Inefex Pro Scam Review – Is it Legit?

Inefex Pro Scam concerns are rising due to its weak regulation, lack of transparency, and questionable trading conditions.

Inefex, operated by Novir Markets, which is registered under Mauritius’s Financial Services Commission (FSC), presents itself as a one-stop shop for all your trading needs. From stocks, forex, to cryptocurrencies, they boast of having over 300 assets to trade. The leverage provided by them tops out at 1:400.

Oddly enough, the information regarding which asset class has the leverage is not clear. In other words, there are a lot of loose ends, and their FAQ section is not the most comprehensive. Contact details are present, but there is no timeline showcased.

In other words, the average reply duration is unknown, and their working hours are a mystery. Moreover, note that they cannot accept people from the US and a lot of other jurisdictions.

Glance over the following information to know more about them and then decide whether they are worth your time or not.

Inefex Trading Environment

They appear to have a web-based trading interface. Inefex has not made it clear whether they support the MT4/5 platform. While web-based trading apps are great for convenience, there are a few hassles that come with them, and the biggest concern is the compatibility with auto-trading bots and custom indicators.

If you are someone who relies more on algorithmic trading, then it might be a deal breaker for you. On the flip side, they do have a few customisation options ,and they are mainly aesthetic.

The education section is present. However, there are a lot of better resources freely available on the internet. Few basic definitions are covered, and all in all, it is not really resourceful unless the person is an absolute beginner or they decide to sign up to unlock the walled content.

As the signs we see so far are not promising, we suggest you speak with a financial advisor before proceeding with this platform.

Account & Fee Structure

Just like many other platforms, Inefex offers 4 account types. To proceed with them a minimum amount of 250 Euros are needed and to unlock everything they have it requires a capital of 250,000 Euros. Premium account types have more competitive spreads and offer other added benefits like a dedicated account manager and webinars.

Also, the more premium account types enable more free withdrawals. There might be charges on deposits too, for best results, have a word with their support team before making a move.

If you are a fan of crypto trading, then the number of assets offered might be disappointing. According to their website, there are only around 30 instruments available, and the leverage is not mentioned. Given the volatility of crypto, the low number of assets and leverage is both a boon and a curse.

Inefex Pro Advantages

Broad Asset Coverage and Flexibility – Inefex offers a wide array of assets under one umbrella. For beginners who don’t wish to hold accounts on multiple platforms, the offerings by this entity might be attractive.

Also, they offer a web-based interface, which is the closest thing to plug and play. Most devices with an active internet connection can make use of them to execute trades.

Educational Support – As this broker provides weekly webinars and other educational material, it is a valuable addition, especially for newbies who are trying to get a grasp on the way the industry works.

Tiered Accounts and Dedicated Assistance – Account levels with varying perks allow traders to choose the one that fits their needs without needing to stretch their trading budget. Dedicated assistance on the premium side of the equation is a must-have feature.

Red Flags

The biggest red flag with this platform in our book is the fact that they have questionable regulations. In theory, they are regulated, but the governing body is the Mauritius FSC.

It doesn’t contain the same strict guidelines as the FCA does, which means investors are not greatly protected. As the standard is bleak at best, it might be in your best interest to look for a better alternative.

Another issue with their operational model is the steep spreads at starter-level account types. 3 pips spread on EUR/USD is outrageous, and there are a lot of regulated platforms that offer much better service at the same or lesser cost. Lastly, there are a lot of hidden fees associated with deposits and withdrawals. The conditions are not clear, and it might put a huge dent if not understood at the inception.

Inefex Pro Scam Review Conclusion

Inefex Pro is probably one of the most ambiguous platforms to exist in the financial realm. The obvious red flags, along with the fact that there aren’t that many user testimonials, mean it is a risky venture to proceed with them.

Without hesitation, we can say that there are plenty of regulated alternatives out there. If you have any personal experience, feel free to share your journey with us below.

Thanks for reading our Inefex Pro review. If you have lost money to Inefex Pro, feel free to use our platform to voice your opinion, and consider using our crypto tracing service to track the stolen funds.

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