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CFGTrade Review – is it scam or safe?

CFGTrade Review – Is www.cfgtrade.com scam or safe forex broker?

RATING: 3.8 / 2 REVIEWS ForexBrokerz CFGTrade
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 Trading accounts

 

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Micro $5000 0.01 lots 1:200 2 pips
Standard $25 000   1:200  
VIP  $100 000   1:200  

 

CFGTrade offers trading in forex – major, minor and exotic pairs, CFDs on commodities, indices and stocks, as well as trading in commodities, stocks and indices. There are three types of trading accounts: micro, standard and VIP.

 

Depending on the type of account, there are additional extras like premium daily market analysis, sms news signals, dedicated account manager, premium customer support, etc. All accounts come with video tutorials and “exclusive e-books”.

 

There is also the free demo account with virtual $10 000m for test trading.

 

 

The Company. Security of Funds

 

 

Company Country Regulation
Credos Croatia Hanfa

 

 

CFGTrade is owned by the Croatian financial consulting and brokerage company Credos and is regulated by the country's financial services supervisor Hanfa. As per the regulator's requirements, CFGTrade keeps client funds in segregated accounts and is a member of an Investor compensation scheme, which covers client assets of around EUR 20 000.

 

This is not a very high sum, compared to, for example the UK and the FCA-regulated brokers like FxPro, where £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS).

 

Interestingly, there is also a CFGTrade broker that does business mostly in Mexico and, judging by the posts in a Spanish-language forum, its clients are not very happy as they cannot withdraw their funds. Some are even calling them “fraudsters”. We are not sure what to make of this, but it could be a case of a clone firm, as we could not find any additional information about the Mexican broker.

 

 

Trading Conditions

 

Information about CFGTrade on their website is scarce and we could only find some details about the Micro account. Judging by the very high minimum deposits for the other two trading accounts, they would hardly interest many retail traders. We are not saying that the minimum deposit for the Micro account is low. On the contrary – the $5000 is a strikingly high sum, even for a much bigger and well-known forex broker like FXCM, which requires $50 for its mini account and $2000 for its standard account in Europe.

 

Spreads and commissions

 

CFGTrade says it offers tight fixed spreads and does not charge additional commissions. From what we could see, the spreads are more in the average category with 2 pips for the EURUSD and USDJPY pairs, 3 pips for GBPUSD, for example.

 

In comparison to other brokers like Grand Capital, which gives 2.2 pips, it is roughly the same. A major broker like IG, however, offers on its standard account a floating spread, starting from 0.8 pips, which is rather tight.

 

Leverage

 

CFGTrade gives a maximum leverage of 1:200 on its forex portfolio. It is not very attractive for retail clients, but it is less risky.

 

Another regulated forex broker that offers the same leverage is Circle Markets, but its minimum deposit is $300 and its spreads are much tighter.

 

 

Trading platforms

 

CFGTrade offers two trading platforms: the ever popular MetaTrader 4 and Leverate's Sirix platform, which is rebranded as CFG Trader.

 

Unlike some brokers who only offer the web version of Sirix, CFGTrade also gives its clients the option to use the desktop version and the mobile applications for Android and iOS. Sirix lets users configure lots and instruments they trade the most, allows one-click and copy trading. The platform also contains analysis tools, charts and graphs and provides news and economic calender.

 

 

Methods of payment

 

CFGTrade accepts client funding through a bank transfer, Visa, MasterCard and Diners Club credit cards and the WebMoney online transfer system. It is worth noting that Diners Club cards is somewhat unusual account funding method, despite the partnership with MasterCard.

 

 

Conclusion

 

CFGTrade is one of the few local forex brokers in Croatia. It appears to be a stable and serious broker, but its minimum deposit requirements, even for the Micro account are so high - $5000 – that they could put off an average retail trader. We could say that otherwise the trading conditions, at least for the Micro account are average.

 

It is somewhat odd that CFGTrade has not reconsidered the minimum deposit size after Croatia joined the EU and this brought the hundreds of forex brokers that can operate throughout the union, whose more attractive conditions give them a significant advantage.

 

 

Pros Cons
MT4 Very high minimum deposits
Average spreads Low leverage

 

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Traders` reviews for CFGTrade

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

Pros

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Pretty good experience

I've worked with them for about one year and four months during which they stressed me a loooot about the paper works and at begining I was concerned about that but once we got over it, trading was ok , the platform was moving decently and when it came to deposits and withdraw they weren't a pain in the ass, as it happened to me with another 2 companies that I work before. I began with 3 thousand euro first deposit, made like 800 euros, I put another 10 and finished my trading with them at 15300 (had to take money out for house). Not a bad experience, I personally recommend them as being ok, I think they are serious and I will come back with them.

Daniel Ivanovic 06/02/2017
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