Forex Eze – Are They Safe?

Website URL: https://forex-eze.com

Founded: 2024

Regulations: None

Languages: English, French, Portuguese, German, Russian, Spanish, Italian

Deposit Methods: Bitcoin, WebMoney, Visa, MasterCard, PayPal

Minimum Deposit: €250

Free Demo Account: None

Number of Assets: 71,000+

Types of Assets: Currencies, Cryptos, CFD Stocks, Commodities, Indices

Trading Accounts and Conditions

Forex Eze offers their clients the following types of trading accounts:

• Basic: €250 is the initial deposit requirement. The leverage is up to 1:100.
• Intermediate: €5,000 is the initial deposit requirement. The leverage is up to 1:100.
• Advanced: €25,000 is the initial deposit requirement. The leverage is up to 1:200.
• Expert: €50,000 is the initial deposit requirement. The leverage is up to 1:300.

Spreads and other trading conditions are not mentioned on their Account Types section, but we did find out some information from their platform. There are no spreads given for the standard EURUSD pair, but the spreads for the GBPUSD are 8 pips and for the USDJPY are 10 pips. Commissions are not mentioned either.

Forex Eze – Advantages

There are no advantages to trading with Forex Eze.

Forex Eze – Disadvantages

Here are the disadvantages we found with Forex Eze:

• Lies About Regulation

Forex Eze does not make it easy for us to get information on them. On their website, the broker does not give us information on their parent company; we had to check their Terms of Business section to get that detail.

Forex Eze is supposedly owned and operated by FOREXEZE LIMITED, and their registration number is 809435. The broker also claims that their company is listed with the Financial Conduct Authority and that we can check their information on the FCA’s website.

We took the broker up on that offer and this is what we found. We found out that this broker is not registered with the FCA. This broker is not regulated in any way at all. And this makes this broker a scammer.

• Blacklisted by FCA

During our investigation into Forex Eze’s claims, we found out even more from the FCA about this broker.

We found that not only is this broker not regulated by the FCA, but that the UK authority has blacklisted this broker for being a clone firm. The regulator states that they have found two domains (forexeze.com and forex-eze.com) run by the same broker. This broker is a clone of a previously FCA-authorized firm, and that is why this broker has a registration number. This registration number actually belongs to another forex broker – a legitimate one.

(A clone firm is an entity that uses another legal company’s information to appear legitimate. It is common amongst scam brokers to steal another firms information in order to appear legal so that scam more people.)

• Issues with Trading Platform

Forex Eze says nothing about the kind of trading platform they have to offer their clients. This in itself is a red flag.

The trading platform is any broker’s main – only – product offering. So, brokers splash their websites with information about the type of trading platform they have to offer. These brokers also offer their prospective clients the chance to test their trading platform through a free demo account; traders can test their platform and practice on it before they commit real money to trading.

We found out why Forex Eze did not bother to publicize their trading platform – it is quite non-functional. This broker offers their clients a web-based platform that does not work; it’s only for show. And this is something we have seen other scammers do repeatedly.

• Issues with Trading Conditions

While a broker’s trading software is their product, it is the trading conditions they put in place that make the broker competitive. These are the conditions that tell traders how long a trade takes, how much a trade costs, how much risk can a trader take and so on. Without these conditions clearly defined, a trader cannot make an informed decision. So, when there are problems with a broker’s trading conditions, then it is a red flag that the broker cannot be trusted.

With Forex Eze, we find that the trading conditions are skewed and unfair. For example, their minimum initial deposit is €250 for their basic account, but then jumps up to a massive €5,000 to the next account. This kind of number is much high than the market average (which ranges from $100 to $250).

And then the spreads are not clearly defined. The benchmark currency pair – the EURUSD spreads are missing. And the spreads on the other two major currency pairs (GBPUSD and USDJPY) are at 8 pips and 10 pips respectively. We also do not know what commissions this broker charges. Even then, with just the spreads alone, the cost of a trade with this broker would be prohibitively high.

As for the leverage, a maximum of 1:300 is illegal in the UK, which the maximum allowed risk is 1:30.

All of these issues clearly point to Forex Eze’s scam.

• Issues with Payments

Forex Eze has limited payment options (cards, Bitcoin and a couple of e-wallets). Legitimate brokers ensure that they offer their clients a range of payment options. Furthermore, we were unable to check their payments section, so we could not verify whether these claims are true or not.

• Issues with Withdrawal Policy

If you try to withdraw your funds from your Forex Eze account, any bank transfer that is less than $300 will have a $30 transaction fee imposed on it. There will also be additional administrative costs, which are not specified. Other details about withdrawals (processing time, conditions for withdrawal, etc.) are missing. Such issues tell us this broker is not safe to do business with. 

Conclusion

Forex Eze is not a safe broker to deal with. They are a scam operation and should be avoided.

Forex Eze

2.5

User Experience

2.0/10

Payment Options

2.5/10

Security

3.5/10

Support

2.3/10

Reputation

2.2/10

Pros

• None

Cons

• Lack of Regulation
• Blacklisted by FCA
• Issues with Trading Platform
• Issues with Trading Conditions
• Issues with Payments