Overall, EFOREX is a trustworthy broker to invest with and utilize and offers a Standard Account ENC Account and a VIP Account. EFOREX has an overall rating of 4 out of 10.
EFOREX at a Glance
| 🔎 Broker's Name | EFOREX |
| 📍 Headquartered | Singapore |
| 📅 Year Founded | 2000 |
| ⚖️ Regulating Authorities | CySEC, FCA, ASIC |
| 🌐 Countries not accepted for trade | Not indicated |
| ☪️ Islamic account (swap-free) | Not indicated |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Not indicated |
| 📊 Managed Accounts | Not indicated |
| 📈 Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | $5 / R 92,12 |
| 💳 Deposit Options | bank transfers, credit/debit cards, and e-wallets such as Skrill and Neteller |
| 💳 Withdrawal Options | bank transfers, credit/debit cards, and e-wallets such as Skrill and Neteller |
| 💻 Platform Types | MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms |
| 📱 OS Compatibility | Android, iOS |
| 📈 Tradable assets offered | Forex, indexes, commodities, ETFs and equities. |
| 👨💼 Languages supported on Website | English and other |
| 👥 Customer Support Languages | English and other |
| 📆 Customer Service Hours | 24/5 |
| 👉 Open a account | Click Here |
Min Deposit
USD 5
Regulators
CySEC, FCA, ASIC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
0
Islamic Account
Not Indicated
Trading Fees
Low
Account Activation
24 Hours
EFOREX Review – 19 key points quick overview:
EFOREX Overall
According to research in South Africa EFOREX is an online trading site that is part of BMFN Limited, a company incorporated in the Republic of Vanuatu, specializing in Forex trading for international clients. BMFN holds a Vanuatu Securities Dealers License.
It is unclear whether EFOREX has its head offices in Panama City or Ho Chi Minh City, but it also has offices in Kuwait City and offers online trading opportunities for investors as well as educational resources for current and prospective Forex traders.
The EFOREX management team consists of a small group of financial professionals, who have over 75 years of combined investing experience.
EFOREX Safety and Security
One of the best benchmarks to measure the safety of a broker like EFOREX, is to establish which regulating authorities are watchdogs over its actions.
EFOREX’s website does not feature any corporate information, other than a list of countries with its offices. There is confusion regarding address, contact detail, and more, which leaves the impression that the broker’s service is rendered anonymously. Such anonymity is a reason for concern and leaves the way open to scamming.
Considering the lack of any information, EFOREX seems to be unregulated too, which means that the people operating the brand are not bound by any government regulator and clients’ money and interests may not be protected in any way.
The holding company, BMFN Limited, however, claims that it is incorporated in the Republic of Vanuatu under the provisions of the International Companies Act (CAP 222), by Vanuatu Financial Services Commission, Company Number 40202, holding Vanuatu Securities Dealers License.
EFOREX Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal to or more than 100% to be able to open new trades, otherwise, your trading account will be fully hedged.
EFOREX offers a maximum leverage ratio of 1:400.
Min Deposit
USD 5
Regulators
CySEC, FCA, ASIC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
0
Islamic Account
Not Indicated
Trading Fees
Low
Account Activation
24 Hours
EFOREX Accounts
A forex account at EFOREX is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against the Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.
EFOREX offers:
Standard Trading
| 💰 Minimum Deposit | $ 5 / R 92,12 |
| 📊 Spread | 1.6 pips |
| 📈 Maximum Leverage | 1:400 |
ECN Account
| 💰 Minimum Deposit | $1 000 / R 18 372,39 |
| 📊 Spread | 0 pips |
| 📈 Maximum Leverage | 1:400 |
VIP Account
| 💰 Minimum Deposit | $25 000 / R 459 287,50 |
| 📊 Spread | 0.6 pips |
| 📈 Maximum Leverage | 1:400 |
EFOREX Market Instruments
The most popular market instruments available from most brokers for trading include:
Forex
Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies, and financial institutions exchange currencies for one another at floating rates.
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and play a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Indices
Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies in a nation.
Precious metals
The trading of gold and other precious metals, along with crude oil, copper, or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions, and global economic growth.
EFOREX claims to offer more than 130 trading investment products for trade on the industry’s leading MetaTrader4 platform, but the website lacks any further information. It also states that it offers forex, indexes, commodities, ETFs, and equities to trade.
