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No Regulation
Score
1.47 /10
Danger
EFOR
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Comparison
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Exposure
Time Machine
Website
Score
Regulatory Index0.00
Business Index6.68
Risk Management Index0.00
Software Index4.00
License Index0.00
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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Warning: Low score, please stay away!
Previous Detection :
2024-11-15
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
WikiFX Verification
Note: EFOR's official website: https://www.eforfx15.com/ is currently inaccessible normally.
| EFORReview Summary | ||
| Founded | 2021 | |
| Registered Country/Region | Ukraine | |
| Regulation | Not regulated | |
| Market Instruments | Forex, Crypto, Metals, and CFD | |
| Demo Account | ✅ | |
| Leverage | Up to 1:200 | |
| Spread | 1.2 pips | |
| Trading Platform | MT4 | |
| Customer Support | Phone | 0(850)7112734 |
| +850 7112734 | ||
| info@eforfx.com | ||
EFOR is an offshore broker offering Forex, Crypto, Metals, and CFDs. Besides, it offers four account types: Multi Account Manager (MAM), True ECN Account, Standard Account and Islamic Account. Moreover, it also offers demo accounts. However, it is not regulated by the National Securities and Stock Market Commission.
Pros and Cons
| Pros | Cons |
| Various trading assets | Not regulated |
| Popular trading platform MT4 | Lack of transparency |
| Demo accounts offered | Low leverage 1:200 |
Is EFOR Legit?
EFOR claims it was regulated by the Australian Securities and Investments Commission (ASIC). However, we can't find any information on it, even the local financial authority, the National Securities and Stock Market Commission.
What Can I Trade on EFOR?
EFOR offers over 50 currency pairs and various CFDs on precious metals, indices, cryptocurrencies and some 150 shares.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Cryptos | ✔ |
| Metals | ✔ |
| CFDs | ✔ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
EFOR offers four account types: Islamic account, Standard account, True ECN account and Multi Account Manager.
Leverage
EFOR's leverage is up to 1:200. However, it is not competitive in the market. And traders should alert the trap that leverage always comes with high profits, but also high losses.
Spreads
Different accounts have different spreads. The Standard account starts with 1.2 pips and the True ECN account starts with 0.0 pips. Besides, the Islamic account's spread is raw.
Trading Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Desktop, Mobile | Beginners |
Deposit and Withdrawal
EFOR can deposit through Neteller, PayPal, Skrill, Western Union, PayU, Bitcoin, VISA, MasterCard and American Express. However, the minimum deposit and fees are not mentioned.
Customer Service
| Contact Options | Details |
| Phone | +850 7112734 |
| 0(850)7112734 | |
| info@eforfx.com | |
| Support Ticket System | ❌ |
| Online Chat | ❌ |
| Social Media | Twitter, Facebook |
| Supported Language | English |
| Website Language | English, Ukrainian, Russian, and Arabic. |
| Physical Address | / |
The Bottom Line
In conclusion, EFOR is not a good choice for trading. Though it offers various trading assets and account types, it is not regulated by any financial authorities. Besides, traders can find more brokers with competitive leverage higher than 1:200. The most important thing is it shows no fees on its website.
FAQs
Is EFOR safe?
No, EFOR is not regulated.
What kind of trading platform does EFOR offer?
EFOR offers the most popular trading platform - MT4.
Is EFOR good for day trading?
No. There is no information about fees.
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