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EFX Group Reviews

Note: EFX Group has been acquired by MB Trading as their largest introducing broker.

2008/09 EFX Group Reviews

May 1, 2008 - Apr 30, 2009

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Good execution, but api is quite complicated even with programming knowledge. Would be the best with mql4 like api. Apart from these one of the best I think.
- Reviewed by csizo, May 25, 2008. Rating = 7/10

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2008/09 EFX Group Ratings
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2007/08 EFX Group Reviews

May 1, 2007 - Apr 30, 2008

If you are an experienced trader, you wouldn't ever trade anywhere else. Anyone who writes anything bad about this broker is definitely a newbie. Anyone who says their fills are bad during news events don't understand what an ECN is. EFX has nothing to do with the fill, your order is routed directly to the member banks. EFX is not a bucketshop (market-maker) like Fxdd, OandA, etc. This company charges commissions, the least expensive way to trade Fx.
- Reviewed by Steve, April 12, 2008. Rating = 10/10
Tried their platform for several weeks because I realized that it was complicated. It had a lot of problems. Tried live Mini account and it had a lot of problems.

EFX was actually superior to MB Trading. MB Trading was arrogant and after taking over EFX's operations they cut short a winning trade, activated two positions prematurely, and created a trade all on their own, and then lied about all of it. To say that they did not meet expectations would be an understatement.

- Reviewed by Pips.Needed, April 3, 2008. Rating = 1/10
Been with EFX/MB Trading for about 6 months and absolutely no complaints. Honest company. Not a lot of frills and their swap rates are lousy but the best spreads in the business.
- Reviewed by sburtonhome, December 18, 2007. Rating = 9/10
When I first started looking into forex trading, I was shocked to find all of the broker's platforms that did not let you place live bids and offers. Since I started trading stocks on ecn's back in 1999 and eminis on X Trader, I was very relieved when I found the EFX/MBTX platform to trade forex.
- Reviewed by RD, June 17, 2007. Rating = 10/10
Pretty good customer care, expensive fees and useless during the News.
- Reviewed by MoralAtheist, May 5, 2007. Rating = 5/10
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.

- Reviewed by az4xtrader, May 3, 2007. Rating = 8/10

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2007/08 EFX Group Ratings
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2006/07 EFX Group Reviews

May 1, 2006 - Apr 30, 2007

By far the best execution and lowest pip spread among all currency brokers. Eur/Usd only 1 pip, sometimes no pip spreads! They do not trade against you like other brokers. Great customer service! The trading platform is easy to use. No charts come with it but I have my own charting software anyways. They will be implementing charting into their trading platform soon.
- Reviewed by macgeo99, December 12, 2006. Rating = 10/10
Accounts not insured. Exc. customer service and order fills. With account insurance would easily rate a 9 or 10 if it weren't for the platform. In spite of excellent tutorials, the Navigator platform is challenging to learn, and continues to be easy to make mistakes on after month of demo trading. Stops are difficult to place and/or change (NOT quick "one touch" anything, even on their Pro option). Just not a comfortable platform. As of this date Justin at EFX Group says they are working on platform improvements, and perhaps even a different platform option. The future will tell. Parent co. MB Trading checks out clean for 8 years. Acct application process was easy and fast.

Note from EFX Group: EFX Group has a Fidelity 14 Bond in place which insures customers against fraud.

- Reviewed by EFX Group Customer, November 17, 2006. Rating = 6/10
Better than Coes, but that commission is VERY high if you trade EUR or GBP. Execution during numbers is a little sketchy.
- Reviewed by fxtrader8, August 18, 2006. Rating = 3/10
Great broker; the Demo could use improvement, but the Live platform always performs well. I typically can get 1 pip spreads, and I think they have the best customer service out of any of the brokers I've ever traded with.
- Reviewed by traderOne, July 28, 2006. Rating = 9/10
This is by far the best Forex broker available to the retail client! They don't trade against their clients, they offer great customer support and the spreads are always tight.
- Reviewed by Andrew, July 12, 2006. Rating = 9/10
I have been with EFX for 6 months, I find the spreads in the majors to vary between 1 and 2 pips almost all the time. They do not have a deal desk or trade against my orders. The open API is cool because I am writing my own auto trade function and they provide that to me at no cost! Overall I love the firm, especially the customer service, ask for Justin!
- Reviewed by fxmaster1, June 21, 2006. Rating = 10/10
Easily the best FOREX platform out there. No requoting, no backing away, lots of liquidity.
- Reviewed by FXMaster, June 15, 2006. Rating = 10/10

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