Essencefx review
The broker provides hong kong contact phone number, however, it is not located or authorized by its local securities & futures commission of hong kong.
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Essencefx review
Essencefx
Reason to avoid: offshore license
Listed date: september 7, 2019
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Beware essencefx is a non-regulated broker. It is NOT SAFE to trade.
Essencefx is a global broker providing online currency trading services. The company provides access to a large choice and range of financial markets to trade, including forex markets, indices, and commodities, all on the MT4 platform.
About essencefx
| ��️ registered in | vanuatu |
| ��️ type of license | offshore license |
| ��️ is essencefx safe to trade | no |
| ��️ recommended licenses | FCA in UK ���� & ASIC in australia ���� |
| �� alternative broker | IC markets - licensed by ASIC in australia |
Is essencefx a scam or legit broker?
No, it is not safe to trade with essencefx. The company is wholly owned by essence markets limited under registration number 40309, regulated by the vanuatu financial services commission, and incorporated in the republic of vanuatu.
Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as RCM FX, rickglobal and more.
As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from vanuatu.
The broker provides hong kong contact phone number, however, it is not located or authorized by its local securities & futures commission of hong kong. This usually means the broker has been targeting locals, illegally offering them financial services.
We advise all investors and traders to avoid essencefx and other brokers from vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in australia and reliable brokers such as avatrade and FXTM.
Essencefx review: shady “unit investment” trading scheme
Essencefx provides no information on its website about who owns or runs the business.
In the footer section of its website, essencefx represents it is incorporated in vanuatu.
Vanuatu has emerged as a scam friendly jurisdiction, particularly within the MLM finance niche.
Unless it is based out of vanuatu, there is no legitimate reason for an MLM company to incorporate itself there.
As opposed to vanuatu, it is far more likely that whoever is running the company is based out of malaysia.
At the time of publication alexa estimates that 98% of traffic to the essencefx website originates out of malaysia.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Essencefx products
Essencefx has no retailable products or services, with affiliates only able to market essencefx affiliate membership itself.
The essencefx compensation plan
Essencefx affiliates deposit funds on the expectation of a passive return.
- Standard – invest $100 to $10,000
- Elite – invest $10,001 to $50,000
- Prime – invest $50,001 or more
Higher returns are implied on larger investment amounts.
Essencefx investment is made in “lots”, of which no specific details are provided.
The MLM side of essencefx sees commissions paid on funds invested by recruited affiliates.
Referral commissions
Essencefx pays referral commissions via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
Essencefx caps payable unilevel team levels at eight.
Referral commission rates are determined by how much an essencefx affiliate has convinced others to invest.
There are two tiers of referral commissions in essencefx. Qualifications for each tier are as follows:
- Introducing broker – recruit at least thirty affiliates who invest $100 or more each, generate at least $5000 in personally recruited affiliate investment volume and at least $15,000 in total unilevel team investment volume
- Master partner – recruit at least one hundred affiliates who invest $100 or more each, have at least five introducing brokers in your unilevel team, maintain at least $1000 in downline monthly investment volume and $3 million in total unilevel team investment volume
Regular essencefx affiliates earn the following residual commission rates:
- $2 per lot investment by personally recruited affiliates
- $5 per lot investment by level 1 introducing brokers (personally recruited)
- 60 cents per lot investment by level 2 introducing brokers
- 30 cents per lot investment by level 3 introducing brokers
- 20 cents per lot investment by level 4 introducing brokers
- 10 cents per lot investment by level 5 to level 8 introducing brokers
For introducing brokers and master partners, the residual commission rate on level 1 introducing brokers is increased to $6.50.
Presumably there are other benefits to qualifying at master partner, however these are not disclosed in essencefx’s compensation plan.
Joining essencefx
Essencefx affiliate membership is free.
Full participate in the attached income opportunity however requires a minimum $100 investment.
Conclusion
Essencefx attempts to confuse visitors to its website with a barrage of financial trading information.
Beneath that is a simple fraudulent investment scheme with pyramid commissions.
Essencefx represent external ROI revenue is generated through forex, commodities, precious metal and indicies trading.
No evidence of any of these trading activities is provided.
Furthermore essencefx is not licensed to provide financial services in malaysia, meaning the company is operating illegally in its target investor market.
Pyramid scheme commissions are paid by way of essencefx having no retailable products or services. Although it should be noted this is secondary to financial fraud concerns.
