186
General Information
Broker Name: LoyalEFX
Broker Type: Forex
Country: ?
Operating since year: 2020
Regulation: FSA
Address: ?
Broker status: Active
Customer Service
Phone: 44 (20) 80895290
Email:[email protected]
Languages: ENG
Availability: 24/5
Trading
The Trading platforms: Proprietary
Trading platform Time zone: ?
Demo account: Yes
Mobile trading: Yes
Web-based trading: Yes
Bonuses: Yes
Other trading instruments: Yes
Account
Minimum deposit ($): $150
Maximal leverage: 1:400
Spread: Variable
Scalping allowed: Yes

LoyalEFX Review 2020

 

General Information

LoyalEFX is a brokerage that offers trading services for multiple asset types, including forex, stocks, and crypto. However, in its short operating time, the broker has managed to cement a pretty negative reputation for itself. In our LoyalEFX review, we’ll go over the broker in detail and check out why they’ve earned such a negative public opinion.

LoyalEFX

The first cracks appear as soon as you enter the broker’s website. The designer hired did a pretty clumsy job at making a functional webpage. The front page auto-refreshes every couple of seconds because it has a few looping videos. Instead of preloading, whenever the video switches, the page restarts, interrupting whatever you are doing. For anyone that’s used the internet, it’s pretty apparent how quickly that can get frustrating.

Furthermore, the webpages are unreasonably slow. Using LoyalEFX might cause some nostalgia towards the days when you had to use dial-up connection. Even with pretty quick internet speeds on our part, each transition took five to ten seconds, no matter how lite the page we attempted entering was. You might think we’re overplaying it, but we suggest you try using LoyalEFX’s website for a few minutes.

The site simply functions like something from the previous decade, which is quite disappointing for a broker attempting to be competitive. However, that’s not even the worst part, as you could at least somewhat overlook the clunkiness if the broker was good in other areas. But as you might’ve already concluded, it’s really not. We’ll elaborate on that statement further down the line, but let’s at least give the broker a shot. We went to LoyalEFX’s “Why LoyalEFX” page and checked out their self-proclaimed strengths:

·         SECURITY

The broker’s first paragraph talks about how the company offers top-notch security to its customers. It says that the broker is under the watch of the Financial Services Authority (FSA) Seychelles authority. In itself, that’s quite strange as the broker claims its offices are in the UK and USA. However, those claims become even more ridiculous as you investigate the brokerage further. We’ll provide you with a few more details about security in the next section of our LoyalEFX review.

·         ACHIEVING YOUR DREAMS

The next paragraph is literally just a feel-good text without much substance. It sounds more like someone pitching you a scam than a serious attempt at self-promotion. It talks about how trading can change your life, how you can be your own boss, etc. Of course, it fails to mention anything about the potential negatives. It even outrageously states that trading is extremely safe and recession-proof.

LoyalEFX

·         STP BROKER

The broker’s next selling point is about how it doesn’t use a dealing desk, making it an STP brokerage. While STP brokerages are vastly preferred and considered superior to dealing desk brokerages, that shouldn’t be a selling point. If you’re an experienced trader, you probably already know why, but for newcomers, we’ll elaborate. The vast majority of popular brokers are STP. Simply put, it’s like a dentist advertising that they’ll give you anesthesia before taking out your tooth instead of just yanking it out.

·         TRADING ON THE GO

The broker also seems quite proud to announce that it has mobile trading capabilities. Along the same lines as the previous clause, it’s probably more difficult to find a modern brokerage that doesn’t have those. As such, while it’s nice to mention, it shouldn’t be anywhere near the main selling point. As this is the final point in their “Why Us” page, we can conclude this section by saying the broker didn’t give us anything of substance. All the points the broker uses to promote itself are vague or common feel-good claims that are likely aimed to bait novices.

Funds Trading and Security 

Earlier in our LoyalEFX review, we mentioned some security issues regarding the broker. It’s time to elaborate, and there’s quite a bit to unpack here. Let’s start with the most apparent issue first, with the broker’s horrible lack of information. As you could’ve noticed from their pro’s, the brokerage didn’t state anything of substance about their trading specifications, for example. While you may write that off as a fluke, it’s actually a consistent trend throughout LoyalEFX’s website.

