Law Firm Mikov & Attorneys is specialized in online Forex and Crypto trading, and dispute resolution. The Network Financial Fraud Lawyer helps clients to recover their lost funds due to financial fraud, scam, and financial brokers’ misconduct.
The Purpose of this Forex broker review is to summarize the current status of the financial platform EuropeFX. Law Firm Mikov & Attorneys aims to propose an understanding of EuropeFX by discussing the findings presented in recent research. Our researches are based on public sources, such as EuropeFX’s website(license regulation terms), the Cyprus Securities and Exchange Commission’s information (CySEC).
According to European Market Regulators, trading on markets in Forex and CFD causes an exceptionally high risk of loss. Various reports indicate that 90 percent of investors are losing their money on Forex. Losing investments in such markets is not illegal as long as everybody abides by the rules.
EuropeFx Review: Legal entity and affiliated companies
Europefx platform is a specialist online Forex and CFD trading service. The EuropeFx brand is one of Maxiflex Ltd’s trademarks, licensed and controlled by CySEC :
- EuropeFxLicence Number: 258/14
- EuropeFxLicence Date: 10/11/2014
- EuropeFxCompany Registration Number: 327484
Thanks to its registration with CySEC in Cyprus, EuropeFx is allowed to provide investment services within Europe.
EuropeFx traded under the Previous Name: Maxiflex Global Investments Corp Ltd.
The only website approved for use in Europe is www.europefx.com.
On 11 June 2020, EuropeFX claims that82.61% of their clients lose money when trading CFDs with their trading platform.
EuropeFX review: EuropeFX Activity area
EuropeFx is registered with the CySEC in Cyprus, Europe.
EuropeFx registered office is located at 46 Ayiou Athanasiou Ave., Third Floor, Office 301A, 4102 Ayios Athanasios, Limassol, Cyprus.
EuropeFx Tied Agents are SF Market Services Europe GmbH in Germany and SF Market Services Europe GMBH in Cyrpus.
EuropeFx Liquidity Provider – Execution Venues – are Maxigrid Ltd (ex AGM Markets LTD -Cyprus) AAA Trade LTD (Cyprus), – W.S Services Ltd (UK) – NFX Capital (Cyprus -Vanuatu) – Investex capital Ltd Investex Capital Ltd (Vanuatu).
EuropeFx is restricted from offering its services to residents of the USA, Iran, Cuba, Crimea, Sudan, Syria, New Zealand, United Kingdom, North Korea, and some other jurisdictions.
EuropeFX review: Affiliated companies
EuropeFX, Maxiflex Ltd, as a financial platform established in Europe, can use other companies acting on their behalf in specific countries. These companies are aiming to promote investment or/and ancillary EuropeFX’services and attract clients.
EuropeFX tied Agent are SF Market Services Europe GMBH in Germany andBatchimo Ltd Batchimo Ltd. in Cyrpus.
SF Market Services Europe GMBH (trade name “EuropeFX”)
Commencement Date: 17/04/2018
Address: Franklinstraße 28-29, 10587, Berlin, Germany
Services Provided: Promotion of EuropeFX services
Jurisdiction: The Tied Agent provides services to Clients based in Germany and other German-speaking jurisdictions.
The Tied Agent exclusively handles German clients.
Batchimo Ltd (trade name “EuropeFX”)
Registration No.: HE 367613
Commencement Date: 10/05/2018
Address: Ayiou Athanasiou 46, INTERLINK HERMES PLAZA, Agios Athanasios 4102 Limassol, Cyprus
Services Provided: Promotion of EuropeFX services; Solicitation of Business for the firm.
EuropeFX review: Liquidity provider – Execution Venues
Execution Venues are the entities with which the orders are placed or to which EuropeFX transmits orders for execution. EuropeFX will enter into these transactions as an agent. Therefore, Execution Venues are third financial parties executing traders’ orders. EuropeFX is not an Execution Venue for the execution of trader’s orders, ensuring that the Company does not take any position against its clients).
At an initial stage, EuropeFX is cooperating with following venues/price providers: AGM Markets LTD, AAA Trade LTD, W.S Services Ltd, NFX Capital, Investex capital Ltd.
EuropeFX review: Client Agreement – Terms and Conditions
EuropeFX’s disclaimer tends to put the responsibility of loss situation on traders’ side. According to their website, EuropeFX may set prices on assets in the cases as the platform can use its right to close clients’ transactions in favor of the clients or, the Company. EuropeFX claims that they cannot guarantee that clients will make profitable trades.
EuropeFX Reviews – Forex Peace Army threads
EuropeFX Review: “I lost over AUD100,000 with EuropeFX. My intention was to keep this account at a minimum, but my adviser did a lot of hard selling. Pressuring me into opening and then when the position went against me, saying I had to hedge and then requiring more money be put into the account. It was a horrible experience! I Believe I was scammed. […].’’
This EuropeFX review was posted by the user Debbiekremmer, from Australia on March 25 2019 on Forex Peace Army website.
EuropeFX Review: “My problems with EuropeFX. I started trading with europefx in October 2019 I only wanted to invest £200 the moment I start investing I start receiving calls from my account Manager he was very nice on phone he build trust relationship with me and made me believe him on the phone then he start asking me my personal life[…]’’
This EuropeFX review was posted by the user Maria ami, on February 9, 2020, on Forex Peace Army website.
This EuropeFX review was posted by the user Petam, from Australia, on February 7, 2020, on Forex Peace Army website.
Even if it is not possible to know the exact accuracy of such Europe review provided by traders that were used in this article. These EuropeFX reviews share experiences and express different opinions of EuropeFX.
EuropeFX review: What are EuropeFx obligations?
EuropeFX compliance to Financial Securities Directive-MiFID
EuropeFX claims its compliance with the Markets in Financial Instruments Directive (MiFID II). MiFID II provides a harmonized regulatory environment for investment services across the European Economic Area (EEA). MiFID II Directive gives consumer protection in financial services.
The Investments in Financial Securities Directive-MiFID-requires EuropeFX to obey three guiding laws in the provision of investment services:
- To behave in a truthful, equitable and competent manner, representing the best interests of traders;
- Have appropriate, full, accurate and precise information;
- Analyzing the investor’s particular condition (e.g., expectations, circumstances, and experience of selling financial products).
Nota bene: such guidelines do not apply to cryptocurrencies trading providing on EuropeFX Platform. MiFID does not cover cryptocurrencies trading. Therefore, the EuropeFX crypto service may fall outside the scope of the platform.
Sources used in Maxiflex Ltd EuropeFX review:
EuropeFX review source 1 – Cyprus Securities and Exchange Commission – CySEC Investment firms information: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/42661/ , June 25, 2020
EuropeFX review source 3 – Forex Peace Army – EuropeFX Review – Forex Scam section https://www.forexpeacearmy.com/search?q=EuropeFX , June 25, 2020
EuropeFX review source 4 – DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL – MiFID – https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0065 , June 25, 2020
Fraud lawyers at Firm Mikov & Attorneys and the author of this EuropeFX revieware regularly engaged in the collection and dissemination of information to the public. This EuropeFX review aims to share experience and warn the interested parties. EuropeFX review was written in good faith, based on public information andtestimonies of traders, dating from June 2020.