Bankefex
Bankefex is a CFD broker, the advisability of working with which raises numerous doubts. The company assures traders that it will provide them with access to 1500+ assets, 7 types of accounts, and a world-class trading terminal. However, we have reasons to question whether everything is as wonderful as presented. Could we be dealing with another scam? Is it worth trading on this platform and entrusting its creators with your money? We attempted to find answers to these questions and have published a review based on our exploration of the project.
General Info
Overview of Bankefex
To answer the question of whether it is safe to deal with the broker, it is necessary to carefully study all available information about it. The first source of such information is the official website of the project. Let’s see what Bankefex says about itself.
Broker History
We always strive to learn about the history of the broker as our primary step. This gives us the opportunity to assess the success and skills of the project team in achieving their goals, determine the company’s development prospects, and evaluate collaboration opportunities. This information plays a crucial role in building trust on the platform.
However, Bankefex has chosen not to disclose information about its founding date and real achievements. We learned about the company’s founding year from the license date, and on the homepage, we found scant mentions of some awards. The term “some” appears here for a reason: loud titles like “Best Broker of the Year” without specifying the events or organizers of such awards do not provide meaningful information. Moreover, we doubt that such achievements in the platform’s history even existed — registering a company in 2022 would unlikely lead to receiving an award in 2021, especially in competition with well-known industry giants. This already raises suspicion — why would a legitimately operating platform provide inaccurate data?
Bankefex.com Website
After the initial encounter with the official Bankefex website, there is a mixed impression. On one hand, there is a reasonably decent design and an attempt to create a content-rich (at least in terms of the number of pages) web resource.
On the other hand, the overall informational value of the site rapidly approaches zero. The pages lack crucial information for traders, such as:
- Full contract specifications or even general figures for asset groups.
- Detailed trading conditions and a list of trading terms.
- Conditions for non-trading operations execution — limits, commissions.
Experienced traders perceive the official Bankefex website as a typical creation of scammers. Minimal information and its substitution with phrases more suitable for advertising videos characterize scammers. This tactic allows them not to disappoint potential clients with specific offers. In contrast, the websites of real regulated brokers significantly differ, featuring professionally curated content.
Registration Process and Personal Account
The Bankefex account registration process looks quite solid. It resembles the registration forms of many legal brokerage companies.
The Bankefex registration form includes four blocks:
- Enter your name, date of birth, phone number, and email.
- Complete mailing address.
- Account currency, promo code.
You will also need to confirm:
- Agreement with the Terms of Use, Privacy Policy, Risk Disclosure, and Anti-Money Laundering policy.
- Non-residence in the United States.
- Willingness to receive the company’s promotional and newsletter emails.
Seemingly, nothing complicated. However, even if all fields are filled correctly, the user account is not created. The user receives the message “Request failed” with the following options:
- Go back and try again (a useless waste of time).
- Or seek help from Bankefex support.
This is not a program error but a deliberate action by Direct Prime Ltd, the company that owns Bankefex, according to information on the official website. It also has other CFD broker projects, and the same issue is observed there.
This practice, well-known and used by scam brokers, allows them to ensure that the user genuinely intends to collaborate with the platform and is willing to transfer money. Once assured, the platform can open an account and attempt to persuade the user to make a larger transfer.
Naturally, this approach to registration affected the completeness of our review. Without an active account, we could not see the client’s workspace, assess its functionality, or review the organization and terms of transaction execution. However, it’s unlikely that Bankefex deviated from certain templates and was ready to surprise us with something extraordinary.
Trading Platform
The inability to register an account prevented us from familiarizing ourselves with the operation of the trading platform. Bankefex boasts about its terminal in the highest degree, promising order execution in no more than 30 milliseconds, all the necessary tools for analysis, and advanced automation features. It would be nice to believe, but there are a few questions:
- Difference between Bankefex and Direct Prime Ltd trading platforms: We believe there is none, as it would be irrational for one company to develop a separate terminal for each project. If so, what’s the point of giving software samples different names?
- Registration requirement for mobile terminal download links: Why does the broker demand registration for links to download mobile versions? Is it so dangerous for the program to fall into the hands of unregistered users? Is it safe to use such a trading platform in this case?
- Unavailability of mobile versions on official stores: Why are mobile versions not available on Google PlayMarket and AppStore? Does the software not meet platform requirements, or does the company have issues?
In general, the impression is that there is no talk of any innovative software. According to the developers themselves, the broker’s terminal is so bad that it cannot be presented to the trader before the start of trading on the platform. Only after opening and funding an account, the client will have no choice but to use the presented software.
Contacts
Information about available methods of communication with Bankefex representatives is placed both separately and in the footer of other pages on the official website. Users can find:
- Phone number: +18009612110.
- Email: support@bankefex.com.
An online chat is also available. The broker provides the address of registration in the Union of the Comoros on Mwali Island (Moheli): PB 1237 Bonovo Road, Fomboni, Comoros.
Analysis of Services Offered by Bankefex
Trading conditions and additional service offerings are crucial factors when choosing a broker. Naturally, Bankefex’s proposals held a significant place in our review.
Funding and Withdrawal
As mentioned earlier, without an active account, we could not access the client’s personal cabinet on Bankefex. This hindered the assessment of the organization of settlements within non-trading operations, such as account replenishment and fund withdrawal. The “Terms of Use” state that available payment methods are presented on the site, while the FAQ mentions only the possibility of using bank transfers. The only other available information is the logos of payment systems (VISA/MasterCard, Bitcoin) on the homepage of the site.
