit, which it seemingly will have no plans to return. We advice our readers to be extremely cautious of this broker.