One look into Effencel.com’s website tells us that they are not one of the safest Forex brokers to entrust with your hard-earned money.

Effencel.com is operating as Effencel Limited in the Saint Vincent and the Grenadines. On the other hand, a company called Sky Hub Limited is also claiming ownership of this very same brokerage website.

And in as much as this Forex broker is running the popular MT4 trading platform where traders can allegedly access 55+ currencies, 150 CFDs in addition to other tradeable instruments, our investigations suggest that they lack a valid license.

This explains why the broker chose an offshore location as the heaquarter of their operation.

It is also for the same reason that investors are being warned not to deposit any money into the bank accounts of Effencel.

The community is encouraged to follow these recommendations for purposes of safe investing.

Effencel Review: Ovierview of the Broker’s trading platform

The broker is masquarading as a legit social trading and investing company.

However, information about their social trading feature is not readily available on their website.

Signing up and accessing the dashboard only ushers traders into a platform that is incorporated with MT4 software and a means for depositing and withdrawing funds.

There’s also a glossary and education section where the Effencel is discussing general knowledge and terminology about Forex trading. Theer’s nothing much to gain from this section of their website.

Lies about a Forex license that Effencel apparently owns

Shady offshore Forex and investment companies love to lie about their regulatory status because they recon that having a license is indeed prestigious and beneficial when it comes to gaining the trust of clients.

Just like Trade Capital Holding which has been lying about their regulatory status, this broker has decided to cook a statement where they briefly made a reference to the FCA on their website.

It is quite clear that this broker is not regulated by any oversight authority, let alone the FCA.

Furthermore, the FCA is not entrusted with the role of overseeing offshore Forex brokers.

Probably Effencel is lying because they believe that they are talking with stupid people.

Ultimately, we conclude that this brokerage website is operated by crooks and not professionals.

You won’t find any reviews of this broker online

In as much as they are new to the Forex trading business, we expect to see feeback here and there from clients who have opened accounts.

The broker was introduced to the industry in March 2020, which is a significant long period of time. We should be seeing these feedback on the internet.

This is apparently not the case.

Our advice is that before you open an account with any Forex broker, you should consider what people are saying about their service.

In this case, we have nowhere to reference. There is neither good or bad report about Effencel.

The Conclusion

We don’t feel safe trading or recommending a Forex broker like Effencel. Their trust rating is extremely poor.

They lack a valid Forex brokerage license. In addition to this, they have chosen to operate out of the St Vincent and the Grenadines because this location does not enforce strict rules on Forex brokers.

It is the number one preference for brokers who intend to steal from their clients.

Therefore, it does not surprise us to learn that the broker in question is actually operating from this region.