You can hardly find anything meaningful about the broker. An example of that is the account info, which is under the trading drop-down menu. There’s the small issue of displacement, but also the much larger issue of there not being any info. There are three buttons: Start Trading, which takes you to the platform sign-in, Live Account, which does the same, and Demo Account, which directs you to a sign-up page. An additional example of that is each of their asset class pages offering a description instead of a list.

You can find similar issues throughout the service, and what little info is available is scattered seemingly at random. That’s already significantly dangerous, and we didn’t even get to the point where the broker isn’t only secretive but misleading. For example, it states that it operates from the UK and US while not offering their services to either country’s residents. Additionally, it states its parent company is regulated in the Seychelles without ever saying what the parent firm is.

It was also busted on multiple attempts at fraud, including faking FCA regulations and false positive review spam. And even with the fake reviews, its reputation is resoundingly negative. The collective evidence is more than enough for us to deem that LoyalEFX is nothing more than a scam.

Trading Accounts

As we previously stated, there’s no direct information about the account typing, at least where you’d expect it. However, if you happen to press the packages button, you’ll find out the broker did actually bother to disclose some details. However, even there, you can see a lack of clear information, which we can only assume is intentional at this point.

LoyalEFX

The only concrete thing you can see is the price of each account, with its the lowest sitting at $150 and the priciest at $50,000. So you might wonder, what’s the difference between those two?  Well, for dropping fifty grand, you get access to premium daily analysis and customer support, a dedicated account manager, and access to the trading center. Still, have no clue what any of that is? Neither do we, as not one of those claims gives you an exact picture.

Also, there’s not one word about any of the trading-related conditions you can get. On a slightly less important note, the webpage looks like something straight out of the 2000s, which just shows carelessness.

Trading Conditions at LoyalEFX

Moving onto the trading conditions, there’s more of the same incomplete information that sounds good to people that have never touched a trading platform before. The only detail that we actually managed to catch is that the spreads go down to 0.0, which is highly unlikely. Some sources state that the broker has a 1:400 leverage, which is only slightly below what you’ve come to expect.

However, since the conditions most likely scale through account types, there’s no way of telling how much you need to invest to get what you’re comfortable with. Even then, we’d strongly suggest against giving even a dime to LoyalEFX, as there’s a good chance you won’t see any money coming back.

LoyalEFX

The Trading Platform

LoyalEFX uses a proprietary platform called Xone Trader (or perhaps X-One Trader, or some variation). To check out its functionality, you’d need to sign up for a demo account and hand over a bunch of personal info. We suggest avoiding that unless you’re comfortable with your personal data being leaked or sold. However, if the broker’s website functionality is an indicator of its platform’s quality, things are looking grim.

LoyalEFX’s Trading Products

Earlier in our LoyalEFX review, we mentioned an issue with how the broker presents its assets. It displays the classes without mentioning what’s inside each particular category. Even worse, it doesn’t even do the bare minimum in informing us about the total number of trading instruments. The alleged trading product classes the broker offers are:

  • Forex
  • Commodities
  • Indices
  • Cryptocurrency

Customer Service

LoyalEFX’s customer support structure is pretty regular, with a 24/5 work time. You can reach the team by using email, live chat, or telephone.

customer service

Phone: +44 (20) 80895290

Email:  [email protected]

 

LoyalEFX Review Conclusion

It’s been a while since we’ve seen a scam as poorly executed as LoyalEFX. The broker seems like it didn’t even do the bare minimum it could to try and convince traders to sign up. We honestly can’t even imagine people who have never traded before to fall into this trap. The website is broken and full of typos, while info about the service is entirely hidden. The entire thing looks like it was hastily put together by someone with a partial idea of what they were doing.

