Inefex Review: Legit Broker or Just Another Scam?

Many Forex/CFD brokers prefer offshore licenses over documents from Tier 1 regulators. One popular offshore jurisdiction is Mauritius, where the company featured in our Inefex review is licensed. Its trading offerings look attractive, and regulation by the FSC of Mauritius gives the firm an appearance of credibility and reliability. But how safe is it to deal with this platform? Could it be another scam hiding behind this façade? In our materials, you will find honest answers to these and other questions.

Does Inefex Show Any Risk Factors?

The broker claims to adhere to strict security standards and regulatory requirements, assuring that its operations are conducted legally and under a valid license. According to the company, the Inefex brand is owned and operated by Novir Markets Ltd, registered in Mauritius and holding an Investment Dealer (Broker) license № GB21026833 from the local FSC regulator.

Not every broker we have written about provides such detailed information, but it still requires verification. The business registry of the Republic of Mauritius indeed contains information about Novir Markets Ltd. It was registered on January 12, 2022, under number C184916 and is currently considered active.

Verification of the license also confirmed the broker’s information. The entry for Novir Markets Ltd is present in the FSC of Mauritius financial regulator database.

The only remaining question is whether Inefex is truly connected to the company. The issue is that no registry mentions trading names or websites owned or operated by the firm. Searching for such evidence does not always yield results, but in this case, we were fortunate. Novir Markets Ltd has its official website, where the company provides detailed information about itself. Its primary activity is developing comprehensive solutions for investment and brokerage firms: from creating official websites and trading terminals to processing payments and marketing. In the Brands section, only one brand is listed as owned by the company — Inefex.

Although the FSC claims to fully comply with international standards, in terms of investor protection and security, a license issued by this organization cannot compare to those from reputable regulators such as the FCA (UK), ASIC (Australia), or BaFin (Germany). There are several reasons for this:

• The FSC capital requirements, including reserves, are significantly lower than those of European regulators. This means that in a financial crisis or broker bankruptcy, the firm may not have enough funds to cover its obligations.
• The regulator does not impose strict client protection rules. It does not require mandatory segregation of client funds, participation in compensation schemes, etc.
• While the FSC has supervisory mechanisms, many experts consider them less stringent than those of Tier 1 regulators. This gives unscrupulous companies more room for fraudulent practices.
• The FSC capital requirements, including reserves, are significantly lower than those of European regulators. This means that in a financial crisis or broker bankruptcy, the firm may not have enough funds to cover its obligations.
• The regulator does not impose strict client protection rules. It does not require mandatory segregation of client funds, participation in compensation schemes, etc.
• While the FSC has supervisory mechanisms, many experts consider them less stringent than those of Tier 1 regulators. This gives unscrupulous companies more room for fraudulent practices.

Therefore, an FSC Mauritius license offers considerably less client protection than licenses from leading regulators and should be approached with caution.

Nevertheless, nothing prevented the firm from operating in the market for a considerable time. Official documents show that it was established and licensed in January 2022. Its own domain, novirmarkets.com, appeared in September 2022, while the broker launched its site on inefex.com, which, according to WHOIS, was registered as early as January 2020.

At the same time, snapshots from the Web Archive show that the actual Inefex website appeared on this domain only in 2023, which aligns well with the company’s registration and license issuance dates. This means the platform has been operating for three years and has accumulated considerable experience in serving clients.

Naturally, we expected that over this time, the broker would have gathered a fair number of reviews. Indeed, there are 264 reviews on Trustpilot and 201 on reviews.io. However, we were surprised by the company’s low ratings on these platforms. On reviews.io, the score is only 3.3 out of 5, while on Trustpilot, only 42% of comments are positive, compared to 46% negative. Moreover, the site administration accuses the broker of violating the rules.

A large number of negative Inefex reviews have appeared over the past few months. Almost all authors report the same issue — delays in withdrawals or an outright refusal to return funds. Some even claim that company staff explicitly state that to get their deposit back, a trader must make an additional payment (different amounts are mentioned in various comments). At present, the broker operates like a typical scammer, effectively extorting additional transfers from users.

