exfor

Exfor is a retail forex and CFD broker based in Labuan, Malaysia, founded in November 2022 according to our records. However, the broker’s website claims a founding year of 2004. The company operates as Exfor Limited and is registered at Tiara Labuan, Jalan Tanjung Batu, 87000, F.T. Labuan, Malaysia.

Exfor positions itself as a multi-asset broker offering trading in forex, metals, indices, energies, and stocks through the MetaTrader 4 and MetaTrader 5 platforms. It targets retail traders globally, with a particular focus on the Asian market, while explicitly excluding residents of the US, Israel, North Korea, and Yemen.

According to its website, Exfor is authorised and regulated by the Labuan Financial Services Authority (LFSA) with company number LL17698. The LFSA is the statutory regulator for the Labuan International Business and Financial Centre in Malaysia.

It is important to note that while the broker prominently displays this regulatory claim, our independent records do not verify the existence of a valid regulatory licence from the LFSA. Traders should exercise caution and conduct their own due diligence regarding the broker’s regulatory status. The absence of independently verified regulatory oversight is a significant factor in assessing the broker’s trustworthiness.

Exfor offers two primary account tiers: Standard and Pro. The Standard account requires a minimum deposit of $50, making it accessible to retail traders with limited capital. The Pro account demands a minimum deposit of $3,000 and offers tighter spreads starting from 0.4 pips, compared to 0.9 pips on the Standard account. Both accounts have a maximum leverage of 1:500, which is high and carries substantial risk.

Leverage of 1:500 allows traders to control large positions with a relatively small margin, but it also magnifies both gains and losses. The broker also advertises a micro account for MT4 users and supports Islamic swap-free accounts. All accounts operate on a market execution model with margin call and stop-out levels at 100% and 50%, respectively.

Exfor provides trading in over 300 instruments across five asset classes: forex, metals, indices, energies, and stocks. The broker uses the industry-standard MetaTrader 4 and MetaTrader 5 platforms, known for their advanced charting, automated trading via Expert Advisors, and customisable indicators. Both platforms are available for desktop, web, and mobile.

The choice of MT4 and MT5 indicates that Exfor caters to a wide range of traders, from beginners to experienced algo traders. The broker claims fast execution and low latency, though independent verification of these claims is not available.

Exfor supports several funding methods, including bank transfers, bank cards, cryptocurrencies, and local payment options for Latin America. Deposit minimums range from $10 to $500 depending on the method, while withdrawals have similar thresholds. The broker states that it does not charge additional fees for deposits or withdrawals, but warns that intermediary bank fees may apply.

Processing times vary: bank card and crypto deposits are instant, whereas bank transfers can take up to two days. Withdrawals generally take 1-5 business days depending on the method. The broker does not currently accept clients from certain jurisdictions, including the US.

Exfor appears to target retail traders who are comfortable with high leverage and unregulated or loosely regulated environments. The low minimum deposit of $50 for the Standard account may appeal to novice traders, while the Pro account with tighter spreads may attract more experienced traders.

However, the broker's lack of independently verified regulation and the high-risk leverage of 1:500 mean it is not suitable for conservative or risk-averse investors. Traders should only risk capital they can afford to lose and should be aware of the potential for total loss when trading with such leverage. The broker also excludes US, Israeli, North Korean, and Yemeni residents.

Exfor maintains a LinkedIn social media presence but does not appear to have active community engagement on other platforms. The broker's website includes typical disclaimers, such as the risk of loss in leveraged trading.

Our FXCanary Scam Risk Score for Exfor is 75 out of 100, indicating severe risk. This score reflects the unverified regulatory status, the broker's short operating history (since 2022), and the high leverage offered. Traders are strongly advised to exercise extreme caution and consider fully regulated alternatives.