Company Profile
Company Profile
Review summary
Note: EFS's official website: http://en.esteemacfd.com/ is currently inaccessible normally.
EFS Information
EFS, short for ESTEEMA FINANCIAL SOLUTIONS, is a brokerage company whose website is currently dysfunctional. From the minimal information on the previous recorded page of its website, the companay offers the the world renowned MT4 platform, downloadable from Windows, Android and iOS devices. Furthermore, the company seems to provide an “forex academy” for customer education before.
The company can be contacted at telephone: +0061 28 006 0933/0061280060933/610280910586/+61 (02) 8091 0586, email: info@esteemacfd.com and QQ: 4008758898.
However, always be cautious since the company is not regulated. Also, none of any information regarding its background, business scope or trading conditions are available.
Is EFS Legit？
EFS claims to hold a Financial Service Providers Register (FSPR) license with number 564306. However, the license is suspected to be fake clone, raising a lot of doubts about its compliance to industry standard and customer protection.
 | Financial Service Providers Register (FSPR) |
| Current Status | Suspicious Clone |
| Regulated by | New Zealand |
| License Type | Financial Service Corporate |
| License No. | 564306 |
| Licensed Institution | MWD GROUP LIMITED |
Downsides of EFS
Unavailable website: EFS's website cannot be opened currently. We can't test their trading conditions and trading platforms.
Lack of transparency: The unavailable website and limited info through internet about the company leave traders in the dark about its current operational status and trading conditions.
Regulatory concerns: The suspicious clone regulation by FSPR indicates nonexistent compliance to industry standards of the broker. This brings you great risks to trade with them.
Exposure on WikiFX about unable to withdraw: There are 3 reports on WikiFX about withdrawal issues of this company, which can lead to fund loss of your trading.
Negative EFS Reviews on WikiFX
On WikiFX, “Exposure” is posted as a word of mouth received from users.
Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.
As of now, there are 3 pieces of EFS exposure in total, details as below:
Exposure 1. Unable to withdraw
| Classification | Unable to withdraw |
| Date | 2020-08-14 |
| Post Country | Hong Kong |
An investor from Hong Kong reported he was told that the company was dismissed and all his funds were doomed. You can visit https://www.wikifx.com/en/comments/detail/202008146782827529.html for details.
Exposure 2. Unable to withdraw
| Classification | Unable to withdraw |
| Date | 2019-10-08 |
| Post Country | Hong Kong |
Another Hong Kong investor also reported dismiss of the company, he could not log in to the company's MT4 platform to withdraw funds. You can visit https://www.wikifx.com/en/comments/detail/208105750708974.html for details.
Conclusion
To sum up, we don't recommend trading with this broker at all. Though the company provides the well-acclaimed MT4 platform, its suspicious FSPR clone status raises questions about regulatory compliance. Moreover, inaccessible website and least transparency bring tremendous trading risks. Most worriesome of all, there are 3 exposures on WikiFX about withdrawal issues, reporting dismiss of the company. You will be throwing your money away if you continue to trade with the company.
Therefore, keeping away from this extremely unreliable broker and choosing reputable alternatives is a wise choice.