Let’s Break Down the Leverage

The leverage offered by the broker allows a trader to control large positions with relatively small capital. For example, with 1:400 leverage, one can open a $400,000 position with just $1,000 in the account. At first glance, this seems attractive because it multiplies potential profits.

Experienced traders, however, call such leverage a “deposit killer,” and for good reason:

• Leverage increases not only profits but also losses. For instance, with a $1,000 deposit, a trader can open a nearly 4-lot position on EUR/USD with 1:400 leverage. Each pip would bring $40 in profit or loss. This means that a movement of just 25 pips against the position would wipe out the entire $1,000 deposit. For context, 25 pips is not even a typical daily movement for EUR/USD.
• With such high leverage, margin is very low, and events like Margin Call and Stop Out can occur extremely quickly. Traders have almost no room to maneuver because automatic position closure by the broker results in losing nearly the entire deposit.
• Trading with high leverage also creates significant psychological pressure, as most traders are aware of potential gains/losses and the price movement required to trigger a Stop Out. This stress often leads to mistakes that further erode the deposit.
• Leverage increases not only profits but also losses. For instance, with a $1,000 deposit, a trader can open a nearly 4-lot position on EUR/USD with 1:400 leverage. Each pip would bring $40 in profit or loss. This means that a movement of just 25 pips against the position would wipe out the entire $1,000 deposit. For context, 25 pips is not even a typical daily movement for EUR/USD.
• With such high leverage, margin is very low, and events like Margin Call and Stop Out can occur extremely quickly. Traders have almost no room to maneuver because automatic position closure by the broker results in losing nearly the entire deposit.
• Trading with high leverage also creates significant psychological pressure, as most traders are aware of potential gains/losses and the price movement required to trigger a Stop Out. This stress often leads to mistakes that further erode the deposit.

In short, high leverage carries substantial risks. Statistics show that most clients using such trading lose their deposits not just in the first month, but within their first 3–5 trades. While experienced traders with solid knowledge of capital and risk management may sometimes survive, beginners without such skills are almost certain to lose their funds.

What Does the Inefex.com Website Reveal?

It’s hard to call the official Inefex website an outstanding piece of web design. It’s light, with occasional dark blocks, high-contrast text, minimal thematic images, and no animation — a standard setup that gives the pages a solid look and ensures fast loading. In fact, creating such a web resource only requires choosing a suitable template, which the developers clearly did.

However, the creators lacked the most important element: an understanding of what good, useful content should look like. The result is a semi-professional product that does not deserve a high rating. Judge for yourself:

• On the About Us page, instead of detailed information about the company, its history, achievements, financial results, etc., we found only a tired list of the broker’s supposed advantages, none of which are supported by any facts. One can only guess whether the project’s staff don’t understand the interests and needs of potential clients, or simply avoid publishing relevant information because it might portray the company negatively. Either way, the page content is a major negative mark for the broker.
• The Markets section was well-intentioned. The goal was to describe each market and popular asset, explain why trading there makes sense, and list advantages and risks. However, the developers failed to deliver. Instead of a truly professional review, we get limited text generated with AI. Each section contains banalities easily found online, with no useful details, and there’s not even room for contract specifications.
• The Learn section is no better. We cannot imagine any trader benefiting from these materials — unless they are a primary school student. In our view, the space could have been used more effectively, for example, to host trading calculators, an economic calendar, a news feed, etc.
• On the About Us page, instead of detailed information about the company, its history, achievements, financial results, etc., we found only a tired list of the broker’s supposed advantages, none of which are supported by any facts. One can only guess whether the project’s staff don’t understand the interests and needs of potential clients, or simply avoid publishing relevant information because it might portray the company negatively. Either way, the page content is a major negative mark for the broker.
• The Markets section was well-intentioned. The goal was to describe each market and popular asset, explain why trading there makes sense, and list advantages and risks. However, the developers failed to deliver. Instead of a truly professional review, we get limited text generated with AI. Each section contains banalities easily found online, with no useful details, and there’s not even room for contract specifications.
• The Learn section is no better. We cannot imagine any trader benefiting from these materials — unless they are a primary school student. In our view, the space could have been used more effectively, for example, to host trading calculators, an economic calendar, a news feed, etc.

