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EuropeFX Review - Is it scam or safe?

EuropeFX Review - is europefx.com scam or safe forex broker?

RATING: 3 / 12 REVIEWS EuropeFX
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Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
Bronze €200 1:200 Average of 1.4 pips*
Silver  €2,500 1:200 Average of 1.4 pips*
Gold €5,000 1:200 Average of 1.2 pips*

*These are the spreads mentioned on the broker’s website. Our testing with the demo platform revealed different conditions and we are not certain which of the two are available for live accounts

 

EuropeFX is a STP forex and CFD broker. The company states it is also planning to implement crypto-curency tradign soon. 

 

The Company. Security of Funds

 

Company Country Regulation
Maxiflex Global Investments Corp Ltd Cyprus CySEC

 

EuropeFX is a brand owned by Maxiflex Global Investments Corp Ltd. The company is based in Cyprus and falls under the regulatory oversight of the Cyprus Securities and Exchange Commissuion (CySEC). This gives them a lot of credibility. The company is also associated with a few other brands. Some of them are not operational, with the only available one at the time of writing of this review being Octalios.

 

For those of you who may not be familiar with the forex industry, financial regulation is very important. Different countries have different agencies specialized in overseeing the financial services sector. 

 

While financial markets may not be your first thought when you hear about Cyprus, the country is home to a lot of forex brokers and binary options providers. This is due to its EU membership, among other things. The aforementioned CySEC oversees a lot of companies and enforces its rulings upon them. From a trader’s point of view two regulations are key:

 

First and foremost, client’s funds have to be kept in the so called segregated accounts. This policy implies a broker can not simply take your money – there are special procedures, when they interact with your account balance. The second major rule is the presence of a compensation scheme. This is a system which functions pretty similarly to an insurance company – all the participating brokers have to deposit a small portion of their earning in a collective fund (much like the premium payments in insurance). The money then serves as collateral, in case one of these companies goes bankrupt. If you trade with a CySEC regulated broker, your account will be safe, against them going insolvent , up to € 20,000. 

 


Trading Conditions

 

Minimum Initial Deposit

EuropeFX has set the minimum deposit at €200. While this may not seem like a lot to some, there are brokers who are willing to accept even smaller clients. As an example, the FCA-regulated industry leaders at IG do not have a minimum deposit requirement – one can open an account with them for as low as one wishes.

 

That being the case, you must not view the minimum deposit level as a major factor, when comparing forex brokers. Their regulatory status is by far the most important factor.

 

Average spreads & Commissions

The exact spreads at EuropeFX are a bit of a mystery. While the company’s website claims an average of 1.2 – 1.4 pips our testing revealed a very different reality. Spreads were even lower, ranging from 0.1 to 0.4 pips on EUR/USD, but there was a $20 commission, per lot on top of that. The commission alone is worth an effective 2 pips. 

 

While the spreads announced by the company are fairly competitive with the current state of the industry, the conditions available at the platform aren’t. We do not know what spreads clients will receive in reality, but the mere fact there is such a difference between the two looks untrustworthy. If you want to keep up with the latest offers by some of the world’s leading brokers, feel free to check our real-time spread comparison page.

 


Leverage

EuropeFX provides a maximum leverage ratio of 1:200. This is a high level, capable of serving trading strategies, which involve some sort of risk management. You may feel this is not the case if you have seen the offers by other brokers, who provide 1:500 or even more.

 

Remember, higher leverage does not equal better trading conditions. It only allows you to take more risks, with the same amount of capital. While this may seem attractive to the risk-seekers, do beware, over-leveraging is one of the key reasons why traders loose money in the forex market.

 

Trading Platforms

 

 EuropeFX provides its services via MetaTrader4 (MT4). This is the current industry staple, which most brokers choose to implement. It is most-likely cheaper and certainly safer than developing a brand new solution. 

 

One of the key benefits of trading with MT4 is the great charting environment. It is further reiterated by the plethora of custom technical indicators available via the MQL marketplace – a broker independent online store where people can test, buy, sell or lease newly developed tools. Other than new technical indicators, automated trading systems are also available. They are better known as Expert Advisors and you can read some of our reviews on the commercially sold ones here.

