Score

1.32 /10
Danger

Etofx Markets

United Kingdom

2-5 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

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Comparison

Quantity 4

Exposure

Time Machine
Website

Score

Regulatory Index0.00

Business Index5.50

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
Time Machine
Website

Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Etofx Markets Limited

Company Abbreviation

Etofx Markets

Platform registered country and region

United Kingdom

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 4 for this broker in the past 3 months. Please be aware of the risk!

WikiFX Verification

Pyramid scheme complaint
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Etofx Markets · Company summary
Etofx Markets Review Summary
Founded2-5years
Registered Country/RegionUnited Kingdom
RegulationUnregulated
Market InstrumentsForex, CFDs, ETFs, Options
Demo Account
LeverageUp to 1:500
SpreadFrom 0.6 pips on EUR/USD
Trading PlatformMT4(Web/Desktop), cTrader(Web/Desktop), WebTrader(Web)
Min Deposit$250
Customer SupportEmail: support@etofxmk.com

Etofx Markets Information

Etofx Markets is a broker with various trading instruments and different account types. Trading instruments include FOREX, CFDs, ETFs, and limited options trading, involving underlying assets including currency pairs, stocks, commodities, indices, and cryptocurrencies. These account types are standard, premium, and VIP.

Etofx Markets, an unregulated broker, claims spread as low as 0. Etofx Markets requires a spread of 0.6 pips on EUR/USD and a commission of $3 and also offers maximum leverage of up to 1:500.

Pros and Cons

Pros Cons
Leverage up to 1:500Unregulated
Spread as low as 0(From 0.6 pips on EUR/USD)Only one contact method: email
4 trading instruments: FOREX, CFDs, ETFs, and Limited OptionsNumerous accusations of pyramid schemes and fraud
3 account types: standard, premium, and VIPHome page closed
Difficulty of withdrawing money

Is Etofx Markets Legit?

Etofx Markets is not regulated and the broker's domain name has not been registered, which means the company will have security issues.

Is Etofx Markets Legit?
Is Etofx Markets Legit?

What Can I Trade on Etofx Markets?

Etofx Markets offers assets involving currency pairs, stocks, commodities, indices, and cryptocurrencies. Traders can choose trading instruments such as FOREX, CFDs, ETFs, and limited options to invest in these assets.

Tradable Instruments Supported
Forex(currency pairs)
Commodities
Stocks
Indices
Cryptocurrencies
CFDs
ETFs
Limited Options

Account Type

Etofx Markets provides three account types: standard, premium, and VIP. It can be observed that the VIP account has the lowest spreads on both EUR/USD and GBP/USD, which are 0.6pips and 0.8pips respectively. The standard account has the highest two items, with 1pips on EUR/USD1pips and 1.2pips on GBP/USD respectively.

Account Type StandardPremiumVIP
Spread on EUR/USD1.0pips0.8pips0.6pips
Spread on GBP/USD1.2pips1.0pips0.8pips
Commission$3$3$3
Maximum leverage1:5001:5001:500
Minimum deposit$250$250$250

Etofx Markets Fees

The EUR/USD spreads for standard, premium, and VIP accounts are 1pips, 0.8pips, and 0.6ips respectively. In addition, Etofx Markets requires a commission of $3.

Leverage

Etofx Markets offers the highest spread of 1:500, which means both gains and losses are expanded 500 times.

Trading Platform

Etofx Markets supports web-based trading platforms: MT4, cTrader, and WebTrader. MT4 and cTrader also support the desktop version. Even so, the version available from Etofx Markets is not flexible enough and lacks a mobile version.

Trading PlatformSupported Available Devices
MT4Web, Desktop
cTraderWeb, Desktop
WebTraderWeb

Deposit and Withdrawal

Minimum deposit is $250. Etofx Markets provides various payment methods: credit/debit cards, bank wire transfers, eWallets, and cryptocurrencies. The processing time is that credit/debit cards are processed immediately, while eWallets and cryptocurrencies require 1-3 working days. In addition, bank wire transfers need 3-5 working days to arrive.

User Reviews

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User comment

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FX1518667510
more than one year
The usual industry-standard spreads hover around 0.1-1 pips for major forex pairs. But, on Etofx Markets platform, I noticed that the spreads were often in excess of 2-3 pips and sometimes even more. For example, in one trade with EUR/USD, one of the most traded currency pairs, the spread was as wide as 3.5 pips, even during market hours. This difference of 2.5-3.5 pips might seem insignificant at first, but its impact became apparent on my trades. Take for instance a particular trade, where I was expecting a profit margin of around 6-7 pips. Under normal circumstances, deducting a typical spread of 1 pip, I would still have made a decent profit. But because of the 3.5 pips spread at Etofx Markets, my net gain was reduced significantly. In fact, higher spreads turned profits into losses on several occasions. Over time, these larger spreads cut into my potential profits, affecting my overall portfolio's performance and success rate.
The usual industry-standard spreads hover around 0.1-1 pips for major forex pairs. But, on Etofx Markets platform, I noticed that the spreads were often in excess of 2-3 pips and sometimes even more. For example, in one trade with EUR/USD, one of the most traded currency pairs, the spread was as wide as 3.5 pips, even during market hours. This difference of 2.5-3.5 pips might seem insignificant at first, but its impact became apparent on my trades. Take for instance a particular trade, where I was expecting a profit margin of around 6-7 pips. Under normal circumstances, deducting a typical spread of 1 pip, I would still have made a decent profit. But because of the 3.5 pips spread at Etofx Markets, my net gain was reduced significantly. In fact, higher spreads turned profits into losses on several occasions. Over time, these larger spreads cut into my potential profits, affecting my overall portfolio's performance and success rate.
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2023-10-11 10:36
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Oscar Walker
more than one year
The platform was as jittery as a rabbit in a fox den; constant glitches felt like hurdles in a sack race. And the order execution speed, trades dragged longer than a one-man conga line. It was slower than a slug on a date. Now, onto spreads. They were tighter than a miser's clutch on his penny. Fishing for profits felt like searching for a key in a haystack.
The platform was as jittery as a rabbit in a fox den; constant glitches felt like hurdles in a sack race. And the order execution speed, trades dragged longer than a one-man conga line. It was slower than a slug on a date. Now, onto spreads. They were tighter than a miser's clutch on his penny. Fishing for profits felt like searching for a key in a haystack.
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2023-10-10 17:57
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