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Effencel Review: A High Risk Forex Investment Platform

Effencel Review: A High Risk Forex Investment Platform

Effencel (effencel.com) provides an MT4 trading platform, which is the only feature worth noting. Unfortunately, it’s an offshore and unregulated platform that puts your funds at risk. What we have is an attempt by the platform to try and change trading rules. And this puts traders at risk. Leverage for standard accounts is way too high for our liking. Regulators will move quickly to demand accountability from the platform. Here’s our clear EFFENCEL REVIEW.

About Effencel

Overall, Effencel looks like a commendable platform when you land on their homepage. If members chose a platform for its web design, Effencel.com would take the price. However, there are some red flags that we must point out.

Effencel Review

The platform is, without a doubt, a high-risk forex investment platform. On the about us page, the platform claims to have been founded in 2011. These are false claims meant to show the platform has a strong reputation.

Unregulated platforms will do or say anything to get recognition. We believe the platform is a clone of another offshore forex trading entity. You can easily see the name 4XIncome on the about us page.

The best way to invest requires searching for proven platforms that guarantee the security of funds. So why don’t you think about investing with Coin staking, DeFi, or Masternoding? These are some of the best ways to invest.

Several platforms blacklisted 4XIncome. As a result, members would not withdraw funds, especially in large amounts. We fear the same scenario is about or is happening with Effencel. The withdrawal complaints have started trickling in.

As an investor, your priority is to look for plausible investment opportunities. Next, you need to find out what others are saying about a particular platform. And this requires doing due diligence. You can read our crypto and forex reviews for a more detailed approach to investing and trading.

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Accounts Effencel

Effencel offers four accounts to choose from. These accounts include Micro, Standard, Premium, and VIP. Each of these accounts comes with a different feature. You have to check which account suits your trading style.

Here’s a closer look at each of these accounts;

Micro

It’s the most basic account. Investors have to deposit a minimum of $100. The amount is fair and will attract all classes of investors. This is the only plausible account as the deposit requirement is in line with the regulator’s cap.

Standard

For the standard account, investors must deposit $500 to get started. You get an account with high leverage of 1:100. Fund management is possible with this account. There are no commissions on the micro and standard accounts.

Premium

You have to make a minimum deposit of $25,000 to start trading with this account. Members enjoy a commission of $6 per round-turn standard lot. Fund management is available with the premium account.

VIP

It’s the most exclusive account that targets established and institutional investors. The minimum opening deposit is set at $100,000. All accounts come with margin calls of between 20 and 50 percent. Telephone trading is available on the last three accounts above.

Account Features

Effencel Accounts

We have to expose the elephant in the room. With high leverage, investors are bound to lose a large volume of trade. When you make a losing trade, the platform greatly benefits from it. And that’s why the maximum leverage is set at 1:500.

No regulator will allow such practices. And this is the reason the platform fails to get an appraisal from regulators. So you need to avoid platforms that fail to offer genuine investment options.

Spreads also vary depending on the account type you choose. For example, with the micro account, you get spreads of 1.0 pips. The VIP account comes with spreads of 0.2 pips. All accounts offer a market execution trading strategy.

Available trading assets

You get to trade with four of the world’s best trading assets. These include commodities, forex, indices, and stocks. When it comes to commodities, you get to trade with sugar, wheat, and more. The leverage for these commodities should not be higher than 1:50.

Forex trading is at the core of this platform. The platform offers major and minor currency pairs. You have to watch out for the high leverage. Sadly, you won’t get to spread your risks with exotic pairs.

Are funds safe with effencel.com?

Indices allow traders to trade with global markets. Some of the indices available include DAX, Dow Jones, NASDAQ, S&P 500, and more. You get to know more about the international market scene.

Stocks are some of the best trading assets to have. The platform offers stocks from the FAANG group. These are some of the most sort after stocks in the market. You also get to trade with other stocks from global brands.

Business Holder

Effencel Limited is the name of the entity behind this platform. Sky Hub Limited is the parent company. Information on who owns or runs these two entities remains unknown. Unfortunately, we don’t have any registration documents.

On the contact page, we see an address from St. Vincent and the Grenadines. The address bar has proof of why this is a clone. Members are invited to contact 4XIncome instead of effencel.com. It is proof we are dealing with the same group.

Contact and support

When selecting the best investment platform, you need to test the support structure. By testing, we mean checking how fast a platform responds to queries. We have a platform that fails to offer any meaningful contact information.

The phone number we see on the contact page rarely goes through. Sending an email doesn’t suffice as the platform won’t respond in time. There’s a chat tab that only takes your contact information and promises to get back.

Without ample support, members are left to solve issues on their own. We believe the platform controls the communication channels. You can see it’s easy for the platform to contact you. After all, they have all your contact details.

Deposit and Withdrawal

Is effencel.com licensed or legit?

You can easily fund your account as the platform avails several depository channels. These include bank and wire transfers. After funding your account, the balance will reflect on your trading account within minutes.

We don’t recommend funding any account as withdrawal is not a guarantee. Complaints have been sent to regulators regarding withdrawal issues. It seems the platform is not releasing funds on time.

And this creates a problem for investors. The platform will only allow partial withdrawals of not more than $2000. As an investor, you are free to withdraw funds as you wish. However, with these delays, no one gets to enjoy their trading activities.

Effencel License and Regulation

Effencel is not a licensed or regulated platform. You won’t get to enjoy any safety as the platform fails to comply with regulations. The platform is unregulated, which puts your funds at risk.

You should avoid unregulated platforms for safety reasons. These platforms will impose harsh trading conditions. A casing point is high leverage found on two account types. Please stay away from unregulated forex trading entities.

Fund Safety Effencel

Your funds are not safe with an unregulated platform. For example, there’s no insurance cover for deposits made by investors. We also suspect the platform doesn’t segregate funds as dictated by trading regulations.

Our Verdict

Effencel.com is unregulated and puts your funds at risk. It’s best to stay away from such a platform or risk losing your entire funds.

You can choose proven investment strategies that offer users a more realistic way of investing. Go for reliable and safe investment platforms with a proven track record.

Feel free to leave a comment or email us with any queries.

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