EFOR Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-10-12 10:52

Abstract：EFOR is an offshore broker offering Forex, Crypto, Metals, and CFDs. Besides, it offers four account types: Multi Account Manager (MAM), True ECN Account, Standard Account and Islamic Account. Moreover, it also offers demo accounts. However, it is not regulated by the National Securities and Stock Market Commission.

　　Note: EFOR's official website: https://www.eforfx15.com/ is currently inaccessible normally.

EFORReview Summary
Founded	2021
Registered Country/Region	Ukraine
Regulation	Not regulated
Market Instruments	Forex, Crypto, Metals, and CFD
Demo Account	✅
Leverage	Up to 1:200
Spread	1.2 pips
Trading Platform	MT4
Customer Support	Phone	0(850)7112734
		+850 7112734
	Email	info@eforfx.com

　　EFOR is an offshore broker offering Forex, Crypto, Metals, and CFDs. Besides, it offers four account types: Multi Account Manager (MAM), True ECN Account, Standard Account and Islamic Account. Moreover, it also offers demo accounts. However, it is not regulated by the National Securities and Stock Market Commission.

Pros and Cons

Pros	Cons
Various trading assets	Not regulated
Popular trading platform MT4	Lack of transparency
Demo accounts offered	Low leverage 1:200

Is EFOR Legit?

　　EFOR claims it was regulated by the Australian Securities and Investments Commission (ASIC). However, we can't find any information on it, even the local financial authority, the National Securities and Stock Market Commission.

What Can I Trade on EFOR?

　　EFOR offers over 50 currency pairs and various CFDs on precious metals, indices, cryptocurrencies and some 150 shares.

Tradable Instruments	Supported
Forex	✔
Cryptos	✔
Metals	✔
CFDs	✔
Options	❌
ETFs	❌

Account Type

　　EFOR offers four account types: Islamic account, Standard account, True ECN account and Multi Account Manager.

Leverage

　　EFOR's leverage is up to 1:200. However, it is not competitive in the market. And traders should alert the trap that leverage always comes with high profits, but also high losses.

Spreads

　　Different accounts have different spreads. The Standard account starts with 1.2 pips and the True ECN account starts with 0.0 pips. Besides, the Islamic account's spread is raw.

Trading Platform

Trading Platform	Supported	Available Devices	Suitable for
MT4	✔	Desktop, Mobile	Beginners

Deposit and Withdrawal

　　EFOR can deposit through Neteller, PayPal, Skrill, Western Union, PayU, Bitcoin, VISA, MasterCard and American Express. However, the minimum deposit and fees are not mentioned.

Customer Service

Contact Options	Details
Phone	+850 7112734
Phone	0(850)7112734
Email	info@eforfx.com
Support Ticket System	❌
Online Chat	❌
Social Media	Twitter, Facebook
Supported Language	English
Website Language	English, Ukrainian, Russian, and Arabic.
Physical Address	/

The Bottom Line

　　In conclusion, EFOR is not a good choice for trading. Though it offers various trading assets and account types, it is not regulated by any financial authorities. Besides, traders can find more brokers with competitive leverage higher than 1:200. The most important thing is it shows no fees on its website.