Thus, nothing is known about the methods of financial transactions and their conditions (limits, commissions, processing times). The broker also does not disclose its payment details. Such an approach is commonly encountered in reviews of scam projects. It remains to be said that Bankefex does not differ from them in any way.
Bankefex Trading Conditions
Tariff plans of the broker have become an excellent playground for realizing the creative potential of employees. Just consider — traders are offered 7 types of accounts, and for each, a well-thought-out list of options had to be devised to distinguish it from others.
Professionals handled this task excellently, promising account owners various options such as Basic or Advanced Strategies Session, Extra or Premium Market Events, and similar nonsense. However, creativity seems to have been lacking when it came to trading conditions. They managed to come up with only different minimum deposit sizes — from 250 USD for a Registration account to 1,000,000 for VIP Club and “flexible” leverage up to 1:200 for currency pairs.
As for other trading conditions, such as spread sizes, minimum and maximum trade volumes, etc., the creators of the tariff plans at Bankefex seem to have no clue. It appears the same is true for the requests of traders who would very much like to know these “insignificant” characteristics.
On the other hand, options that would attract beginners, such as Dedicated Mentor or Special Training, are abundant in the account types table. Naturally, inexperienced clients are easier to persuade to make a large deposit. And it’s challenging for them to identify a scammer.
Unique Features
Bankefex claims that users, in accordance with their religious beliefs, can open Islamic accounts in which swap positions are not used. Although there is a whole page dedicated to this type of account on the official website, it remains unclear for which tariff plans this program is effective.
Another interesting offer is the ability to use trading robots. However, it is again not specified whether this is a specific advisor provided by Bankefex or if the platform allows the connection of ready-made modules from third-party developers and the creation of custom ones in the built-in programming language. The terminal is not accessible to us, and the broker does not disclose details. Overall, we doubt whether these promises from the platform can be trusted at all.
Is Bankefex Trustworthy and Reliable?
We have noticed that the broker almost always employs techniques and methods typical of scam projects. It remains for us to clarify how honest Bankefex is in the provided official data. We will conclude the review by verifying them.
Assessing Legitimacy
On literally all pages and in documents, Bankefex states that it is managed by the company Direct Prime Ltd, registered in the Comoros Union on the island of Mwali/Moheli (reg. no. HY01022038). License number T2022144 is also provided, issued by the local financial regulator MISA (Mwali International Services Authority) for Trust and Brokerage Services in 2022.
As we can see, the data is confirmed in the MISA registry. However, there is no evidence provided that Bankefex was created by Direct Prime Ltd. The only argument in favor of this is the almost complete identity of the official websites of the company and the subject of our review. At the same time, it is unclear why Direct Prime Ltd would create another brokerage platform. Although the activities of both brokers are far from the standards of licensed regulated companies and more resemble the operations of fraudulent projects. The Comoros Union license does not impose strict restrictions on its holders; it only gives the appearance of legality without reducing risks for the companies’ clients. Therefore, we would not recommend trusting your money to brokers managed by Direct Prime Ltd.
Established Track Record
The last check we need to conduct is to determine how long the broker has been operating in the market. To do this, we will use the domain registration time data from the whois service.
We can see that the domain was registered only in June 2023. Accordingly, Bankefex has not been in operation for even half a year. Moreover, all claims that it received any awards in 2021 and 2022 (discussed when examining history) are absolutely unreliable. Can we trust the rest of its statements in this case?
Implications for Traders
We believe that trusting Bankefex with money means taking a significant risk. The broker publishes unreliable information on its official website and hides trading conditions. The license of the managing company is issued in an offshore location and practically imposes no restrictions on the platform’s activities. This combination of facts makes the project resemble many scams that have emerged on the internet. It would be safer to steer clear of it.
Strengths and Weaknesses
- Presence of Islamic (swap-free) accounts in the list of tariff plans.
- The ability to use automated advisors in trading, eliminating the influence of the human factor on profit.
- Offshore license that imposes practically no restrictions on the broker’s activities.
- Inability to download mobile versions of the platform from app stores, raising doubts about the software’s quality, honesty, and reliability of the platform.
- Almost no information about trading conditions, which means the client will have to clarify them during transactions, significantly increasing risks.
- Unreliable information on the official website raises concerns about the possibility of collaboration with the company.
- No information about payment methods, indicating how opaque Bankefex conducts its business.
4 Reviews about Bankefex
It all started so beautifully at Bankefex, all attention to the client, always accommodating and helpful. But when I tried to cash out the profit, they rejected request after request, didn't consider them, and then they just blocked the account! Scam! Don't send your money here!
You won't find happiness and profit on Bankefex. I also tried to make a little profit, found what seemed like an honest broker. It attracted me that they promised a lot of interesting things for a $10,000 deposit. Let's start with the fact that all this remained just words. Well, the owner is in charge, started trading on pairs. Caught an unlucky streak, losing almost half in a few days. And then I looked at quotes from other brokers, and I was just amazed. Real prices were significantly different from what the terminal showed me. That's when I realized that scammers are just making a profit here, and you can't earn here.
Yes, Bankefex is a real scam. Sent a deposit of $2,000, and after 2 weeks, all managers forgot about me. The promised help turned out to be nonexistent. And when I tried to withdraw the deposit, the request simply wasn't processed. Since then, no one has responded to me.
Bankefex is a scam. I don't understand how I even got involved with them. Scammers deceived me in every way they could, and there's no money left in the account.
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