Abstract：Has eFX Markets taken away your deposited capital? Faced losses due to manipulative ‘stop loss and take profit’ orders? Were you denied fund withdrawals because you did not finish your trading lot? Did the broker lure you into trading through a fake welcome bonus and scam you later? Traders have accused the Virgin Islands-based forex broker of driving these fraudulent practices. In this eFX Markets review article, we have shared some complaints against the broker. Take a look!
Has eFX Markets taken away your deposited capital? Faced losses due to manipulative ‘stop loss and take profit’ orders? Were you denied fund withdrawals because you did not finish your trading lot? Did the broker lure you into trading through a fake welcome bonus and scam you later? Traders have accused the Virgin Islands-based forex broker of driving these fraudulent practices. In this eFX Markets review article, we have shared some complaints against the broker. Take a look!
Explaining the Top Forex Trading Complaints Against eFX Markets
The Fund Loss Complaint Against eFX Markets
A trader reported having lost approximately $500 on the eFX Markets trading platform. Elaborating on the complaint, the trader deposited the capital and was blocked by the broker from further communication. Understandably, the trader vented out with this negative eFX Markets review.
The Withdrawal Issue Concerning Trading Lot Size
A trader highlighted a peculiar case where eFX Markets prevented the former from accessing withdrawals since the trading lot was yet to be finished. The trader found it strange, as, according to his admission, this rule does not exist elsewhere. Check out the complaint screenshot below.
Traders Report Slippage-induced Fund Losses
Several traders have highlighted how the inappropriate triggering of stop-loss and take-profit orders on the eFX Markets trading platform has piled on their losses. Typical of a scam forex broker, eFX Markets hits these orders before the price can reach the predetermined level. The losses, undoubtedly, make traders angry and share negative eFX Markets reviews. Check below to know more about their complaints.
Multiple Complaints Against eFX Markets Concerning Losses Due to Bonus
eFX Markets is alleged to be involved in defrauding traders through a bonus offer. The manner of the scam remains slightly different, though. In one complaint, a trader said that the broker lures its clients into trading through a bonus offer and a bit of profit. After onboarding the clients, the broker gave them wrong trades with high lots with no hedging to minimize the losses they face. Whats more, eFX Markets is accused of preventing traders from closing orders. Instead, they ask traders to go for a swap at a fee of 120 USD. However, the broker never allows traders to recover their losses.
In another complaint, a trader claims eFX Markets is a fake company that offered a $200 welcome bonus on a $200 deposit. After trading and doubling the balance, the trader tried to withdraw funds but was told that withdrawals were restricted by company rules and only $10 could be withdrawn. Even that small withdrawal was never processed. The broker stopped responding, and there has been no contact for over two weeks.
Check out the multiple bonus-related complaints against eFX Markets.
Deposit is Fast, Withdrawal isnt, the Trader Alleged
While the deposit remains fast, withdrawals fail to match the pace. Some may have to wait for months to receive their funds, which seems to be the case after reading multiple withdrawal complaints. Read them below.
The Review of eFX Markets by WikiFX: Score & Regulation Status
After studying the complaints, the WikiFX team launched a deep investigation into eFX Markets operation, which included checking its regulatory status. Our suspicion proved true as the broker was found to be unlicensed despite being in the business for more than five years. Considering the massive investment risks for traders with eFX Markets, the WikiFX team gave the broker a score of 1.54 out of 10.
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