Introduction
When it comes to forex brokers, there are a lot of choices out there. But not all of them are created equal. In this Euro Pacific Bank review, we’ll take a look at one of the newer players in the market to see if they’re a legit broker or a scam. Euro Pacific Bank is a Cyprus-based forex and CFD broker that was founded in 2016. They offer a wide range of currency pairs and CFDs to trade, as well as several account types to choose from. Their minimum deposit is $500, which is average for the industry. So far, they seem like a pretty standard broker. But there have been some complaints about their customer service and withdrawals, so we’ll take a closer look at those in this review.
What is Euro Pacific Bank?
As its name suggests, Euro Pacific Bank is a bank that is based in Europe. The bank has its headquarters in Cyprus and is regulated by the Central Bank of Cyprus. Euro Pacific Bank offers a variety of banking services to its clients, including online banking, forex trading, and credit card services. The bank also offers a number of investment products, such as mutual funds and bonds.
Euro Pacific Bank is one of the few banks that offer Forex trading services to their clients. The bank’s website claims that it offers “competitive spreads” on its Forex trades. However, we were unable to find any information on what these spreads are. The bank does not charge any commissions on Forex trades, but it does charge a $25 “inactivity fee” if an account is inactive for more than 90 days.
The minimum deposit required to open an account with Euro Pacific Bank is $250. There is no minimum balance required to maintain an account, but the bank does charge a $5 monthly maintenance fee if the account balance falls below $250.
We did not find any information regarding the safety of deposits with Euro Pacific Bank. The bank’s website claims that all deposits are “fully guaranteed” by the Central Bank of Cyprus up to €100,000 (about $113,000). However, we could not find any information on how this guarantee works or what happens to deposits above €100,000.
Euro Pacific Bank Review
Euro Pacific Bank is a forex broker that offers online trading in a variety of currency pairs and CFDs. The company is headquartered in the British Virgin Islands and is regulated by the Financial Services Commission (FSC).
The broker provides two account types for its clients – a Standard account and a VIP account. Both account types offer leverage of up to 1:500 and require a minimum deposit of $100.
However, the VIP account comes with some additional benefits, such as lower spreads, faster withdrawals, and a dedicated account manager.
The Euro Pacific Bank website provides a lot of helpful resources for traders, including an extensive FAQ section, educational articles, and market analysis. Overall, the broker seems to be legitimate and trustworthy.
Is Euro Pacific Bank a legit or scam forex broker?
Euro Pacific Bank is a forex broker that claims to be based in the Cayman Islands. The company is not regulated by any financial authorities, which raises some red flags. Additionally, there are several complaints against the company online, alleging that it is a scam.
Given these concerns, we would not recommend doing business with Euro Pacific Bank. If you are looking for a reputable forex broker, we would suggest checking out our list of recommended brokers.
Pros and Cons of Euro Pacific Bank
When it comes to online banking and forex trading, there are a lot of options to choose from. So, how do you know if Euro Pacific Bank is the right choice for you?
On the plus side, Euro Pacific Bank is a regulated bank, which means that it is subject to strict government oversight. This provides some level of protection for your deposits.
Another advantage of Euro Pacific Bank is that it offers a variety of different account types, so you can find one that fits your needs. For example, if you’re looking for a higher interest rate on your savings account, the bank offers a “High Yield Savings Account” with an annual percentage yield (APY) of 2%.
In addition, Euro Pacific Bank provides 24/7 customer support via phone and chat. So, if you have any questions or need assistance with your account, you can always get in touch with someone who can help.
On the downside, Euro Pacific Bank charges monthly maintenance fees on some of its accounts. For example, the High Yield Savings Account has a $10 monthly fee unless you maintain a balance of $5,000 or more. Additionally, the bank doesn’t have branches in every state, so you may not be able to visit one in person if you live outside of its service area.
Overall, Euro Pacific Bank is a solid choice for online banking and forex trading. While there are some fees to be aware of, the benefits outweigh
Conclusion
In conclusion, Euro Pacific Bank is a reliable and legitimate forex broker that offers a great platform for online forex trading. It is also one of the few brokers that are regulated by multiple financial authorities, which adds to its credibility. Overall, we believe that Euro Pacific Bank is a great choice for any trader looking for a safe and secure place to trade currencies.