In this review, we will describe why you should be cautious dealing with EssenceFX.
Is EssenceFX Legit?
Looking at EssenceFX website, it shows that they are owned by Essence Markets Limited. Essence Markets Limited is located in the Republic of Vanuatu, a well-known offshore zone and a preferred location for shady brokerage. EssenceFX is an offshore broker. Problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why EssenceFX is a dangerous broker to deal with.
Are Funds Safe with EssenceFX ?
With such lack of information and EssenceFX being offshore, funds are not safe. Security of funds is a huge problem with offshore brokers. A red flag that we noticed is EssenceFX is withholding vital information to users.
EssenceFX could go bankrupt from one day to another since there are no banking information about this broker.