EFX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
EFX - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://exclusiveforextradings.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Bitcoin
Minimum Deposit: $1,000
Free Demo Account: No
Number of Assets: 100+
Types of Assets: Indices, Stocks, Forex, Commodities, Cryptocurrency
Trading Accounts and Conditions
EFX, or Exclusive Forex Tradings, offers their clients the following trading accounts:
- Starter: The deposit range is $1,000 to $5,000. You get a 2.5% daily top up.
- Premium: The deposit range is $5,000 to $20,000. You get a 3.9% daily top up. You get capital insurance of 70% and a 25% bonus.
- Platinum: The deposit range is $20,000 to $50,000. You get a 4.9% daily top up. You get capital insurance of 80% and a 30% bonus.
- VIP: The minimum deposit here is $50,000. You get a 5.9% daily top up. You get 90% capital insurance and a 35% bonus.
There is no mention of trading conditions whatsoever, so we do not know what the leverages, spreads, order execution methods, fees, commissions, etc. are.
EFX – Advantages
EFX gives you no advantages; in fact, you stand a strong chance of losing your funds if you do business with this broker.
EFX – Disadvantages
EFX is a scammer and here are all the reasons why:
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Lack of Regulation
EFX (Exclusive Forex Tradings) claims that they have been fully regulated by the FCA (Financial Conduct Authority), the financial regulator of the United Kingdom, since 2015, and that they have been registered with The Company House (the registrar for companies in England and Wales) as a PLC since 1999.
The broker also claims to be regulated by a second financial authority, the CySEC (Cyprus Securities and Exchange Commission), one of the top European Union financial authorities, since 2014. EFX also states that they are members of the Financial Commission (Category A) and are entitled to £20,000 per client complaint.
When you read through these claims, you may think that this broker is legitimate. Unfortunately, all of these claims are all lies. This broker has been blacklisted by the FCA for targeting UK customers without authorization. Furthermore, this broker’s name does not show up on the CySEC’s online register, on the Company House register or even the Financial Commission’s list either.
All of the tall claims made by this broker are lies, meant to fool traders into trusting them and investing their money with this scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Trading Software
We scanned EFX’s website thoroughly in an effort to find the link to a trading software since this broker did not even mention the kind of software that they provide their customers. We could not find any link anywhere.
We did register for an account, and when we entered the client area, all we saw was a chart that had been imported from TradingView. There was no trading platform here either.
All of this means that this broker does not have any kind of trading platform at all, more evidence of their scam.
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No Trading Conditions
Since we have already established that this broker does not even have a trading platform, it is only logical that they did not even bother to make an effort to manufacture trading conditions.
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High Minimum Deposit
The only piece of information that EFX has bothered providing is the minimum deposit you need to make to invest with them – $1,000. This is an extremely high amount, especially when there are a massive number of regulated brokers that invite you to open accounts with them for as little as $10. And the industry average for most brokers today ranges from $100 to $250. Therefore, even if EFX had been appropriately regulated, we would still not recommend this broker to anyone.
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Promises of Returns
The biggest indicator of EFX’s scam is their promise of returns on a daily basis. According to the information on their website, you get daily top ups – a percentage of returns.
There is no broker that can make such promises. The forex market is volatile, and that means that most traders – especially the novice traders – end up losing more money than making profits. Regulated brokers are required by government law to publicize the number of traders that have lost money on the market. You will be surprised to learn that more than 75% of all traders lose money while trading.
Therefore, this promise is just another lie to attract novice traders who don’t know how the market works.
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Bonuses Offered
EFX offers bonuses and that is yet another sign of a scam. Bonuses are great ways to attract customers, but they are also banned in most regulated jurisdictions. This is because such bonuses come with unfair withdrawal conditions. The broker expects the trader to meet massive trading turnover targets which are almost impossible to achieve. And then broker states that they can change the conditions of the bonus promo at any time without any warning. Which means that even if you – by some miracle – manage to reach that trading turnover target, the broker can simply change the conditions for withdrawal (which scam brokers do frequently!). Thus, you never get to withdraw your money! A typical scam tactic.
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Bitcoin Only Payment Option
The only payment option offered by EFX is Bitcoin – another clear indication of this broker’s scam! Crypto payments are very popular with scammers. These payments are irreversible and untraceable, so scammers can easily get away with your money, and there is no way for you retrieve your funds once you have been scammed.
This is the reason why we strongly urge all traders not to opt for crypto payments until the broker has proved to be reliable and trustworthy.
Conclusion
EFX (Exclusive Forex Tradings) is a scammer and trading with this broker would lead to nothing but trouble for you.
EFX
Pros
- None
Cons
- Lack of Regulation
- No Trading Software
- No Trading Conditions
- High Minimum Deposit
- Bonuses Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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