Beware! EFSPFX 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.
We are reviewing EFSPFX, a highly secretive Forex broker that doesn’t reveal anything about its business. They mention nothing about licenses, leverage levels, spreads, or anything else about their services. At the same time, the broker claims to provide unbeatable services and work with some of the world’s most reputable banks and financial organisations. This business is most likely a scam, and we are going to show why in the full EFSPFX review.
EFSPFX REGULATION AND SAFETY OF FUNDS
First of all, EFSPFX doesn’t disclose even the name of the company that’s standing behind the brokerage. They provide an address in Australia, and it’s the only thing shared with the public. That being said, the broker needs a license to provide financial services in or from Australia because it’s a strictly regulated market. Well, our research showed they have none, so your funds are not safe if you deposit with EFSPFX because it’s an unregulated broker and most likely a scam.
Avoid them and see the high-rated EU brokers and British brokers on both lists. Those brokers are well-regulated and participate in the European deposit insurance funds protecting clients’ money in case of insolvency or fraud. So if you choose a Cyprus regulated broker, you can claim up to 20 000 EUR while the guarantees in Britain are even up to 85 000 GBP. Unregulated companies can’t offer any protection and would most likely scam you, so make sure to stay away from such entities.
EFSPFX TRADING SOFTWARE
EFSPFX provides MetaTrader4 delivered by some entity named Esteema Financial, which is probably the name of the company running this broker, but it’s just speculation. However, the platform turned out to be inactive, and it’s impossible to register any account whatsoever. The sign-up page was also broken at the time, so we couldn’t access a functional platform. That certainly undermines the broker’s credibility and gives evidence of a scam. Taken together, it’s not worth wasting your time with unregulated brokers with broken websites when there are loads of regulated brokers to choose from.
To help you do so, we can offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which deliver the best trading software available at the moment. MetaTrader comes with advanced features such as Expert Advisors, complex indicators and excellent charting tools included. MT clients can also benefit from the marketplace with more than 10 000 apps to help you make more profits.
As a result, there are no spreads and leverage levels we can discuss. Anyway, we are going to shortly talk through leverage and some restrictions because that’s the riskiest element in trading. In fact, leverage is so dangerous that many financial authorities enforced regulations to reduce leverage-related losses. As a result, EU, British and Australian brokers have to limit their clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50. Most of the high-leverage FX companies are poorly regulated and very likely a scam, so be cautious.
EFSPFX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with EFSPFX is $500, which is 5 times more than the regulated brokers’ standards on average- $100. The funding methods are said to be Credit/Debit cards, Wire Transfers and UnionPay, but we can’t validate this information because, as already stated, we couldn’t sign-up at the time.
Anyway, while talking about deposits, see the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers on the lists if you have trusted payment systems. The companies topping the lists are strictly regulated, and you wouldn’t come across scammers.
As you’ve already guessed, EFSPFX doesn’t have legal documents. There are links on the website’s footer, but the links are broken and redirect to the Home Page. The absence makes their business illegal because to form a relationship with clients, they need to provide documents such as T&Cs, User Agreement, Client Agreement and so on, which serve as contracts between both parties. Moreover, traders are left unaware of critical legal provisions about withdrawals, fees, inactivity procedures etc. That’s solid evidence of a scam.
Overall, EFSPFX is an unregulated broker with no functioning platform, which is more than enough for traders to avoid this suspicious business.
HOW DOES THE SCAM WORK
Internet is plagued by fraudulent ads and deceitful social media profiles, promising get-rich-quick schemes, and it’s tempting to at least have a look.
If you click on and submit your e-mail and contact numbers, scammers would ring you immediately. Those people are seasoned manipulators and would continuously try to entice you into their crooked games while having a conversation over the phone. You’d be offered bonuses, promotions, risk-free offers, bitcoin deals and anything else you could possibly imagine. Scammers would claim to work with highly reputable businesses, banks, governments and so on while pushing you to start investing with them. At the same time, they’d try to get close, pretend to form a friendship and eventually may even become aggressive.
Nevertheless, the first deposit is just the beginning. Gradually scammers would carry on asking for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d demand from you to fund your account over and over again for no obvious reason. Urgency is a treacherous sign, so if you receive a call and someone starts pushing you to begin investing ASAP, that’s very likely a scam, and you should remain suspicious.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!