We could go on, but our goal is not to write a scathing review of the Inefex website; rather, it’s to draw users’ attention to the broker’s attitude toward its own “face” online. From our perspective, companies genuinely interested in long-term operations and client respect would not act this way. Essentially, we have only one question for Novir Markets Ltd: what “comprehensive solutions” can they be talking about if their own brand website does not even merit a “satisfactory” rating? Or is the talk about a highly skilled development team just a cover for yet another scam project?

Is the Broker Offering Fair or Risky Terms for Traders?

The closer we examine the broker’s offerings, the more it seems that the project creators aimed not to reveal important information, but to hide it as thoroughly as possible — primarily from regulators rather than traders. A perfect illustration of this is their trading conditions.

What do traders want to see in trading terms? Maximum leverage, spreads, swaps and trading fees, volume limits, Margin Call/Stop Out levels, etc. You wouldn’t believe it, but most of this information is technically on the Inefex site (or at least the platform convinces visitors that it is).

Let’s start with account types. Inefex offers four ones: Basic, Gold, Platinum, and VIP. Trading on all accounts is possible with up to 1:400 leverage. The starting deposits vary significantly: Basic requires €250, while Gold requires €25,000 — a 100-fold difference that doesn’t seem to bother the broker. The remaining accounts are less dramatically different: Platinum requires €100,000, and VIP €250,000.

What does a trader actually get for paying these amounts to upgrade to higher-tier accounts? Practically nothing. On Basic, the spread is 3.0 pips, decreasing to 2.7, 2.1, and 1.6 pips respectively. The fact that this is 2–5 times higher than conditions offered by popular regulated brokers does not bother the company either; when it comes to profit, even conscience goes silent.

That’s where the trading condition information on the website ends. However, the company can claim it is being transparent, as some documents are listed regarding trading terms. For example:

• Maximum Trade Size lists the upper limits for trades across various markets.
• Margin Information provides the method for calculating margin and the Margin Call/Stop Out levels (10%/20%).
• Commodity and Index Rollover Information explains how to calculate position rollover fees, but no baseline values are provided.
• Maximum Trade Size lists the upper limits for trades across various markets.
• Margin Information provides the method for calculating margin and the Margin Call/Stop Out levels (10%/20%).
• Commodity and Index Rollover Information explains how to calculate position rollover fees, but no baseline values are provided.

Technical Support Analysis of Inefex

Do you think the company is any better with its contact details? No, it stays true to itself even in such small matters. On the Contacts page, Inefex lists:

• Support service email.
• A mobile phone number with a Mauritius code.
• Support service email.
• A mobile phone number with a Mauritius code.

Literally on every page, the company repeats its Mauritius registration address. It would have been better if they hadn’t, as clients might otherwise remain unaware that at this same address (Suite 803, 8th floor, Hennessy Tower, Pope Hennessy Street, Port Louis, Mauritius), at least two dozen other companies are also registered. It’s surprising — how do they all fit in this space?

Seriously, this, along with the support mobile phone, is a clear indication that the company does not have an office in Mauritius. In fact, it doesn’t have an office anywhere, since neither the broker nor the company that owns it shows any other addresses or phone numbers. Essentially, we are dealing with a couple of virtual entities whose life-space is the internet, and all their activity is concentrated there. Do you still believe they can operate honestly? Check the inefex.com reviews.

Strengths and Weaknesses

• Official registration and license for brokerage activities.
• Well-designed and optimized official website.
• Official registration and license for brokerage activities.
• Well-designed and optimized official website.

• Offshore license, considered less reliable than documents from the most reputable regulators.
• High leverage and huge spreads, which lead to unacceptable risks and trading costs for the trader.
• The company exists only online; it has no real offices.
• Official website pages are poorly informative.
• Many negative reviews online regarding the platform’s operations.
• Offshore license, considered less reliable than documents from the most reputable regulators.
• High leverage and huge spreads, which lead to unacceptable risks and trading costs for the trader.
• The company exists only online; it has no real offices.
• Official website pages are poorly informative.
• Many negative reviews online regarding the platform’s operations.