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CFX Point Review - is it scam or safe?

CFX Point Review - Is cfxpoint.com scam or good forex broker?

RATING: 1.4 / 10 REVIEWS CFX Point
CFX Point is an offshore broker. Your money is not safe.

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CFX Point is a  Marshal Islands registered forex and CFD broker, which offers three account types on the MetaTrader 4 platform or Sirix Webtrader. If you are about to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Silver Account $1000 1:400 2 pips, fixed
Gold Account $2500 1:400 n/a
Platinum Account $25 000 1:400 n/a

 

CFX Point Advantages:

 

Wide choice of currency pairs and trading instruments

 

With CFX Point you can trade with 57 forex pairs, including exotic currencies such as Danish Krone, Hungarian Forint, Mexican Peso, Norwegian Krone, Polish Zloti, Swedish Krone, Turkish Lira, South African Rand, Singapore Dollar, Chinese Yuan, Hong Kong Dollar and Russian Rubla, Brazilian Real, Czech Krona, Romanian Leu and Israeli Shekel. You can also trade with CFDs on gold, silver, copper oil, major indices and commodities like sugar, coffee, wheat and corn.

 

Three different trading account types

 

With CFX Point you can open a Silver, Gold or Platinum account. The minimum trading size with all of them is 0,01 lot or 1000 base currency units. We should not that you can also open a Demo Account to check the trading platforms.

 

More than one trading platform offered

 

CFX Point offers you the choice between the web based Sirix Webtrader platform and the MetaTrader4 – the most popular trading platform on the market. 

 

Sirix Webtrader can appeal to those traders who prefer web-based trading applications rather than the downloadable software. It is ideal for beginners, with user friendly, customizable charts where you can easily add indicators. The platform however lacks that what has made MetaTrader4 so popular among professional traders – the option for automated, algorithmic trading where you can create and modify your own indicators and trading bots and also run simulations using historical data. Here you can check our list of brokers offering the MetaTrader4 platform:

 

>>Find other MT4 brokers here<<

 

Generous leverage

 

The maximum leverage offered by CFX Point is 1:400 – enough to fit any trading style. Yet having in mind that higher leverage means higher risk, you can check our list of brokers offering leverage of up to 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

CFX Point Disadvantages

 

Lack of regulation

 

CFX Point is owned by KLDC Technological systems LTD, which is registered at Ajeltake Road, Majuro, Marshal Islands. We should note that a number of other offshore brokers including Eone FX, Novatrades, iForex24, Tradex1 and AvaInvestments are also registered at the same address. 

 

CFX Point is an unregulated, offshore forex broker and that significantly erodes its credibility. Regulated brokers on the other hand provide much more security to potential investors.

 

In recent years UK, Cyprus and Australia had become international hubs for the forex industry because of their balanced and yet trusted regulatory regimes. 

 

Brokers regulated by CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC) for example have to keep all invested funds in a protected from creditors, segregated account. In addition they should also maintain minimum operational capital, while FCA and CySEC brokers are even obliged to participate in client compensation schemes, where investors can receive part of their trading capital back in case their broker goes insolvent. In the case of CySEC the compensation can reach 20 000 EUR, while with FCA it can go up to 50 000 GBP. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Misleading information on the the minimum deposit requirements

 

As advertised on CFX Point  website you can open a Silver Account with a minimum deposit of 1000 USD, a Gold Account with a minimum deposit of 2500 USD and a Platinum Account with 25 000 USD. 

 

 

In the FAQ section of the web site however it is stated that you can open an account with 250 USD and this is definitely confusing for the potential traders. 

 

 

Furthermore with many brokers you can open an account with much smaller initial deposit. With FXTM and XM for example the minimum deposit is just 5 USD. 

 

Mediocre spreads

 

When tested with a Demo account the EURUSD spread was fixed at 2 pips with no commission for the trade. The Demo Account mirrors the Silver account where the maximum leverage is advertised to be 1:400. As tested however the leverage was set at 1:100. A spread of 2 pips is above what traders usually expect to see with a standard account. Here you can check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

You can not withdraw less than 100 USD

 

With CFX Point you can not withdraw less than 100 USD, which is unusual as with most brokers you do not have any restriction on the withdraw amount. 

