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CFD1000 Review - is it scam or safe?

CFD1000 Review - Is cfd1000.com scam or good forex broker?

RATING: 1.8 / 1 REVIEWS ForexBrokerz CFD1000
CFD1000 is an offshore broker. Your money is not safe.

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CFD1000 is a forex and CFD broker, offering six account types, including an Islamic Account on the MetaTrader4 and Sirix platforms. If you are considering opening an account with them be sure to read this review first:

 

Account type Min. deposit Max. leverage Spreads
Micro $500 1:400 2 pips, fixed
Standard Account $1000 1:400 2 pips, fixed
Silver Account $2500 1:400 0,5 pips, floating
Gold Account $10 000 n/a 0,5 pips, floating
VIP Account $25 000 n/a 0,3 pips, floating

 

CFD1000 Advantages:

 

Good variety of currency pairs, including some exotic ones

 

CFD1000 offers 48 forex pairs, including some exotic currencies like Hungarian Forint, Romanian Leu, Czech Krona, Polish Zloti, Mexican Peso, Norwegian Krone, Swedish Krone, Danish Krona, Turkish Lira, Hong Kong Dollar, Singapore Dollar, South African Rand, Russian Ruble and Israeli Shekel. 

 

The broker also offers CFDs on spot metals including gold, silver, platinum, palladium, aluminum, copper, lead, nickel and zinc, commodities like oil, natural gas, coffee, sugar, cocoa, wheat, corn and cotton, as well as indices and stocks. However, we do not see CFDs on crypto currencies so here you may want to check our list of brokers, offering Bitcoin CFD:

 

>>Bitcoin Forex Brokers<<

 

Generous leverage

 

The maximum leverage CFD1000 offers with its Micro, Standard and Silver accounts is up to 1:400, while for the Gold and the VIP accounts you will have to negotiate the leverage with the broker. Still, having in mind tha higher leverage means higher risk, here you may check our list of brokers, offering leverage of up to 1:500 and above:

 

>>Forex Brokers Offering 500:1 Leverage<<

 

Couple of trading platforms available, including MetaTrader4

 

For the Micro and the Standard accounts you have the option to choose between a Sirix desktop platform and a web based platform, while for the three premium accounts – the Silver, the Gold and the VIP accounts you can opt for the MetaTrader4. 

 

The difference between Sirix and the MetaTrader4 is significant. Sirix is a simplified platform, fit for beginner traders, that lacks much of the functionalities of MetaTrader4. A major setback is the absence of automated trading algorithms, which are characteristic of MetaTrader4. Besides, you can easily modify and even compile them by yourself on a specially designed scripting language – the MQL$.

 

And while the most notable feature of Sirix is its social trading interface, here again you have better alternatives - to use ZuluTrade for instance. Here you can check our list of brokers, also offering the MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Various payment methods

 

You can deposit or withdraw funds with CFD1000 using major credit cards like Visa or MasterCard, e-wallets like PayPal, Neteller, WebMone, WebMoney,  Discover,  Skrill and CashU, as well as bank wire. Still here you can check our list of brokers, accepting Bitcoins, as payment with crypto currencies is getting more and more popular:

 

>>Forex Brokers Accepting Bitcoin<<

 

Website is supported in 10 major  languages

 

CFD1000 website is supported in English, Russian, Italian, French, Japanese, Arabic, German, Spanish, Swedish, Chinis.

 

Islamic Account offered

 

CFD1000 offers Islamic or swap-free account, designed specifically to help Muslim traders, who under the Sharia Law, are forbidden to take or receive interest. With swap-free accounts you do not pay interest on positions left open over night. Here, you can check our list of brokers also offering swap-free, Islamic accounts:

 

>>Islamic Forex Brokers<<

 

CFD1000 Disadvantages:

 

Lack of regulation:

 

CFD1000 says it is an independent broker, based in the UK, but mentions nothing about a license. 

 

Regulation is a key measurement for the reliability of a broker. Trusted brokers have licenses by a respected financial authority, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC). 

 

Properly licensed brokers have to keep strict fiscal discipline and to abide by a code of ethical rules. In addition CySEC and FCA brokers have to participate in clients money protection schemes. The FCA backed Financial Services Compensation Scheme in the UK for example insures up to 50 000 GBP of the trading capital, while a similar CySEC mechanism guarantees up to 20 000 EUR. Here you can check our list of FCA regulated brokers: 

 

>>FCA Regulated Forex Brokers<<

 

High minimum deposit requirements

 

We have stumbled upon conflicting information about the minimum deposit requirement to open the starting Micro Account with CFD1000. 

In the Micro Account specification section of the web page of the broker we read that the minimum deposit is 500 USD, while in the brokerage-details section we read the minimum deposit is 200 USD. 

In any case this is higher than what we expect to see with an opening account. Most brokers ask for 100 USD or less, while with some big names such as IG you can open an account with just 1 USD.

 

Also, we are a bit confused about the difference between a Micro and a Standard Account, as with the Micro Account you get all the advantages of the Standard Account, but you have a smaller minimum deposit requirement. To open a Standard Account you will have to invest 1000 USD, while for a Micro Account it is either 200 USD or 500 USD as we already discussed. 

 

Uncompetitive spreads

 

Fixed spreads starting form 2 pips for the Micro and the Standard accounts are somewhat over the market average.

 

On the other hand with the Silver Account you get floating spreads starting form 0,5 pips and fixed spreads starting form 1 pips. To open a Silver Account, however, you will have to invest at least 2500 USD. 

 

With the Gold Account spreads start form 0,5 floating and 0,7 fixed, but the minimum investment grows to 10 000 USD and finally with a VIP account the spreads are advertised to be as low as 0,3 pips floating and 0,4 pips fixed, but again, the minimum deposit grows to over 25 000 USD. Here you can check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

CFD1000 is an unregulated broker, offering relatively good trading conditions, but only with its premium accounts. This includes the MetaTrader4, which is not available with the Standard Account. However, the biggest disadvantage of the broker is the lack of regulation, which combined with the high minimum deposit requirements, is a real setback. 

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Traders` reviews for CFD1000

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