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CFreserve Review - is it scam or safe?

CFreserve review - Is cfreserve.com scam or good forex broker?

RATING: 1 / 6 REVIEWS CFreserve
CFreserve is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


CFreserve is a forex and CFD broker, which claims to be based in Ireland. Unfortunately the broker is not regulated by the local financial authorities (the Central Bank of Ireland), nor by any other official authority and that significantly lowers its credibility. So if you are considering investing with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Standard Account

$250 1:10 0,4 pips

 

CFreserve Advantages:

 

Good variety of forex pairs and crypto CFDs

 

If we are talking about advantages that is surely one – the broker offers 35 forex pairs, lots of which exotic or minor like  USDDKK, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD and USDZAR, as well as CFDs on 7 indices, stocks and a number of coins, including Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, OmiseGo, Lisk, Monero, Ripple and Zcash. Still if you like the idea of trading crypto assets, better check our list of regulated brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Attractive spreads

 

When we checked CFreserve trading platform the benchmark EURUSD spread floated about 0,4 pips, which is basically as good as it can get. Still as we were not been given the option to open a demo account immediately, we can not be sure that there are no trading commissions. In any case here you may also check our list of brokers offering tighter spreads as well: 

 

>> Lowest spread forex brokers<<

 

Acceptable minimum deposit requirement

 

The minimum deposit CFreserve asks for is 250 USD and that is in line with what most other brokers require as well. Still bear in mind that some big well respected brokers like FBS and IG do not have a minimum deposit requirement at all.

 

You can open a trading account in Australian dollars

 

CFreserve offers accounts in four currencies – USD, EUR, GBP and AUD and that is another positive point.

 

CFreserve Disadvantages:

 

No license

 

CFreserve is run by Richfield Limited, which we are told is based in Ireland. But as we already noted the company is not licensed and regulated by the Central Bank of Ireland or any other European financial watchdog, as it should be, and that in practice makes their operations on Irish and European soil completely illegal.

 

Unregulated brokers are unaccountable for the way they handle your money and in case of a dispute you will have a very slim chance of getting your deposit back.

 

With properly regulated brokers on the other hand you can feel safe, because of the strict regulatory oversight. On top of that with a broker regulated in the UK, for example, you will even get an insurance on your trading account covering up to 85 000 GBP of your funds. So here you may check our list of brokers regulated by the Financial Conduct Authority in London as well:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

CFreserve asks for “a minimum trading amount (turnover)” and “a minimum trading period”, before you will be allowed withdraw. And here we are not talking about a trading bonus. Those are your own money and CFreserve tells you, you can not withdraw them unless you fulfill some requirements. That is something no legit broker will ever ask you for. See for yourself:

 

 

Trading bonuses with yet more unusual withdraw conditions

 

CFreserve might offer you a trading bonus as well – a highly controversial practice banned throughout Europe and on many other regulated markets.

 

The general problem with all trading bonuses is that they always come with an additional withdraw condition – usually some minimum trade volume requirement, which in the case of  CFreserve amounts to a turnover of at least 300 times for every dollar you have received as a bonus. That might prove quite challenging as well.

 

 

MetaTrader4 not supported

 

CFreserve offers an overly simplified web based trading platform that lacks many of the standard features readily available with classic trading solutions like the MetaTader4.

 

 

MT4 has dominated the market for the better part of the past 15 years. The platform is highly reliable, fast, with excellent charting capabilities and the option to run algorithmic trading sessions with the help of specially designed trading robots called Expert Advisoprs. And what is more, MT4 has almost a hundred  in- build market indicators, so here you may check our list of brokers supporting MetaTrader4 as well:

 

>>MT4 Brokers<<

 

Skrill not supported

 

CFreserve accepts payments with major cards like VISA and MasterCard, VLoad, bitcoins and bank wire. The broker however does not accept Skrill and that is worth noting as recently the money transfer company adopted a new anti scam policy, according which its services might be used only by properly regulated brokers. As we already noted,  CFreserve is not one of those.

