Thinking of getting into business with Beneffx? Here is what you must know about this broker. Carefully read this review to find out if beneffx.com is the trading platform you will want to trade with.
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About Beneffx Broker
Beneffx is an offshore brokerage company with a lot of promises for traders. The broker is operated by Optium LTD with the address showing Ajeltake Island, Majuro, Marshall Islands.
Also, the broker claims to offer 24/6 Customer Support, daily market review, personalized trading strategy, exclusive position access.
There are different account types Beneffx offers namely: Be- Basic 10%, Be-Silver20%, Be-Gold 50%, Platinum 70% and VIP 100%.
In spite the trading instruments Beneffx claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
beneffx.com: Reasons to Avoid This Broker
Firstly, beneffx.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because no financial authority monitors its financial activity.
Secondly, we noticed beneffx.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with a scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Beneffx charges fee for bank wire is $100 and for other payment methods is $50.
Also, the broker charges forex traders to a service fee of 3.5% that is equal the amount of $30.
Minimum Deposit
Beneffx minimum deposit is said to be $250.
As for the payment methods, we can make payment via Credit/ Debit card, Bank Wire Transfer and other E-wallets. However, you should not consider making any payment with this broker because it is a risk. So beware!
Beneffx Platform
Beneffx offers web based trading software and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1: 400. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Beneffx Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is beneffx.com a Reliable Broker?
beneffx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
More so, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
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