 

 

No e-wallets offered as payment method

 

With  CFX Point you can deposit and withdraw funds with Visa and MasterCard, as well as bank wire. With  a card however the maximum deposit amount is 5000 USD and no e-wallets, such as Skrill, Neteller or PayPal are available. Here you can check our list of brokers offering Neteller as a payment method:

 

>>Neteller Forex Brokers<<

 

Conclusion:

 

Potential investors should have in mind that CFX Point is an unregulated, offshore broker with limited credibility. There is misleading information about the minimum deposit requirement on its website and an unusual requirement that the withdraw amount can not be less than 100 USD. On the plus side we should not that the brokers provide a choice between the MetaTradeer4 platform and the web based  Sirix Webtrader. The broker also offers a wide variety of currency pairs, but the spreads for the standard account are higher than the market average. All that said our grade for CFX Point remains low. 

Latest news about CFX Point
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Traders` reviews for CFX Point

Spread

Pros

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Slippage

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Requotes

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Price feed

Pros

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

Cons

 

 

Manager steals money

The manager Stephen Taylor steals your money and then tries to blackmail me to get more money. Stephen Taylor from CFX point steals people money. Don’t trade with him

Chris 01/30/2019

Be careful with these people

This broker is a party of thieves. You can open an account and operate but they do not return a single penny
I have sent dozens of requests, requesting a refund of my initial deposit plus the profits obtained and I have not managed to get back anything

Jose Hortensi 11/13/2018

This company is a fraud

Do not send money to this company, our you'll never get it back.
I am requesting reimbursement of my money and no way, I can't get it
I have complained and I was told that there are a ton of complaints about the same problem from customers around the world. And nothing can be done because they are not registered anywhere

Jose Hortensi 10/31/2018

Very Agressive

They call me since more than two ears EVERY day. Im german (sorry for my english) and there german language is horrible. I dont understand them very good. They are not interested in my words, they dont give answers, they say just: Open an live-account... to open a live-account.... klick on the button to open a live-account....
They scream, they abuse me, they are not serious!
I changed my telephonenumber, and see on the old number still every day the calls of this unseriuos company

Leon Castillo 10/08/2018

Devolución de mi dinero

Para mí son unos estafadores, desde el día q le dije al broker q me atendió q quería cerrar mi cuenta, que me devolvieran mi dinero no he tenido más noticias. Ya hace un mes de la última llamada

Translated by Google:

For me they are scammers, since the day I told the broker that he told me that he wanted to close my account, that they gave me back my money, I have not had more news. One month ago of the last call

Oslaidy Bolufer Ruiz 09/25/2018

CFX Point Complain

I had deposited money into their account they promised me that after two weeks I will start earning but I had not even got one cent from them they are now asking me how much money I have in my account I don't understand that cause I deposited the money we agreed upon on the conversation. Imused to get calls everyday before the money was deposited. I tried sending emails to them they are not replying I think Cfx point is a scam

Siphiwe 08/14/2018

Sweet talking woman

I trust the lady named G.O with my Skrill account pasword so she can take the sum of €200 of my account to the account of cfxpoint which account start with239..........
Since two days ago the woman want not answer my e-mails I told her that I do not know nothing about investment
I like to have my €200 back
I has change my password of all my account

Morella 06/06/2018

Cfx point is a fake

Do not trust, ask for coldi and do not return them

Federico 06/01/2018

Denuncia Pública de FXC Markets y CFXPoint:

