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CFD2FXPRO Review - is it scam or safe?

CFD2FXPRO review - Is cfd2fxpro.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz CFD2FXPRO
CFD2FXPRO is an offshore broker. Your money is not safe.

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CFD2FXPRO says to be offering over 400 trading instruments with a variety of assets from forex pairs, precious metals and stocks, to global indices, commodities and even crypto coins like  Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum and Ripple. All of that with a choice of three account types, trading bonuses, generous leverage and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Micro Account 250 EUR 1:100 n/a
Standard Account 5 000 EUR 1:200 n/a
Gold Account 20 000 EUR 1:300 n/a

 

As nice as all of this may sound, as it turned out this offshore broker has already been blacklisted by CONSOB, the financial regulator in Italy for targeting EU customers without proper authorization and for possibly running a scam. If you are about to deposit your funds with them be sure to read the following review first.

 

CFD2FXPRO Advantages:

 

Unfortunately we simply do not find anything, with which to fill this section of our review.

 

CFD2FXPRO Disadvantages:

 

No license, blacklisted by CONSOB

 

CFD2FXPRO is owned and operated by Lion Finance Ltd, an offshore company based on  St. Vincent and the Grenadines. And as we already noted they have no license, authorizing them to offer any kind of financial services on regulated markets like the European Union. 

 

On top of that they have been blacklisted as potential scammers by CONSOB in Italy. See for yourself:

 

 

Trading with unregulated brokers has always been associated with unreasonably high risks of losing your money to scammers. That is why here we will repeat our usual advice to trade only with brokers, licensed by an official financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).

 

Also, bear in mind that with a FCA broker for example you will even get an extra protection from a client compensation fund, which basically will insure the first 85 000 GBP in your account even if your broker files for bankruptcy. Here you may check our list of brokers, regulated by the FCA in the UK:

 

>>FCA Regulated Forex Brokers<<

 

Market maker offering managed accounts

 

This is another major issue. CFD2FXPRO appears to offer managed accounts, with which you will not be able to make a withdraw for a period of at least 6 months. See for yourself:

 

 

But what is even more disturbing is the fact that  CFD2FXPRO is a market maker and they openly admit it. Here is a screenshot from their Terms and Conditions:

 

 

There is an obvious problem when a market maker offers to manage your account. A market maker by definition makes money whenever traders lose. So obviously if a market maker is managing your account it will have an incentive to lose your money in its own pockets. And this is exactly what  CFD2FXPRO are doing. They are in a conflict of interest.

 

Unusual withdraw conditions

 

To start with, CFD2FXPRO say they reserve the right to impose deposit limits and deposit fees, as well as withdrawal limits and withdrawal fees, and this is highly unusual, see for yourself:

 

 

On top of that they simply does not specify how many days, (or may be weeks or more) it will take them to process your withdraw request. Take a look:

 

 

Trading bonuses

 

CFD2FXPRO advertise that every new deposit will be matched with a welcome bonus of between 25% and 80% depending on the account type, and we do not like this. The issue with all trading bonuses is that they invariably come with some additional withdraw conditions, as for example a minimum trade volume requirement, which quite too often scammers use as an excuse to cancel your withdraw requests. Besides, the practice of offering trading bonuses is forbidden on the European market altogether.

 

Skrill not accepted as a payment method

 

The fact that CFD2FXPRO does not accept payments with Skrill is notable for one simple reason. According to their new anti-scam policy, since October 2018 Skrill partners only with properly regulated brokers, and as we already established CFD2FXPRO does not have a license whatsoever. By the way, here you may check our list of brokers accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

MetaTrader4 not available

 

CFD2FXPRO says they offer MetaTrader4, but when we proceeded with our registration we were offered some unproven, overly simplified web based platform, which lacks many standard features we are well used to with a MT4.

 

For example we miss the option to run automated trading sessions – something that is quite easily achieved on a MetaTrader4 with the help of nearly a hundred customizable market indicators and trading bots. And an MT4 comes with an excellent set of advanced charting tools as well, so here you may check our list of brokers, supporting the platform:

 

 >>MT4 Brokers<<

 

Conclusion:

 

CFD2FXPRO is an obvious scam – they offer managed accounts while acting as market makers, and have some rather unusual withdraw conditions in their client agreement. On top of that they have come in to the spotlight of the financial authorities in Italy, which have flagged them as potential scammers.

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Traders` reviews for CFD2FXPRO

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