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Updated on February 27, 2024

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Our Review Method ▲

In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding EFXGlobal due to the issues we've identified.


Is EFXGlobal Scam or Legit Broker? ▲

EFXGlobal has been flagged as a potentially fraudulent broker. This entity has been blacklisted by a renowned regulatory authority, marking it as a broker to steer clear of. The company behind EFXGlobal, Marketier Holdings Limited, is an offshore entity registered in the Marshall Islands, a location infamous for its virtually non-existent regulatory standards. Due to the minimal setup costs and lack of forex trading regulation, the Marshall Islands has become a haven for dubious forex brokers, including the likes of MegaTradeFX and Finbitex. Given these glaring red flags, traders are strongly advised to avoid engaging with EFXGlobal.


What is EFXGlobal? ▲

  • Registered in: Marshall Islands

  • Type of License: Offshore License

  • Is EFXGlobal safe to trade: No

  • Recommended Licenses: FCA in UK & ASIC in Australia


EFXGlobal is branded as a Forex and CFDs trading broker, under the ownership and operation of Xchange Group Ltd., which is incorporated in the Republic of Marshall Islands. Despite claiming a base in London, UK, on its website, the broker lacks regulation in the UK or any other jurisdiction, rendering it unauthorized to offer its financial services to potential traders. Additionally, the broker's website is accessible in various languages (German, Italian, Spanish, French, and Danish), indicating an attempt to target clients across European countries, despite the absence of proper licensing.


Overall EFXGlobal Ranking ▲

Upon thorough examination and considering our extensive findings regarding the safety and reliability—or lack thereof—of EFXGlobal, we are compelled to assign a negative ranking to this broker. Based on our expert analysis, which spans over a decade of experience in Forex trading and a comparative study with over 1000 other brokers, EFXGlobal receives an overall ranking of 2.1 out of 5. This score reflects our strong reservations about the broker's legitimacy and operational standards.


Pros ▲

  • Website supports multiple languages


Cons ▲

  • Lacks regulation from a reputable authority

  • Registered in an offshore zone known for minimal oversight

  • Blacklisted by a wellknown regulatory body

  • No legal rights to offer trading services in the UK or elsewhere

  • Associated with a company operating from a notorious offshore location


Conclusion ▲

In conclusion, our detailed analysis and comprehensive review strongly advise against trading with EFXGlobal. The overwhelming evidence pointing to its operation as an unregulated offshore broker, combined with its blacklisting by a recognized regulatory authority, underscores the significant risks involved. Offshore zones like the Marshall Islands are appealing to such entities due to low costs, tax exemptions, and lax regulatory requirements. Furthermore, the apparent shift in the broker's website offerings could indicate operational changes or discontinuation, adding to the uncertainty and risk.


The forex trading community is urged to exercise caution and opt for brokers regulated by credible agencies, such as the FCA in the UK or CySEC in Cyprus. These regulators not only enforce strict compliance standards but also offer compensation schemes to protect traders. Considering the negative overall ranking and the numerous red flags associated with EFXGlobal, traders are strongly recommended to seek alternative, reputable brokers to safeguard their investments and trading endeavors.


When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.

EFXGlobal

IG

Swissquote

Ranking

Is it safe?

Advantages

None

No

Low Fees

Yes

⭐⭐⭐⭐⭐

Education

Yes

⭐⭐⭐⭐⭐

Compare EFXGlobal with its peers

EFXGlobal

IG

Swissquote

Ranking

Is it safe?

Advantages

None

No

Low Fees

Yes

⭐⭐⭐⭐⭐

Education

Yes

⭐⭐⭐⭐⭐

Compare EFXGlobal with its peers

EFXGlobal
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In a Snapshot

Name: EFXGlobal

Website: www.efxglobal.com

Reason to avoid: Offshore license

Date: October 11, 2018

⚠️Caution: EFXGlobal operates as an unregulated broker, making it UNSAFE for trading activities.⚠️

EFXGlobal Review 2024

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