Reason to avoid: Offshore license
Listed Date: October 18, 2018
Top 3 Regulated Forex Brokers
Beware Efexa1000 is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: EFEXA 1000 Ltd.
- Registration/license: Saint Vincent and the Grenadines
- Registration/license requirement: USD 2,000
Efexa1000 is a Forex brokerage owned and operated by the EFEXA 1000 Ltd., with the headquarters in Saint Vincent and the Grenadines. The company claims to have IT department and backoffice located in London, the UK, although Efexa 1000 is not regulated to provide its services in the UK and turned out the company is not regulated in any other country.
There is also a discrepancy in the regulation info as the website states that EFEXA1000 Ltd. is a part of group Instant Trading EU Ltd. regulated and licensed by CYSEC under 266/15 Company, but it is actually a false statement as the EFEXA 1000 Ltd. got blacklisted by CySec because of providing this kind of information:
“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors about the following regarding “Efexa1000 Ltd” (the “Company”): 1. The Company, through the website efexa1000.com, claims to be part of the Instant Trading EU Ltd (the “CIF”) group, which is licensed (License No. 266/15) and regulated by CySEC, while it has no relationship with the CIF. 2. The Company does not hold a license from CySEC for the provision of investment services and/or investment activities, as provided for in Article 5 of Law 87 (I) / 2017.”
Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). These are well-respected institutions, also enforce strict regulatory standards upon all brokers in their jurisdictions.