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CFDtrend Review - is it scam or safe?

CFDtrend review - Is cfdtrend.com scam or good forex broker?

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

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CFDtrend is an offshore broker offering several account types with a leverage of up to 1:500 and the Meta trader4 platform. Unfortunately the broker is not regulated and on top of that has some rather unusual withdraw conditions, so if you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $250 1:500 1,5 pips, floating
Standard Account $500 1:300 1 pip
Premium Account $25 000 1:100 0,6 pips*
VIP Account $100 000 1:100 0,2 pips*
*commission

 

CFDtrend Advantages:

 

70 forex pairs and lots of CFDs

 

The selection of forex pairs is really good – we counted some 70 pairs, many of which with exotic currencies like Singapore Dollar, Danish Krone, Polish Zloty, Hong Kong Dollar, Norwegian Krone, Swedish Krona, Hungarian Forint, South African Rand, Czech Krona, Turkish Lira, Mexican Peso, Russian Ruble, Chinese Yuan, Israeli Shekel and Thai Baht.

 

And we also found lots of CFDs on various assets including oil, natural gas, gold, silver, platinum, palladium, corn, soybean, cotton, wheat, sugar, coffee, cocoa, indices, stocks and even crypto coins like Bitcoin, Ethereum, Litecoin, Dash, Peercoin, Namecoin, Emercoin and Multibot. Still as crypto assets are getting more and more popular lately here is our list of brokers, offering Bitcoin CFDs as well:   

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:500

 

Since the European Securities and Markets Authority (ESMA) followed the regulators in the US and Japan and caped the maximum leverage allowed with forex transactions on the European market at 1:30, higher leverage as offered by CFDtrend became quite exotic. 

 

Currently Australia remains the last major regulatory hub with no restriction on the maximum leverage, so if you feel confident to risk high leverage trading, you can always check our list of brokers regulated by the Australian Securities and Investments Commission (ASIC):

 

>>Australian forex brokers<<

 

MetaTrader4 supported

 

The presence of MetaTrader4 is always welcome as the platform is probably the best know trading solution on the market. MT4 is reliable, light, with intuitive interface, various charting tools and plenty of market indicators. 

 

MetaTrader4 also sports customizable trading bots, which are especially designed to help you run automated trading sessions. Besides, you may also check our list of brokers, offering MetaTrader4:

 

>>MT4 Brokers<<

 

Here we should also note that CFDtrend actually uses the platform of another broker – Two Dots, which is also unregulated and probably owned by the same company.

 

Acceptable minimum deposit requirement

 

You can open a trading account at CFDtrend with 250 USD and that is acceptable. Have in mind, however, that some big players like FBS and IG allow trading with just 5 USD and even less.

 

Decent spreads 

 

As tested with a demo account the benchmark EURUSD spread floated about 1,5 pips, which is generally accepted as normal with a starting account. That, however, is higher than the 1 pip, advertised in the broker's presentation. Besides, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

CFDtrend Disadvantages:

 

No regulation

 

That is our main issue with CFDtrend. The broker says to be owned and operated by Red Bird Ltd., a company based on  St. Vincent and the Grenadines, which, however, does not have a license to offer financial services on regulated markets like Europe, the USA, Australia or Japan.

 

Also, be aware that treading with unregulated brokers comes with a significant risk of loosing your money to scammers. The problem with such brokers is that the safety of your investment depends solely on the integrity of the people, who run them.

 

Brokers, licensed by legit and well respected regulators 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) on the other hand are obliged to follow strict rules, among which to maintain a certain minimum operational capital, to provide traders with a negative balance protection, to refrain form offering trading bonuses, to keep all invested funds in a segregated, protected form creditors account, to file regular reports, to allow external audits and in certain cases even to insure traders money.

 

For example, your account with a FCA regulated broker will be insured up to 50 000 GBP, while with a CySEC brokers the insurance covers up to 20 000 EUR of your capital. Besides, here you may also check our list f FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

That is another major issue with this broker. They says you should trade your deposit at least 150 times before you can request a withdraw. Also, you are restricted to a single withdraw per month and the only payment method is a bank wire. All of that is highly unusual, see for yourself:

 

 

Few payment methods

 

From the brokers presentation we learn that they accept payments with credit cards and bank wire. However, popular e-wallets like Neteller and Skrill are missing, as well as the option to pay with Bitcoins – a payment method that is getting more and more popular so here you may check our list of brokers accepting Bitocins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Besides, recently Skrill adopted a new anti-scam policy, according which if a broker wants to use the payment service, it should provide a legit forex license -  a license that CFDtrend obviously lacks.

 

Conclusion:

 

Although CFDtrend offers a good variety of currency pairs combined with generous leverage and a reliable trading platform, you should keep in mind that this is a unregulated, offshore broker with rather unusual withdraw conditions and that is the reason we give them such a low grade.

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Traders` reviews for CFDtrend

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Scammed out of 1200€

I opened account got one phone call after opening now I can not contact them lost 1200€ after only 1 month. my vote for CFDtrend 0

Kenneth Coalter 03/07/2019
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