Bankefex Broker Analysis

Would you like to trade on the number one platform? If so, that’s exactly what Bankefex calls itself. However, before transferring tens of thousands of dollars to this platform and rubbing your hands in anticipation of profits, read our review. We’ll help you figure out whether it’s a scam or not.

Bankefex General Information

Registration and Client Portal Review

Despite all of Bankefex’s claims, its website doesn’t quite look like the number one broker’s site. Of course, the company assures us that its vision is entirely different from its competitors. However, in reality, we see a typical template with nothing new. The website is very minimalist, with perhaps only the blue accents that somewhat break the simplicity. What is truly abundant here is the meaningless praise of the broker itself. Self-promotion receives a considerable amount of attention. However, it should be noted that the project’s creators haven’t overlooked documents and legal information. The only thing that still puzzled us is the language. The website is only available in English, which seems unusual for a global broker.

Bankefex presents an apparently simple and thorough registration process, requiring users to input various contact details, including their address, and allowing for the inclusion of a promo code. However, it is crucial to highlight that the registration process hits a roadblock after this stage. For reasons undisclosed, Bankefex is currently not accepting new clients. Resolving this issue necessitates reaching out to their support team. It’s worth noting that reputable brokers typically maintain an accessible and efficient onboarding process, making Bankefex’s current approach less favorable for potential users.

When clients encounter complications or restrictions during the registration process, such as the unexpected halt in Bankefex’s case, it raises concerns about the platform’s reliability and user-focused approach.

Unfortunately, in this scenario, we are unable to verify the status of the client portal. However, rest assured that our review will still provide valuable insights and information.

Bankefex Trading Conditions

It’s time to delve into one of the broker’s key purported strengths — its trading conditions. Let’s explore this aspect more thoroughly and see if it lives up to its claims.

Account Types Review

Bankefex offers five types of accounts, including a separate Islamic account. Now, back to the diversity of offerings. Three accounts fall under the “Just Starting” category, while the remaining two are for the “Next Level.” The minimum deposit is set at 5,000. This amount might seem excessive for beginners looking to start trading.

Moreover, do you know what you’ll get for these 5,000 dollars? A personal account manager, floating bid/ask difference, and mobile trading. Essentially, everything you would receive from any other licensed broker with a minimum deposit of just 10 dollars. Now, the next account will cost you a whopping 25,000 dollars. And what do you get for this premium? They throw in technical analysis signals. Many other reputable brokers provide similar or even superior services at a fraction of the price.

Bankefex seems to introduce somewhat decent services, starting with their Gold account. Here, traders gain access to webinars, courses, and the trading academy. Now, here’s the catch — the price for this privilege? A staggering one million dollars as a minimum deposit. It’s almost like enrolling in the most expensive courses globally, isn’t it? Moving on, Bankefex also offers leverage up to 1:200, and to sweeten the deal, they claim to charge commissions along with spreads.

Trading Platform

Bankefex claims to have independently developed its trading platform, available for download on desktop or mobile devices. However, it’s worth noting that this platform is not officially presented in any verified sources other than the company’s website. In other words, it can only be downloaded from the official site, and even then, registration is a prerequisite. This high level of exclusivity raises concerns about transparency.

Downloading apps from unverified sources, especially trading platforms, can be inherently risky. Such sources may not undergo the necessary security checks, potentially exposing users to malware, security vulnerabilities, or unauthorized access to personal and financial information. Therefore, it’s crucial for traders to exercise caution and prioritize security by obtaining software only from reputable and official channels.

Bankefex — Deposit and Withdrawal of Funds

Bankefex offers multiple options for funding your account, including traditional methods such as Visa and MasterCard, as well as Bitcoin. According to the FAQ section, it mentions the possibility of sending funds via bank transfers. However, the accuracy of this information cannot be verified as we do not have access to the user account.

It’s important to note that Bankefex has a relatively lengthy processing time for withdrawal requests, taking approximately 5-7 days. Additionally, the broker assures users that no withdrawal fees will be charged.

Verification

Despite Bankefex not allowing everyone into its client portal, the platform still requires users to undergo a verification process. Traders are typically asked to submit identification documents, which may include a government-issued ID card, passport, or driver’s license. In addition to personal identification, users may be required to submit proof of address documents, such as utility bills or bank statements.

The submitted documents undergo a verification process conducted by Bankefex’s team. Once the verification is successful, traders receive confirmation, and their accounts are officially verified.

Additional Options

As we have already established, Bankefex offers a plethora of additional services, including access to webinars, educational courses, and more. Meanwhile, the website lacks any mention of analysts, educators, or other crucial personnel responsible for education. It is genuinely unknown whether these individuals possess any professional skills for teaching or are self-proclaimed trading gurus. Remember that for these services, you’ll have to pay a hefty sum, and despite the presence of an affiliate program, no information about it is available. Apparently, you’ll need to clarify this matter directly with the managers.

Is Bankefex a Scam?

And finally, we are moving on to what might be the most crucial phase: determining whether this broker is a scam or not.

Legal Information and License

Bankefex claims to be registered in the offshore zone of the Comoros Islands, with Direct Prime Ltd as its managing company. Interestingly, there is indeed a company by that name in the registry, which has obtained a license from the registrar named M.I.S.A. However, there are two crucial nuances to consider. Firstly, Direct Prime Ltd has its own website: https://direct-prime.com/. It is not widely known, with only a couple of articles exposing it as a scam.

Secondly, let’s discuss the regulatory authority of the MWALI islands. The issue here is that a company can obtain registration in this offshore zone in just 24 hours, and the license is not significantly expensive. What’s most interesting is that MWALI is not a legitimate regulator. The Comorian government consistently issues warnings that M.I.S.A has no right to license or distribute licenses; only the Central Bank of the Comoros has that authority. The entire institution is essentially an extensive illegal business, and the regulator won’t protect traders from problems and financial losses.

Bankefex.com Domain Info

Furthermore, as seen in the screenshot above, the company Direct Prime was registered in 2022. Now, what about Bankefex? It emerged much later. A simple check on the Whois service revealed that the broker’s domain was created in the summer of 2023. In essence, the actual operational duration of this project has barely exceeded six months. In the financial industry, longevity often indicates a broker’s ability to withstand market challenges and build trust with clients. However, this is not the case with Bankefex.

Contacts Review

Bankefex provides multiple communication channels, including a contact phone number and email. However, the absence of a physical office address is inconvenient. All interactions with the representatives of the project are expected to be conducted exclusively online due to the absence of a physical office location.

More Details

Another interesting observation on the website worth discussing is the absence of any awards claimed by Bankefex. Not a single award has been received by the broker, especially not in 2022 and 2021 when it hadn’t even commenced operations. Contrary to its self-proclaimed status as the number one trading platform, these accolades appear to be misleading. The lack of transparency and honesty in such claims raises concerns about the credibility of the broker. Initiating a relationship with a broker that resorts to such deceptive practices is equal to losing all of your funds.

Pros and Cons

2.8 TOTAL SCORE

Bankefex Summary

Bankefex appears to be a typical offshore broker, with its claims diverging significantly from reality. The lack of genuine regulatory oversight raises concerns about the safety of your funds. Exercise caution and carefully reconsider before opting to open an account with this company. Your financial security may be at risk, and it is advisable to explore more reliable and transparent options in the trading market.

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Website information content 3

Client Portal 2

Trading conditions 3

Trading platform 3

Deposit and withdrawal 4

Verification 4

Extra options 3

Licenses and guarantees 2

Work duration 1

Feedback 3

Frequently Asked Questions (FAQ)