Sfemfx.com Review: SFEMFX Forex broker is another case of an unlicensed broker giving a slew of big promises and boasts. As usual our review takes an in-depth look at the features the broker (sfemfx.com) allegedly offers. The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about SFEMFX.
Table of Contents
SFEMFX Trading Platform
Sfemfx.com is poorly designed and looks unprofessional too. This broker claims that it supports the MT4 trading platform.
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The maximum leverage offered is 1:500.
SFEMFX Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has
Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
We could not find any discernible method that this broker uses to carry out transactions.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is SFEMFX Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
In checking the license status of this broker, we had to check several regulatory bodies. We checked the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others. At the end of our search, we didn’t find any licensing information concerning this broker.
To Know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others.
To get a better understanding of how brokers(both licensed and unlicensed) work, read our review on Fxcryptomine, FTG Markets, Capital GMA, Kiexo.
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Accounts
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
In fact checking this broker, we found that many of its claims were false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we lead to loss of your funds.
I am in the US and yes, they are egregious. Three days after I requested a withdraw(I have a balance of 30K+ in there), the customer service person just deleted hiss/her LINE account, and all I left with to contact them is the email address they have on their website, but they never reply to that. SFEMFX used to be MFF, I guess they became so notorious that they changed their domain. So they can disappear again and switch to another name without notice. It is still beyond me how can such things exists. So stay away from it