EFXGlobal Review

Beware EFXGlobal is a Non-Regulated broker. It is NOT SAFE to trade.

• Company name: Xchange Group Ltd.
• Registration/license: Marshall Islands
• Registration/license requirement: USD 2,000

EFXGlobal is a Forex and CFDs broker, owned and operated by Xchange Group Ltd., incorporated in Republic of Marshall Islands. The website state that the company is based in London, UK. The broker is actually not regulated in the UK or any other country, so it doesn’t have any legal rights to offer its financial services to potential traders. Also, the website supports different languages (German, Italian, Spanish, French and Danish), which means the broker has been targeting European countries. 

We highly recommend to avoid trading with unregulated offshore brokers are they usually turn out to be frauds. Many brokers prefer offshore zones because of the low cost, tax-free and light regulation requirements if any. Even if the broker is not a fraud, the clients have no protection in case something goes wrong as none of these companies provide compensation schemes. That’s why it is safer to choose brokers regulated by reputable agencies, such as FCA in the UK or CySEC in Cyprus. They both provide Compensation Schemes for the traders. Check the list of the FCA-regulated brokers here.