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How secure is EFT for trader?
AlexLE
Nigeria
Jun 09, 2022
ANSWER EFT is not a licensed or regulated broker even though it states offers that look good to be true. EFT claims it is registered in the Companies House of United Kingdom (CH) as a Private Limited Company in 1999. However, we did not find any match results to EFT in CH. Besides, CH is the United Kingdom's registrar of companies which has no legit rights to regulate any forex activities.What's more, EFT claims to be regulated by the UK Financial Conduct Authority (FCA) and the Cyprus Security Exchange Commission (CySEC). However, we did not find any match results to EFT in CySEC. When we searched in FCA, we found this broker had already been blacklisted by FCA for providing financial services without authorization. You can check the full warning from here.The truth is, EFT is not overseen by any regulators. That means investors' funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like EFT and trade with licensed brokers.
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FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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