SFEMFX Review: this is the name of a Forex broker that hides its location details and claims to offer a ‘dedicated’ trading platform. Is it safe to invest funds in SFEMFX? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
SFEMFX does not provide much by way of details on its website. Instead, what we see are many details about what Forex trading is and other such explanations. But it does mention Sunlaideal FE Markets Limited, a company in Australia.
Again, the ASIC that regulates Forex activities in Australia does not list either Sunlaideal FE Markets Limited nor SFEMFX. This means that SFEMFX or SFEM FX is not a regulated Forex broker.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of SFEMFX
SFEMFX says it is a dedicated Forex company that is dedicated to serving global investors. Most of the details on its website only provide definitions of terms related to Forex trading. It does not even try to sell itself to traders.
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It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
SFEMFX Trading Platform
The broker claims to provide an MT4 trading platform for clients. It allows you to check its platform on a demo account. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
SFEMFX does not mention what trading instruments that traders would be able to use on its platform. This is a discouraging find. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The broker does not even mention the maximum leverage that it offers to clients as well. It is important to note that while some leverages may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.
It also hides what spreads it allows for trading, this shows that the broker is not really serious. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods SFEMFX
We found that SFEMFX does not allow withdrawal and deposit through the popular transaction means.
This is discouraging because one of the characteristics of a legit broker is allowing deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is also not disclosed. This makes it impossible for us to know if it is within the average minimum obtainable among top brokers or not. Usually, many legit brokerages require between $100 – $250 or even lesser. The withdrawal conditions of this broker are hidden which is suspicious. Traders should know what withdrawal terms and conditions brokers use.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is SFEMFX Licensed?
No. SFEMFX is not a licensed brokerage and cannot be trusted. It tries to pass itself off as an Australian based broker but this is false.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
The Forex broker does not provide any means for customers to get additional information about it.
SFEMFX has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that falsify claims and hides many of its trading conditions.
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- MT4 trading platform
- Unprofessional website
- No trading conditions details
- No license
- Undisclosed deposit and withdrawal details