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CFsum Review - is it scam or safe?

CFsum review - Is cfsum.com scam or good forex broker?

RATING: 1 / 4 REVIEWS CFsum
CFsum is an offshore broker. Your money is not safe.

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CFsum is a unregulated, Estonian, forex and CFD broker offering lots of crypto CFDs on a web based trading platform. The fact that the broker does not have a license with an official financial regulator is a major set back, so if you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:50 0,5 pips

 

CFsum Advantages:

 

Over 60 crypto CFDs available

 

That is probably the biggest positive point about the broker – the huge variety of crypto CFDs, including coins like Ardor, Bitcoin, Bitcoin Cash, Bytecoin, Monero, USD Tether, BitShares, Burstcoin, CLAMcoin, Civic, Ethereum, Dash,   Decred, DigiByte, Ethereum Classic, Factom, GameCredits, Gas, Golem, Huntercoin, Lisk, Litecoin, MaidSafeCoin, NavCoin, Namecoin, Nxt, OmiseGO, OmniCoin, Pascal Coin,  Peercoin, Augur, Steem Dollar, Storj, Stellar, StarCoin, Syscoin, Viacoin, Vertcoin, Counterparty, NEM, Primecoin, Ripple, Zcash and Ox.

 

On their web based trading platform we came across a number of classic forex pairs as well – almost 30, with some exotic currencies like Russian Ruble, South African Rand, Danish Krona, Norwegian Krone, Swedish Krona, Polish Zloty and Singapore Dollar. In addition there were also CFDs on silver, platinum, gold, oil, coffee, some stocks and 7 major indices.

 

Besides, if you are interested in trading the crypto markets be sure to check our list of brokers also offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Attractive spreads

 

The spreads we saw on the CFsum trading platform were surely not bad - 0,4 pips – 0,5 pips for the benchmark EURUSD spread is basically as good as it can get, especially if there is no trading commission. Still, because CFsum is a unregulated broker, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Acceptable minimum deposit requirement

 

The minimum initial investment to start trading with CFsum is 250 USD and that is in line with what most other brokers would ask you for. Still, we should note that some big players on the market like FBS and IG do not have a minimum deposit requirement at all.

 

CFsum Disadvantages:

 

No license

 

That is our main issue with  CFsum. The broker does not have a  license to provide financial services on regulated markets like the European Union, the US, Australia or Japan. 

 

Otherwise CFsum is owned and operated by Bestfolio Consulting OU, which is based in Tallinn, Estonia. And we actually even checked the register of the Estonian Financial Supervision Authority – the Finantsinspektsioon, but were not able to find neither CFsum nor Bestfolio Consulting OU there.

 

Have in mind that trading with unregulated brokers has always been associated with an extremely high risk of loosing your money to scammers.

 

Regulated brokers on the other hand can be trusted as they are obliged to follow strict rules, among which to maintain at all times a certain minimum level of operational capital, to provide customers with a negative balance protection, to keep their money in a segregated, form the broker's own account, to file regular reports, to allow external audits, to refrain form offering trading bonuses and with some regulators like the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC) even to insure traders money.

 

Thus, if you are trading with a FCA broker the first 50 000 GBP in your account will be protected even if your broker files for bankruptcy. Similarly with a CySEC broker or basically with any broker regulated in the EU, the insured amount will be 20 000 EUR (in some EU countries higher).

 

Besides, here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Some unusual withdraw conditions

 

Be aware of the trading bonuses offered by CFsum, as they are linked to a minimum trading volume requirement. If you accept a bonus, in order to withdraw you will have to trade at least 25 times the bonus plus your deposit. Also, have in mind that the minimum amount you will be allowed to withdraw via a bank wire transfer is 1000 USD, while with a credit card - 100 USD.

 

We should note that setting a minimum withdraw amount is not a standard practice, while as far as the trading bonuses are concerned, this practice is altogether banned by the the European Securities and Markets Authority.

 

Conservative leverage

 

The maximum leverage allowed by CFsum is just 1:50, and while lower leverage is not by definition a bad thing – after all higher leverage means higher risk – here you may also check our list of brokers, regulated in Australia – one of the last remaining regulatory hubs, where leverage levels remain unrestricted:

 

>>Brokers regulated in Australia<<

 

MetaTrader4 not supported

 

As we noted CFsum offers a web based trading platform – you can take a look at the interface here:

 

 

Unfortunately the platform lacks many features, standard with classic trading solutions such as the MetarTrader4, like for example the option to run automated trading sessions with the help of specially designed, customizable trading bots. What is more, MT4 has excellent charting tools and over 50 in build market indicators. Here you may also check our list of brokers, offering the MetaTrader4:

 

>>MT4 Brokers<<

 

Major e-wallets not accepted as payment methods

 

And this is another set back. CFsum does not accept payments with popular e-wallets like Neteller and Skrill. Besides, this is especially notable in light of the new anti – scam policy adopted by Skrill. Since October 2018 the payment company requires all brokers, using its services, to show a legit license. As we already noted CFsum does not have a license to provide financial services at all.

 

As far as the payment methods CFsum does accept, those are bank wire transfers, major credit and debit cards like MasterCard and VISA and Bitcoins. Besides, here you may check our list of brokers, also accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

Conclusion:

 

Although CFsum offers relatively attractive trading conditions and a huge variety of crypto CFDs, you should remember that the broker is not regulated – a fact that significantly lowers its credibility. As always in such cases our best advise is to trade only with brokers, licensed and authorized by official 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).

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Traders` reviews for CFsum

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Money returned

It has taken nearly two months, but I’m pleased to give a more positive feedback, £500 returned today into our account. Numerous calls and email to their support dept. I hope others have had successful withdrawals eventually....hang in there

Rose Bul 02/15/2019

money deposited with cfsum

I deposited my money in dec 2018 and now I was told today that I have lost money how no explanation. Does anybody know who to complain or where to get help

Paresh Mashar 02/12/2019

CFsum refund

Hello

Seems we’re in the same boat as David O’Shea.....exactly the same scenario. As they’re unregulated I don’t hold much hope of recovering our funds.....
There are probably many others out there too, Agree fully with your words David.

Rose Bul

Rose Bul 02/11/2019

CFsum Withdrawal

Hi

I am waiting a month to get my money back of €500 and it looks like its not going to happen, I would steer clear of these people, they offered me a top up to stay and tried to prise 10K from me but I didn't bite, we need to out these scammers.

David O'Shea 02/06/2019
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