Unless you’re a fan of getting your money stolen, stay clear of LoyalEFX. There are more than enough alternatives, and you can use our other reviews as pointers towards finding a quality brokerage.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 4.82 (186 reviews)


You might also like

186 Comments

  1. Gabriel Medworth December 1, 2022
  2. Lachlan Hirst November 29, 2022
  3. Jeremy McNess November 24, 2022
  4. Ethan Nutt November 22, 2022
  5. Bailey Sugerman November 17, 2022
  6. Michael Orr November 15, 2022
  7. Tayla Sisley November 10, 2022
  8. Tristan Long November 8, 2022
  9. Ashley Shirlow November 3, 2022
  10. Emily Gallop November 1, 2022
  11. Aiden Macgroarty October 27, 2022
  12. Mitchell Goodman October 25, 2022
  13. Mariam Summerfield October 20, 2022
  14. Luca Lempriere October 18, 2022
  15. Ellie Tims October 13, 2022
  16. Mackenzie Moloney October 11, 2022
  17. Andrew Gregory October 6, 2022
  18. Anthony Moriarty October 4, 2022
  19. Stephanie Bosworth September 29, 2022
  20. Chelsea Downer September 27, 2022
  21. Jorja Schoenheimer September 22, 2022
  22. Molly Mansfield September 20, 2022
  23. Piper Webb September 15, 2022
  24. Skye Ronan September 13, 2022
  25. Rory Deering September 8, 2022
  26. Amber Franki September 6, 2022
  27. Sofia Poore September 1, 2022
  28. Mia Whitehouse August 30, 2022
  29. Samuel Brooke August 25, 2022
  30. Savannah Geneff August 23, 2022
  31. Victoria Santo August 18, 2022
  32. Sophia Wilton August 16, 2022
  33. Caitlyn Dale August 11, 2022
  34. Aaron Newton August 9, 2022
  35. Imogen Napier August 4, 2022
  36. Jackson De Lissa August 2, 2022
  37. Mia Kidston July 28, 2022
  38. Kai Micklem July 26, 2022
  39. Matilda Philp July 21, 2022
  40. Jayden Brunker July 19, 2022
  41. Skye Shortland July 12, 2022
  42. Mariam Goldsbrough July 7, 2022
  43. Olivia Money June 28, 2022
  44. Sean Riley June 21, 2022
  45. Sophia Finnis June 16, 2022
  46. Alexis Bourke June 9, 2022
  47. Finn Kethel May 26, 2022
  48. Jeremy Brigden May 24, 2022
  49. Isabella Reymond May 19, 2022
  50. Amy Steere May 17, 2022
  51. Alexandra Nowland May 12, 2022
  52. Darcy Gooseberry May 10, 2022
  53. Victoria Tunnecliffe May 5, 2022
  54. Ava Wyselaskie May 3, 2022
  55. Paige FitzGibbon April 28, 2022
  56. Isabel Bedford April 26, 2022
  57. Elijah Noack April 21, 2022
  58. Savannah Larra April 19, 2022
  59. Nicholas Samson April 14, 2022
  60. Kiara Streeton April 12, 2022
  61. Chelsea Peacock April 7, 2022
  62. Lily Butters April 5, 2022
  63. Harrison Bibb March 31, 2022
  64. Isabelle Gregson March 29, 2022
  65. Zachary Macgroarty March 24, 2022
  66. Nathan Dalley March 22, 2022
  67. Justin Irving March 17, 2022
  68. Kaitlyn Bugden March 15, 2022
  69. Claire Snider March 10, 2022
  70. Gabrielle Duterrau March 8, 2022
  71. Cameron Kirton March 3, 2022
  72. Zac Wager March 1, 2022
  73. Poppy Hartigan February 24, 2022
  74. Toby Cusack February 22, 2022
  75. Lily Guerard February 17, 2022
  76. Abigail Coote February 15, 2022
  77. Makayla Rolando February 10, 2022
  78. Logan Goulburn February 8, 2022
  79. Maya Teichelmann February 3, 2022
  80. Blake Henn February 1, 2022
  81. Caitlin Swallow January 27, 2022
  82. Ashley Tullipan January 25, 2022
  83. Elizabeth O'Donovan January 18, 2022
  84. Ashton McHale January 13, 2022
  85. Mason McEachern January 11, 2022
  86. Jamie Ann January 6, 2022
  87. Koby Driscoll January 4, 2022
  88. Erin Salkauskas December 30, 2021
  89. Maya Nixon December 28, 2021
  90. Anna Cotton December 23, 2021
  91. Isaac Tomkinson December 21, 2021