Duraron meses convenciéndome para que invirtiera, desde marzo ó Febrero si mal no recuerdo. Les consigné 575.000 pesos el viernes 25 de mayo de 2018 con vencido al fin.
El fin de semana transcurrió sin problemas, sin hacer ni que pasara nada en la plataforma. Suelen cerrar operaciones bursátiles los fines de semana hasta dónde sé, así que no me preocupe. Trataron de contactarme el martes y no pude contestarles. Luego me sentí más seguro.
Hoy miércoles 30 de mayo de 2018, llama el supuesto asesor financiero, un tal Paulo, no quién me venía contactando por meses (un tal José) para pedirme datos de mi cuenta para tener dónde depositar las ganancias que se generaran y poder empezar a trabajar.
Me pide como si nada la información de mi tarjeta débito, incluido el código cvv: ¿Para hacer una consignación o giro? Se lo negué y se molestó. Le pedí que me contactara con el otro asesor (José) y dijo que me iba llamar. Me llamó y mientras hablábamos volvió a llamar Paulo. Crucé las llamadas (la llamada la tengo grabada), Paulo insistió en que le diera el código y como no quise dárselo se molestó aún más y me dejó hablando con José. Bueno, al fin ya con más calma José insistió y accedí a darle los números. Cuadramos vernos en una hora para empezar eso fue hace media hora de mientras que escribí esto.
Lo que me convenció de la estaba, a quién no, fue ver los intentos de saqueo a mi cuenta Bancaria:

• Su compra en www.cfxpoint.com fue rechazada el 31/05/18 03:47, por valor $2,922,758 con tarjeta debito #4612 de BBOGOTA.Inf:0316079124
• Compra rechazada en www.cfxpoint.com el 31/05/18 03:48, por $1,461,379 con TDebito #4612 BBOGOTA.Para bloquear su Cta envie BA al cod 85264
• Su compra en www.cfxpoint.com fue rechazada el 31/05/18 03:49, por valor $292,275 con tarjeta debito #4612 de BBOGOTA.Inf:0316079124
• Compra rechazada en FHT*QGONZHOU CO el 31/05/18 03:52, por $303,088 con TDebito #4612 BBOGOTA.Para bloquear su Cta envie BA al cod 85264

No tengo más que decir, no soy tan pendejo, no tenía dinero en mi cuenta. No se dejen estafar.


Translated by Google:

They lasted months convincing me to invest, from March or February if I remember correctly. I booked 575,000 pesos on Friday, May 25, 2018 with expired at the end.
The weekend went smoothly, without making anything happen on the platform. They tend to close stock trades on weekends as far as I know, so do not worry. They tried to contact me on Tuesday and I could not answer them. Then I felt more secure.
Today, Wednesday, May 30, 2018, the alleged financial adviser calls, a certain Paulo, not who had been contacting me for months (one Jose) to ask for my account data to have where to deposit the profits that will be generated and to start working .
He asks me as if nothing about my debit card information, including the cvv code: To make a consignment or money order? I denied it and it bothered me. I asked him to contact the other counselor (José) and he said he was going to call me. He called me and while we were talking he called Paulo again. I crossed the calls (the call is recorded), Paulo insisted that I give him the code and since I did not want to give him he got even more angry and left me talking with José. Well, at last and with more calm José insisted and I agreed to give him the numbers. We arranged to see each other in an hour to begin that was half an hour ago while I wrote this.
What convinced me was, who was not, was to see the attempts to loot my bank account:

• Your purchase at www.cfxpoint.com was rejected on 05/31/18 03:47, worth $ 2,922,758 with debit card # 4612 of BBOGOTA.Inf: 0316079124
• Purchase rejected at www.cfxpoint.com on 05/31/18 03:48, for $ 1,461,379 with TDebito # 4612 BBOGOTA. To block your Account send BA to the code 85264
• Your purchase at www.cfxpoint.com was rejected on 05/31/18 03:49, worth $ 292,275 with debit card # 4612 of BBOGOTA.Inf: 0316079124
• Purchase rejected in FHT * QGONZHOU CO on 05/31/18 03:52, for $ 303,088 with TDebito # 4612 BBOGOTA. To block your Account send BA to the code 85264

I have nothing more to say, I'm not so stupid, I did not have money in my account. Do not be scammed.

Daniel Julián Gómez Silva 05/31/2018

CFX Point scam!

no lo recomiendo, me estafaron con 200 EUR. nunca contesta y solo llaman para poner mas dinero, cuando quiero retiar no me dejas.

Translated by Google:

I do not recommend it, they scammed me with 200 EUR. never answer and just call to put more money, when I want to retreat you do not leave me.

javir R 05/15/2018
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