Exfor
Pros and Cons
Pros
- Regulated by Labuan Financial Services Authority
- Minimum deposit requirement of $50
- Leverage options up to 1:500
- Supports both MetaTrader 4 and MetaTrader 5 platforms
- Diverse range of trading instruments including forex, metals, indices, and energies
Cons
- Limited regulatory oversight under LFSA
- Restricted in major jurisdictions like the US
- Only supports two account types
- Absence of educational resources or market analysis
- Withdrawal requests may face delays
Basic Information
User Reviews
Exfor Overview
Founded in 2004, Exfor Limited is a forex broker based in Malaysia, operating under the jurisdiction of the Labuan Financial Services Authority (LFSA). With an operating period of 2-5 years, Exfor provides a regulated environment for traders looking to engage in the forex market. The broker offers a straightforward approach to trading, ensuring that clients have access to the necessary tools and resources to navigate the market effectively. For more information, potential clients can visit their official website at https://www.wikifx.com/en/dealer/3355388794.html.
Exfor specializes in a range of trading instruments, including forex, metals, indices, and energies, catering to diverse trading preferences. The broker supports both MetaTrader 4 and MetaTrader 5 platforms, providing users with advanced charting options and trading tools. Customer support is available through various channels, including live chat and email, ensuring that traders receive timely assistance. Exfor’s competitive advantages include a minimum deposit requirement of $50 and leverage options up to 1:500, making it an accessible choice for both novice and experienced traders.
Is Exfor Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Labuan Financial Services Authority | Malaysia | Segregated Funds |
Is Exfor Regulated and How Are Client Funds Protected?
Exfor Limited is regulated by the Labuan Financial Services Authority (LFSA) in Malaysia, which provides a framework for ensuring that brokers operate in compliance with financial regulations. The LFSA’s oversight aims to enhance the safety and reliability of trading operations. Client funds are protected through measures such as the segregation of client funds, which ensures that traders’ deposits are kept separate from the broker’s operational funds. This helps to safeguard client assets in the event of financial difficulties faced by the broker. Additionally, the regulatory environment promotes a transparent trading experience, further enhancing investor confidence in Exfor’s operations.
Trading Products and Services
What trading instruments does Exfor offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs (e.g., EUR/USD, GBP/JPY) | Many |
| Commodities | Gold, Silver, Crude Oil | Many |
| Indices | S&P 500, NASDAQ | Many |
| Stocks | US (e.g., Apple, Tesla), UK (e.g., BP, Vodafone) | Many |
| Cryptocurrencies | BTC, ETH | Many |
Exfor provides a diverse array of trading instruments designed to cater to various trader preferences and strategies. With options spanning across forex, commodities, indices, stocks, and cryptocurrencies, traders can find suitable products to meet their investment goals. This extensive selection allows both novice and seasoned traders to engage in the markets effectively, enabling them to develop tailored trading strategies and diversify their portfolios. Whether one is looking for short-term trading opportunities or long-term investments, Exfor’s offerings support a wide range of trading styles, enhancing flexibility and adaptability in different market conditions.
