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CF Merchants Review - Is it scam or safe?

CF Merchants Review - is scam or good forex broker?

RATING: 1 / 3 REVIEWS CF Merchants
CF Merchants is an offshore broker. Your money is not safe.


Trading Accounts


Account type  Minimum deposit  Maximum leverage Spread
Standard Unknown 1:1000 From 1.9 pips


CF Merchants is a forex broker which allegedly offers multiple account types. At the time of writing of this review, there is no information about them, except for the fact Islamic (swap-free) accounts are provided. By the way, this is a consistent theme, throughout the broker’s website – there are lots of missing or contradictory pieces of information.


The Company. Security of Funds


Company Country Regulation
CF Merchants Limited UAE N/A


CF Merchants is owned and operated by CF Merchants Limited. This is a company, registered in the Ras Al Khaimah Free Trade Zone (in U.A.E.). For comparison purposes, this is similar to an off-shore company, which doesn’t claim any financial regulation.


As you may know, we value financial regulation very highly, when determining a forex broker’s credibility. Had CF Merchants actually been registered in the United Arab Emirates, the company would have been regulated by the local Central Bank and would have been a lot more trustworthy. 


Some of the most stringent financial watchdogs, like the UK’s Financial Conduct Authority (FCA) enforce strict rules on the brokers, who are under their oversight. From a trader’s perspective two rules are the most important – the segregation of client accounts and the compensation scheme. Firstly, FCA-regulated brokers can’t freely access their clients’ funds – this can only be done under specific conditions. This ruling prevents a lot of fraudulent activities from occurring. On the other hand the compensation scheme, guarantees client funds, in case their broker goes insolvent. The UK’s Financial Services Compensation Scheme (FSCS) covers up to £50,000 per account. 


Needles to say you would not be getting these benefits with an unregulated company – in that case you are only relying on their honest word.



Trading Conditions


Minimum Initial Deposit

There is no information on the minimum deposit at CF Merchants, which is understandable, given the fact different account types are not yet mentioned by the company.


This is a bit odd, as some brokers even use their minimum requirements as a tool to attract new clients. For instance, you can open an account with XM, for as low as $5.

Average spreads & Commissions

Spreads at CF Merchants are floating, but averages are not clearly specified anywhere on the company’s website. Our testing revealed the EUR/USD spread averaging around 2 pips in the first part of European trading (possibly the most liquid time of the day). It never fell below 1.9 pips, which substantially above, what other brokers are currently offering. Do you want to check out, exactly what the current industry leaders are providing? If so, take a look at our spread comparison page.



There is varying information on the maximum leverage ratio offered by CF Merchants. The claims in different sections of the website go from 1:400 all the way up to 1:1000. Our testing indicated a maximum of 1:1000, being available. This is a dangerously high level.


Greater leverage ratios allow you to take bigger risks with a smaller account. Although this may interest some of you, do be cautious when trading with high “gearing”. The potential for quick and massive losses is also present.


Trading Platforms


CF Merchants offers MetaTrader4 (MT4). This is the by far the most popular forex trading platform and there is a reason for that. From a broker’s point of view, it is a proven solution which almost always is more cost-effective than developing a new proprietary system. That being said, traders also love it, as the charting package it provides is very solid. Furthermore there are numerous custom tools, constantly being developed for the platform. They mainly include new technical indicators and automated trading systems.


Here is how the CF Merchants MT4 looks by default (click to zoom-in):



Methods of Payment


CF Merchants provides few payment methods. They are: Bank Transfer, Perfect Money and Webmoney. Although some e-wallets are offered, they are not the most popular ones by far and the lack of Credit Card support may displease some potential clients.




CF Merchants is an unregulated forex broker. The company is registered in a free zone. This combination of factors is usually enough to recommend proceeding with caution. Furthermore there is a lack of clarity when in comes to most of the trading conditions on the website. To summarize: 

Pros Cons
MetaTrader4 Platform No regulation
  Free trade zone registration
  High spreads
  Lack of information on trading conditions
  Few payment methods


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
















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Withdrawal pending for one month

Hi All,

One of the worst broker which I see almost one month before I have given the withdrawal request still not given the withdrawal please do open broker account with them . Fraud broker not giving proper response for anything thanks

Santhosh A 06/11/2019

fake broker

its fake broker no register and only market maker fake candels also trades or ot close when you want too mush slipage beaware cfmerchants is scam

farooq 05/20/2019

very bad broker --- don't even think to use them

if you run ea , check the journal and will find opened orders not mentioned in the journal or expert tab

cheating to get your money

Moheb Youssef 05/09/2019
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