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Score

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/10
The WikiFX Score of this broker is reduced because of too many complaints!

eForex

The Virgin Islands|2-5 years|
Suspicious Regulatory License|White label MT5|Regional Brokers|High potential risk|

https://www.eforexmarkets.com/

Website

Rating Index

MT4/5 Identification

MT4/5

White Label

EFXMarkets-Demo

France
MT5
3

Influence

C

Influence index NO.1

Sri Lanka 3.47
The WikiFX Score of this broker is reduced because of too many complaints!

MT4/5 Identification

MT4/5 Identification

White Label

3
Server Name
EFXMarkets-Demo MT5
Server Location France

Influence

Influence

C

Influence index NO.1

Sri Lanka 3.47

Surpassed 62.38% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+44 2032896699
support@eforexmarkets.com
https://www.eforexmarkets.com/
Intershore Chambers, Road Town, Tortola, British Virgin Islands

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+44 2032896699

English

+852 81212910

Broker Information

More

Company Name

eFX Markets Limited

Company Abbreviation

eForex

Platform registered country and region

The Virgin Islands

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 2
Previous Detection : 2024-04-22
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 4 for this broker in the past 3 months. Please be aware of the risk!

WikiFX Verification

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eForex · Company Summary

Company Name eForex Markets
Headquarters The Virgin Islands
Regulations No License
Market Instruments Foreign exchange, commodities, indices, cryptocurrencies
Account Types Standard, Silver, Gold, Platinum
Leverage 1:400
Spread Starts from 0.2 pips
Minimum Deposit $200
Deposit/Withdraw Methods Credit/Debit Card, Bank Transfers, E-wallets
Commission $7 for Gold and $5 for Platinum. Other accounts have no commission.
Trading Platforms MT5 Trading Platform
Customer Support Email: support@eforexmarkets.com;Phone: +44 2032896699

Overview of eForex

eForex Markets is an online broker that provides a robust selection of trading services. They offer a diverse array of financial instruments, including forex, commodities, indices, and cryptocurrencies. Their trading platform of choice is MT4, one of the most renowned and commonly used platforms in the online trading world. Despite certain concerns, eForex Markets presents a convenient and comprehensive trading environment, designed to meet the needs of an extensive range of investors.

overview

Is eForex a regulated broker?

eForex currently operates without a license, and hence, is not subject to any regulation. This non-regulated status of eForex implies that it is not bound by any regulatory norms that are designed to protect the interests of its clients. Therefore, clients could potentially be at more risk.

The absence of regulatory oversight leaves its clients without the typical assurances they might seek from a broker. Without regulation, if there are any disputes or issues with the broker, clients might struggle to find the legal support they need. Thus, it's paramount that traders take into account the regulatory status of a broker while making an investment choice.

Pros and Cons

Pros:

  1. Diverse Financial Instruments: Provides access to a wide range of markets, including forex, commodities, indices, and cryptocurrencies.

  2. Multiple Account Types: Offers Standard, Silver, Gold, and Platinum accounts to cater to different trading needs and levels of experience.

  3. Comprehensive Customer Support: Provides robust customer support via email and phone, available 24/5.

  4. User-friendly Payment Options: Supports diverse payment methods including credit/debit cards, bank wire transfers, and e-wallets.

  5. Swap-free Islamic accounts: caters to the need of Muslims and do not charge any commissions.

Cons:

  1. Third-Party Transaction Limitations: Does not support deposits and withdrawals to/from third-party accounts.

  2. Regulatory Status: The specifics of the broker's regulatory status need to be clarified directly with them.

  3. Limited Information: The specifics about the broker's trading platform and educational resources require direct communication.

  4. High Minimum Deposit for Higher Tier Accounts: The minimum deposit amount increases significantly for higher-tier accounts.

  5. Complex Leverage Structure: The leverage offered depends on the account type and decreases for higher-tier accounts.

Pros Cons
Access to diverse financial instruments No support for third-party transactions
Offers multiple account types Unclear regulatory status
Comprehensive customer support via email and phone Limited publicly available information
Diverse payment methods High minimum deposit for higher-tier accounts
Swap-free accounts Complex leverage structure based on account type

Market Instruments

eForex offers an array of financial instruments that cater to different investor needs and market strategies. At the core of its offerings is the foreign exchange market, providing clients with a platform to trade various currency pairs. The versatility of the forex market caters to a broad range of traders, from novices to seasoned experts, offering them expensive options to integrate into their trading strategies.

