eForex

GENERAL INFORMATION AND REGULATION

E-Forex is an offshore broker specifically targeting users in Vietnam. Although it appears to be part of a network of brokers operating in different parts of the world, the E-Forex website does not inspire confidence. It is advisable to consider other options if you have decided to invest in the financial markets.

Although the E-Forex website also has an English version, the default language is Vietnamese and some of the information and menus are only available in Vietnamese. The website also does not accept registration with IP addresses outside Asia and the Middle East.

Since forex trading is banned in Vietnam, brokers who want to serve clients from that country must be registered in another jurisdiction. The company behind the E-Forex is BMFN Limited, which is said to be incorporated in the Republic of Vanuatu.

MARKET INSTRUMENT

eForex allows traders to select from the wide range of popular asset traded globally which are: Forex, Commodities, ETFs, Equities and Index.

ACCOUNT AND LEVERAGE

The E-Forex website describes three types of accounts – Standard, ECN and VIP. The minimum deposit for a Standard account is just 5 USD, EUR or GBP.

STANDARD ACCOUNT

• Spreads (from 1 * pips);

• Minimum transaction (0.01);

• Minimum deposit requirements ($ 5 / € / £)

ECN ACCOUNT

• Lowest market transaction fee (from 0 pips);

• Discount up to $ 2 / lot;

• Deposit a minimum of $ 1000

VIP ACCOUNT

• Spreads (from 0.6 * pips);

• Minimum transaction (0.01);

• Minimum deposit requirements ($ 25,000)

All accounts are subject to the same leverage levels, which reach 1:400 for major currency pairs. Similar levels cannot be seen at regulated brokers, so this is further proof that E-Forex cannot operate in Australia or the EU.

SPREADS AND COMMISSIONS

The account descriptions indicate a spread of between 0 and 0.5 pips. In the MT4 platform, slightly higher levels of 0.7 pips can be seen. However, this remains a fairly competitive level relative to industry averages. However, the E-Forex Terms and Conditions lack a detailed description of all fees, so it is uncertain whether trading with E-Forex is really that favorable.

TRADING PLATFORM AVAILABLE

E-Forex offers the most widespread trading platform in the industry – MetaTrader 4 (MT4). Only recently has the newer MetaTrader 5 managed to overtake MT4 in number of users, but the older platform remains the leader in trading volume.

These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

DEPOSIT AND WITHDRAWAL

The E-Forex website states that the allowed payment methods are the Skrill and Neteller e-wallets and also the Vietnamese NganLuong.

However, after registering and logging into the customer system, a warning appears that only the NganLuong and Zotapay payment methods are available for Vietnamese customers. In the deposit menu itself, the only active option was NganLuong, even though our account was not registered with a Vietnamese IP.

Such inconsistencies do not inspire confidence in E-Forex. Regulated brokers typically offer multiple payment methods to their clients, including bank transfer, credit/debit cards and popular e-wallets.

CUSTOMER SERVICES

From what we can see on the brokers website, their Customer support team can be reach through email, submitting Tickets requesting a call back or by visiting their physical address provided.