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CandorFX Review - is it scam or safe?

CandorFX Review - Is candorfx.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz CandorFX
CandorFX is an offshore broker. Your money is not safe.

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Trading Accounts

Account type Minimum deposit Maximum leverage Spread
Micro $250 1:500 Average of 1.8 pips
Gold  $1.000 1:300 Average of 1.4 pips
ECN $2,500 1:300 Average of 0.6 pips + $10 per lot
VIP $20,000 1:100 Average of 0.6 pips + $10 per lot
Islamic $2.500 1:300 Average of 1.4 pips


 Candor FX is a forex broker which offers multiple account types, including Islamic (swap-free) ones. The company is relatively new and may improve some of the conditions it offers in the future, in which case we will update this revieiew.
 

The Company. Security of Funds


 

Company  Country Regulation
Candor Markets SA (Pty) Ltd South Africa N/A


Candor FX is a brand owned by Candor Markets SA (Pty) Ltd, a company registered in the South African Republic. The country is experiencing a forex boom, with the improvement of economic conditions in recent times. That being said, Candor FX does not claim any affiliation with the local financial watchdog – the Financial Services Board (FSB).This makes the company a lot less appealing, despite the trading conditions, which it offers.


You may or may not be aware of this, but financial regulation is very important when comparing forex brokers. An unregulated company can take your money and not even offer any trading. This is why most countries have dedicated agencies, like the aforementioned FSB, which oversee the financial services sector.


As an example, the Australian Securities and Exchange Commission (ASIC) is one of the more popular and reputable ones. It requires AUD 1 million in capital holdings from brokers who attempt to register. This prevents a majority of the scammers, who simply don’t hav such money. Additionally it enforces segregation of client accounts. This rule implies a company can’t freely access its traders’ capital and “borrow” it.
 

Trading Conditions


 
Minimum Initial Deposit
 The minimum deposit at Candor FX is $250. While this may not seem like a lot to some of you, there are brokers who go even lower. For instance, one can open a cent-account with FXTM for as low as $5.


Do not forget, the minimum entry level should only concern those who can’t afford opening a big account, because it doesn’t speak volumes about the broker’s credibility. That being said, there is no shame in opening a small account, just remember to only risk money you can afford to lose.

Average spreads & Commissions
Candor FX is totally transparent about their spreads, unlike other shady brokers. The company even provides real accounts, which are linked to their servers, where you can check the spreads. After doing that we confirmed the claims which they make on their website, although the liquidity for the better account types seemed a bit thin. Spreads are borderline competitive with the current offers by other brokers. You can compare the conditions provided by other brokers at our dedicated platform.
 
Leverage
 Candor FX provides a maximum leverage of 1:500 for the smallest accounts, with the levels becoming lower for the bigger ones. While 1:500 may have sounded absurd several years ago, nowadays a lot of companies offer such ratios.


We generally like the policy of reducing leverage for the bigger account types, as it enforces a form of risk management. Over-leveraging is one of the key reasons, why new traders lose money.

 

Trading Platforms


 
Candor FX offers MetaTrader4 (MT4), the current industry staple. You may already be familiar with the platform, if you have previous experience with forex trading, as many companies provide it.


MT4 has a lot of advantages over other solutions. Most importantly it is relatively light on the hardware and has stellar charting. Additionally all the technical indicators you know off (and probably more) are available. On top of that the so called Expert Advisors, which are automated trading systems. We have reviewed some of the commercially available ones, which you should check out if you are into alog-trading.

Here is what the platform provided by Candor FX looks like (click to zoom-in):

 


 

Methods of Payment


 
Candor FX offers a lot of payment methods. The more widely accepted Bank Transfer and Credit/Debit cards are accompanied by online solutions such as Skrill, Netteler, China UnionPay, Fasa Pay iDeal and even more unusual solutions like UPayCard and Bitcoin.


Conclusion


 
Candor FX is a relatively new competitor among forex brokers, coming out of South Africa. The company is currently unregulated, which is troubling (although they may be applying for a license). The trading conditions are presented very honestly and are borderline competitive with the current offers by the industry leaders.  While we like a lot of the aspects of this broker, this is still an unregulated company. Here is a summary of the current situation with this broker:

 

Pros Cons
MetaTrader4 Platform  Lack of regulation
Borderline competitive spreads  
Lots of payment methods   

 

Latest news about CandorFX
No news about CandorFX. Check back later.
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Traders` reviews for CandorFX

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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