 

Here is a preview of the MT4 platform, as provided by EuropeFX (click to zoom-in):

 

 

Methods of Payment

 

The payment methods at EuropeFX include Bank Transfer, Credit/Debit Card and a few e-wallets, namely WebMoney, Yandex and iDeal. While the list includes several on-line solutions, they are clearly focused primarily on the Russian market.

 

Conclusion

 

EuropeFX is a CySEC regulated forex broker. The most unique feature they have is the confusion in regards to the trading conditions and more specifically the spread. This may be a temporary oversight, though it is a pretty major one. This leaves a negative impression on an otherwise well regulated company. Here are the pros and cons of EuropeFX:

 

Pros Cons
CySEC Regulation Lack of clarity spreads
MetaTrader4 (MT4) available  

 

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Traders` reviews for EuropeFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

EuropeFX - Pure scam and phone terror

Do not invest any money in this company. It is a pure scam. As example, when withdrawing your money they charge a fee of 10% of your total funds to do this. Swaps are bad, spreads are bad. Everything in this company is bad.

Then there is the pure phone terror of them. You easily get called 15 times a day. Until late in the evening. They hand out your information to other companies. So expect to be called a lot when you give them any information.

Frank 11/14/2018

Do not invest

I have heard of bad dealings from this company and confirmed it personally. After losing 40,000USD I can tell you categorically that it is a scam. Happy to hear peoples opinion on this Binary Options menace via my Quora profile.

callum skei 10/22/2018

Not so bad

cmc is better broker with better spreads, but this broker is good for stocks - they dont close them in earning report and pricing is average+

benjamin Koulsi 10/19/2018

a trick with the broker

broker has high swaps and comissions but very low spreads. open account, dont trade, they will call you, convince them for 50% promotion of lower comissions and swaps and then you can actully make money.

broker has bad leverage on most assets... but if you interested in cryptos there is a variety.

started to trade with them, had good experience, but then had problems with comissions and swaps it was too much... but after negotiating with them, i got what i wanted and so far so good.

trading platform is metatrader 4 which im familer with, but no mobile trading.

i would give 8/10

Mocknil Bushootul 10/19/2018

Account set up in my name but not by me ...

Yesterday and today I had 3 emails from EFX thanking me for starting an account with them and asking me to begin my making my first deposit. I have no money, living on less than £100 a month for food an petrol once my regular bills are paid.
I rang them and was told to reply to one of the emails cancelling my account. I have done this and asked them to investigate who set up the account in my name.
I need now to visit all the site I use where the same password is used that was given to EFX.
Kim Spicer

Kim Spicer 09/25/2018

Perso tutto

Che dire!!
Ho pensato che EuropeFX è investire nel trading mi potesse cambiare la vita dopo molte delusioni economiche.
Premetto che non avevo mai fatto trading.
Ho iniziato come tutti con i 200 €, poi aumentando fino a 1000. Avuto inizialmente dei guadagni che mi hanno fatto sperare. Il consulente con il passare dei giorni mi ha fatto cambiare livello1:200 per poter operare con le criptovalute.
Ho sempre ricevuto richieste di aumento di capitale perché dicevano che avrei fatto soldi.
Mi hanno fatto fare operazioni rischiose e sempre mantenendo il capitale occupato in modo che non potessi prelevare denaro.
Dopo la perdita di oltre 8 k ti senti dire che loro non hanno la sfera di cristallo e che la borsa é così. Il consulente che mi seguiva non si é fatto più sentire.
Ho cercato di recuperare qualcosa investendo ulteriore denaro ma sempre con solita fine. Perdere.
Quello che ho notato é che hanno come riferimento il sito di investing.
Altra cosa notata è che mi da dubbi di correttezza su piattaforma metatrade4 é che se vai ad acquistare un prodotto in salita, quasi subito il prodotto prende tendenze al negativo e viceversa. Questa cosa l'ho verificata più di una volta e catturata immagine del grafico.
Anche con le commissioni e swap non ci si capisce niente. Dopo la perdita mi avevano garantito il pagamento di metà commissioni se avevo continuato per recuperare.
Comunque esperienza negativa...

