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CIFX Markets Review - is it scam or safe?

CIFX Markets Review - is cifxmarkets.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz CIFX Markets
CIFX Markets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type

Min. deposit

Min. trade size

Max. leverage

Spread

Standard

$200.00

0.1

1:500

4 pips, fixed

 


CIFX Markets is a South African forex and CFD broker that does a poor job at presenting its trading conditions and company. It seems that it offers a single Standard trading account type that is commission-free. Demo trading accounts are also available.

 

 

CIFX Markets Advanatges:

 

- MT4 offered

The platform used by CIFX Markets is the most popular FX trading solution worldwide – the MetaTrader 4. It has stood the test of time and although released more than 10 years ago, its charting is still considered one of the best in the industry. Besides, its automated strategies (Expert Advisors) enjoy great popularity among forex traders. Last but not least, the MT4 is easy to use and has a lot of customization options.

 

CIFX Markets' platform is provided by FSD Clearing (Pty) Ltd., which is probably a third party. We couldn’t find any information about this company, and as the regulation status of CIFX Markets is unclear, we suggest that you select another MT4 broker.

 

 

>> Find a better MT4 broker <<

 

 

- Leverage up to 1:500

CIFX Markets is one of the brokers that give their clients the opportunity to trade with high leverage levels. While this is a nice opportunity, it is certainly not for everyone. Margin trading involves higher risk of losses, which might even exceed initial investments.

 

If you are willing to take the risk, many brokers offer such, but before taking this risk, make sure ypou fully understand how leverage works.

 

 

>>More brokers offering leverage of 1:500 or higher <<

 

 

CIFX Markets disdvantages:

 

- Company and regulation status unclear

The most disappointing thing about CIFX Markets is their legal status. Its website claims that this South African broker is licensed by the local Financial Services Board (FSB), however our search in the website of the regulator returned no results.

 

 

As the website of the broker provides no information on the company that operates the brand, we are not sure whether CIFX Markets is regulated. It probably isn’t. This is the weakest side of this broker.

 

- High fixed spreads

There are two things that actually bother us with regards to this broker’s spreads. First, they are not specified on the website. All decent brokers state their pricing and trading conditions in a clear manner, so that their clients are able to calculate their trading costs in advance.

 

 

Second, When we tested CIFX Markets’s MT4, the spread on EUR/USD was fixed at 4 pips, which is two times higher than what most fixed spread brokers offer. For example, you can use spreads fixed at 1 pips on EUR/USD with CySEC-regulated broker easyMarkets (with an initial deposit of $250). As we mentioned initial deposit, we have to state yet another disadvantage of CIFX Markets.

 

- Comparatively high initial deposit

Although $200 are not that much, many reputable and tightly regulated brokers require less. For example gloabal brokerages FXTM demands just $5 as a start, and IG - $1.

 

 

Conclusion

 

CIFX Markets is a South African broker that offers trading in more than 20 currency pairs, as well as some CFDs on the good old MetaTrader 4 platfrom (which is provided by another company). Overall, the offerings of this broker are not very attractive, especially considering its high fixed spreads. However, our biggest concern regarding CIFX Markets is the fact that we did not find its name in the website of the South African financial regulator – FSB.

 

Considering the above said, we don’t recommend CIFX Markets. There are a number of well-regulated brokers which have proved to be reliable and loyal to their clients.

 

 

>>Brokers regulated in South Africa <<

 

 

Here is our final recap on CIFX Markets:

 

Pros

Cons

MT4 platform offered

Regulatory situation unclear

Up to 1:500 in leverage

High fixed spreads

 

Poor company presentation

 

Spreads not announced on website

 

Latest news about CIFX Markets
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Traders` reviews for CIFX Markets

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

 

 

USDZAR pair

I'm currently trading with CIFXMarkets, its three(3) weeks now i can not close my trades especially USDZAR pair, I sent them emails but no reply.

Mbogo 07/16/2018

CIFX Withdrawal

Good day

I'm currently trading with CIFX and its been over 10 days now since i requested a withdrawal and up until today i haven't received anything. I sent an email again during the week and still no reply.

This is very frustrating and inconvenient because this is not aligned with your withdrawal policy of 2 to 6 working days.

Please assist in this matter as it is urgent.

Bulelwa 07/15/2018
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