Etofx Markets Forex Broker

Etofx Markets Review SummaryFounded2-5yearsRegistered Country/RegionUnited KingdomRegulationUnregulatedMarket InstrumentsForex, CFDs, ETFs, OptionsDemo Account❌LeverageUp to 1:500SpreadFrom 0.6 pips on EUR/USDTrading PlatformMT4(Web/Desktop), cTrader(Web/Desktop), WebTrader(Web)Min Deposit$250Customer SupportEmail: support@etofxmk.comEtofx Markets Information Etofx Markets is a broker with various trading instruments and different account types. Trading instruments include FOREX, CFDs, ETFs, and limited options trading, involving underlying assets including currency pairs, stocks, commodities, indices, and cryptocurrencies. These account types are standard, premium, and VIP. Etofx Markets, an unregulated broker, claims spread as low as 0. Etofx Markets requires a spread of 0.6 pips on EUR/USD and a commission of $3 and also offers maximum leverage of up to 1:500.Pros and ConsPros Cons Leverage up to 1:500UnregulatedSpread as low as 0(From 0.6 pips on EUR/USD)Only one contact method: email4 trading instruments: FOREX, CFDs, ETFs, and Limited OptionsNumerous accusations of pyramid schemes and fraud3 account types: standard, premium, and VIPHome page closedDifficulty of withdrawing moneyIs Etofx Markets Legit? Etofx Markets is not regulated and the broker's domain name has not been registered, which means the company will have security issues.What Can I Trade on Etofx Markets? Etofx Markets offers assets involving currency pairs, stocks, commodities, indices, and cryptocurrencies. Traders can choose trading instruments such as FOREX, CFDs, ETFs, and limited options to invest in these assets.Tradable Instruments Supported Forex(currency pairs)✔Commodities✔Stocks✔Indices✔Cryptocurrencies✔CFDs✔ETFs✔Limited Options✔Account Type Etofx Markets provides three account types: standard, premium, and VIP. It can be observed that the VIP account has the lowest spreads on both EUR/USD and GBP/USD, which are 0.6pips and 0.8pips respectively. The standard account has the highest two items, with 1pips on EUR/USD1pips and 1.2pips on GBP/USD respectively.Account Type StandardPremiumVIPSpread on EUR/USD1.0pips0.8pips0.6pipsSpread on GBP/USD1.2pips1.0pips0.8pipsCommission$3$3$3Maximum leverage1:5001:5001:500Minimum deposit$250$250$250Etofx Markets Fees The EUR/USD spreads for standard, premium, and VIP accounts are 1pips, 0.8pips, and 0.6ips respectively. In addition, Etofx Markets requires a commission of $3.Leverage Etofx Markets offers the highest spread of 1:500, which means both gains and losses are expanded 500 times.Trading Platform Etofx Markets supports web-based trading platforms: MT4, cTrader, and WebTrader. MT4 and cTrader also support the desktop version. Even so, the version available from Etofx Markets is not flexible enough and lacks a mobile version.Trading PlatformSupported Available Devices MT4✔Web, DesktopcTrader✔Web, DesktopWebTrader✔WebDeposit and Withdrawal Minimum deposit is $250. Etofx Markets provides various payment methods: credit/debit cards, bank wire transfers, eWallets, and cryptocurrencies. The processing time is that credit/debit cards are processed immediately, while eWallets and cryptocurrencies require 1-3 working days. In addition, bank wire transfers need 3-5 working days to arrive.