Account Types and Trading Conditions
What Account Types and Fees Does Exfor Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Beginners and Casual Traders | Low minimum deposit, accessible trading environment | Suitable for small-capital practice with a minimum deposit of $50 |
| Pro Account | Experienced Traders | Higher leverage, advanced trading features | Requires a minimum deposit of $3000, designed for serious traders |
| Islamic Account | Traders Seeking Compliance with Sharia Law | Swap-free trading options | Available for those who require a compliant trading environment |
| Demo Account | All Trader Levels | Practice trading strategies without financial risk | Ideal for beginners to familiarize themselves with the trading platform |
Account Opening Process
To open an account with Exfor, traders need to follow a series of straightforward steps. Initially, they must provide personal, employment, and financial information. This includes submitting identity verification documents, such as a government-issued ID and proof of address, to comply with regulatory requirements. After the initial registration, there is flexibility for traders to upgrade to a professional account if their trading volumes increase and they meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 0.8 | $0 | Competitive spreads available for major currency pairs |
| CFDs (Stocks) | Variable | $0 | Spreads may vary depending on the market conditions |
| CFDs (Indices) | Variable | $0 | Depends on the specific index being traded |
| CFDs (Commodities) | Variable | $0 | Specific spreads depend on the commodity |
| Cryptocurrencies | Variable | $0 | Spreads may fluctuate based on market volatility |
Other Fees
Exfor has several additional fees that traders should be aware of. These may include deposit and withdrawal fees, which can vary depending on the payment method chosen. There may also be inactivity fees charged if an account remains dormant for an extended period. Traders should consider platform usage fees, if applicable, as well as overnight interest (swap rates) for positions held overnight. Additionally, currency conversion fees may apply when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Exfor Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Two-factor authentication, multiple order types, price alerts, technical indicators | Demo account, VPS |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Advanced charting tools, market depth, economic calendar, price alerts | Demo account, VPS |
| Web Version | Any device with internet access | Secure login, basic order types, market search | No additional services |
| Mobile App | iOS, Android | Convenient login, push notifications, one-click trading | Demo account |
The MT4 platform is widely favored for its user-friendly interface and extensive customization options, making it suitable for both beginners and experienced traders. MT5 offers enhanced features, including advanced analytical tools and additional order types, catering to traders seeking more sophisticated trading capabilities. The mobile app supports trading on the go, allowing users to manage their accounts efficiently. All platforms emphasize security through robust login measures and provide essential tools for effective trading, enabling users to stay informed and responsive to market changes.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min $50, Max $20,000/day | USD, MYR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $10,000/transaction | USD, MYR |
| e-Wallet (e.g., Skrill, Neteller) | Instant | 1.5% fee | Min $50, Max $5,000/transaction | USD, MYR |
| Cryptocurrency | Instant | No platform fee | Min $50, Max $20,000/day | USD, MYR |
Minimum Deposit
Exfor requires a minimum deposit of $50 to open a trading account. This requirement is consistent across all account types and payment methods, making it accessible for both novice and experienced traders.
How to Withdraw
To withdraw funds from your Exfor account, follow these steps:
- Log in to your Exfor trading account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Submit your withdrawal request for processing.
- Monitor the status of your withdrawal in the account dashboard until it is completed.
Customer Support
Exfor Customer Support Overview
Support Channels
Exfor offers several contact methods to assist customers effectively. Traders can reach out via:
- Email: Customers can send their inquiries to info@exfor.com.
- Live Chat: A real-time chat feature is available on the Exfor website, allowing for immediate support.
- Telephone: Customers can call +60 87 416 989 for direct assistance.
- Social Media: Exfor also engages with clients through various social media platforms, providing another avenue for support.
Service Availability
Exfor’s customer support services are available to assist traders during business hours. Multilingual support is offered, ensuring that clients can receive help in various languages, enhancing the overall support experience.
Frequently Asked Questions
Yes, Exfor Limited is regulated by the Labuan Financial Services Authority (LFSA) in Malaysia. It protects client funds through the segregation of client deposits, ensuring that traders’ funds are kept separate from the broker’s operational funds. This measure enhances the safety and reliability of trading operations, promoting a transparent trading experience.
Exfor offers a diverse range of trading instruments, including forex, metals, indices, stocks, and cryptocurrencies. This variety allows traders to engage in different markets and develop tailored trading strategies, catering to both novice and experienced investors.
Exfor offers two primary account types: the Standard Account with a minimum deposit of $50, suitable for beginners and casual traders, and the Pro Account requiring a minimum deposit of $3000, designed for experienced traders. Additionally, Exfor provides a demo account for practice and an Islamic account for those seeking compliance with Sharia law.
Customers can reach Exfor’s support team through several channels. They can send inquiries via email at info@exfor.com, use the live chat feature on the Exfor website for immediate assistance, or call +60 87 416 989. Exfor also engages with clients through various social media platforms, ensuring multiple avenues for support.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.