The platform further broadens its financial scope by providing access to trade commodities, indices, and the rapidly evolving spectrum of cryptocurrencies. Commodity trading enables dealing in tangible assets such as precious metals or oil, providing traditional diversification options in a portfolio. Furthermore, eForex also accommodates the trend of digital investment by providing avenues for clients to invest in cryptocurrencies, satisfying the interests of risk-tolerant traders seeking modern financial instruments.

Account Types

eForex Markets proudly offers a diverse selection of account types to accommodate various investment needs and strategies. They offer four distinct accounts: Standard, Silver, Gold, and Platinum. Designed with newcomers to the investment world in mind, the Standard account requires the lowest minimum deposit of $200 and is an ideal starting point for beginners or traders with a limited budget. The Silver, Gold, and Platinum accounts are progressively aimed at traders with increasing experience or willingness to engage in substantial investments.

account types

The Silver, Gold, and Platinum accounts are progressively aimed at traders with increasing experience or willingness to engage in substantial investments. The Silver account is a step up while the Gold account caters to those who are more well-versed in investing. Finally, the Platinum account requires the highest minimum deposit of $10,000. These account types offer more diversified trading instruments, competitively low spreads, and lower leverages, fitting those who undertake a higher level of market exposure.

How to open an account in eForex?

To start trading with eForex Markets, you'll need to open an account, a process which is straightforward and user-friendly. The steps involved are clear-cut and can be completed in a short time. Here's a simple guide to help you get started:

 How to open an account in eForex?
  1. Visit the eForex Markets website.

  2. Look for the 'Open an Account' option and click on it.

  3. Choose the type of account you want to open - Standard, Gold or Platinum.

  4. Fill in all necessary personal information like name, address, and contact details.

  5. Provide all the necessary documents for a background check as per the compliance requirements.

  6. Make your initial deposit, minimum amount depending on the account type you chose.

  7. After successfully completing these steps, you'll receive a username and password to log into your newly created account.

Trading Platform

eForex Markets accomplishes a key part of its service offer by permitting its clients direct access to global financial markets via the sophisticated and popular trading platform, MetaTrader 5 (MT5). MT5 is a comprehensive multi-asset platform that has managed to gain significant currency around the world. It's favored by millions of traders owing to its advanced features and functionalities. This platform not only allows trading in forex, which is one of the largest liquid markets, but also permits trading in stocks, which expands the trading reach for its users.

Trading Platform

Furthermore, the MT5 platform is made accessible through various forms - it's available both on PCs and mobile phones. The convenience this provides cannot be overstated. Clients who favor the comfort and large display view of trading on a PC can do so, while those who prefer to keep tabs on their trading while they are mobile can use their phone for the same. This is a testament to eForex's dedication to client convenience and accessibility, allowing for an overall enhanced trading experience.

Leverage

At eForex Markets, the provision of leverage is tailored to meet the diverse profiles and preferences of its clients. A range of accounts, from Standard to Silver, Gold, and Platinum, are each accompanied by a descending scale of leverage. The Standard account offers the highest leverage at 1:400, the Silver account pitches at 1:300, while the Gold and Platinum accounts provide respective leverage of 1:200 and 1:100. This tiered structure of leverage allows different types of investors to engage in trading according to their risk tolerance and capital capabilities.

Spreads

In line with its varied offerings for different investor preferences, eForex Markets provides a range of spreads that are adjustable according to the type of account. Traders can engage with 42 different currency pairs, with the EUR/USD pair being one of the options. The spread for this specific pair varies by the account type, with 'Standard' accounts featuring a spread from 1.3, which decreases for 'Silver' to 1.0, for 'Gold' to 0.6, and further refines for 'Platinum' accounts with a bare minimum of 0.2. This allows traders an opportunity to manage their trading costs better according to their individual account types.

Swap-free accounts

In order to cater to varied clientele, eForex Markets notably provides swap-free accounts along with the regular ones. These accounts, also known as Islamic accounts, are structured to adhere to Islamic finance principles. The maximum leverage for a swap-free account is capped at 1:300, and spreads are charged starting from 2.0. Importantly, these accounts do not charge any commissions, making them unique compared to regular trading accounts.

For Muslim traders, this is an influential offering. This arrangement permits them to engage in forex trading while still observing the principles of Islamic finance, which prohibits earning interest, known as 'Riba'. The strict adherence to these principles allows Muslim traders to participate in the financial markets without compromising their religious beliefs.

Deposit & Withdrawal

eForex Markets extends a variety of payment methods to facilitate easy and convenient transactions for its clients. Clients can make deposits using credit/debit cards, providing a straightforward method for individuals who prefer to transact using their regular banking cards. Additionally, bank wire transfers are also accepted, catering to those who prefer direct transfers from their personal or business bank accounts.

