eForex or eForex Markets portrays itself as a brokerage platform offering “clear entry to the worldwide forex market” and claiming to adhere to “rigorous regulatory standards.” In stark contrast, the website raises significant suspicions as it lacks genuine regulation and transparency. Read this complete eForex review to know why we advice entrusting your finances to this platform is strongly discouraged.
Website – https://eforexmarkets.com/
Website Availability – Yes
Address – Intershore Chambers, Road Town, Tortola, British Virgin Islands
Warning – Not recommended by review website like Scam Bitcoin
Regulation – Unregulated, Offshore
Domain Age –
| Domain Name | eforexmarkets.com |
|---|---|
| Date Registered | January 04, 2017 |
| Domain Age | 6 years, 8 months, 23 days, 18 hours, 20 minutes, 52 seconds |
Is eForex legit or a scam broker?
eFX Markets Limited, founded in 2010, is a foreign exchange broker operating under the trade name of eFX Markets Limited, a company purportedly registered in the British Virgin Islands. This fact alone contradicts eForex assertions of stringent regulation, as the offshore jurisdiction lacks such regulatory controls.
eForex Review: Trading Accounts
eForex offers a selection of four standard account options for investors: Standard, Silver, Gold, and Platinum. These account types are distinguished by their minimum deposit requirements, with the entry point being $200 for a Standard account and escalating to $10,000 for a Platinum account. It is advisable to consider regulated brokers, as many of them provide micro accounts with minimum deposits as low as $100 or even less.
eForex Review: Trading platform
eForex provides its clients with access to global financial markets through the MetaTrader 5 (MT5) platform, a widely used trading tool employed by millions of traders globally. This versatile platform is accessible on both desktop computers and mobile devices. It also offers a web-based version for added convenience.
eForex Review: Trading Conditions
eForex offers a range of leverage options, spanning from 1:100 to 1:400. Interestingly, the highest leverage, associated with increased risk, is notably assigned to the entry-level Standard account, a practice uncommon among regulated brokers. Notably, regulatory bodies in the EU and the UK have imposed caps on leverage for retail traders, limiting it to 1:30, while in the US, the maximum limit stands at 1:50.
Furthermore, eForex extends a welcome bonus of $50 to its clients, a feature setting it apart from regulated brokers. It’s worth noting that major regulatory authorities typically prohibit the use of bonuses and promotional incentives as a means to attract customers.
The standard account specifies a spread of 1.3 pips, aligning with the levels observable within the eForex Markets trading platform. This spread falls within the typical industry range. However, it’s essential to be aware that eForex imposes additional fees, which can impact the overall profitability of trading on the platform.
Commissions
The diverse range of account types caters to the distinct requirements of various traders, with each account offering its own unique set of advantages. While the Gold account incurs a commission of $7 per lot, and the Platinum account carries a commission of $5 per lot, other account types do not involve any charges.
Deposit and Withdrawal Methods
The eForex Markets website indicates that funds can be deposited using credit/debit cards, bank transfers, and Bitcoin cryptocurrency. For withdrawals, the listed methods include bank transfers, Bitcoin, and the Neteller e-wallet.
However, these inconsistencies raise suspicions and suggest that this may be a fraudulent scheme. Despite claiming to offer a bank transfer option, the Terms and Conditions reveal a minimum fee of $20 USD for international bank wire transfers. Additionally, there is an exorbitant monthly fee of $200 USD for inactive accounts. These discrepancies cast further doubt on the platform’s credibility.
Conclusion
If you’ve fallen victim to eForex or a similar scam, there’s no need to be alarmed. Remember, you’re not alone, and it’s vital to understand that even the most cautious investors can encounter such situations. Consider these incidents as valuable lessons. Taking proactive steps against scammers is essential if you’ve been a victim of a scam, whether it’s eForex or any other fraudulent scheme. You can use our complaint form to report your situation and gain access to a free consultation with one of our experts who can assist you in navigating the process of recovering your funds.
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