Beware! EforFX15 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
EforFX15 is your common shady brokerage that is immediately noticeable. Not even ten seconds passed since we first opened the site that we were already writing the conclusion of EforFX15 in our mind. You might know what’s common on. The following review expands on the issues of EforFX15.
The account opening section reminded us of an old social media registration form, and as such we immediately mistrusted the broker, as it clearly has not thought this thing through. The issue we encountered next was a game-changer, as in game-breaker. We could not open an account, for the broker failed to contact us. Upon filling the registration form, users receive a confirmation message that the broker will contact them. We expected a verification mail, but what EforFX15 probably does is to directly call users, for we did not receive an email from the firm. It basically judged us unworthy of its shady services.
What we are left with are the details that the broker reveals on its website. From it, we learn that the leverage is capped at 1:200, while the minimum spread for some unknowns asset is 1.2 pips, which seems unlikely. There is surely a commission attached to these low spread values. The supposed tradeable assets are forex currency pairs, commodities, indices, and stocks.
The website of the broker comes in English, Ukrainian, Russian, and Arabic.
EFORFX15 REGULATION AND SAFETY OF FUNDS
The footer of the website claims that the broker is located in Ukraine. There, the National Securities and Stock Market Commission is the institution that is given the task of regulating the local FX markets industry. However, the markets in Ukraine still remain widely unlicensed because the National Securities and Stock Market Commission has not issued any specific licensing framework within which all brokers must focus. Thus, Ukraine can be seen as an unstable FX environment, and even if EforFX15 was regulated there, we still wouldn’t trust it. Read more on the current Ukrain situation here.
Moreover, there are no legal documents and so there is nothing to safe keep the user from the broker. Basically, this broker functions outside the confines of the law.
EforFX15 is completely UNREGULATED, and probably a scam!
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
EFORFX15 TRADING SOFTWARE
It is too bad that the promoted MT4 software is actually not held by EforFX15. There is a download link in the website that gives us a .exe file that is not under the name EforFX15. What that means is that the trading servers provided by EforFX15 are actually not owned by the broker, but a different company! So, the MT4 is actually an impostor!
Furthermore, who knows what kind of a trading terminal will appear to registered users. Unregulated brokers are known to promise one thing on their websites, and deliver a completely different package on their client dashboards!
There might not even be a trading software!
EFORFX15 DEPOSIT/WITHDRAW METHODS AND FEES
Unfortunately, we have no choice but to quote the broker’s website on all payment conditions, however, that is easier said than done, because EforFX15 has no payment information anywhere on its website. There is no indication of a minimum deposit and no real depositing methods. The footer o the website reveals some common payment providers, but these are just images, and there is no real evidence that EforFX15 supports them!
Withdrawals are also completely left out. There is no support in favor of withdrawals. EforFX15 is one of those scammer brokers that has left out all payment details. Now, why would it do that is a question that we can only speculate on.
As you have seen from this review, EforFX15 does not reveal too much about itself. Only those that are able to access its member’s area will be enlightened by the true trading and payment conditions held by the broker. However, we believe that these conditions will be exemplary of the unregulated brokerage experience. And so we end the review on the note that all deposits are at risk, and users should not waste their time here!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!