Deposit & Withdrawal

Moreover, in alignment with the growing popularity of digital transactions, eForex Markets has also incorporated e-wallets into their list of accepted payment methods. This offers a quick, easy, and often secure mode for making deposits. While the broker allows diverse modes of transactions, they emphasize a critical policy - deposits and withdrawals to/from third-party accounts are not supported to ensure that the transactions are fully compliant with regulatory laws.

Commission Fee

eForex Markets operates with a structure that caters to the requirements of diverse traders through its various account types. The fee structure for commission differs depending upon the account type chosen.

Specifically, the Gold account holders are subject to a commission charge of $7 per lot. For those who opt for the Platinum account, they are subject to a lower commission rate of $7 per lot. For those who opt for the Platinum account, they are subject to a lower commission rate of $5 per lot. However, eForex Markets ensures no commission charges for its other account types, facilitating a cost-efficient trading environment for those users.

Customer Support

eForex Markets offers email and telephone support to its clients. For any queries or issues, clients can reach out to the broker through their support email at support@eforexmarkets.com . Clients also have the option to directly contact the company via phone. For international clients, they provide two contact numbers - a UK-based number (+44 2032896699) and a Hong Kong-based number (+852 81212910).

As for its offices, eForex Markets operates from two locations. One is located at Intershore Chambers, Road Town, Tortola, in the British Virgin Islands and the other office is on the 15th floor, 21, Thomson Road, Wan Chai, Hong Kong. Their working hours are from Monday to Friday, 24 hours a day for five days, providing clients with nearly round-the-clock support. Their comprehensive customer support ensures efficient communication, allowing clients to have their trading concerns addressed promptly.

Conclusion

eForex Markets is a multi-faceted online broker catering to an array of investor needs and preferences. It offers an extensive selection of financial instruments, featuring foreign exchange trading along with commodities, indices, and cryptocurrencies. Alongside multiple account types such as Standard, Silver, Gold, and Platinum, each with their respective leverages. The broker also acknowledges the needs of its Muslim clients by offering swap-free Islamic accounts.

However, it's pertinent to note that while eForex Markets offers a comprehensive range of services, this broker presents the concern of their regulatory status as unlicensed. Potential clients are advised to thoroughly vet and review the broker's terms, conditions, and policies before choosing their services.

FAQs

Q: What's the regulatory status of eForex Markets?

A: eForex Markets is not regulated by any financial authorities.

Q: What financial market instruments can I trade with eForex Markets?

A: The broker offers forex, commodities, indices, and cryptocurrencies for trading.

Q: What kind of customer support does eForex Markets offer?

A: They offer customer support through email at support@eforexmarkets.com and phone support at +44 2032896699.

Q: Which trading platforms can I use with eForex Markets?

A: eForex offers a well-known MT5 trading platform.

Q: What are the deposit and withdrawal options in eForex Markets?

A: Credit/debit cards, bank transfers, and e-wallets are accepted.

News

Wikifx received a complaint against eForex

ExposureWikifx received a complaint against eForex

2023-10-03 15:14

Unable to withdraw is another problem users face in the forex market. In the beginning, brokers let customers withdraw their funds smoothly, but later on, customers face issue regarding withdrawal and get anxious. Customers get in touch with the broker’s customer support. However, brokers do not respond or ask them to deposit money to withdraw their funds. That's a Brokers tactic to swindle hard-earned money from customers.

WikiFX
2023-10-03 15:14
Exposure
Wikifx received a complaint against eForex

User Reviews

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FX1282366453
more than one year
I met some problems with my withdrawal last week, and Christos helped me resolved it quickly. I feel it is a reliable platform. Yes, five stars⭐⭐⭐⭐⭐
2023-02-24 12:12
1
0
0
FX1072484965
more than one year
Poor me, introduced here by a friend on the social media platform. I made a deposit of $500 here, and lost it so quickly. Then they asked me to reinvest, lost another $1000. Money has gone, never back, what I can do is here to write a review to warn you guys: a black platform this eForex is!
2022-12-02 16:17
Reply
0
1
FX1093114491
more than one year
I explained to them that I was facing an emergency and needed money, but they were inhuman and still wouldn't let me withdraw it. Trash platform! Never trade with them again. It's my own money, but why can’t I withdraw at any time?
2022-12-02 15:42
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0
1
FX1093114491
more than one year
I have difficulty withdrawing money. Something happened at my home and I wanted to withdraw some money for an emergency. But the withdrawal application from a week ago has not been approved until now. I think they are too busy and there are too many withdrawal applications, so they may ignore my withdrawal request. When I asked customer service why no one process my application, they told me that the money can only be withdrawn when I finish the lot size and all. I explained to them that I was
2022-12-02 15:37
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