An offshore broker is a huge problem; that’s what EnviFX is bringing to the table. From the look of things, envifx.com is using registration from Saint Vincent and the Grenadines. Offshore brokers are notorious for flaunting regulation rules, and this broker is not an exception. We do find that the people behind this website did a good job with the design. The only problem is that it has too much information, and the navigation is hard. Read this full Envi FX Review to find out more about the platform.
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By using technology as bait, the broker claims to be an intuitive platform. It’s easy to fool the naked eye with such a website. Once you land on their homepage, you get a feeling that this is a highly-rated broker.
With all the design, we could still see some faults with the entire platform. A dive deeper reveals a lot of underlying problems with their services. These are experts who know how to grab attention. However, we still must flag them down.
Envi FX is offering some competitive spreads with leverage of 1:500. The leverage cap is common with most offshore brokers. What is emerging with these offshore brokers is the EUR/USD spread that they claim to be 0.5 pips.
There’s no way of confirming this as our registration process didn’t go as we had planned. After registration, members get another copy that asks for personal details. And this is where we knew that the broker was up to no good with the information.
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There are five trading instruments available on the platform. These five instruments include commodities, crypto, forex, indices, and stocks. EnviFX is a forex and CFD brokerage that is advertising ground-breaking trading technology.
What the broker is advertising is commendable; the execution is what’s bothering us. The fact that the broker remains anonymous is a huge turning point. There’s no way of confirming where exactly these brokers are.
We don’t have any details on who is behind this platform. The years of experience the broker has is still a mystery. There is a lot of missing information within the platform itself that makes us question their intent. For transparency purposes, the platform should have the names of the people working there.
The names of the brokers who are trusted with the funds from clients should be known. Without transparency, it’s clear that members are at the mercy of the broker once they agree to the terms.
We do see that the platform has chat support, which is Bot-oriented. There’s no live support, which means they are not as serious as they claim to be. Contacting them via other channels is a problem. The email address is also a bot and automatically responds to all emails with the same information.
With the telephone number, this is where the trap is set for them to use your direct line. You call them using your phone number, and they have access to you and can all at any time.
There’s not much to talk about when it comes to customer interaction with the broker. It seems that the broker is in league with some review websites to fool most investors. We do see some reviews from one website, which seems to be from one location.
Even the date is funny as they are all within a 24-hour span. The broker is using paid users to post positive comments. Other trading forums have negative comments in regards to the service delivery of the platform.
The website is barely a year old as it went live on 1st September 2020. With all their claims of being efficient, there’s proof that they lack experience. Such a platform is far from being reputable as it lacks any solid online presence. We can’t trust any of their efforts to make us sign up with them.
There are also several changes with their IP, which leads us to believe they plan to sell the site soon. It’s the norm with offshore brokers who sell their sites one’s negative ratings come their way.
EnviFX is not a registered online trading platform and, as such, should be a high-risk investment option. The broker is in no hurry to get a valid license from any EU regulator or reputable license board.
Even their disclaimer reveals the truth that all parties must adhere to their terms and conditions. The platform does not follow or is in any way under any jurisdiction. What this means is that you must follow their rules. With such a platform, there’s no security of funds.
To find a legit broker is what makes trading easier and safe. Legit brokers will ensure that they comply with industry regulations, such as having a compensation plan. In the event of bankruptcy or insolvency, members ought to get compensation from the broker.
We also don’t see any documents to prove that the platform is licensed in SVG. These are scam artists who plan to take advantage of naïve investors. We must put an end to online scams that tarnish the trading world.
There are four account types to find with EnviFX. The four accounts are Standard, Pro, VAR, and MINI. A MINI account holder has the most basic account with 29 pairs and spreads from 1.0 pip. We don’t know the minimum required deposit for any of the four accounts. And this is why the broker insists on using a phone number.
The broker will try and insist you deposit more funds with any of the accounts. Transparency is missing as the broker should be open with the set minimum required deposit.
Members are free to use Bitcoin as part of the depository option. The broker also accepts credit and Debit cards. There’s also a full STP Execution, which allows you to benefit from tighter spreads.
All these are viable options except that there are no withdrawal terms and conditions. We are left wondering when members get to withdraw funds from this platform. And this is another way of blocking members from withdrawing funds when they want to.
According to their account type’s page, the platform is using the MT4 system. We did not get to open an account to test how best the platform works. However, we all know that MT4 and MT5 are the best platforms to use. We do recommend the use of these platforms as they are powerful and offer sophisticated features.
Where the broker succeeds in appearance, they fail immensely on the important aspects of trading. There’s no security of funds with this broker. The broker does not deposit regulators to protect investors.
There’s no license to show that the broker will follow industry set regulations. And this is why we insist that you avoid this and any other broker with the same features.
Despite having an appealing website, EnviFX is a scam. There’s no one with proof of making a profit over the last few months. And this is the proof we need to flag down this platform as a scam. Please stay away from it, or else risk becoming another victim.
We won’t be recommending this broker anytime soon. Without a valid license from a reputable regulator, the broker is a high risk.
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All the best in your online trading experience.
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