EFI Markets provides an MSB number issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to appear legitimate. However, the FINTRAC is a Canada's financial intelligence unit responsible for cracking down on money laundering and terrorist financing, and the registration with FINTRAC doesn't indicate they endorse or license the business. Therefore, EFI Markets is not licensed to provide financial services/products. 

If the Money Services Business (MSB) registration is valid, then the actual name of the company is EFI ECOM Limited, as per the records. The company claims to be based in Canada, and for it to operate legitimately, it must be licensed by the Canadian Investment Regulatory Organization (CIRO). However, we have not found any records in the CIRO registry that would confirm the legitimacy of this company.

It's worth noting that EFI Markets presents itself as the trading name of Efimarkets Ltd, which is a different name from the one on its MSB registration page. As per its website, Efimarkets Ltd is registered in the United Kingdom of Great Britain and Northern Ireland. However, according to the Companies House registry, EFI Markets Limited has been dissolved. Furthermore, the British financial regulator, the Financial Conduct Authority (FCA), has not granted authorization to this entity. This raises questions about the legitimacy of EFI Markets'operations.

In essence, EFI Markets is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.