Eforfx15 Review: Another Unregulated Forex Scam

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eforfx15 Review
  • Fund Safety
  • Regulation
  • Customer Support
0.5

Summary

Eforfx15 has one of the poorest designed websites in the market. Some of the buttons have double overlays, and it is impossible to tell what they are saying. Invest with the best forex companies in the market.

Eforfx15 is a company that calls itself the most reliable forex broker of 2020. Evidently, this is not true. This company has only been in the market from the 29th of October 2020.it takes longer for any company to gain that reputation in the market. The people behind this company are only saying such things to attract customers.

Unfortunately, the market is full of companies like this one. They come to the market promising things they cannot deliver. Eforfx15 wants you to believe that they can help you with all your trading needs. However, this is far from the truth. These are scammers who do not care about customer satisfaction.

eforfx15 Review ,eforfx15 Company

Moreover, you can tell that these are not professionals who know what they are doing. You are better off sticking with the top legitimate forex brokers in the market. Only such companies can provide you with the services that you are looking for. Moreover, such companies can assure you of your funds’ safety.

This review will look at the various aspects of eforfx15 to show you why you cannot trust this company. Ensure you always do enough research before investing your hard-earned cash.

Eforfx15.com Review

Eforfx15 has one of the poorest designed websites in the market. Some of the buttons have double overlays, and it is impossible to tell what they are saying. Additionally, a chart on the website is in a completely different language. No professional would put out a website with such issues. 

Furthermore, you can tell that the people behind this website do not update it regularly. Otherwise, this issue would not be there to this date. This is not where you want your money to be. The founders are not visionary and innovative.

On a good note, though, this company provides a lot of assets that you can trade. You can trade forex, shares, cryptocurrencies, and more. This means that traders can easily spread their risk of investment across various markets. 

However, this does not mean a lot. This is because this company does not have the right set up to protect your funds. Moreover, even the trading platform the team provides is not their own. When you download the platform, it is under a different company’s name. We encourage you to look elsewhere if you want a proper platform to trade with.

Eforfx15 Account Types

There are four main investment plans on Eforfx15. These include the Islamic, Standard, True ECN, and Multi-Account Manager accounts. Users can choose the account that best suits their portfolio.

The Islamic account allows clients to trade over 50 currency pairs, metals, and CFDs. It comes with a maximum leverage of 1:200 and has raw spreads. Additionally, it is a swapless account.

The Standard account comes with a maximum leverage of 1:200. It allows clients to trade forex, metals, and CFDs. It is a scalping free account and has spreads starting from 1.2 pips.

The next account is the True ECN account. This account comes with spreads from as low as 0 pips. Additionally, the maximum leverage stands at 1:200. This account is a scalping free account and has multi-currency support.

eforfx15 Scam Review ,eforfx15 Features

The Multi Account Manager is unique in various ways. It allows clients to trade using a robot and has fast order transmission. Additionally, it allows for multi-account management. Further, it has multi-currency support for the base currency.

Interestingly, the company does not reveal the pricing for each of these accounts. There is no mention of the charges or the minimum deposit for each of these accounts. No serious company would leave out such critical information.

Founders and Physical Address

One of the tell-tell signs of a scam is the lack of faces or names on a website. People running fraudulent operations do not like having their identity associated with the scam operation. They conceal their identities to ensure that the law does not track them down.

Unsurprisingly, this is the case with Eforfx15. The website does not introduce us to the people behind the operation. There are no names or faces. Additionally, the company does not have a social media presence. These people are hiding for a reason. They are scammers who have no interest in servicing your investment needs.

There are far too many risks involved in investing in companies run by unidentifiable people. At the very least, serious companies will introduce their founders. Ideally, every company needs to give some insight into what experience the team members have. That will give you an idea of what to expect from the company.

Moreover, the company is operating from a very shady location.  The company gives the address of its headquarters as Serbska Street 5/5 Lviv Oblast Ukraine. Ukraine is one of the shadiest countries for a forex broker to operate from.

Regulation and Fund Safety

No unregulated company can ever assure you of your funds’ safety. Investing in unregulated companies will almost always end in someone losing money. Regulatory bodies exist to ensure that companies are not running fraudulent operations. Additionally, they ensure that companies have segregated accounts in Tier-1 banks to protect clients’ funds.

Eforfx15 operates from Ukraine. The body in charge of forex regulations is the National Securities and Stock Market Commission. Unfortunately, this regulatory body has very lax laws. Therefore, anyone can easily register and run a forex brokerage company. Consequently, you cannot trust any company that is operating from this jurisdiction. They are as good as unregulated companies.

As such, this company cannot assure you of your funds’ safety. These people do not comply with any strict regulatory stipulations. This is not the setup that you want your money in. These people can easily disappear with your money without a trace.

Furthermore, there is no evidence of systems protection. The company does not tell us the software and hardware they use to keep out intruders. Additionally, there is no SSL certificate. This means that there are no sophisticated encryption mechanisms. Hackers can easily access and steal your funds. There are just too many ways to lose your money with this company.

Domain Insight

On the About Us page, the team claims it launched Eforfx15 in 2010. However, we can assure you that this is nothing but a lie. Whois records reveal the registration date of the website as of 29th of October 2020. 

This makes us wonder where this company has been for the last ten years. It is clear that these people are lying about the company’s founding year. They are only doing this to attract customers. You should never trust a company full of lies and misdirections.

Final Verdict

The design of this company’s operations screams scam. The people behind this company did not even bother to introduce themselves. We have no idea who they are or what experience they have in the market. Additionally, they are using lies to attract customers.

Even worse, this company is providing financial services without regulations. This is illegal in most jurisdictions. It will end badly for the clients when the law finally shuts down Eforfx15. If you are looking to invest in the forex market, this is not the company for you.

You are better off sticking with the top legitimate forex brokers in the market. Such companies have been in the market longer and have the trust of thousands of seasoned traders. They can help you safeguard and grow your accounts.

 

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