And although they don’t seem to have any significant business outside of malaysia, another red flag is found in essencefx’s website footer:
Please note: essencefx does not service US-based entities or residents of any kind.
None of the trading activities essencefx claims to engage in are illegal in the US. What is illegal is running ponzi schemes.
Unfortunately the bank of malaysia does little more than add fraudulent schemes to a list. The fact of the matter is you’re far more likely to get away running a ponzi scheme in malaysia than in tighter regulated jurisdictions.
Obviously those running essencefx are aware of this, hence the “no US” and shell company incorporation in vanuatu.
At the end of the day essencefx relies on a constant stream of new investment to stay afloat.
Once affiliate recruitment dies down so too will new investment, eventually prompting a collapse.
The math behind ponzi schemes guarantees that when they collapse, the majority of investors lose money.
Scam online
Essencefx regulation.
A broker must pay for regulated licenses to be able to offer trading. Essencefx doesn’t pay for licenses but it does offer trading which is prohibited by law.
Your money isn’t safe with essencefx.
To be able to offer trading, you must buy a regulatory license from a country where you want to settle. If you offer trading without licenses, you don’t respect the laws and become a fraudulent broker. Brokers who don’t have regulated licenses like essencefx will not give you your money back because they are outlaws.
Based in a country with weak regulations
Essencefx is based in a country where the regulations are weak regarding trading. Countries like the marshall islands,vanuatu, seychelles, saint vincent and the grenadines, bermuda and bulgaria are deemed to be the location of fraudulent brokers because the legislation is weak or nonexistent.
Never trust the broker.
It’s essential to always check the licenses of a broker because fraudulent brokers lie to make you deposit the maximum amount of money. If you unfortunately deposit your money and are asked to pay a fee to withdraw your money, don’t do it because you will give them even more money.
Get a chargeback now.
We put you in touch with the best money recovery company that has existed since 2016, mychargeback. We have received positive feedback from them and their experts are very professional. You just need to complete the form below (if you have lost more than $5000, use our chatbot directly). The consultation is free and doesn’t commit you to anything.
What are the chances of getting your money back?
Everything will depend on your file. Mychargeback has already helped many people and knows all the procedures to do with banks to build a solid file with you and recover your money. If you want to know more about the procedure, click here.
Our verdict
Essencefx is a scam that doesn’t have regulated licenses. We advise you to avoid this broker if you don’t want to have a problem. If you have been a victim of this broker, don’t hesitate to leave us a comment to report this broker and avoid other people from being victims.
Essencefx review: pyramid scheme underbelly trading niche
Share this:
Essencefx has mentioned no names regarding who operates the company or who owns it. The website does say that the company is incorporated in vanuatu. Vanuatu is known for breeding scams specially for companies operating in the MLM niche.
If essencefx is not based out of vanuatu, which it doesn’t based on the alexa estimates, the company is surely planning a scam. According to the alexa scam, the maximum traffic of about 98% comes from malaysia. This indicates that the company is from malaysia.
The company does not have any products or services that can be retailed. The affiliates can only connect with the company through their affiliate membership plans. To join their membership plan and to enjoy full participation, one must pay a minimum of $100. For beginners, the membership comes free though but with restricted benefits.
Essencefx does not provide proper information about the company and isn’t transparent to its investors. This puts the company in the high risk zone. You must think wisely before giving your money to anonymous admins who have no face or name.
Essencefx – the compensation plan
According to the company’s terms, an investor has to deposit fund for receiving passive returns.
- Standard plan: one must invest between $100 and $10,000
- Elite plan: one must invest between $10,001 and $50,000
- Prime plan: one must invest $50,001 or more
As you can expect, the more you invest the higher you get paid through their return plans.
Essencefx – the referral commission
The company uses uni-level compensation plan to pay referral commission to its affiliates. In a uni-level compensation plan, an affiliate is placed on the top order. The ones who are recruited personally are placed directly under the one who recruited them.
For example, the affiliates who are recruited by the top affiliate are placed on level 1. The affiliates who are recruited by the level 1 affiliates are placed on level 2 and so on.
