Eurasia Capital foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.ecforex.mn/security/en/register/member, about the company's legal and temporary regulatory information, the company's address 1011# 11 floor, Pearl tower, Juulchin gudamj, 3 khoroo, Chingeltei district, Ulaanbaatar, Mongolia (15172).
Eurasia Capital broker review
Eurasia Capital, founded in 2008, operates as a financial brokerage firm primarily based in Ulaanbaatar, Mongolia. The company is known for its role as a retail forex broker, catering mainly to the Mongolian market while also servicing clients from various regions globally. As a publicly listed company on the Mongolian Stock Exchange, Eurasia Capital has established itself as a significant player in the local financial landscape.
The firm claims to be the first ECN broker in Mongolia and has positioned itself as a partner with Dukascopy Bank in Switzerland, which adds to its credibility in the eyes of potential clients. Over the years, Eurasia Capital has aimed to provide a range of financial services, including forex trading and investment advisory, reflecting its commitment to facilitating access to international financial markets for its clients.
Eurasia Capital operates under the parent company Eurasia Capital Holding UTSK JSC, which oversees its various financial activities. The broker's business model focuses on retail forex trading, offering a variety of currency pairs and other financial instruments to its clientele. However, it is essential for potential investors to conduct thorough research and consider the regulatory environment surrounding the broker before engaging in trading activities.
Eurasia Capital operates without regulation from major financial authorities, which raises significant concerns regarding investor protection. The broker claims to be regulated by the Financial Regulatory Commission (FRC) of Mongolia; however, the credibility of this regulatory body is often questioned due to the lack of stringent oversight compared to more established regulators like the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC).
Currently, there are no valid regulatory numbers associated with Eurasia Capital, and the absence of a robust regulatory framework means that client funds are not guaranteed or protected under any investor compensation schemes. This lack of regulation also implies that client funds are not held in segregated accounts, further increasing the risk associated with trading with this broker.
Eurasia Capital has stated its compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, but the effectiveness and enforcement of these measures remain unclear. Clients should carefully consider these factors when deciding to invest with the Eurasia Capital broker.
Eurasia Capital offers a variety of trading products, primarily focusing on forex currency pairs. The broker provides access to over 500 trading instruments, including major, minor, and exotic currency pairs. In addition to forex trading, clients can engage in trading Contracts for Difference (CFDs) across various asset classes such as indices, commodities, and stocks.
The broker claims to have a diverse product offering that is regularly updated. However, specific details about the frequency of updates and the introduction of new products are not readily available. Eurasia Capital aims to cater to both retail and institutional clients, providing tailored services to meet the needs of different trading strategies.
The broker's services also include automated trading solutions, which may appeal to clients looking for advanced trading technologies. However, potential clients should be cautious and ensure they understand the risks associated with trading products that may not be fully transparent.
Eurasia Capital offers a proprietary trading platform known as EC Forex, which is designed to accommodate the needs of its users. However, the platform's security has been called into question, with reports indicating potential vulnerabilities that could expose users to cyberattacks.
The broker does not support well-known platforms such as MetaTrader 4 or 5, which are standard in the industry. This lack of compatibility may deter experienced traders who prefer the features and functionalities provided by these established platforms.
For mobile trading, Eurasia Capital provides applications for both iOS and Android, allowing traders to manage their accounts and execute trades on the go. The execution model employed by the broker is primarily ECN, which facilitates direct market access and aims to provide competitive spreads.
The broker's server infrastructure and technology are not extensively detailed in available resources, raising concerns about the overall reliability and performance of its trading platform. Additionally, there is limited information regarding API access and support for automated trading strategies.
Eurasia Capital offers various account types to cater to different trading needs, with the standard account requiring a minimum deposit of $100. The broker provides competitive trading conditions, including leverage of up to 1:200, which allows traders to amplify their positions.
In addition to the standard account, the broker may offer advanced account types such as VIP or professional accounts, although specific details on these accounts are not widely available. The broker also claims to accommodate special account types, including Islamic accounts, which adhere to Sharia law.
Eurasia Capital provides a demo account for clients to practice their trading strategies without risking real capital. The minimum trade size and overnight fees remain unspecified in the available resources, highlighting the need for potential clients to inquire directly with the broker for detailed information.
Eurasia Capital supports a variety of deposit methods, including bank transfers, credit cards, and electronic wallets. The minimum deposit requirement varies across account types, with the standard account starting at $100.
Deposits are typically processed within a 2-hour timeframe, although specific fees associated with deposits are not clearly outlined in available documentation. Clients should be aware that withdrawal methods and restrictions are not transparently communicated, which may lead to complications when attempting to access funds.
Withdrawal processing times are also reported to be within 2 hours, but there may be fees associated with these transactions. The broker does not provide a clear structure for withdrawal fees, which is a critical factor for clients to consider.
Eurasia Capital offers multiple support channels for its clients, including phone, email, online chat, and social media. The broker claims to provide customer support during standard business hours, but specific time zone coverage is not specified.
The support team is reportedly available in Mongolian and may offer limited assistance in other languages, making it essential for international clients to verify the availability of support in their preferred language.
Educational resources provided by Eurasia Capital include webinars, tutorials, and eBooks, aimed at enhancing the trading knowledge of its clients. Additionally, the broker offers market analysis services, including daily updates, news, and research reports to assist traders in making informed decisions.
Trading tools such as calculators and economic calendars are also available, although the depth and quality of these resources may vary.
Eurasia Capital primarily serves clients in Mongolia, reflecting its focus on the local market. However, the broker also accommodates clients from various regions, expanding its reach in the global trading community.
The broker's regional offices are concentrated in Mongolia, but specific locations outside of the country are not disclosed. Notably, there are restrictions on providing services to clients from certain jurisdictions, including countries where trading regulations prohibit or restrict forex trading.
Potential clients should verify whether their country of residence allows trading with unregulated brokers like Eurasia Capital, as this could pose significant risks to their investments.
In conclusion, while Eurasia Capital presents itself as a provider of forex trading services, potential clients must exercise caution due to its unregulated status and the associated risks. Thorough research and consideration of the broker's offerings, regulatory compliance, and overall reputation are essential before engaging in trading activities.