WikiFX Scam Alert: CNMV Warns Against EuropeMarket!!!

Investors who are still trading forex at EuropeMarket had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

First and foremost, let us start with the most essential, the recent warning issued on October 17th by the CNMV – the official financial regulator in Spain – against EuropeMarket, which has obviously targeted unaware victims in the country. Take a look:

CNMV warns the public to avoid any trading or investment proposals if they happen to be cold called or approached with an unexpected e-mail, to avoid pyramid schemes in which they are expected to attract other investors, and to be extremely cautious if they are offered lucrative trading bonuses. And CNMV also warns traders never to give in to time pressure, as quite too often scammers will be pressing you to make an immediate investment decision. In addition the Spanish regulators also warn of unsolicited offers through social media networks, promises of high returns with no investment risk whatsoever, and complex financial products, which you might not necessarily understand.

WikiFX also paid a visit to the broker's official website to learn more. According to the homepage of the website, the owner company is called Archax Ltd and is based in Sweden.

However, this company cannot be found among those authorized by the Swedish Financial Supervisory Authority:

The CNMV warning listed the name of another entity, Ez2go Ltd. WikiFX finds this name in the text of the Terms and Conditions of EuropeMarket where this company is listed as the actual owner. Ez2go Ltd is based in Dominica, not Sweden or any other European country.

This offshore zone has recently become increasingly popular with financial fraudsters. Although Dominica has a financial regulator – Financial Services Unit, It does not licence or supervise forex brokers. This means that if you deal with brokers registered there, they are completely unaccountable and you have no guarantees about the safety of your money – in fact, it is almost certain that they are scammers. The Commonwealth of Dominica also allows incorporation of totally anonymous International Business Companies (IBCs) which is very convenient for these scammers.

After signing up for an account, WikiFX discovers that EuropeMarket has a rudimentary web-based trading platform that cannot match the capabilities of the software used by licensed brokers. While this platform has the basic functionality to place orders, it cannot compare to the capabilities provided by MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers pockets!

EuropeMarket offers four types of trading accounts, the descriptions of which provide us with further evidence that this is not a regulated forex broker.

Leverage up to 1:500 is specified. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

The minimum deposit is ridiculously high – 3500 EUR. Most licensed brokers allow you to start trading with a minimum deposit of 100-200 EUR or USD. Many leading brands offer Micro accounts with an even lower minimum deposit, sometimes as low as 5 USD.

Besides, f you take a closer look at our next screenshot you may notice the seemingly benign looking icon of AnyDesk – a remote desktop application designed especially to allow users to access and control their home computers from anywhere over the internet.

And now imagine what will happen if you heed EuropeMarkets advice, download the application and share the installation details with them. The scammers behind the website will gain instant access to your PC and all the information stored there, like credit card numbers and online banking passwords, which basically will allow them to steal money directly from your bank account.

Furthermore, the Europemarket.io deposit menu is not available if the account is not verified by identity authentication. Because of this, WikiFX was unable to determine what payment methods Europemarket.io uses.

Whatever the story, just bear in mind that quite too often scammers might insist that you make a deposit in crypto coins like bitcoin or ethereum, for which there is a pretty good reason. To begin with, a bitcoin payment will prove to be completely irreversible once you realize you have been scammed and attempt to recover your stolen funds. Not to mention that you can never tell for sure to whom exactly the bitcoin wallet you are sending your cash actually belongs. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as Skrill, Neteller, GiroPay or QIWI.

Now let's search “EuropeMarket” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, EuropeMarket currently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in EuropeMarket. There is an official warning issued by Spains CNMV recently, meaning that, once and for all, EuropeMarket is unlicensed and a risk to all!

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.