A new Forex broker like EfxFinance.com believes they can provide far more advantages that established ones.
For example, EfxFinance purports to guarantee low-cost trading on over 200 assets, top-tier liquidity, transparent pricing and safety of funds.
However, quick research shows that EfxFinance is actually operating like a HYIP.
Instead of providing a trading software like MT4 and letting their clients trade for themselves or copy signals, EfxFinance is actually purporting to conduct trading activities on the clients account without any intervention.
They also provide several account types which do not have the same features as those of a true Forex broker.
EfxFinance is definitely a s suspicious website based on how they operate this business.
Even if you’re going to skim through this review, I urge you to familiarize yourself with the characteristics of a rogue broker like EfxFinance.
EfxFinance is anonymous
In as much as this service seems professional and well-organized, there is no telling who owns or runs the business.
There is no company behind the domain EfxFinance.com. The business is only running as a mere website, which should be a red flag.
Secondly, there is no information about the owners or operators of this website.
A legitimate financial service should readily provide this information to their prospective clients to uphold professionalism and boost confidence of their clients.
They provide a fake England address to purport that they’re operating in Europe.
This address means nothing because it’s quite obvious this business has no physical location.
Not regulated at all
EfxFinance.com has listed a number of Forex broker regulators on their website and also suggested that they’re licensed by multiple organizations.
The homepage of the website proclaims that the brand is regulated by the FCA, CySEC, FSC (Mauritius) and FSCA from South Africa.
This information is unverifiable and not accurate at all.
First of all, brokers will often list their license number on their website for purposes of this verification.
Furthermore, the brand is not listed in the databases of any of these organizations.
You can check their respective websites to confirm for yourself.
EfxFinance is not a true broker
I’m looking at their account types and realizing that this is not your typical Forex broker but a sophisticated HYIP.
Deposits start at $350 where investors are promised free signals, pocket-friendly spreads, a financial plan and negative balance protection.
But when traders sign up, the broker does not offer any real Forex trading setup.
Instead, users have to provide the minimum deposit hoping to earn an unspecified weekly or monthly ROI.
This is not how licensed Forex brokers operate.
So EfxFinance is definitely not a broker but a shady website purporting to offer valuable financial services.
Pressure sales tactics
When you ‘invest’ with EfxFinance, there is a requirement to upgrade as soon as your balance reaches a certain amount.
If users fail to do so, the website will put their account on hold.
This is yet another suspicious behavior since Forex brokers typically don’t trade for their clients.
The reason they want you to ‘upgrade’ is because they would like to scam a significant portion of your money.
Starting with $350 isn’t enough for the thieves and extortionists.
The formation of a ponzi scheme
Ultimately, the rogues who run this website are not qualified and neither do they trade any financial markets.
They may be having some knowledge about how brokers write promotional stuff on their website but that’s just that.
It’s also clear that the scammer has invested in a very convincing website design to lure naive people into placing their deposits.
With no proof of trading but ROIs are supposedly generated, one can only conclude that website is either stealing funds right away or currently paying based on new investor deposits.
Either way, this is a formation of a scam.
I can see that the website of EfxFinance is very new as it was created in November 2020 and has no traffic yet.
Trusting these guys would be a blander because generically new websites purporting to offer financial services yet with no reputation could disappear anytime.
Now, the truth is that these frauds are shameless but very calculating as their victims are suckers who are born every minute.
Victims are obviously going to lose their first deposit and subsequent ones as well.
They lie on every page just like Efxtm (which is yet another fraudulent website).
It’s pretty easy to see these inconsistencies.
With no license yet they keep insisting on being regulated by multiple organizations, there’s nothing much to write home.
It’s just a scam.