Overview of EARNEX
Earnex, founded in 2021 and based in the United Arab Emirates, is a trading platform regulated by the Financial Conduct Authority (FCA), albeit flagged as a Suspicious Clone. It operates via the Vantage Markets platform, facilitating connections with Zirux for following expert trades. Traders can access a variety of tradable assets including CFDs on Forex, Stocks, Oil, Bonds, Gold & Silver, Cryptocurrencies, Futures & Options.
The platform offers managed accounts and provides support for connecting accounts between Zirux and Vantage. Deposit and withdrawal options include MasterCard, Visa, and PayPal.
Pros and Cons
Pros
Access to professional traders through Zirux: Earnex offers a unique feature by partnering with Zirux, which allows you to connect with and potentially benefit from the experience of professional traders. Zirux facilitates copying their trading strategies, potentially leading to higher returns than you might achieve on your own.
Managed accounts for hands-off trading: Earnex's managed accounts are ideal for those who prefer a hands-off approach to investing. With this option, professional traders manage your investments, eliminating the need for you to actively research and make trading decisions.
Wide range of tradable assets (CFDs): Earnex, through its partnership with Vantage Markets, provides access to a vast selection of financial instruments. This includes Contracts for Difference (CFDs) on Forex, Stocks, Indices, Oil, Bonds, Gold & Silver, Cryptocurrencies, Futures, and Options. This diversity allows you to potentially diversify your portfolio and target various market opportunities.
Cons
Suspicious Clone flag by FCA: A major red flag is the “Suspicious Clone” designation by the Financial Conduct Authority (FCA) in the UK. This raises concerns about Earnex's legitimacy and trustworthiness. It's crucial to thoroughly research this issue before investing.
Limited customer support: Earnex's customer support is limited. While they assist with connecting your Zirux account to your Vantage Markets brokerage account, they might not offer broader trading platform support. General inquiries are addressed through a “Request a call back” option, potentially leading to delays in resolving issues.
Unclear fee structure: The information available doesn't clarify Earnex's fee structure. There might be fees associated with transactions, subscriptions, or managed accounts. It's important to understand these costs before investing.
Regulatory Status
Earnex is regulated by the Financial Conduct Authority in the United Kingdom with license number 616985. It operates under the Straight Through Processing (STP) license type. However, its current status is flagged as “Suspicious Clone” by regulatory agencies.
Market Instruments
Earnex does not provide any physical products, but rather offers trading instruments called Contracts for Difference (CFDs) for various financial assets. These assets span across seven different markets: Forex (major, minor and exotic currency pairs), Stocks (leading global companies), Indices (major indices), Oil (Brent and WTI crude oil), Bonds (government bonds from leading economies), Gold and Silver, and Cryptocurrencies (Bitcoin). Earnex also offers Futures and Options contracts on various asset classes like forex, metals, commodities, equities, and options.
Account Types
Earnex offers only one account: Earnex Managed Accounts. This account allows you to access profitable trading provided by market professionals. With a Managed Account, you can see the results directly on your own account and benefit from the expertise of experienced traders.
How to Open an Account？
Earnex does not offer accounts directly. Instead, they partner with Vantage Markets, an award-winning multi-asset broker, to provide access to their trading platform. Here's how to open an account with Vantage Markets:
Visit Vantage Markets website.
Complete the online application form.
Verify your identity and residency (KYC/AML compliance).
Fund your account using a variety of deposit methods.
Download and install the Vantage Markets trading platform.
Start trading!
Trading Platform
Earnex's trading platform, in collaboration with Zirux. Through Zirux's partnership, users can effortlessly connect with professional traders or trading systems. For those with limited time or experience, Zirux offers account management by skilled traders, enabling investors to benefit from their expertise and meet their financial goals. With a variety of trading systems available, investors can easily open a broker account with Vantage and link it to their chosen system. This straightforward process is supported by Zirux's dedicated team, making accessing Zirux Systems hassle-free.
Deposit & Withdrawal
Earnex offers a variety of payment methods, integrating globally recognized systems like MasterCard, Visa, and PayPal. Upon completing registration and subscription, investors gain access to a diverse range of trading opportunities curated by experts. Investors have the flexibility to follow trades automatically, manually, systematically, or using a combination of these methods.
Customer Support
Earnex's customer support is limited in scope. While they don't explicitly mention general trading platform support, they do offer assistance with connecting a Zirux System to your Vantage broker account. This suggests their support might be focused on helping users navigate the connection between Zirux and Vantage, rather than broader trading platform issues.
For more general inquiries, they provide a “Request a call back” option.
Conclusion
Earnex offers a unique way to access the markets through managed accounts and connections with professional traders via Zirux. This can be appealing for those seeking hands-off investing or wanting to benefit from expert guidance.
However, the “Suspicious Clone” flag raised by the FCA is a major concern requiring careful investigation. Limited customer support and the lack of a demo account add to the potential drawbacks. Before considering Earnex, their legitimacy and ensure you understand the associated risks and fees.
FAQs
Question: What is Earnex and how does it work？
Answer: Earnex partners with Vantage Markets, a brokerage platform, to offer access to financial markets. Their unique feature is Zirux, which connects you with professional traders.
Question: Are there different account types with Earnex？
Answer: Currently, Earnex only offers managed accounts. These accounts allow professional traders to manage your investments, letting you focus on other things.
Question: What can I trade with Earnex？
Answer: Through Vantage Markets, Earnex provides a wide range of trading options. This includes Contracts for Difference (CFDs) on Forex, Stocks, commodities like Oil, and even cryptocurrencies.
Question: Is Earnex safe to use？
Answer: A red flag to consider is the “Suspicious Clone” designation by the FCA, a financial regulator. It's crucial to research this issue thoroughly before investing with Earnex.
Question: Does Earnex offer customer support？
Answer: Earnex's support is limited. They can help connect your Zirux account to your Vantage Markets brokerage account. General inquiries are handled through a call back request.
