Efexa1000 is supposed to be a Forex brokerage company offering efficient trading services on the popular MT4 software for web and on mobile devices. Regarding how trades are executed, Efexa1000 is a b-book, meaning that they are market makers. We will get into this later in this review. Efexa1000 claims to offer trading in various assets which include Currencies, Indices, CFDs and commodities. And the most important thing to know is that Efexa1000 is unregulated, and yet lying that they are regulated. These are serious crimes, and we need to look into this very carefully because if you end up putting your money here, taking it out will be next to impossible.
However, if you are seriously looking for genuine Forex brokerage companies that can help you succeed (because brokers are a factor to your trading success), then this list will suffice.
There is the risk of losing a lot of money to this broker as the minimum deposit for opening a basic account is as high as 1,000 Euro. This is quite suspicious because even legit brokerage firms out there do not ask for this much. The highest minimum deposit we have ever come across is $500.
So it appears that this broker is determined to put traders into risks which they are not able to deal with. There are two types of accounts whose trading conditions have been listed on their website. As we have already said before, the minimum deposit is quite high. This also applies to the second trading account type which requires a minimum of 10,000 Euro. This is quite ridiculous and it shows just how this broker is greedy. The broker has not even given us reasons as to why we should trade with them. The reasons they are giving are just lame excuses.
We have looked at the features of these two accounts and realized that they are not very attractive. In terms of spreads, the basic account gives us a minimum of 2 pips which is really high considering that most legit Forex brokerages with good execution will have something like 1.2 at most.
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Leverage for these accounts are 1:200 and 1:500. Minimum lot size that can be traded is 0.1 lots which is again too high for many traders who do not want to take too much risks on their capital. These restrictions or trading terms are quite unfair, and many traders would never sign up for any of these accounts unless they didn’t know what those features meant for their trading.
There is also a savings account which gives up to 8% interest per annum. This account also gives bonuses and direct market bank liquidity. Because this is a savings account, it should not come with any risks associated with its use.
But there is a big problem in this offering, and we are not going to sweep issues under the carpet. You see, this brokerage is unregulated. They do not have a license of their own, which is why they stole the license of a broker called Instant Trading EU. The kind of information which they are providing on their site is far misleading.
Now, think of a broker that lies 99% of the time about their services and the promises which they give. Do you think this kind of broker can ever give you good trading conditions or even stick to their word?
Most importantly, what does a Forex broker have in common with banking services which involve issuing savings account with interests P.A? This is a service that should be offered by a bank which is registered to give those services to the bank. But you see, Efexa1000 is not a bank and it is not registered to deliver banking services to members of the public.
So why are they giving a savings account services?This is very suspicious. And even the kind of interest which they are promising on this account is suspicious as well. 8% per annum is something that even the banks cannot give you. So this broker is clearly operating a scam, and anyone who will deposit their money to this broker’s bank accounts will automatically lose it without chances of ever recovering. There is nothing like 8% per year since your money won’t be traded and there is no way you will get interest from money that is seating idle.
Besides telling us that we can trade with a minimum of 1000 Euros (which is high by all standards), this broker also tells us that they are teaching traders how to trade the currency markets. But there is no teaching materials anywhere on the site, and we suspect that what you will get is basic trader education which can be found elsewhere on the internet for free.
We suspect that this is a cash cow and a big trap which is only meant to steal your 1000 Euros. Never put your money into the so-called savings account. Never make an attempt to send 1000 Euros to this broker when you can start trading even with $250 when you use the right broker.
Efexa1000 is not licensed to operate banking services, and neither is it licensed to run brokerage services. This is a serious crime which they are taking part in. In addition to that, the brokerage does not reveal ownership information. It claims to be based in Efexa 1000 Ltd. Kingstown Saint Vincent and Grenadines but that does not create any trust. To contact this broker, individuals have been provided with an email and chat feature on the site, no phone numbers.
Efexa1000 is a suspicious broker and all the evidence suggest that this broker is a scam entity. Their trading conditions are ridiculous, and the minimum deposit is set in such a way that you will lose a lot of money. You must stay away from an unregulated broker. There is no reason why you should trade with Efexa1000 when you can do so with well regulated ones. Keep off this scam at all cost.
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