Not all brokers can be trusted with your money. Bankefex offers its brokerage services as an unpopular offshore brokerage organization operating without oversight from serious government regulators and a lot of reviews. Although the firm speaks well of itself, in reality, it could be just an ordinary scam.
Brief Overview
- 🖥Official Website: bankefex.com
- ✈️Contact Address: Fomboni, Island of Mohéli, Comoros Union
- 📞Customer Support: [email protected], +18008704502
- 🔐Licensing and Accreditation: MISA
- ⏳Track Record: 2023
- 🧰Specialization: brokerage service
- 🤝Terms of Cooperation: $5,000, 1:200
- 💰Additional Services: academy, event room, webinars, signals
Bankefex.com Examination
The official website of the firm provides information about trading conditions, available asset classes for trading, the platform, and some facts about the broker’s activities. Overall, nothing critically negative has been found about the Bankefex official site. The broker provides most of the information that traders need but says little about its operations, such as the length of time it has been in business, the names of the founders, or its business model.
At the same time, the company has not shown anything interesting or unique. The broker uses a classic layout: at the top, there are sections with information and buttons for login and registration, followed by several slides with motivational phrases highlighting various advantages and benefits. Then comes the main page, which also lists conditions and opportunities for clients, and in the footer, there are contact information, links to social media, duplication of the upper sections, and risk warnings.
Company Contacts
You can communicate with Bankefex employees in various ways. The main ones are email and phone calls. However, it is more convenient to do this through the online chat connected to the official website. Unfortunately, managers respond quite slowly. The reason for the slow response is unclear; either there are few employees, or this is the firm’s policy. Links to X (Twitter), Instagram, Facebook, and YouTube are also available. You can try writing there. It is noticeable that posts are being made, but the lack of followers looks suspicious.
Key Conditions
Bankefex is a CFD broker that offers trading through its own software, which likely has a backdoor in its system. This allows the company to “create” charts as needed to ensure clients lose money, while the company profits. There is no possibility of trading positions being routed to the interbank market or liquidity providers because such a firm cannot operate as ECN/STP, only as a dealing desk. This is the first and most important risk that every trader should be aware of. CFDs are an excellent tool that can be easily manipulated, as the liquidity is artificial, just like the charts. Combined with their own platform, the broker has all the opportunities and various schemes to deceive users and take their deposits.
Moreover, the spreads here are of a fixed type, and the broker promises no slippage. All of this once again proves that trading here is fake. In a real market, spreads would be floating, and slippages and requotes are an integral part of trading.
Two other significant drawbacks of Bankefex are the leverage of 1:200 and the minimum deposit of $5,000. Both parameters are excessively high. Leverage of 1:200 guarantees the absence of a license from a serious regulator, as they prohibit such a service. And a minimum deposit of $5,000 essentially forces traders to risk a significant amount of money. At the same time, there is neither a demo account nor a cent account available.
Furthermore, the broker uses a standard approach in creating their accounts: the better the plan, the higher the minimum deposit, but also the more additional services for clients. Thus, the company tries to extract more money by offering better conditions and a more varied range of services on plans with a higher minimum deposit.
Exposing Bankefex
What is the catch with this company? Although the firm appears more or less safe, despite the presence of a conflict of interest and suspicious trading conditions, it still requires thorough verification. It is necessary to find out the length of time it has been operating in the financial market, whether the broker holds licenses, and if there are any other red flags. It is very important to conduct such an analysis before opening a brokerage account and making a deposit to avoid getting into trouble.
The website is managed by the legal entity Direct Prime Ltd, which is registered in the Comoros Islands, with data from the MISA registry provided. This company was registered in this jurisdiction in 2022, but it has another website — direct-prime.com. What is its relation to Bankefex? In reality, it doesn’t matter, as the very fact that the organization is registered in this country is negative. The MISA financial commission is not a regulator that can be trusted or that strictly controls the activities of brokerage companies. A serious firm would obtain licenses from CySEC, FCA, ASIC, BaFin, or other state regulatory bodies. MISA does not give traders any guarantees, so this can be ignored.
It also looks strange that the legal entity was registered in 2022, while the domain bankefex.com appeared in mid-2023. This is indicated by the Whois service. Essentially, the platform started operating a year ago. Can such a period be considered long and serious? Of course not.
So, what do we have? There is no serious oversight by financial commissions, the period of operation is short, and the business model is 100% b-book, which means there is a conflict of interest. The founders and management are anonymous. Therefore, the number of scam signs here is simply off the charts.
What Reviews Do Users Leave?
It is also important to see what people are saying about the company on the internet. Perhaps someone has already traded and can provide feedback. It is noticeable that there are very few reviews about Bankefex. There are both negative and positive reviews, with the positive ones looking fake, and such reviews should not be trusted. The company is not popular, is not well-known, and real traders do not trade here. Even on social media, there are no followers, and there is no activity on posts, such as likes and comments.
Conclusions
In the Bankefex review, it was proven why the broker is fraudulent. Offshore dealing centers that require a huge minimum deposit and do not offer alternatives for those who want to try trading with $100 should not be trusted. There are no reliability guarantees, so the platform should never be trusted. No long track record and no license means no deposit.
Pros/Cons
- The terms and registration data are specified.
- There is an online chat.
- Illegal activities.
- The operation period is a year or even less.
- Few reviews on the internet, and no activity on social media.
- Inadequate conditions: conflict of interest and high minimum deposit.
- Account registration is impossible due to an error.
Bankefex is a scam broker that will definitely steal your money! Be prepared for withdrawal issues. This pseudo-firm hides behind the legal details of another organization, which is also a scam. In general, 99% of brokers registered with MISA are scams and frauds. If you see a company indicating a legal address in Mwali, Comoros Islands, it is a reason never to open a brokerage account there. I once fell for a similar scam and lost $15,000; I don’t want to experience that again. This will be exactly the same story. I am warning you right away.
Everything was going well until I wanted to withdraw. I have $6,531 in my account that I cannot withdraw. The managers ask me to re-verify my identity and pay some tax, which cannot be paid from the amount I want to withdraw but needs to be made as a separate deposit. I realized that I had fallen into a fraudulent trap. The money in my bankefex.com account is likely something I will never see again.