Promises of ultra-fast order execution and a customized trading platform are certainly attention-grabbing. Such claims can pique the interest of traders seeking a competitive edge in the financial markets. In this review, we’ll delve into the details of Efixxen, a trading platform that makes these enticing commitments. However, as vigilant investors, it’s crucial to exercise caution and thoroughly assess whether this broker lives up to its promises or falls into the realm of scams. So, read our review to find it out.
- Efixxen General Information
- Registration and Client Portal Review
- Efixxen Trading Conditions
- Account Types Review
- Trading Platform
- Efixxen — Deposit and Withdrawal of Funds
- Additional Options
- Is Efixxen a Scam?
- Legal Information and License
- Efixxen.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Efixxen General Information
|Address||The Sotheby Building, Rodney Bay, Gros-Islet, Saint Lucia.|
|Leverage||Up to 1:400|
Registration and Client Portal Review
The official website of Efixxen leaves a rather modest impression. The subdued background with vibrant accents might not align with the expectations one might have when opening the website of a reputable broker. However, looking past the visual aesthetics, the content itself holds promise. While it may require some digging to uncover information about the company, including perusing through certain documents, it’s still better than being left entirely in the dark.
Another point of note is that the website is exclusively available in English. This particular detail raises some concerns as it suggests that the broker might not be positioning itself as a global or international entity.
To initiate the registration process with Efixxen, you’ll be required to complete a rather comprehensive questionnaire. This involves providing your personal information, including your residential address.
However, the outcome of this effort might be far from what you would expect. Upon submission, you might receive a notification stating that an error has occurred during the registration process. In response, you’ll likely be directed to contact their technical support to resolve the issue and proceed with registration.
It’s important to note that by this point, you would have already entered your personal data into their form. Therefore, it’s safe to assume that your information has been transmitted to Efixxen’s systems.
Efixxen Trading Conditions
The company boldly emphasizes its trading conditions, placing them at the forefront of their offerings. However, it’s time for us to delve into a detailed analysis of what Efixxen truly has to provide to its clients.
Account Types Review
Efixxen offers a total of six account types. The minimum deposit starts at $2,500 for the Beginner account. This account could potentially suffice, as it includes all the necessary services for a trader’s initial steps. However, the other account types not only require higher deposits but also predominantly provide services that brokers typically use to attract clients, such as VIP events, personal signals, and more. But who truly benefits from these offerings? Experienced traders certainly wouldn’t rely on such features, as they usually develop their own trading strategies and decision-making processes.
Furthermore, we’d like to highlight that a minimum deposit of $2,500 is quite steep for newcomers, especially considering that Efixxen does not provide a demo account. Additionally, the high leverage of 1:400 poses a significant risk and is likely to lead to rapid losses.
Efixxen’s trading platform is available in both a web-based version and a downloadable desktop version. However, accessing the downloadable version requires a login to the user’s account. We were unable to even explore the web-based platform since it’s also not openly accessible. Furthermore, the company doesn’t provide any information about the origin or developer of this software. Overall, there’s a sense of uncertainty and incompleteness in this aspect as well.
Efixxen — Deposit and Withdrawal of Funds
In the agreement, Efixxen states that it offers all the deposit methods described on the website. On the main page of the site, it is indicated that the company offers bank cards, transfers and even cryptocurrency for deposit.
Next, the company requires you to pay a commission to third parties that supposedly assist in intermediary relations between you and Efixxen. Who these individuals are remains a mystery. Secondly, they will deduct a 4% annual fee from your account. Just like that, as specified in their agreement. Moreover, for trades related to stocks that were not executed, you will be charged a commission ranging from 1% to 5%. While the commissions are explained in detail, it seems they forgot to mention how they process your withdrawal requests and how long it takes.
Sure, they didn’t forget about verification. Let’s delve into the process. After you’ve submitted your registration details, Efixxen requires you to go through a verification procedure to validate your identity. They will request a set of documents, including personal identification, proof of address, and potentially financial statements. This is a common practice among brokers to comply with regulatory requirements and ensure the security of transactions. Once you’ve provided the necessary documents, their compliance team will review and verify them. This step might take some time, so be prepared for a waiting period. Once your documents are approved, you’ll receive a notification confirming your verification status.
There are plenty of additional services offered here – bonuses, analytics, educational resources, and all the usual offerings. The issue, however, lies in the fact that these services are provided by completely anonymous individuals with unknown qualifications. There’s not a single market forecast available in the public domain, yet they expect us to trust in their professionalism. It’s a highly questionable endeavor, to say the least.
Is Efixxen a Scam?
So far, we’re not particularly satisfied with what this broker is offering us. However, could there possibly be enhanced security at least? Do they prioritize client safety?
Legal Information and License
The broker claims to be registered in Saint Lucia. Well, that’s not the best choice. This jurisdiction doesn’t regulate forex brokers, as explicitly stated on their official website. Meanwhile, we have doubts that Capital Minds Financial Services has any actual connection to Efixxen as a managing company. We found a website for a company with almost the same name, which seems odd. They appear to provide consultancy services related to mortgages, not brokerage services. However, from our analysis, one thing you should understand is that Efixxen lacks a license for brokerage services.
Efixxen.com Domain Info
In terms of its operational history, Efixxen is also lagging behind. We examined the domain of the official website and discovered that it was registered as recently as May 22, 2023. Such a short operational period is catastrophically insufficient for a broker. It’s essential to understand that dealing with such companies is not advisable due to their lack of established track record and experience.
You can reach out to their support team via phone or email. However, it’s important to note that the company doesn’t have a physical office. This isn’t surprising, as many offshore entities rarely maintain actual office space.
What surprised us the most, however, was the content of their user agreement. Apparently, according to this agreement, Efixxen reserves the right to suspend any ongoing trades to cover various expenses. Imagine you’re trading away, and suddenly the broker decides to levy a commission. Before you know it, your trade is closed to cover their fees. It’s an uncomfortable situation, isn’t it? This is precisely why it’s not advisable to trade with brokers that could potentially have a conflict of interest with their clients.
Pros and Cons
- Lack of regulation.
- Unclear company background.
- Unfavorable trading conditions.
- Short working period.
- Offshore registration.
Frequently Asked Questions (FAQ)
Efixxen presents itself as a trading platform that claims to offer a range of trading services, including various account types, trading instruments, and additional features like bonuses, analytics, and education.
According to the trading conditions specified on their website, the minimum deposit to open an account with Efixxen starts at $2,500.
No, Efixxen cannot be considered safe. It operates as an offshore entity without proper regulatory oversight or licensing, which raises serious doubts about the security and legitimacy of its operations. Engaging with an unregulated broker like Efixxen carries inherent risks, as traders lack the protection and accountability that regulated brokers offer.