  92. Thomas Durr December 14, 2021
  93. Alica Brazenor December 9, 2021
  94. Archer Barclay December 7, 2021
  95. Paige St Ledger December 2, 2021
  96. Ethan Throssell November 30, 2021
  97. Taylah Danglow November 25, 2021
  98. Taylah Latham November 18, 2021
  99. Cody Lynas November 16, 2021
  100. Koby Cheney November 11, 2021
  101. Connor Barton November 9, 2021
  102. Molly Barrow November 4, 2021
  103. Eve Wadham November 2, 2021
  104. Stepan Gavrilov October 28, 2021
  105. Alexis Crooks October 26, 2021
  106. Paige David October 21, 2021
  107. Kayla Leschen October 19, 2021
  108. Jorja Akhurst October 14, 2021
  109. Jett Torrens October 12, 2021
  110. Daria Zubareva October 7, 2021
  111. Kiara Webster October 5, 2021
  112. Natasha Trugernanner September 30, 2021
  113. Oscar Kimpton September 28, 2021
  114. Sara Maclean September 23, 2021
  115. Tim Herman September 21, 2021
  116. Oscar Marion September 16, 2021
  117. Kathrin Baum September 14, 2021
  118. Archie Breinl September 9, 2021
  119. Thorsten Braun September 7, 2021
  120. Georgia Service September 2, 2021
  121. Zac Fernie August 26, 2021
  122. Alexander Stone-Wigg August 24, 2021
  123. Andrea Werfel August 20, 2021
  124. Tobias Kuster August 18, 2021
  125. Riley Rawling August 12, 2021
  126. Frank Blau August 10, 2021
  127. Jayden Chapman August 5, 2021
  128. Dennis Ignatiev August 3, 2021
  129. Martina Seiler July 29, 2021
  130. Dieter Pfaff July 27, 2021
  131. Sarah Brandt July 22, 2021
  132. Luke Wells July 20, 2021
  133. Rostislav Balashov July 15, 2021
  134. Heike Glockner July 13, 2021
  135. Mark Lavrentiev July 8, 2021
  136. Clarimunda Cartier July 6, 2021
  137. Kristin Huber July 1, 2021
  138. Pauline Belova June 29, 2021
  139. Monika Beich June 24, 2021
  140. Vanessa Kirsch June 22, 2021
  141. Ravil Kapustin June 17, 2021
  142. Susanne Schwab June 15, 2021
  143. Annett Grunewald June 11, 2021
  144. Samuel Schmidt June 4, 2021
  145. Dakota Moloney June 2, 2021
  146. John Perkins May 28, 2021
  147. Arkhip Mironov May 26, 2021
  148. Kristian Hahn May 21, 2021
  149. Laura Weiss May 19, 2021
  150. Sebastian Eichel May 14, 2021
  151. Monika Boehm May 12, 2021
  152. Martin Pfeifer May 7, 2021
  153. Leonti Kazantsev May 5, 2021
  154. Dinar Pokrovskaya April 30, 2021
  155. David Neudorf April 28, 2021
  156. Paul Herrmann April 23, 2021
  157. Yesenia Kryukova April 21, 2021
  158. Nathan Colquhoun April 16, 2021
  159. Lea Fried April 14, 2021
  160. Dirk Pfaff April 9, 2021
  161. Jessamine LaCaille April 7, 2021
  162. Marcel Kortig April 1, 2021
  163. Tobias Hofmann March 30, 2021
  164. John March 29, 2021
  165. Marko Faerber March 26, 2021
  166. Lawrence Repin March 24, 2021
  167. Adrienne Collin March 19, 2021
  168. Halette Gaulin March 17, 2021
  169. Mike Sankt March 12, 2021
  170. Ia Gerasimova March 10, 2021
  171. Brayden Bessell-Browne March 5, 2021
  172. Marina Junker February 26, 2021
  173. Charles Fink February 24, 2021
  174. Ursula Kohl February 19, 2021
  175. Claude Vadeboncoeur February 17, 2021
  176. Gabriel Almeida Barros February 12, 2021
  177. La Roux Panetier February 10, 2021
  178. Lance Méthot February 5, 2021
  179. Marina Koltsova January 29, 2021
  180. George Izmaylov January 27, 2021
  181. Anna Zimmerman January 22, 2021
  182. Tristan Givry January 20, 2021
  183. Ashley Harmer January 15, 2021
  184. Indiana Nyhan January 13, 2021
  185. Florian Aachen January 8, 2021
  186. Zoé Beaulé January 6, 2021

Leave a Reply

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending