"I have been using EFX now for about 8 months and so far my experience has been excellent, but like any broker they have some pros and cons:
Pros:
. Customer Service - excellent, the best I've seen from any broker. They always respond to my questions immediately.
. Spreads - They advertise tight spreads and they actually offer tight spreads, I usually always get one pip or less.
. Execution - great fills. Typically very limited slippage. (I don't trade news)
. Order Type Options - A wide range of order types are available, my favorite being the trailing stop.
Cons:
. Complicated Platform - Like most comments I've seen on other sites I do agree that for new clients their platform is difficult to use, but after a couples weeks I got the hang of it and now wouldn't trade with any other platform.
. Interest Rates - don't plan on receiving competitive rates because EFX does not offer it.
. Charting - free charting is not currently available.
End result - If you are looking for an ECN type broker and great customer service then EFX Group is it. I'm sure as time goes by they will only improve their services."
While, on the other hand, there is a complete different reviews in a website called Forex Peace Army, in which only 2 or 3 good reviews about EFX Group are hardly found. And one of many bad reviews is like that reviewed by Scott Cap from USA:
"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. Many banks and other brokers will accept a TIN numbers in lieu of SS numbers. 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." |
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