The cap is made at the eight level. Also, the company determines the referral commission based on the amount one persuades others to invest in the plan. Accordingly, there are two tiers of referral as follow:
- Introducing broker: one must recruit a minimum of 30 affiliates who invest $100 or more each. And, generate a minimum of $5000 in personally recruited affiliate investment volume as well as at least $15,000 in cumulative of entire unilevel team investment volume\
- Master partner: one must recruit a minimum of 100 affiliates who invest $100 or more each. One must own at least 5 introducing brokers in the uni-level team. And, maintain at least $1000 in downline monthly investment volume and $3 million cumulative of uni-level team investment volume
Residual commission
- Plan 1: one earns $2 per lot investment by their personally recruited affiliates
- Plan 2: one earns $5 per lot investment by level 1 introducing brokers
- Plan 3: one earns $0.60 per lot investment by level 2 introducing brokers
- Plan 4: one earns $0.30 per lot investment by level 3 introducing brokers
- Plan 5: one earns $0.20 per lot investment by level 4 introducing brokers
- Plan 6: one earns $0.10 per lot investment by level 5 till level 8 introducing brokers
Essencefx – reviews
Diana C: trust me, these guys are monsters with no empathy. They will take your money and will never look back as if you never existed.
P shaw: fraud. I invested and still cannot see the money in my account. The customer care never listens.
The conclusion from the above reviews
As you are see, the company is not trustworthy and people are facing trouble getting their answers back from the customer care. Not just that, it seems fishy as the company operates from malaysia and incorporated in vanuatu.
The verdict
If you will visit their website, you may be confused by the plethora of information they have tried to put regarding their fake claims. If you will look deeper, all you will find is a pyramid scheme underbelly trading niche.
As there is no proof that the company is engaged in forex and other financial trading, the only source of revenue left is the recruitment investment. So, once the recruitment will dry, the ROI will stop as well.
The ones joining at the beginning of the scheme may get something back. However, the majority of the affiliates will lose money. If anyone would be making any benefit, then it will be the anonymous admins.
Hence, I would suggest not investing in this fraudulent plan and decide wisely.
Essencefx scam broker
Know your options and recover your funds
Essencefx complaint – essencefx review
Is essencefx a scam broker?
If you have traded with essencefx and believe you have been scammed by them you have a chance to get your money back. Many unregulated brokers have been found to scam traders. At broker complaint registry it’s our job to make sure you can fight back and get your money refunded. By filling the form you have taken the first step to recover your money.
Is essencefx a scam or legit broker?
Essencefx has been suspected as a scam broker. We don’t recommend to trade with them and if you are trading with essencefx contact them immediately and try to get your fund out. If the essencefx has done the following, you have probably a victim of essencefx scam broker.
Reason to suspect a scam broker is in action:
- The broker froze your account
- The broker blocked your account
- You cannot login back into your account
- Money has been taken out from the account
- The broker doesn’t take your calls
- The broker shut down his website
- You noticed the broker took money out from your bank account with out your permission
- The broker is offering you a bonus
- The broker is offering you to fund more money into the account after you lost a large sum
Don’t give up. You can fight back and get your money refunded. Start by filling the form above and we will get in touch with you and provide you with information on how to start the process.
Essencefx review
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.
Fill out the form below and get a FREE consultation today. (if you lost more than $5,000, please use the chat).
Essencefx review: our conclusion!
Essencefx is an offshore broker. If you have been scammed, check out our chargeback process here or get a free consultation by a team of expert by clicking here.
Essencefx review: pyramid scheme underbelly trading niche
Share this:
Essencefx has mentioned no names regarding who operates the company or who owns it. The website does say that the company is incorporated in vanuatu. Vanuatu is known for breeding scams specially for companies operating in the MLM niche.
If essencefx is not based out of vanuatu, which it doesn’t based on the alexa estimates, the company is surely planning a scam. According to the alexa scam, the maximum traffic of about 98% comes from malaysia. This indicates that the company is from malaysia.
The company does not have any products or services that can be retailed. The affiliates can only connect with the company through their affiliate membership plans. To join their membership plan and to enjoy full participation, one must pay a minimum of $100. For beginners, the membership comes free though but with restricted benefits.
Essencefx does not provide proper information about the company and isn’t transparent to its investors. This puts the company in the high risk zone. You must think wisely before giving your money to anonymous admins who have no face or name.
Essencefx – the compensation plan
According to the company’s terms, an investor has to deposit fund for receiving passive returns.
- Standard plan: one must invest between $100 and $10,000
- Elite plan: one must invest between $10,001 and $50,000
- Prime plan: one must invest $50,001 or more
As you can expect, the more you invest the higher you get paid through their return plans.
Essencefx – the referral commission
The company uses uni-level compensation plan to pay referral commission to its affiliates. In a uni-level compensation plan, an affiliate is placed on the top order. The ones who are recruited personally are placed directly under the one who recruited them.
