EnviFX review – 5 things you should know about envifx.com

EnviFX review – 5 things you should know about envifx.com

Beware! EnviFX is an offshore broker! Your investment may be at risk.


IG USForex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


EnviFX is a somewhat pushy name for a broker, capable of inducing unwanted feelings. The word “envy” is not very well associated with forex brokers, as one might think. With the obvious out of the way, EnviFX comes with a website whose design is both attractive and easy to use and has a unique feel to it, making it easy to remember. However, the golden rule applied here as well, which is to never judge something by its look. That is why we have the following review for our readers, as it will help them make a rational choice of broker. Please read on.

Registering an account is incredibly simple; a process requiring just four things out of users- an email address, a password, and two names. However, after the email verification step is completed, the user is given an extensive form to complete, with more details about him or her.

The resulting user area was very clean and easy to navigate through experience. We were pleasantly surprised by this dashboard. However, we could not open a trading account because EnviFX requires two-factor authentication through an app or SMS. We do not fully trust EnviFX to provide it with a real phone number, and as for the app, we are sure that it too will demand some sort of contact detail.

We were able to find the trading info from different sources. The leverage for all is capped at 1:500, a very common value among offshore brokers. The EUR/USD spread is claimed to be 0.5 pips, however, there is no way to verify this. As for the trading assets, they are indicated as being forex currency pairs, cryptocurrencies, indices, and commodities.

The website is available only in English.


Were it not for the following disclaimer, we would have been happy with EnviFX. Yet, the broker itself reveals its true nature by the following statement:

Any firm that reveals this to its clients is basically forcing all the regulatory responsibilities onto the user, a party that has nothing to do with picking a regulation. It is entirely up to the broker to acquire a license and provide legit trading services to potential users. Any company stating otherwise is most certainly up to no good.

Following this, is a clause in the Terms and Conditions claiming that the Agreement between client and broker is governed by the laws of Saint Vincent and the Grenadines. Those of you that are not aware, let us elaborate quickly. This Caribbean nation does not regulate FX brokers for it has no legit authority for that. Being located there and registered as a broker does not give anyone the right to provide FX trading services!

Unfortunately, EnviFX is UNREGULATED, and is, therefore, a risk to all!

Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.


The best platform in the world is the MT4. We have said this hundreds of times before. It is convenient, yet advanced enough to be used by pro users. EnviFX offers the full MT4 experience, available to mobile devices, and soo opens as a web-trading software.

However, we did not open a live account with it. Nevertheless, there is nothing stopping us from recommending this platform to anyone, no matter the trading level.


The two-way authentication is required to access the payment area. This is too bad because we will have to trust the website of an unregulated broker with payment details, which are some of the most crucial yet easily manipulated things.

Nevertheless, the payment user area hints at the opportunity to buy bitcoin using credit and debit cards. The act of purchasing bitcoin through EnviFX does not guarantee that the funds will reach an account. Usually, your money will go to the scammer, never to be seen again.

Unfortunately, the website confirms this by stating that users can deposit and withdraw through credit/debit cards and bitcoin. Withdrawal process times range from 2  to 5 days. There is no disclosure on fees anywhere.

We believe that EnviFX has the potential and the opportunity to get its things together, and in a 6 month period, start offering legitimate trading conditions. Until then (if the day comes) we do not recommend it in its current state.

How does the scam work?

The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!

The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).

If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.

At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!

What to do if scammed?

The first thing you can do, and the most crucial, it to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.

Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.

It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!

The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!

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