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CFForex Review - is it scam or safe?

CFForex Review - Is cfforex.com scam or good forex broker?

RATING: 2.2 / 1 REVIEWS ForexBrokerz CFForex
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CFForex is a forex and CFD broker, based and regulated in Indonesia, offering leverage of up to 1:200 on the MetaTrader4 platform. You may find more details about the trading conditions they offer in the following review.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:200 2,2 pips, floating*
*commission
 

 

CFForex Advantages:

 

Good maximum leverage 

 

CFForex offers leverage of up to 1:200 and that is considered relatively high by the industry standards. Have in mind that trading with higher leverage involves considerable risk as you can loos your money much faster. Still higher leverage might help traders with smaller initial deposits to score a more adequate profit.

 

MetaTrader4 supported

 

For the past decade MetaTrader4 has become an industry standard and a platform of choice for experienced and beginner traders alike. Besides its illustrative charts and more than 50 integrated market indicators, MT4 offers the option for algorithmic trading,with the help of the Expert Advisor trading bots, which you can easily modify and even compile yourself. Here you can check our list of brokers, offering  MetaTrader4 as well:

 

>>Find other MT4 brokers here<<

 

CFForex is regulated in Indonesia

 

CFForex is regulated by the Indonesian Commodities and Futures Trading Regulatory Authority ( BAPPEBTI) and is also a member of the Jakarta Futures Exchange (JFX), the Indonesian Derivatives Clearing House (IDCH) and of the Indonesia Futures Association (ASPEBTINDO). 

 

Indonesia is a fast growing emerging market and their financial services authority – the BAPPEBTI enforces a relatively strict regulatory regime for all supervised brokers – mostly local companies, providing services in South-East Asia. BAPPEBTI operates under the supervision of the Indonesian Ministry of Finance.

 

Choosing an adequately regulated broker is crucial for the security of any investment. 

 

Regulated brokers have to follow strict financial rules, like for example to keep a certain minimum level of operational capital. They also have to segregate all clients funds from the company’s own funds and to keep them in separate, protected from creditors, bank accounts. In some cases they are even obliged to insure traders capital.

 

FCA and CySEC brokers for instance have to participate in client compensation mechanisms. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while with a similar insurance scheme, clients of CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Islamic Account offered

 

Actually all forex brokers in Indonesia must operate in accordance with the Sharia law, as the country is predominantly Muslim. That means all accounts with brokers, regulated in the country, must be Islamic or swap-free, where you do not have to pay interest for a position left open over night. Still here you may check our list of brokers, also offering Islamic or swap-free accounts:

 

>>Islamic Forex Broker<<

 

CFForex Disadvantages:

 

Unreasonably high spreads plus a 30 USD trade commission

 

As tested with a demo account the EURUSD spread fluctuated between 2,2 and 2,4 pips and a 30 USD commission was applied for a standard lot traded, which adds another 3 pips to the spread and we end up with the outrageous 5,4 pips. Have in mind that the industry average for a base pair such as the EURUSD with a standard account,  is around 1 to 1,5 pips. So here you may want to check our list of brokers, offering much tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few trading instruments

 

When we opened the trading platform with a Demo account we counted just 11 forex pairs and a few CFDs - on gold, silver and one single index - the Hang Seng Index, which compared with most other brokers is remarkably insufficient. No exotic currencies, no commodities, stocks or crypto CFDs. So here you may check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

The only payment method is bank wire

 

With most forex brokers you can deposit or withdrawal funds with all major credit or debit cards like Visa and MasterCard, e-wallets such as PayPal, Skrill and Neteller and even Bitcoins. 

 

With CFForex you can only make payments with a bank transfer, so here you may check our list of brokers accepting Bitcoins as a payment method:

 

>>Forex Brokers Accepting Bitcoin<<

 

No information about the minimum deposit requirement

 

There is no information on CFForex  website about the minimum deposit requirement to open an account.

 

We should note that while with most broker you can open an account with a hundred USD, with some well established players, such as XMFXTM and IG you can open a trading account with just 5 USD or even less.

 

Conclusion:

 

CFForex is a regulated Indonesian broker offering swap-free forex and CFD trade with a leverage of up to 1:200. Unfortunately the trading conditions are not that good and the choice of trading instruments is rather scarce. 

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Traders` reviews for CFForex

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