Envi FX Review – Should You Trust This Broker?

Nowadays, various companies may put considerable effort into creating a reputable image for themselves. However, sometimes this might just be an attempt to attract as much money as possible. That’s why it’s essential to always conduct your own research. Here, we present our Envi FX review, in case you’re interested in this broker.

Is Envi FX a Trusted Platform?

This company claims to be registered in Saint Vincent and the Grenadines. This Caribbean island nation is notorious for attracting fraudsters from all over the world. The website envifx.com lists the organization’s registration address as Suite 305, Griffith Corporate Centre, Beachmont, Kingstown. While this address does indeed exist in that country, it is frequently used by various fraudulent entities. You can easily confirm this by simply entering the address into a search engine. Many companies engaged in pseudo-brokerage activities are registered at this address. The scam lies in the fact that this is a remote registration, which can easily be obtained without even visiting Saint Vincent and the Grenadines. Many intermediary firms will set up legal entities in this offshore jurisdiction for an additional fee.

Envi FX is indeed listed among the companies registered in this offshore location. The catch is that the FSA does not provide companies with licenses to conduct brokerage activities in other countries. This is explicitly stated on one of the regulator’s website pages: https://svgfsa.com/alert-1-of-2018-foreign-exchange-forex-trading-or-brokerage-or-binary-options-trading/.

Thus, the company took a different route and obtained a license from the Comorian regulator MWALI. However, there’s a caveat: these licenses can be easily purchased for a couple of thousand dollars. Naturally, supervision over such brokers is almost non-existent. So, for traders, this license is still not a guarantee of quality services.

Concerned About Withdrawal?

Envi FX claims that deposits and withdrawals can be made via bank cards and cryptocurrencies. It was impossible to verify the accuracy of this information, as registration requires verification first. Only after this can you deposit funds. However, there’s no guarantee that you’ll be able to withdraw them. Scammers often refuse withdrawals under various pretexts, such as demanding payment of non-existent taxes or fees.

How Long Does The Broker Work?

The company claims to have been operating since 2020. This information is accurate; a domain check indeed shows that the website was created in 2020. The company is also listed in the Grenadines registry. Unfortunately, despite the time passed, the company has not bothered to obtain a truly reputable license. Attention! This review belongs to InvestExpertHub.

Other Signs of Fraud

❗If you review the account types, you won’t find any information about the minimum deposit amount. In fact, there’s no mention at all of the amount required to achieve a particular account level. This means that the client could be told any amount to start trading.

❗The leverage for all account types is 1:500. This is a very high level. Reputable regulators never allow offering such leverage to retail traders. But, as we’ve already established, Envi FX doesn’t have a reputable regulator.

Envifx.com Review Conclusions

Envi FX is not so reliable partner for traders. The place of registration, along with an unreliable license, indicate that. The client risks losing their money, and there is no guarantee that the regulator will side with the trader.

➕Decent duration of operation.

➖Offshore registration.

➖Questionable license.

➖No information about the minimum deposit amount.

FAQ

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