WikiFX Broker Assessment Series | Exfor: Is It Trustworthy?

Background:

Exfor.com operates under the umbrella of the Exfor Group of companies, which includes two main entities. The first entity is Exfor Limited, identified by Company Number LL17698, with its registered office located at Unit B, Lot 49, 1st Floor, Block F, Lazenda Warehouse 3, Jalan Ranca-Ranca, 87000 F.T. Labuan, Malaysia. This company is authorized and regulated by the Labuan Financial Services Authority Malaysia, holding the reference number LL17698. The second entity is Exf Ltd, which operates under Company Number 27018 BC 2023, with its registered office at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.

Exfor provides a diverse range of tradable assets, covering currency pairs, share CFDs, indices CFDs, commodities, and metals.

Meanwhile, Exfor features partnership programs in the form of affiliate marketing and an Introducing Broker (IB) program, enabling individuals and businesses to earn commissions by referring new clients to the company.

It is important to note that, at present, Exfor does not extend its services to Australia, the United States, Israel, North Korea, Yemen and other countries in the sanction list.

Types of Accounts:

Exfor offers two account options: the Standard Trading Account and the Pro Trading Account. Please refer to the attached image below for more detailed information on each corresponding account.

Deposits and Withdrawals:

Exfor offers a range of payment options, including bank transfers, bank cards, and other methods. While Exfor asserts a policy of not imposing any commission or fees for deposits and withdrawals, it is important to note that any fees levied by third-party providers are the responsibility of the trading client.

The timeframe for funds to reflect in the account is contingent upon the chosen withdrawal method. The specifications for each deposit and withdrawal method can be referred to in the images below:

Trading Platforms:

Exfor provides two trading platforms:

• The MetaTrader 4 (MT4) trading platform, available on PC, mobile, and web, is widely used in the industry. MetaTrader 4 is an advanced trading platform offering a comprehensive suite of features and tools for precise trading analysis. With one-click trading, quick order execution, VPS hosting, and up to four pending order types along with trailing stops, it provides a highly customizable interface with thousands of online tools to plug in. The platform supports fully customizable and in-depth charts, in-depth trading history, and allows users to build or import Expert Advisors (EAs), enabling the automation of trading strategies.
• The MetaTrader 5 (MT5) trading platform, available on PC, mobile, and web, renowned for its technological sophistication, provides access to a depth of market and various advanced solutions. It offers features such as buy and sell flexibility with six types of pending orders, 38 technical indicators, 44 analytical objects, and 21 timeframes, providing a customizable platform with numerous online tools for integration. Quick order execution, an economic calendar for tracking global macro-economic news, one-click trading, mobile trading capabilities, and an intuitive market search and grouping functionality contribute to the platform's comprehensive and user-friendly trading experience.

Research and Education:

Unlike many of its industry peers that provide extensive free educational resources, Exfor does not offer such materials.

Customer Service:

It appears that Exfor offers customer service support only in English, as its official website is not available in other languages. Clients can reach out to Exfor through email at info@exfor.com or by submitting an inquiry via the broker's question form. However, the website does not provide a phone number.

Conclusion:

To summarize, here's WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned Exfor a WikiScore of 6.22 out of 10.

Upon examining Exfor's license, WikiFX found that the broker is regulated by the Labuan Financial Services Authority (FSA). WikiFX has also validated the legitimacy of the said license.