 

Leverage of just 1:10

 

It is a bit strange, but that is what we saw on the CFreserve trading platform. Forex pairs were offered with a maximum leverage of just 1:10, which is lower than the leverage allowed on regulated markets like the European Union – 1:30, the U.S. - 1:50 or Canada, where the maximum leverage is capped at 1:75. Still, if you are tempted to trade with virtually unrestricted leverage, you may also check our list of brokers, regulated in Australia – the last major regulatory hub, where higher margin trading is still legal:

 

>>Brokers regulated in Australia<<

 

Conclusion:

 

CFreserve is a low credibility, unregulated broker that most probably is involved in scam. That said here we will repeat our usual advise to invest money only with brokers, properly regulated by official financial authorities such as the the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

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Traders` reviews for CFreserve

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

CFreserve cheating of money

On 1 July 19, through one news in Singapore, I invested USD350 inititally, later the mananger Mr Sam called me over the phone and insisted that I must topup another USD3.5k from my visa card. He even encouraged me to sell my bitcoil with the value of about USD8k to his company ie my total investment with CFReserve is around USD11.5k, and the company will give me another USD7.5k, therefore I started my account with CFreserve with initital investment of USD19k.

In the next few days, Sam completed a few trade on bitcoil and each day I made about 1k USD. Until the level of about USD25K. He started to call me everyday and forcing me to top up upto USD100k.

I refused to comply and I told him that unless my account reach USD30K and I am able to withdraw USD2k, then all my friends will believe in me and all of us will top up more money into my account.

However, in the next one over weeks, despite of numerous reminders from me that my withdrawal of USD2-5 K were cancelled by the account manager and Sam. And my account balance was about USD55K on 18 July 19.

One day, when Sam Called to topup to USD100K, again I refused due to the cancellation of my withdrawal. And Sam promised to look into my case.

After that day until today, all account balance drop from USD55K to USD1K.

Fortunately I did not top up to USD 100 k, otherwise, all my friends who believe in me will be in big trouble.

I urge and remind all investor be very very very careful with their treat and eat up all your money from USD350 upto USD100K within a few days.

I will file a police report in Singapore now and make sure the The Monetary Authority of Singapore will look into this case so to stop other investors being cheatd by this company using the same old tatics

ho kai huat 07/27/2019

Scam lost 5250,00usd

I invesgted 250 usd and after two weeks time the account manager Benjamin called me to deposit mote 5k to get in trading, even i prepare my self he used my credi card and get the OTP to gv it to him as trust that i will get a large return. i knew its a biggest mistake. I am trying my best to write emails every day to close mey account and refund, today the AC called me and said no money in my account and sorry. Dont ever ever do this mistake. I am strugling to recover from this incident. I believe in "KARMA".

Gopi 07/17/2019

Scam

I invested 250USD they paid back the 250USD after I made a profit of 80 000usd and opened a case of Fraud at the credit card company.
They then closed the account due to so called Fraud. All the trades I made is legal and on their platform. All they want is for me to deposit more money int their account. The cant explain the so called fraud their answer is " I do not need to talk to you any more as you are not a client. SCAM!!!!

Fanus 07/16/2019

Deposits for bitcoin investment

This is to inform you that I had made payment first transaction USD 250/- and
Followed with second transaction amount USD 250/-.

One of the transaction Deposit was already refunded at amount SGD 210/-. The
Other transaction, situation No Action is done. I withdraw due to has No knowledge to go about with platform matter (My ageing is 68 yrs old suff
-ered illness such prostate etc, i wish to some good Profit bitcoin for retirement and to settle medical bills).

Kindly help me and give good advice, also your early reply by gmsil correspondences is Much appreciated. Many thinks Boss.

Zainal abidin bin Ismail 07/14/2019

Mislead by CFreserve

CFreserve provided totally false info. I paid USD 250,00 and only later on I noticed what else they wanted to have from me: copy of the passport, copy of the credit card (they even asked for the security code during the transaction - I have meanwhile blocked my credit card) - and as I am not prepared to share any of these very personal details - with which full abuse can be driven - I have now lost USD 250,00. I am appaled by this scam.

Christine 07/02/2019

Mislead by CFreserve

I was mislead by CFreserve, as they advertise false info.
I paid money over and was not informed what the outcome would be.
I am also not prepared to share any of the personal bank details they require. I now have lost 250USD.

NESTA NELL 06/24/2019
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