The good thing is that they developed a new trading platform "EFX Remote Trader" and from the "do it yourself" tutorials in their website it seems that it is much better than the older platform "EFX Navigator" which is also used in MB Trading.
But unfortunately cant demo trade on the remote trader. I need to test the platform before decide to go live. If any one of their representatives can tell us about an approximate time where we can demo trade on the remote trader will be appreciated.
I have been using there demo platform and it certainly does not work all that well. Often dropping trades and orders. Additional I tried to open an account with them, gave them all proper identification except I refused to give them my social security number and instead I offered my fed tax id number. They would not accept the TIN, they were very uncooperative. For privacy reasons I do not give out my SS number except to authorized government agencies.
No one else is entitled to demand that number and federal banking laws do not require that you do so if you have a TIN. It is not wise to give out your SS number to any brokerage firm as you do not know who can gain access to the number or what security measures they take to protect the number. I say this firm is being unreasonable and suggest readers look elsewhere. If they are not willing to cooperate on a issue like this, which is a privacy issue for customers, you can figure they are not going to be cooperative if you have other problems.
This platform is extemely tricky to understand if you are a new trader. I now only use EFX because now i have mastered their platform. Stop limit, trailingstops, OCO, etc. I have come to the conclusion that after factoring in their commission and point spreads you are being charged about 2 Pips per trade.
They are coming out with their newest platform in a few weeks. Demo and the real thing never equal, never. I was with Oanda 6 years and now with EFX for the last 9 months. The only good thing with Oanda was that they had charting within the platform, this is a downside in EFX but I believe they a coming up during this year with a solution. Took me a while to get used to the navigator but now what I like about it is that you can close all the windows that you do not need and put hte ones you use on top of the chart and trade from there.
I like this before I used to trade from 2 monitors now I do all from one and the other one serves as backup. Spreads are tight, have not had bad fills and customer service is prompt, this is all I want. I am a daytrader or a scalper and when people say comissions will eat the profits this is not true. I am a daytrader and scalper and for my purposes EFX is good. If you are a position trader the rollover rates are a bit high. I have been trading live with them for a week, and the platform is a little confusing.
You really have to stay on top of the orders you are place, it is all very technical in nature where some other platforms seem to be more intuitive. Othere than that it is exactly as advertised. Its an ECN and everything that comes along with it. The customer support has been excellent. Every email has been replied to in a max of 6 hours. I have no problems to report. Here is the truth about efxgroup- They are a white label for mbtrading and I think the guys there are trying to do a good job.
Mbtrading is a good ECN and you do not have to worry about some guy on the back end screwing around with your orders, prices, etc. If you win great and if you lose well, your fault - most of the time that is. Now for the bad, you can lose money with them without placing an order. The reason for this is that their Navigator platform while decently functional, is also unreliable.
All you have to do to verify this is click on an fxboard in the blank space and watch your platform crash. This is not so bad because that issue is constant and predictable but sometimes things are not so. One Friday I was not able to put orders in of any size because it said I did not have enough buying power, yet I had plenty. The guys from EFX took remote control of my computer and verified this was faulty and watched as I placed orders over and over again that were rejected.
I also got on with MB and nobody could tell me what was wrong. I checked later in the day to make sure no orders were in because I was afraid that the platform, which I already knew to be somewhat unreliable, would somehow start putting those old orders in.
I knew for sure no orders were in but sure enough come Monday, there is an open order and I am in the red about bucks. I closed the order and figured I would not get reimbursed since they are an ECN and all they did was put the order through. However I thought maybe there was a chance that since I was with EFX and I spent 3 times that in commission that month I would get my money back but that didn't happen.
I also have a friend that put a market order in that appeared to not fill but it did fill and didn't appear on his platform for days, and there are lots of other glitches that I don't need to mention because they have not lost me money. Bottom line is, I wish I would have known it was possible for this to happen and now I do.
I think efx should encourage MB to stop being so cheap and spend some money to fix the glitches. Maybe NFA should know too. Excellent broker that doesn't play games with your money. Occasional spikes that appear on my charts are not reflected on the EFX Platform due to my stops being left intact. The demo in no way reflects the live platform. However that being said - rollover rates leave a bit to be desired if you want to hold a position trade.
Hopefully this will be improved soon as they say it will. Overall these guys are the good guys of Forex Brokers. I didnt found their trading paltform userfriendly from anywhere. I just waste several days to understand their platfrom Lolzz.
But I really like their customer service and spreads. Overnite charges are horriable but im a daytrader its still ok with me. But i really dont like the order execution process of their funny platform. I tried using their forex platfrom which has the alarms.
This platform was not stable for me, it kept crashing almost daily. Of all the platforms I have ever used from any broker, this platform is the only one that has ever crashed on my PC. Their tiny Tech support was only available certain hours and the only person I was told to contact in that department was hard to get a hold of.
Once I did get a hold of the technician, he would promise me a future date to come up with a suggestion and would not call back. I had to chase him down several times. Finally they had me install an earlier version with no sucess and made more promises that they'd get back to me! I've tried MB Trading, which is the broker behind their platform, with no problems. I could not say something bad about EFX if I was paid.
Great execution,Honest, hmmmm honest and broker in the same sentence? Yeah, I finally feel like I am not getting screwed. With protection of funds, to an end of price manipulation and mystery spread increases.
I am finally with a broker I can trust! I even like the order platform now. I was overwhelmed at first, but quickly learned it and now can't wait for there release of their version of MT4. Website now points to MBTrading. Video Your company video here? Court cases Open 0 Resolved 0 Not guilty 0 Guilty 0. Let other traders know if this service is worth checking or should be avoided.
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