EforFX – Is It A Trusted Broker?

Website URL: eforfx15.com

Founded: 2021

Regulations: Unregulated

Languages: English, Arabic, Polish, Russian

Deposit Methods: Neteller, PayPal, Skrill, Western Union, PayU, Bitcoin, VISA, MasterCard, and American Express

Minimum Deposit: N/A

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Forex, Crypto, Metals, and CFD

Trading Accounts and Conditions

EforFX offers forex and crypto trading on their platforms, however, the way they market themselves and how the website looks makes it hard for clients to trust them, including us. They have 4 different account types, each tailored and targeted for specific people with modified features.

First is their Islamic account with 1:200 leverage. It’s also a swap-less account, with 50+ currency, metals, and CFDs, and also raw spread.

Next in line is their Standard account, with the same 1:200 leverage. It is specified on the website that this account is scalping free and has a starting spread of 1.2 spreads. Lastly, the account is capable of trading in forex, metals, and CFDs.

The next account type is called the True ECN account, boasting the same leverage of 1:200 with 0.0 pips spread. It is also scalping free with access to trading forex, metals, CFDs, USD, EUR, GBP, and TRY.

The last on the list is called Multi-account manager or also known as MAM. According to the website, access to this account type grants fast order transmission, multiple account management, usage of robots, and trading with USD, EUR, GBP, and TRY. It’s also said to have a friendlier user-interface compared to the others.

Creating any of these account types with EforFX is a hassle, mainly because the registration process is almost impossible to get through. We had trouble digging more information about their account offerings because we can’t register an account.

According to them, they will send a confirmation email after the registration process, but we haven’t given anything.

We think that it is also common for other users to experience, and it is not new to encounter this for scam brokers as they have little knowledge when it comes to making a website, let alone technology in general. This is very obvious on their website’s user interface since there are so many errors when it comes to texts and also design placements.

EforFX – Advantages

There’s no clear advantage to using EforFX as everything they have to offer can also be found on other brokers, especially those that are regulated and verified by financial authorities. Although they claim to have the MetaTrader4 platform in use, we can’t still verify it since we can’t get past the account creation, therefore, we’re not including it as an advantage.

Another suspicious thing that we have noticed is that you have to download the platform from their website. Although they claim that they offer MetaTrader4, the .exe file that we have downloaded is not that platform at all. It’s quite scary to execute the file since we’re not that certain about the website’s authenticity, so there’s a chance that they might have injected virus or malware on the file. Most certainly, they don’t even have MetaTrader4 but are only associated with a web-based trading platform provided by a third-party company.

EforFX – Disadvantages

• Confusing Regulation Claims

According to EforFX, they are located and operating in Ukraine, however, this region is known for not supporting forex and broker activities. We can therefore conclude that there’s a high chance that they’re lying or are unregulated.

It’s also worth noting that no clear licensing steps are still given to websites and platforms by the National Securities and Stock Market Commission, which are the financial authorities tasked to take responsibility for brokers.

To further our speculation, EforFX also doesn’t have any legal documents that are laid out on their website to verify that they are indeed a license holder. The only thing they have is a confusing client agreement that is very short and doesn’t answer that many questions.

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• Hidden Deposit and Withdrawal Conditions

Every broker should be transparent of all their conditions, and EforFX failed to incorporate this in its framework. There’s no clear indication of such conditions on their website, which is a giant red flag for everyone to consider.

We can’t even get specific data about their minimum deposit fees, which is a very important thing to have and to reveal to clients even before they register for an account. We however speculate that they have a minimum deposit amount close to $200 or $250 since this range is a very common offer by scam websites.

• Unfavorable Leverage

All accounts are given 1:200 leverage, which is such a random number, to begin with. Legitimate brokers that you can find online are mostly offering 1:500 leverage, or something closer at least. Not only that this is an unfavorable number, but we don’t exactly know if they are controlling every trading session, and they are influencing results to benefit them. Shady websites like this are known for such illicit activities, so make sure that you are transacting with regulated brokers that you have verified to be so as well.

• Sketchy Client Agreement

As aforementioned, the only legal document that EforFX has to present is their client agreement, which is by itself also very sketchy. It’s only 12 lines long and it doesn’t provide enough information to answer all of our questions. The worst thing that can happen with this setup is that EforFX will modify the document without notifying their clients, turning everything in their favor.

Conclusion

EforFX has so many red flags, that it is hard to believe that they have been provided a license by Ukraine’s financial authorities. Transparency is one of the most important parts to look for when dealing with brokers, and EforFX failed this test miserably. They have fake and unbelievable claims littered on their website to make them look trustworthy.

It’s better to back away from EforFX and never acknowledge any of their claims, and go for a legitimate broker instead of with a good history and record. Look for brokers that have positive reviews from many clients and make sure that they are transparent with their service above anything else.

EforFX

2.5

User Experience

3.3/10

Payment Options

2.4/10

Security

2.3/10

Support

2.5/10

Reputation

2.2/10

Pros

• None

Cons

• Confusing Regulation Claims
• Hidden Deposit and Withdrawal Conditions
• Unfavorable Leverage
• Sketchy Client Agreement