Translated by Google:


1421/5000
What to say!!
I thought that EuropeFX is investing in trading could change my life after many economic disappointments.
I state that I had never traded.
I started like everyone with € 200, then increasing up to 1000. I initially had the gains that made me hope. The consultant with the passing of the days made me change level1: 200 in order to operate with cryptocurrencies.
I have always received requests to increase capital because they said I would make money.
They made me do risky operations and always keeping the capital occupied so that I could not withdraw money.
After the loss of over 8 k you feel like saying that they do not have a crystal ball and that the bag is like that. The consultant who followed me did not feel any more.
I tried to recover something by investing more money but always with the usual purpose. To lose.
What I have noticed is that they refer to the investing site.
Another thing noticed is that it gives me doubts of fairness on the metatrade4 platform is that if you go to buy a product uphill, almost immediately the product takes tendencies to the negative and vice versa. This thing I checked it more than once and captured the image of the chart.
Even with commissions and swaps, nothing is understood. After the loss I was guaranteed to pay half the fees if I continued to recover.
However negative experience ...

Massimo R. 09/13/2018

Europefx - Biggest mistake ever

Biggest mistake ever.
Limited training
Constant requests to deposit more
No real management of your account.
Difficulty withdrawals
Coerced and Misleading,
Management threatend legal action if negative feedback left
No transparency
Pushed into opening trades with no stop losses
Paltry compensation offered.
Sickening to lose all my savings of 6k
Listen to your alarm bells I didn’t,

J Smith 08/30/2018

Opaque sign up process

After following a link from the Bitcoin System promotional site I was directed to Trader101.io It seems that in order to gain access to Crypto currency trading I had to provide my personal and contact details first. Only then with the help of a call back from a sales advisor based in Geneva was I guided through the completion of a lengthy questionnaire towards the end of which I stopped short of making the initial deposit of £200 that is required to get access to EuropeFX. When I learnt that this meant that I would get passed onto a relationship manager I halted the process. It seems like you would have to pay before you get any example detail about the trading positions on cryptocurrencies. Although the salesperson was patient with my questioning I nevertheless came away with the impression after 45 minutes that my customer journey experience was opaque. I was unable to understand from this convoluted encounter with Trader101 and EuropeFX whether actual cryptocurrency trades would be possible.

Rowley Livock 08/14/2018

EuropeFX - Not a good choice

I can't recommend EuropeFX as a serious CFD-broker, because:
1.) To mention, that I received premium conditions. Conditions are not transparent, but negotiated like in a Turkish bazar. Product managers act like carpet dealers.
2.) Spread is not transparent, and in many cases twice as much as other brokers. Additionally, a substantial commission is charged on each transaction.
3.) SWAP is ten times higher (!) than my current brokers'.
4.) Webinars are offered, but unfortunately the quality is at most average. Speakers act comedian style, and progroses are like that.
Don't go there. Never!

Otto Versand 06/10/2018

company complaint

joining europefx was one of the biggest mistakes i made. they may be operating a scam from the very large amount of swap and commission they are chargeing and the very poor level of service i am getting from them when i tryed to talk the head manager he hung up on me. nothing was explained to me about the platform swap and commission except i was told i was getting free commission at the start and later i was told i was getting free commission again but it never happened they do not keep to there word and they know very little about the market and i have lost alot of money because of them and i have been charged thousands with swap and commission they were to cut the swap in half but they never did.have more to say about them later that is not good.

gerry 05/05/2018

Biggest Mistake of my life

I joined EuropeFx 3 months ago December 2017 this was new me and after initially speaking with them what started as a £200 investment turned to £12,500
I have now lost every penny the whole lot
There are risks in everything but not like this.
This has just ruined my Marriage and wiped out my savings. Whenever you call their office you rarely get through. They sent me an email saying my margin level needed attention I initially could not get to.speak to anyone and when I did and followed their advise to stop me from making substantial lost until I could speak.direct with the advise manager assign to this was the result.Whoever reads this can draw their own conclusion I had to say this because I know what this
It is now 27th February 2017 and in ruins it may not sound a lot but to me and my family this was our savings.

M Gordon 02/28/2018

Never again

I joined europe fx over three months ago and wasnt able to access the user portal i just kept getting password failed after many hundreds of calls they allowed me access so after being messed around for so long i pulled my money out they took 250 gbp for one single day of access to their portal. very rude and aggressive on the phone when talking about it. I will stick with Etoro im never going near a stock broker in this way again it was a terrible experience and in the end a big scam.

Steven Gault 11/21/2017
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