Is Efon Markets a Scam Broker? Scam Warning

in conclusion

• No regulatory filing record: As of August 29, 2025, the Luxembourg CSSF "Search Entities" database did not contain any references to "Efon Markets / Efon Global Markets" (see search entry below). ( Entity Search , CSSF )

• Significantly inconsistent with EU/UK retail regulations: The official website advertises a maximum leverage of 1:500 for retail accounts and offers referral, IB, and Regional Representative incentives. However, ESMA and the FCA explicitly limit CFD leverage for retail clients to 30:1–2:1 and restrict/prohibit inducement promotions . ( efonglobalmarkets.com , efonglobalmarkets.com , European Securities and Markets Authority ( FCA ))

• Transparency and traceability are weak: The only publicly available phone number is a UK mobile number starting with 07 (officially, 071–075 and 077–079 are mobile service numbers). This number appears alongside the narrative of the "Luxembourg Financial District" and lacks a corresponding regulatory body. ( TraderKnows , www.ofcom.org.uk )

• The domain is newly registered: WHOIS shows it was registered on August 10, 2025. A new website plus financial services is a high-risk combination. ( Whois.com )

In summary: High risk/tendency is listed as "Fraudulent Platform" ; any deposit or capital exposure is not recommended.

1. Subject and Explicit Information (Based on “Evidence”)

• Official website/homepage: efonglobalmarkets.com (A True ECN Broker). ( efonglobalmarkets.com )

• Contact information: The official website provides an email address: [email protected] (see the Contact page); external reviewers also publicly record their phone number as +44 7575 794984. ( efonglobalmarkets.com , TraderKnows )

• Address narrative: The official website repeatedly promotes the image of "EU background/fund security/negative balance protection," but whether it is regulated should be determined by searching the regulatory directory (see the following section). ( efonglobalmarkets.com )

Number attribute verification (official definition): The UK's Ofcom 's "National Telephone Numbering Plan" and "Numbering Data" pages clearly state that 071–075 and 077–079 are mobile service number blocks . If a broker primarily discloses only mobile numbers beginning with 07, this does not replace the verifiable landline/subject information of the regulated institution . ( www.ofcom.org.uk )

II. Supervision and Compliance List Verification

• Luxembourg CSSF : The official portal and " Search Entities " database are authoritative search portals for regulated entities . Searches for "Efon," "Efon Markets," and "Efon Global Markets" yielded no matching entities as of August 29, 2025. ( Entity Search , CSSF )

Comparison with regulatory rules (why 1:500 is clearly inconsistent)

• ESMA (EU) : Retail CFD leverage limits are now 30:1 (for major currency pairs) to 2:1 (for cryptocurrencies) , with requirements for negative balance protection, risk warnings, and limits on inducements (the 30:1–2:1 tier is specified in both the renewal notice and the technical advice report). ( European Securities and Markets Authority )

• FCA (UK) PS19/18 official document : solidifying ESMA's temporary measures into permanent UK rules, clarifying retail leverage of 30:1–2:1 , negative balance protection , a 50% margin liquidation threshold , and restricting/prohibiting the use of cash or other inducements to stimulate retail trading . ( FCA )

Conclusion: If a platform offers 1:500 leverage to EU/UK retail clients and offers incentives for new customers or rebates, this is in direct conflict with ESMA/FCA retail rules . If services are indeed provided to EU/UK retail clients, they should be listed on the corresponding national regulatory authorities ( European Securities and Markets Authority , FCA ).

III. Transaction Conditions and Marketing Incentives (Based on the Official Website)

• Leverage: The official website's "Markets to Trade" page clearly states "Leverage up to 1:500." ( efonglobalmarkets.com )

• New Customer Incentives: The official website features a Referral Program page; there are also pages for Introducing Brokers (IBs) and Regional Representatives , forming a typical "agent/rebate/new customer acquisition" structure. ( efonglobalmarkets.com , efonglobalmarkets.com )

• Third-party evidence: TraderKnows' review page also lists its IB/Referral/Regional Representative commission incentive models and contact information. ( TraderKnows )

Regulations: The "high leverage + new customer acquisition incentive" combination is contrary to the spirit of ESMA/FCA 's product intervention on retail CFDs (limiting leverage and restricting/prohibiting inducements). ( European Securities and Markets Authority , FCA )

MT5 Visibility and the “Catalog Not Endorsed” Notice

• The official website claims the platform is MT5. ( efonglobalmarkets.com )

• Important Note: The MetaQuotes/MT5 "Find Broker" directory is a marketing tool and does not represent a comprehensive whitelist of brokers. The official community also clearly states that there is no "complete list of approved brokers." Therefore, the fact that a broker is not found in the directory should not be interpreted as a regulatory endorsement or disapproval. ( metatrader5.com , metaquotes.net , mql5.com )

5. Domain Name and Timeline (Risk Profile)

• WHOIS: efonglobalmarkets.com was registered on August 10, 2025 , less than 30 days ago. Financial sites attract capital during the period of relatively new domain names , and historically have a significantly higher risk profile. ( Whois.com )

6. Comprehensive Risk List (for readers/delivery page identification at a glance)

1. The regulatory directory is missing (CSSF entity is not found; if it is for UK retail, it should also be subject to FCA rules). ( Entity search , CSSF , FCA )

2. Retail leverage exceeds the red line : The official website advertises 1:500 , which contradicts the ESMA/FCA's 30:1–2:1 range. ( efonglobalmarkets.com , European Securities and Markets Authority , FCA )

3. The incentive promotion structure , which uses a referral/IB/Regional Representative model for new customer acquisition and commissions, is inconsistent with the product intervention principle of "limiting/prohibiting inducements." ( efonglobalmarkets.com , efonglobalmarkets.com , FCA )

4. Weak traceability : The public phone number is a UK 07 mobile number , not a typical regulated financial institution's switchboard or company landline. ( TraderKnows , www.ofcom.org.uk )

5. New domain : Registered on August 10, 2025; the combination of "new website + financial fundraising" is high-risk. ( Whois.com )

VII. Rights Protection and Self-Help Suggestions

• No deposit: Do not try out or test with a small amount to avoid leaving KYC/payment traces.

• Deposited:

• Immediately keep the deposit receipt, chat history, and background screenshots;

• If the bank card/channel is available, negotiate a chargeback/dispute with the issuing bank as soon as possible;

• Simultaneously report to the country's regulatory authorities/police/anti-fraud authorities;

• For telephone communications in the UK, retain the call details for evidence collection.

• Verification method (for readers to check):

1. First, enter the platform name in the CSSF "Search Entities" to verify whether it is licensed. ( Entity Search )

2. Check that its leverage and promotions comply with ESMA/FCA retail rules. ( European Securities and Markets Authority , FCA )

3. Check the WHOIS timeline and contact information for credibility (the number starting with 07 looks like a mobile number). ( Whois.com , www.ofcom.org.uk )

in conclusion

Combined with the verification of regulatory lists (CSSF/FCA) , comparison of retail rules (ESMA/FCA) , official website description (1:500 leverage + Referral/IB new customer acquisition) , number segment attributes (Ofcom) and domain name timeline (WHOIS) :

Efon Markets Risk Rating: High - Tends to be placed on "Fraudulent Platform Watch." We recommend against any transactions until regulatory approval and compliance rectification are complete. ( Entity search , FCA , European Securities and Markets Authority , efonglobalmarkets.com , efonglobalmarkets.com , www.ofcom.org.uk , Whois.com )