For example, the affiliates who are recruited by the top affiliate are placed on level 1. The affiliates who are recruited by the level 1 affiliates are placed on level 2 and so on.
The cap is made at the eight level. Also, the company determines the referral commission based on the amount one persuades others to invest in the plan. Accordingly, there are two tiers of referral as follow:
- Introducing broker: one must recruit a minimum of 30 affiliates who invest $100 or more each. And, generate a minimum of $5000 in personally recruited affiliate investment volume as well as at least $15,000 in cumulative of entire unilevel team investment volume\
- Master partner: one must recruit a minimum of 100 affiliates who invest $100 or more each. One must own at least 5 introducing brokers in the uni-level team. And, maintain at least $1000 in downline monthly investment volume and $3 million cumulative of uni-level team investment volume
Residual commission
- Plan 1: one earns $2 per lot investment by their personally recruited affiliates
- Plan 2: one earns $5 per lot investment by level 1 introducing brokers
- Plan 3: one earns $0.60 per lot investment by level 2 introducing brokers
- Plan 4: one earns $0.30 per lot investment by level 3 introducing brokers
- Plan 5: one earns $0.20 per lot investment by level 4 introducing brokers
- Plan 6: one earns $0.10 per lot investment by level 5 till level 8 introducing brokers
Essencefx – reviews
Diana C: trust me, these guys are monsters with no empathy. They will take your money and will never look back as if you never existed.
P shaw: fraud. I invested and still cannot see the money in my account. The customer care never listens.
The conclusion from the above reviews
As you are see, the company is not trustworthy and people are facing trouble getting their answers back from the customer care. Not just that, it seems fishy as the company operates from malaysia and incorporated in vanuatu.
The verdict
If you will visit their website, you may be confused by the plethora of information they have tried to put regarding their fake claims. If you will look deeper, all you will find is a pyramid scheme underbelly trading niche.
As there is no proof that the company is engaged in forex and other financial trading, the only source of revenue left is the recruitment investment. So, once the recruitment will dry, the ROI will stop as well.
The ones joining at the beginning of the scheme may get something back. However, the majority of the affiliates will lose money. If anyone would be making any benefit, then it will be the anonymous admins.
Hence, I would suggest not investing in this fraudulent plan and decide wisely.
Scam online
Essencefx regulation.
A broker must pay for regulated licenses to be able to offer trading. Essencefx doesn’t pay for licenses but it does offer trading which is prohibited by law.
Your money isn’t safe with essencefx.
To be able to offer trading, you must buy a regulatory license from a country where you want to settle. If you offer trading without licenses, you don’t respect the laws and become a fraudulent broker. Brokers who don’t have regulated licenses like essencefx will not give you your money back because they are outlaws.
Based in a country with weak regulations
Essencefx is based in a country where the regulations are weak regarding trading. Countries like the marshall islands,vanuatu, seychelles, saint vincent and the grenadines, bermuda and bulgaria are deemed to be the location of fraudulent brokers because the legislation is weak or nonexistent.
Never trust the broker.
It’s essential to always check the licenses of a broker because fraudulent brokers lie to make you deposit the maximum amount of money. If you unfortunately deposit your money and are asked to pay a fee to withdraw your money, don’t do it because you will give them even more money.
Get a chargeback now.
We put you in touch with the best money recovery company that has existed since 2016, mychargeback. We have received positive feedback from them and their experts are very professional. You just need to complete the form below (if you have lost more than $5000, use our chatbot directly). The consultation is free and doesn’t commit you to anything.
What are the chances of getting your money back?
Everything will depend on your file. Mychargeback has already helped many people and knows all the procedures to do with banks to build a solid file with you and recover your money. If you want to know more about the procedure, click here.
Our verdict
Essencefx is a scam that doesn’t have regulated licenses. We advise you to avoid this broker if you don’t want to have a problem. If you have been a victim of this broker, don’t hesitate to leave us a comment to report this broker and avoid other people from being victims.
Essencefx review
Because there is so much hype, a lot of network marketers are trying to sell this opportunity all over the place, including all over social media.
I want to let you all know that I am NOT in any way promoting or selling essencefx.
I have simply gathered for you all the facts in this essencefx review in order for you to make a proper decision about it.
So, is it true? Is essencefx a scam?
Can it really help you build an online empire?
Let’s carry on with the review.
What is essencefx?
Diving right into my review of essencefx, the company’s official website doesn’t have much in the way of background information. I looked around everywhere I could on the site, but even so, I was unable to find any mention of who owns the company or who’s managing things on a day-to-day basis.
