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Candid FX Review - is it scam or safe?

Candid FX Review - Is candid-fx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Candid FX
Candid FX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit  Maximum leverage Spread
Standard Unspecified 1:300 Unspecified
Premium Unspecified 1:300 Unspecified

  

Candid FX is forex broker registered in the United Arab Emirates. As you can see from the score above, we have some issues with the company and its presentation. We will update this review if they change.

 

Candid FX Advantages

 

Trading with MT4 (allegedly)

The choice of trading platform made by this broker is probably one of their biggest strengths. MetaTrader4 is a piece of software which has successfully  passed the test of time. While it may seem a bit complicate to a total beginner, the platform has great charting and analytical tools. Mobile and web-based versions are also available, to suit your needs when traveling. Sadly we can’t provide you with a screenshot of the platform provided by this broker, as there are experiencing technical issues.

 

>>Find a MT4 broker here<<

 

All accounts can be Shariah compliant 

According to their website, both account types at Candid FX can be swap free (or Islamic). This feature is likely to be appreciated by local clients.

 

>>Other Islamic forex brokers<<

 

1:300 leverage available 

Leverage is a double-edged sword – learn more about risk management before you start trading. A higher ratio simply allows you to take bigger risks. These can in turn lead to bigger losses. That being said, the leverage provided by Candid FX will suit the needs of most traders.

 

Various deposit and withdrawal methods

Candid FX accepts payments by Bank Transfer, Credit Card, PayPal, Skrill, Neteller and WebMoney. This lineup is very much up to date with the modern tendencies (except for the lack of Bitcoin support).

 

Candid FX Disadvantages

 

Registered in a free trade zone, not regulated 

Candid FX is registered it the RAK (Ras Al Khaimah) Free Trade Zone. This is a special economic area in Ras Al Khaimah, one of the Emirates forming the UAE. The company claims to be regulated by the zone itself, without mentioning any appropriate agency. As far as our knowledge of the legal system in the country goes, forex brokers should be overseen by the Central Bank. This isn’t the case with this company, so we have to treat them as an unregulated one.

 

Spreads page crashing

The brokers who offer multiple trading accounts usually provide tighter spreads for bigger investors. Candid FX doesn’t provide any information on the costs of trading with them, as the dedicated page of the website crashes. Here is a screenshot:

 

 

>>Compare real-time forex spreads<<

 

Demo account can’t be created

We tried to see the spreads by creating a demo account. This also ended in failure, as the automated system didn’t accept our registration. Here is the preview of this error:

 

 

No info on minimum deposits

Another thing, which may seem minor when compared with the regulatory factor, but still leaves a negative feeling. What is the purpose of having different accounts, if you aren’t going to offer (and disclose) the conditions involved?

 

 

Conclusion

 

Candid FX is a broker registered in the RAK Free Trade Zone. This is a special economic area in the UAE, which we aren’t that familiar with. The main reasons for setting up a company there are probably connected to lower taxes. This isn’t an issue for us, but the lack of affiliation with a regulatory agency definitely is. The company could probably sill apply for a license (if it has the intention of doing so) even if it is registered in the special area.

 

Furthermore, a significant potion of Candid FX’s website seems to be non-operational. We will revisit them periodically and update this review once meaningful trading conditions appear.

 

That being the case, the regulatory concern is far grater than the crashing website. If you decide to trade with an unregulated broker, you are putting your funds at risk – the company may turn out to be a scam, even if its presentation is flawless. Experienced traders only trust brokers, who are overseen by a reputable agency. A great example of such an institution is the United Kingdom’s Financial Conduct Authority (FCA).

 

>>FCA regulated Brokers<<

 

All companies registered with them must follow a lot of rules for reporting client activity and having adequate capital. The two most important principles, when it comes to the security of your investment are the segregation of client accounts and participation in the Financial Services Compensation Scheme (FSCS). The first one means your money will not be kept in the same account as the broker’s operating capital (which implies it can’t be stolen). If your FCA regulated broker happens to go bankrupt for some reason, the FSCS (which functions pretty much like an insurance company) will compensate you for the trading funds you have with them, up to £50,000.

 

The pros and cons of this broker:

 

Pros Cons
Trading with MT4 (allegedly) Registered in a free trade zone, not regulated 
All accounts can be Shariah compliant Spreads page crashing
1:300 leverage available  Demo account can’t be created
Various deposit and withdrawal methods No info on minimum deposits

 

Latest news about Candid FX
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Traders` reviews for Candid FX

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

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