Have you paid attention to brokers who promise fast and high profits? You probably know that they often cheat their clients in various ways. Fraudsters manipulate quotes, deny traders to withdraw money, and block their accounts. These frauds lead to big financial losses for everyone working with an unverified brokerage firm. That’s why we decided to help you in choosing a reliable project. We will look at the Envi FX review, whether there are signs of a scam in this offshore company, and whether it is worth cooperating with it.
Key Features
- Company Name: Envi FX, ENVIFX, Envi LLC
- Website: https://envifx.com/
- Available Contacts: [email protected]
- Foundation: Not indicated
- Services: Trading
- License: M.I.S.A.
- Initial Deposit: Not indicated
From Sign-Up to Payout
The design of the site is made in the style of minimalism. A pleasant gray color prevails. Unobtrusive transitions to dark green and small details of yellow color do not tire your eyes.
The broker indicates the spread sizes for all asset classes on the main page, pleasing us with its transparency. In addition, the company lists its benefits here, which is typical for many trading platforms.
The “Frequently Asked Questions” and “Contact Us” buttons don’t provide a jump to these sections.
Clickable social media icons quickly open up the broker’s FB, X and Instagram profiles for you. Hundreds of posts are published on these platforms.
To earn with EnviFX, you need to register on the site and fund your account. Overall, the profile creation process didn’t raise any alarm bells for us. In the meantime, we were unable to open an account due to customer residency restrictions.
Cryptocurrency wallets and credit/debit cards are used to make deposits. You must go through the procedure of personal data verification 1-2 days before submitting a withdrawal request.
The administration of the site will refuse the transaction if the trader does not provide the required documents within the specified period.
Our Trading Experience With Envi FX
As we said above, we failed to open an account. Therefore, we will describe the functionality and types of those trading platforms that are listed on the official website.
The broker claims that it uses ECN technology. It is not possible to verify this with an offshore organization. However, the list of liquidity providers is absent on the resource.
Trading is conducted through WebTrader, MT4 and MT5 terminals, which you need to download to your device. Envi FX offers:
- 3 execution modes.
- 4 pending orders.
- 2 market orders.
- 2 stop orders and trailing stops.
The MetaTrader offer makes this project quite attractive.
Remember that many dubious brokerage firms use MetaTrader’s reputation to give the impression of being reliable. Envi FX may use the same strategy.
Also, an affiliate program with multiple levels will be available to you for additional earnings.
The Reality Check
The owners of the platform claim that it is operated by ENVI LLC, which is registered in St. Vincent and the Grenadines. Additionally, the organization is authorized with the MWALI Authority, which is located in Comoros. Finally, the company’s principal place of business is Cyprus. We will verify this information with the registries of the listed jurisdictions.
We found that ENVI LLC does have a registration in St. Vincent and the Grenadines. It has obtained a license from MISA with license number T2023238 dated April 17, 2023. In addition, the regulator’s registry lists the domain envifx.com, which is owned by ENVI LLC. However, not everything is so great. There are negative results of our investigation. Namely, this broker does not have any licenses and registration in Cyprus.
How Long Has Envi FX Been in the Game?
The start date and history of the project are not listed on the official website of the company. As for the domain, it was created in September 2020 and renewed in 2023. However, it was put up for sale until 2022. We found out this information with the help of domain name archives.
The first reviews of Envi FX started appearing in the second half of 2022. Most likely, the platform started working from this date. We do not understand why the broker hides important information about the foundation of the project and its owners. Decent companies do not behave in this way.
Extra Fraud Indicators
Envi FX does not have its call-center. You can get technical support only through one channel – e-mail. Keep in mind that managers can easily deprive you of this opportunity as well. As a rule, reliable companies always provide fast customer support via online chat.
Registering an organization in St. Vincent does not inspire confidence in us. Offshore brokers are not safe as they often resort to fraud. In addition, the regulation from MISA does not give protection to traders who are not residents of MWALI.
Note that apart from the countries mentioned in the User Agreement, this broker has other regional restrictions due to the lack of trading authorizations from local regulators. Envi FX doesn’t even have a license from CySEC in Cyprus, where they are supposedly headquartered. This is hinted at by the lack of KYC and the availability of leverage up to 1:500. However, the financial commission of Cyprus, an EU country, prohibits providing traders with leverage above 1:30. Note that almost all other European regulators and reputable commissions on other continents have such restrictions.
There are red flags in opaque trading conditions. Usually, only scammers do not specify a minimum deposit amount like Envi FX. Thus, they try to extract as much money as possible from the client at the start of trading.
Is Envi FX the Right Fit?
The brokerage firm provides truthful information about its registration and license. However, you should not forget that an offshore structure does not provide any guarantees of protection of your funds a priori. In addition, CFD trading and cryptocurrency transactions are high-risk instruments in trading. Finally, the broker does not have a license from a serious regulator, CySEC and does not have a legal entity registered in Cyprus, which proves its illegal financial activities in this jurisdiction.
The main disadvantages of Envi FX are long withdrawals, and not always the correct operation of the trading terminal. You will need to trade at least 10 days a month. Otherwise, everything is standard for offshore companies – a lot of assets, and high leverage.