EnclaveFX is a forex and Contract for Difference (CFD) broker founded in the United Kingdom in 2021, headquartered in London, with a branch in Dubai. It primarily offers CFD trading services for investors in various financial instruments, including forex, precious metals, and indices. The official website for this broker is https://enclavefx.com/, and the website is available in the English language. EnclaveFX Ltd does not provide its services to residents of the United States, Cuba, Iraq, Myanmar, North Korea, Sudan, and jurisdictions under legal restrictions.
Company Background:
EnclaveFX's official website claims that it was established in the UK in 2018, with the company entity being EnclaveFX Ltd and the company number 13596354. However, information obtained from the UK Companies House official website indicates that this company was founded in 2021, with Pratikkumar SHAH from India serving as one of its directors.
The entity registered in Australia under the name ENCLAVE PRIME PTY LTD was established in September 2022 and holds an Australian Securities and Investments Commission (ASIC) Authorized Representative (AR) license.
Furthermore, according to information obtained from a Whois search, the domain for the broker's official website was registered on January 11,2020, less than three years.
Regulatory Information:
EnclaveFX's official website claims that it is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, with certificate number 1622312. However, the provided certificate number cannot be verified on the official FCA website, suggesting that this broker is not regulated by the FCA.
EnclaveFX's official website claims that its entity registered in Australia is ENCLAVE PRIME PTY LTD, regulated by the Australian Securities and Investments Commission (ASIC) with certificate number 435746. However, information obtained from the ASIC official website reveals that this certificate corresponds to HLK GROUP PTY LTD. EnclaveFX has merely purchased an Authorized Representative (AR) license from HLK GROUP PTY LTD. The regulatory oversight and investor protection associated with this license are relatively weak.
What's more, HLK GROUP PTY LTD has sold AR licenses to over 20 similar companies, including EnclaveFX. These companies have no direct affiliation with HLK GROUP PTY LTD and appear to be utilizing the AR license obtained from HLK GROUP PTY LTD for promotional purposes, raising suspicion of potential fraud.
Trading Products:
EnclaveFX offers a variety of financial instruments for trading, including:
Forex: Providing opportunities to trade various currency pairs in the forex market. Forex CFDs allow investors to trade based on changes in the price of one currency against another. Examples of available currency pairs include EUR/USD, GBP/USD, USD/JPY, and more.
Precious Metals: CFDs on precious metals like gold and silver, offering trading opportunities based on price movements. Precious metals CFDs allow investors to profit from price fluctuations without holding physical assets.
Indices: Index CFDs allow investors to trade based on the price performance of market indices, without the need to buy or sell individual index component stocks or assets.
These products not only provide opportunities for investors to access different financial markets but also allow them to manage risk through diversified portfolios.
Trading Platform:
EnclaveFX offers the Metatrader 5 (MT5) trading platform to investors. MT5 is widely recognized and popular in the financial industry, known for its advanced trading features and a range of analytical tools. Through MT5, investors can access real-time market data and utilize various technical indicators and charting features to analyze market trends. The software is compatible with various devices, including PC (Windows/MacOS), web-based platforms, and mobile devices (iOS/Android), making it accessible to investors.
Account Registration:
According to the information on EnclaveFX's official website, the broker offers registration links for both real accounts and demo accounts. To register for a real account, users can click on "OPEN ACCOUNT" or "Trade with us" in the upper right corner of the website or on the homepage, select the account type, and provide the required information such as trading name, phone, email, password, and more.
Registration for a demo account is accessible by clicking "free access to Demo" on the website's homepage, although it is currently under maintenance.
Account Types:
EnclaveFX offers eight different account types, including:
- Micro Account (Minimum deposit $10)
- Standard Account (Minimum deposit $500)
- Silver Account (Minimum deposit $1000)
- Gold Account (Minimum deposit $1500)
- Platinum Account (Minimum deposit $2500)
- Diamond Account (Minimum deposit $5000)
- ECN Account (Minimum deposit $2500)
- ECN Pro Account (Minimum deposit $5000)
Investors can choose from these account types based on their trading needs.
Spreads and Leverage:
EnclaveFX offers varying spreads, commissions, and leverage levels depending on the account type. Here are the specifics:
- Micro Account: Spreads starting from 1.8 pips, no commission, maximum leverage of 1:500, minimum deposit of $10.
- Standard Account: Spreads starting from 2.2 pips, no commission, maximum leverage of 1:500, minimum deposit of $500.
- Silver Account: Spreads starting from 1.5 pips, no commission, maximum leverage of 1:500, minimum deposit of $1000.
- Gold Account: Spreads starting from 1.2 pips, no commission, maximum leverage of 1:500, minimum deposit of $1500.
- Platinum Account: Spreads starting from 1.0 pip, no commission, maximum leverage of 1:500, minimum deposit of $2500.
- Diamond Account: Spreads starting from 0.7 pips, no commission, maximum leverage of 1:500, minimum deposit of $5000.
- ECN Account: Spreads starting from 0 pips, no commission, maximum leverage of 1:500, minimum deposit of $2500.
- ECN Pro Account: Spreads starting from 0 pips, no commission, maximum leverage of 1:500, minimum deposit of $5000.
Deposits and Withdrawals:
EnclaveFX's official website offers various deposit and withdrawal methods, including options for local users and Indian Cash. The minimum deposit and withdrawal amount for Indian Cash is $10, and the execution time for deposits and withdrawals can take up to 48 hours.
Customer Support:
Investors can access EnclaveFX's 24/5 customer support through phone and email. Additionally, investors can follow the broker on social media platforms such as Facebook, Twitter, LinkedIn, and others.
Summary:
EnclaveFX is under suspicion of potential fraud. The broker is suspected of engaging in false advertising by fabricating the year of its establishment, falsely claiming regulatory oversight by the UK FCA, and misappropriating the license information from HLK GROUP PTY LTD. EnclaveFX has purchased an Authorized Representative (AR) license from HLK GROUP PTY LTD. Moreover, it is crucial to note that HLK GROUP PTY LTD has sold similar AR licenses to over 20 other similar companies. Based on these findings, there are significant concerns of potential fraud associated with EnclaveFX. Currently, the broker is marked as "suspicious" on the TraderKnows platform. TraderKnows advises investors to exercise caution when considering the services provided by this company, emphasizing the importance of safeguarding their financial security and avoiding potential fraudulent schemes.
