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EuropeFX Broker Review

Online broker EuropeFX specializes in CFDs and forex trading. Maxiflex Ltd. is the parent organization that runs this broker. Previously known as Maxiflex Global Investments Corp Ltd, this company has had issues with regulators in the past. Regulators have criticized this company for using deceptive marketing strategies and fabricating endorsements.

Financial regulators’ cautions

After Brexit, any businesses that wished to continue doing business in the UK had to choose to obtain an FCA license. Many of them, however, chose not to do so and continued working with UK clients. 

As a result, the FCA warned a number of brokers, including EuropeFX, and verified that the broker is no longer authorized to offer CFD trading in the UK.

How to Begin with EuropeFX

A fairly normal selection of assets are available to traders with EuropeFX. Additionally, CFDs on stocks, indices, and commodities are offered. There are numerous currency pairings accessible as well. 

The forex spreads are extremely advantageous, ranging from 0.1 to 0.4 pip. Unfortunately, this seems too good to be true. EuropeFX adds a significant commission on spreads for all currency lots.

EuropeFX Trading Restrictions

The operations of EuropeFX are currently under investigation by the Australian Financial Regulator, ASIC. They have requested an asset restraint order against the broker, which significantly restricts their ability to operate in Australia. This inquiry focuses mostly on marketing strategies and transparency. Many online user evaluations of EuropeFX claim that the broker does not sufficiently disclose the dangers associated with trading CFDs.

Beyond this inquiry, the UK’s FCA has revoked EuropeFX’s authorization to conduct CFD trading within the UK. They had passporting privileges with the UK as a CySEC-registered broker, which made it possible for them to conduct business with UK residents. The company will no longer be able to sell or market CFDs to citizens of the UK as of June 2020. The obligatory risk disclaimer for CFDs is included on EuropeFX’s website, although it is placed in a very inconspicuous area. A broad FCA initiative that terminated numerous internet brokers’ passporting rights included this ban.

EuropeFX Account Types and Bonuses

The broker offers four distinct account types. Bronze, silver, gold, and platinum are these. The bronze account’s minimum deposit is €1,000, which is ten times the standard minimum deposit for online brokers. 

With a minimum deposit of €10,000, the platinum account offers a number of premium features, including in-house FX experts and lower lot commissions.

Finally, EuropeFX provides traders with access to a leverage ratio of 1:200, which is quite risky. In the EU, 1:30 is the legally required maximum. With higher leverage, novice traders can lose more money all at once, and they frequently are unaware of this until it is too late.

EuropeFX Conclusion

Maxiflex Ltd, a firm well-known for binary options scams, is the owner of EuropeFX. We therefore cannot claim that EuropeFX is a reliable business. With the name change, Maxiflex Ltd. attempted to conceal its past. A trustworthy broker has no issues using the same name for a long time.

Despite having a CySEC regulation, EuropeFX is not regarded as secure. The company’s owner is a business involved in binary options fraud. The owner of EuropeFX, Maxiflex Ltd, recently changed its name, perhaps as a result of public awareness of its association with binary option scams.

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