Essencefx does mention that it was incorporated in vanatu in its footer on the website, and while it may have been, this doesn’t appear to be where the company’s actually based out of.
Taking a look at alexa rankings, it’s shown that 98% of all the traffic essencefx’s website receives comes out of malaysia. In other words, this is likely where essencefx is based out of and being managed from.
What are the products for essencefx?
In regards to the product line side of things, essencefx doesn’t have a whole lot to show for.
You won’t find any goods or services being sold by essencefx to retail customers. Instead of that, the company has chosen to focus primarily on its affiliate membership.
Affiliates for the company spend their time pushing the membership on people that haven’t joined yet, and if you’ve been following the MLM space for any amount of time, you’ll know this is a pretty common business tactic.
What is the compensation plan for essencefx?
Moving right along to the compensation plan at hand, essencefx revolves primarily around investing money and then getting a return on it.
There are three investment levels that you have your choice of, including:
- Standard — $100 to $10,000 investment
- Elite — $10,001 to $50,000 investment
- Prime — $50,001 or more investment
In addition to these investments and rois, affiliates also have the opportunity to earn additional cash via referral commissions.
Referral commissions are handled via a unilevel system, and this case, are paid down to eight levels of recruitment.
With these two systems in place, earning money with essencefx revolves around investing money, getting an ROI, and then encouraging other people to do the same thing.
What’s does it cost to join essencefx?
While it is technically free to join essencefx, you’ll need to make an investment of at least $100 if you want to take advantage of the full compensation plan that’s being offered.
Should you choose to invest more and more money into the company, you’ll stand to earn more from the rois being offered. You aren’t required to invest beyond $100, but some affiliates may definitely want to.
Just be aware of how much you’re investing and don’t spend any money you can’t afford to lose!
Is essencefx A scam?
Have you heard from a friend that essencefx is a scam?
Based on this review, it might be hard to tell.
What exactly is the truth about essencefx – is it a scam or legit?
Good news – essencefx is not a scam.
But, be sure to take a look at the conclusion, because there are some things you should be aware of.
This is how you will build a successful in your business.
Let me help you make more money.
Essencefx review conclusion
As you can see, essencefx is a pretty self-explanatory company. You invest, recruit, and rinse and repeat as often as you’d like.
Companies structured like essencefx typically don’t last for very long, but if all you want to do is make some quick money, it could be a good setup.
There’s always a bit of risk involved with these sort of MLM companies as well, but so long as you’re comfortable with that and the investment being asked of you, essencefx could work out to your benefit.
I sure hope that you have found my essencefx review helpful for you.
Some other reviews have been pretty scant on details, and I wanted my essencefx review to have all the information for you.
If you decide to carry forward with essencefx, make sure you make the most out of it and learn how to market yourself online.
Click to get my free training that shows you how.
So, let's see, what we have: is essencefx a regulated forex broker or a scam? Read our full in-depth essencefx review and comments by many forex traders before you open a forex account. At essencefx review
Contents of the article
- Top-3 forex bonuses
- Essencefx review
- Top 3 forex brokers
- Is essencefx a scam or legit broker?
- Essencefx review: shady “unit investment” trading...
- Essencefx products
- The essencefx compensation plan
- Joining essencefx
- Conclusion
- Scam online
- Essencefx regulation.
- Your money isn’t safe with...
- Based in a country with weak...
- Never trust the broker.
- Get a chargeback now.
- What are the chances of getting your...
- Our verdict
- Essencefx review: pyramid scheme underbelly...
- Essencefx – the compensation plan
- Essencefx – the referral...
- Essencefx – reviews
- The verdict
- Essencefx scam broker
- Essencefx complaint – essencefx...
- Essencefx review
- Is essencefx legit?
- Are funds safe with essencefx ?
- Essencefx review: our conclusion!
- Essencefx review: pyramid scheme underbelly...
- Essencefx – the compensation plan
- Essencefx – the referral...
- Essencefx – reviews
- The verdict
- Scam online
- Essencefx regulation.
- Your money isn’t safe with...
- Based in a country with weak...
- Never trust the broker.
- Get a chargeback now.
- What are the chances of getting your...
- Our verdict
- Essencefx review
- What is essencefx?
- What are the products for essencefx?
- What is the compensation plan for essencefx?
- What’s does it cost to join essencefx?
- Is essencefx A scam?
- Essencefx review conclusion
