Beneffx Forex Broker

Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only. General Information & Regulation Feature Detail Regulation No Regulation Market Instrument 1,000+ assets:CFD trading on Currency Pairs, Stocks, Commodities, Indices, and Cryptocurrencies Account Type Classic, Silver, Gold, VIP and Black Demo Account N/A Maximum Leverage 1:400 Spread (EUR/USD) 3 pips Commission N/A Trading Platform Be-Web Platform & Be-Mobile Minimum Deposit $/€250 Deposit & Withdrawal Method Credit/Debit cards, Wire Transfers, Skrill, Neteller and other e-wallets Beneffx.com, a trading name of Optium LTD, is allegedly a forex and CFD broker registered in the Marshall Islands that claims to provide its clients with 1,000 assets with flexible leverage up to 1:400 and floating spreads on the Be-Web Platform and Be-Mobile trading platforms via 5 different live account types. Here is the home page of this brokers official site: As for regulation, it has been verified that Beneffx.com currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.23/10. Please be aware of the risk. Trading Products Beneffx.com advertises that it offers access to 1,000+ assets, which include CFD trading on Currency Pairs, Stocks, Commodities, Indices, and Cryptocurrencies. Account Types Beneffx.com claims to offer 5 types of trading accounts - Classic, Silver, Gold, VIP and Black, with minimum requirements of $/€250, $/€2,500, $/€25,000, $/€10,0000 and $/€20,0000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less. The broker also offers Islamic accounts. Leverage The leverage provided by Beneffx.com is adjusted based on the account type. For example, 1:100 for the Classic account, 1:200 for the Silver account, 1:300 for the Gold account, 1:400 for the VIP account and tailored leverage for the Black account. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you. Spreads The trading costs revealed by the Webtrader at Beneffx.com are 3 pips spread for EUR/USD, while the industry average is just 1.5 pips. Trading Platform Available Instead of the world's most advanced and popularly-used MT4 and MT5 platforms. Beneffx.com claims to give traders Be-Web Platform and Be-Mobile. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors. Deposit & Withdrawal The minimum deposit with Beneffx.com is $250 allegedly via Credit/Debit cards, Wire Transfers, Skrill, Neteller and other e-wallets. As for withdrawals, the minimum amount is $50 for Credit/Debit cards and $100 for Wire Transfers. Additionally, each transaction costs 3.5% of the sum (the minimum is $30), while the Black accounts are not required to pay withdrawal fees. Fees Apart from the withdrawal fee charged, the FAQ section of Beneffx.com states that the inactivity fee is $10 per month, while according to the Terms, it should be 50 units. Customer Support Beneffx.coms customer support can be reached by telephone: +448438091171 (United Kingdom), +442037576558, email: info@beneffx.com, support@beneffx.com or send messages online to get in touch. Registered address: Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960. Pros & Cons Pros Cons • Multiple tradable products, account types and payment options offered • No regulation • Uncompetitive EUR/USD spreads (3 pips) • High transaction fee and inactivity fee charged • Beginner-unfriendly minimum deposit ($/€250) Frequently Asked Questions (FAQs) Q 1: Is Beneffx.com regulated？ A 1: No. It has been verified that Beneffx.com currently has no valid regulation. Q 2: Does Beneffx.com offer the industry-standard MT4 & MT5？ A 2: No. Instead, Beneffx.com offers Be-Web Platform & Be-Mobile. Q 3: What is the minimum deposit for Beneffx.com？ A 3: The minimum initial deposit to open a Classic account is $/€250, while $/€2,500 for the Silver, $/€25,000 for the Gold, $/€10,0000 for the VIP and $/€20,0000 for the Black. Q 4: Does Beneffx.com charge a fee？ A 4: Like every forex broker, Beneffx.com charges a spread fee. It also charges a transaction fee and an inactivity fee. Q 5: Is Beneffx.com a good broker for beginners？ A 5: No. Beneffx.com is not a good choice for beginners. Not only because of its unregulated condition, but also because of its terrible trading condition, beginner-unfriendly minimum deposit and high fees.