EO.Trade claims to be a licensed crypto and fiat exchange. We heard about them for the first time when someone left the following comment on one of the pages of this site:
Hi could you take a look at eo.trade when they listed there eo coin on the 31st of march at $2 people got notification through at 1pm that it was listed and there website crashed and it tanked leaving everybody losing nearly all there money. If you dig deeper you can see that trading started at half 12 insider trading they got out
Sounds like EO.Trade may have started as a failed ICO.
They may have indeed started as an ICO for the first year, and when it crashed, they had to find a new business model. (Although the fact that their exchange and wallet EU license was made in May, 2018, it shows they were planning on opening that since almost the beginning.)
Currently, they describe their services in the following way: “buy & sell bitcoin, ethereum, eo coin, usd, eur and 40+ other crypto currencies.” They claim to have an European license and to accept credit and debit card payments.
Was EO.Trade an ICO scam?
And is it still a scam today or have they managed to recreate themselves as a legitimate company?
What is EO.Trade?
EO Trade presents themselves as a “transparent and easy way to exchange crypto and fiat currency.” They are currently involved in 5 markets: Bitcoin, EO Coin, Ethereum, USD, and EUR.
Their services include exchange services for fiat and crypto (buy fiat using crypto or crypto using fiat). They allow deposits and withdrawals using bank cards.
Besides an exchange, they also provide a virtual currency wallet service.
They claim to hold an European license from Estonia from May, 31, 2018 (Crypto Wallet #FRK000161; Crypto and Fiat Exchange #FVR000193.)
While they claim to “support all modern platforms,” including mobile apps and a desktop download standalone application for Mac and Windows, these are not ready yet, and currently only the Web Platform is available. It can be used on desktop computer as well as mobile browsers.
US persons are not allowed to register with EO Trade.
As for fees, there are no fees for account opening, closure, and maintenance. For exchange services, there is a 0.2% fee, but you can get 50% discount by using EO Coin.
Deposits of cryptocurrencies have no fees, but there are blockchain fees ranging from 0 NEO to 0.0005 BTC ($4 as of writing this.) 6 blockchain confirmations are required. Supported cryptocurrencies include Bitcoin (BTC), EO Coin (EO), Ethereum (ETH), XRP, Litecoin (LTC), NEO, Bitcoin Cash (BCH), Bitcoin Gold (BCG), Gas, Populous (PPT), Loopring (LRC), Golem (GNT), Basic Attention Token (BAT), Loom Network (LOOM), FunFair (FUN), ETHOS, Decentraland (MANA), Power Ledger (POWR), DENT, and Selfkey (KEY).
Minimum withdrawal depends on the currency. For BTC as of writing, it is 0.001 BTC ($8).
The value of the EO Coin is said to be “created by ecosystem of multiple financial products.”
The EO Coin has a Smart Contract Address (0xd366908c2f249537F905BDAe5A77272A9fBDa127), which must be copied to the wallet to view any EO coins.
EO Trade Referral Program
A referral program is not yet available, but is planned for the future.
The program will allow clients to invite their friends, and get 30% of the trading commissions their friends generate.
The domain EO.Trade was registered via the NameCheap, Inc. registrar on March 29, 2018 for 4 years.
SimilarWeb ranks them as the 40,629 most visited site in Finland and 1,409,681 in the world (as of August, 2019). It is also the 16,517 most visited site in the world in the Finance category.
Other than Finland, they seem to be getting significant traffic from other countries, including Saudi Arabia, Nigeria, and India.
People are reaching this site by searching Google for “eo broker,” “forex crypto trading platforms,” “eo option,” “eotradex,” and “eotrade.” They also get traffic from social media, specifically Twitter, YouTube, Facebook, and LinkedIn. Apparently, traffic always streams from other sites, including EO.Finance and ExpertOption.com.
They had an article on Medium.com (medium.com/@eotrade/eo-coin-airdrop-is-scheduled-for-20th-of-december-ec35716fcaaf), but it was removed due to violation of Medium.com’s policies.
Is EO.Trade related to EO.Finance?
The first indication that the two sites are related besides the URL itself (“EO”), is the CloudFlare nameservers which are the same for both sites:
Other than that, the two sites have the same icon, but for EO.Trade, it is blue-purple, whole for EO.Finance, it is green.
There’s also a direct link from the EO.Trade homepage to EO.Finance for people who want to buy crypto using a bank card.
Finally, some of the social media links on EO.Trade lead to EO Finance social pages.
So yes, EO.Trade is definitely related to EO.Finance.
Could the “EO” in EO.Trade and EO.Finance be an acronym of ExpertOption?
ExpertOption.com is a binary options broker regulated by Vanuatu Financial Service Commission (VFSC).
Keep in mind that binary options trading is illegal in Europe and the United States as well as other countries. Indeed, the ExpertOption website reads:
Company doesn’t provide services to citizens and residents of USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, North Korea, Puerto Rico, Singapore, Bangladesh, Yemen, Russia and Sudan.
When binary options was banned in the EU about a year ago, it is possible that they were looking for a new venture in a new niche. Could the EO.Trade and EO.Finance websites represent their attempt in that?
We believe that’s plausible.
We’re pretty sure that EO.Trade is related to ExpertOption also because they both have a very similar site icon.
Review Conclusion: Is EO.Trade a Scam?
The EO Trade coin may have not been a profitable investment for the ICO members. However, seems like the money was put into good use in creating an elegant wallet and exchange platform.
We believe that EO.Trade is not a scam, but a legitimate company.
If you have any first-hand experience with EO.Trade – positive or negative – please leave a comment below, enlightening us with your story.
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