Effortfx-Some Detailed Information about This Broker

WikiFX | 2021-10-20 17:21

Abstract：Effortfx is owned and regulated by Effort Trading Limited, which is an unregulated forex and binary options broker and by definition the lack of a license in the industry means lack of credibility. While its demo MT4 may provide a competitive trading environment, the legal status of the company is much more important. Even if a broker offers the tightest spreads, what is the use, if its disappears with all its clients' money. There are too many scammers out there, so you’d better do your due diligence check and select a properly regulated broker.

General Information & Regulation

Effortfx is owned and regulated by Effort Trading Limited, which is an unregulated forex and binary options broker and by definition the lack of a license in the industry means lack of credibility. While its demo MT4 may provide a competitive trading environment, the legal status of the company is much more important. Even if a broker offers the tightest spreads, what is the use, if its disappears with all its clients' money. There are too many scammers out there, so youd better do your due diligence check and select a properly regulated broker.

Market Instruments

There are around 50 currency pairs, plus quite a few CFDs provided by Effort Trading. Sadly, cryptocurrencies arent supported.

Accounts & Leverage

Effortfx offers a single standard account with no minimum deposit disclosed. The maximum leverage levels available on Effort Tradings demo MT4 platform are 1:500. This is a high ratio, which is not suitable for all traders, but the availability of high leverage is a nice option nonetheless.

TRADE SIZE

The minimum trade size offered by this broker is 0.01 lots.

Spreads & Commissions

On its website Effortfx brags about a 0.2 pips spread. But based on some research test with the demo platform didnt confirm this, but it was found the spread on EUR/USD floating from around 0.9 – 1.0 pips, without any commission fees, which is a really good offer.

Trading Platform

The trading platform provided by Effort Trading is one of the best in the industry. MetaTrader 4 (MT4) has been around for quite some time, but it is still the most widely used FX trading terminal worldwide. Some of its top-notch features include superior charting, variety of technical analysis indicators and Expert Advisors (automated strategies), as well as customization options. In addition to the MT4, Effort Trading offers a web-based binary options platform.

Deposit & Withdrawal

No information is found on the payment options at Arena Trade. In any case, most brokers use cards like VISA and MasterCard, bank wire, and e-wallets like PayPal and Skrill. But this is not to be sure on weather the broker accepts all. Therefore Users are required to check further before trading.

Customer Service

Regarding the customer support service , we couldnt find any information weather the broker offers different means for clients to contact them.

Effortfx