This is another attempt to assess whether a Forex/CFD broker claiming to have a license is worth dealing with. On paper, the platform looks appealing with over 1,500 trading instruments, standard and swap-free accounts, and desktop, mobile, and web versions of the trading terminal. However, there are enough reasons to doubt the company’s honesty and transparency. So, is it trustworthy? We’ve tried to answer this question.
Key Features
- Company Name: Direct Prime Ltd
- Website: https://bankefex.com/
- Available Contacts: [email protected]; +18008704502
- Foundation: 2023
- Services: Forex/CFD trading
- License: MISA (Mwali, Comoros Union) №T2022144
- Initial Deposit: $5,000
From Sign-Up to Payout
The official Bankefex website has a range of issues. It’s not about the design — it’s fairly decent — but rather its performance stability. Pages frequently fail to load or display server errors, with loading times varying from seconds to minutes, even with high-speed internet. What about mobile users or those using VPNs?
The content is also quite lacking:
- The information value of nearly all pages is minimal. Visitors will find few useful details and a lot of marketing fluff. We’ve seen this kind of behavior from scammers before. Could this be the same case?
- Key details that traders typically care about — such as contract specifications, detailed trading conditions, payment details, payment methods, and commissions — are nowhere to be found.
- Even registration is problematic. You can fill out the form easily, but after submitting it, you’ll always see a “Something went wrong” message, followed by a prompt to contact support.
Why even have a registration form if it can be replaced by a contact form to reduce the illusion of legitimacy?
Our Trading Experience With Bankefex
We couldn’t create an account, so we couldn’t access the client portal or see the “world-class platform” in action. While we’re ready to believe the broker’s claims about order execution in less than 30 milliseconds and a full suite of analytical tools, we’d only do so if the broker answers a few key questions:
- Why is the download link for desktop and mobile versions only available after registration? What’s so dangerous about allowing potential users to try out the terminal? Does the broker lack confidence in its software’s reliability?
- Why doesn’t the company distribute its mobile software through official stores like the App Store and Google Play? Is it because the app is not accepted due to platform rule violations? Could the broker itself have been blacklisted for fraud? Or perhaps the software wasn’t even developed by Bankefex (Direct Prime Ltd)?
These are just a few of the many questions that arise when a broker operates opaquely. We might not have even raised them if we had access to other essential information, like trading conditions, but this is not the case with Bankefex.
The broker believes that new traders will be enticed by “Basic or Advanced Strategies Sessions,” “Premium Market Events,” and “Dedicated Mentors.” These may sound impressive, but their practical value is essentially zero. The broker targets inexperienced traders, which form the bulk of its client base.
Meanwhile, trade parameters are ignored. The minimum deposit for different accounts and leverage up to 1:200 are mentioned, but spreads, swaps, trading commissions, and trade volume limits are completely absent. The implication? Traders will discover these details only when opening positions, which could lead to losses — something the broker might profit from.
This approach is not new; scammers use it widely. The real question is, how is this different from other licensed platforms?
The Reality Check
There is no mention of the broker’s location on the Bankefex website. However, official documents state that the project belongs to Direct Prime Ltd, which is registered in Comoros Union (registration number HY01022038). The company claims to hold a license T2022144 issued by the Mwali International Services Authority (MISA).
A quick verification confirms that Direct Prime Ltd is indeed registered in this jurisdiction and received a license in 2022, valid until October 2025. However, no mention was found linking Direct Prime Ltd to Bankefex, which raises suspicions. Additionally, the official website for Direct Prime Ltd (https://direct-prime.com) is currently down, returning a 503 error (“Service temporary unavailable”).
This suggests that the broker may have fabricated a backstory, using the name of an actual company (a common tactic among scam projects). Even if the information about Direct Prime Ltd is accurate, it doesn’t mean much. The MISA license does not impose stringent requirements on its holders. It only gives the appearance of legitimacy without reducing risks for clients.
Furthermore, the MISA license is not recognized as legitimate by experts, other regulators, or even the Banque Centrale des Comores, which has labeled MISA as a self-proclaimed regulator, rendering its licenses legally void. Therefore, it’s highly advisable to avoid working with Bankefex.
How Long Has Bankefex Been in the Game?
We have some doubts about the broker’s history. To verify its claims, we used a whois service to check the domain registration date.
As expected, the domain bankefex.com was registered in June 2023, and web archive snapshots confirm the site went live around that time. This contradicts the broker’s claims about receiving awards in 2022. All the company’s reported achievements from those years appear to be fabrications. As a result, we have no reason to trust any of the other information provided on the official website.
Extra Fraud Indicators
Given that the broker has been active for a while, there are several noteworthy events in its history:
- The Bankefex account on X (formerly Twitter) was blocked due to a violation of platform rules. The broker did not clarify what the violation was, and it seems they are unaware of the incident.
- Even though it’s already 2024, the main page banner still celebrates the broker as “Broker #1 in 2023”. It’s odd that the site is still presenting outdated information. Are they also posting news and signals with such a delay?
Additionally, Bankefex reviews have been posted across various platforms. On Trustpilot, there are only around 10 comments, while on reviews.io, there are nearly 250 reviews (a decent number for 2.5 years). Notably, over 60% of these reviews are positive, but upon closer inspection, it becomes clear that many are paid reviews. The platform’s reputation within the trading community is poor.
More than 30% of the reviews contain negative feedback about the broker’s operations. Issues such as platform malfunctions, unfavorable trading conditions, and difficulties with withdrawals are common complaints. Even trading experts are not favorable, echoing many of the concerns we’ve raised in this review.
Is Bankefex the Right Fit?
It’s clear that Bankefex carries a significant amount of risk for anyone considering trading on its platform. The company presents itself as legitimate with a registration and an offshore license, but this alone does not guarantee security for clients. The MISA license is highly questionable, as it’s not recognized by other regulators and offers little oversight. Additionally, the company has failed to provide proper documentation to prove the validity of its claims, especially concerning its license and registration.
I was interested in the Forex market, and one day I got a call from an unknown number. They started telling me how I could invest my money profitably and how much I could withdraw. The promises were enticing, and since I know many people who have made good money with brokers, I initially thought they were quite real. A representative from Bankefex persuaded me to invest $12,000. After I made some profit, the terminal started lagging. When I tried to withdraw, I got an error message. I called the number they had used to contact me initially, but there was complete silence. They didn’t respond to emails either. I doubt the scammers will return my money. Don’t fall for it!!!
Scammers!!! People, be careful! I’ve heard many stories about how people make money in the financial markets. Then I happened to see positive reviews about Bankefex online. When I couldn’t register, I contacted customer support. They called me back, and the employee first told me how much I could earn, how easy and risk-free everything was. I invested a large sum, nearly $20,000. I even made a little profit at first. But one fine morning, my account was blocked for no reason. Since then, no one has responded to my requests! People, stay alert!
A piece of advice for all traders: always check the reputation of a broker before trusting them with your money! Otherwise, you’ll end up like me with Bankefex. These scammers actively invited me to join the project and painted a beautiful picture of how wonderful my life would be. I believed them, sent $17,000 to their account, and started working. Then I found a bunch of negative reviews about them being a scam and not paying out. I tried to withdraw $20 just to check. It worked. I calmed down and continued working. But when I tried to withdraw $5,000, unfortunately, something went wrong. I’ve been dealing with customer support for two weeks now, and they keep finding excuses to not process my request. The more I look, the more reviews I find about how the company doesn’t pay. Why didn’t I check everything earlier?