EFOREX Fees
Cost depends on different factors, like spread and margins, and EFOREX clients may also experience different fee structures according to their country or place of residence.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.
EFOREX offers no clear information on the trading costs (spreads and commission fees), but according to images, the spreads don’t seem very good.
EFOREX Deposit and Withdrawal
Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.
In the case of EFOREX live accounts, which are subject to EFOREX review, can be applied for online, via fax, or by email.
EFOREX claims to offer a range of payment options for users to fund their trading accounts but then only mentions Skrill and Neteller. EFOREX offers no clear information on the minimum investment required.
A Standard Trading account requires a minimum deposit of $ 5 / € / £, a TRUE ECN ACCOUNT requires a minimum deposit of $ 1 000 and a VIP ACCOUNT requires a minimum deposit of$25 000.
EFOREX Trading Platforms
The forex trading platform provided by EFOREX to its clients is in essence the software to carry out their trades. Some brokers provide only one, and others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
EFOREX claims to support the MetaTrader4. The MT4 provides great charting and analysis tools, reliability, ease of use, and the option to use automated Expert Advisors.
The problem is that this platform seems not to be freely downloadable from the EFOREX website.
Min Deposit
USD 5
Regulators
CySEC, FCA, ASIC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
0
Islamic Account
Not Indicated
Trading Fees
Low
Account Activation
24 Hours
How to open an EFOREX Account step by step
Similarly to a bank, to register a forex trading account with EFOREX for the first time, you will be required to go through a basic “know your customer” process, which will allow EFOREX to ascertain that your submitted details and ensure the safety of your funds and account details.
Step 1 – Click on the “REGISTER FOR FREE” tab
On the right top of the menu, click on the “REGISTER FOR FREE ” tab to start the process of opening an account.
Step 3 – Fill out the registration form
Fill out all the required details to finish setting up your account, and click on submit registration.
EFOREX Customer Support
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of EFOREX customer support can be reached via phone calls or email.
EFOREX Education
Before starting to trade, potential clients of EFOREX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
Prospective EFOREX clients can learn more about trading by opening a practice trading account or by means of an e-book that allows users to educate themselves on the basics of online trading.
EFOREX Research
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitably as possible.
With EFOREX they have access to a trader resource section that provides a guide to trading online, with web pages explaining the basics of Forex, and glossaries of commonly used terms in Forex trading.
EFOREX Awards
Being an awarded company instills extra confidence in traders. Although EFOREX is acclaimed by customers, there is no indication of awards won on its homepage.
EFOREX vs FXGlobe vs XM – A Comparison
| 🔎 Broker | 🥇 EFOREX | 🥈 FXGlobe | 🥉 XM |
| 💰 Minimum Deposit | $5 / R 92,12 | $250 | $5 USD |
| 📝 Sign-Up Bonus | ☑️ Yes | ☑️ Yes | ☑️ Yes |
| ➕ Max. Leverage | 1:400 | 1:300 | 1:888 |
| 💵 Currency Pairs | - | 50+ | 57 |
| 🚀 Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
EFOREX Current Popularity Trend
According to Google Trends, here is an overview of how frequently the search term – “EFOREX” is entered into Google’s search engine over a given period of time.
EFOREX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Claims to support the MT4 | No corporate information on the website |
| Up to 1:400 in leverage | Lack of financial regulation |
| No clarity on trading conditions, no free testing service | |
| Spreads don’t seem good |
Conclusion
EFOREX can be described as a fairly anonymous unregulated forex broker whose trading offer is not very clear.
Disclaimer
EFOREX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with EFOREX, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
EFOREX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence EFOREX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
Min Deposit
USD 5
Regulators
CySEC, FCA, ASIC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
0
Islamic Account
Not Indicated
Trading Fees
Low
Account Activation
24 Hours
Frequently Asked Questions
How many instruments can I trade with EForex?
You can trade several different instruments with EForex, which include the following:
- Forex
- Indexes
- Commodities
- ETFs
- Equities.
Which platforms are supported by EForex?
EForex provides the following popular trading platforms:
MetaTrader 4.
Does EForex offer leverage?
Yes, EForex offers maximum leverage of 1: 400
Is EForex regulated?
No, EFOREX is not regulated, it just holds a license from Vanuatu.
What is the overall rating out of 10 for EForex?
The overall rating is 4/10
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