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CNS Review - is it scam or safe?

CNS Review - Is cnsinvest.com scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz CNS
CNS is an offshore broker. Your money is not safe.

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CNS is a forex and CFD broker offering three account types with good leverage and the MetaTrader4 trading platform. However, 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 $200 1:500 2,3 pips
Premium Account $500 1:500 1 pips
Islamic Account $500 1:500 1 pips

 

CNS Advantages:

 

Generous leverage

 

With all CNS account you can enjoy a leverage of up to 1:500, which is more than enough to accommodate any trading strategy. Still, having in mind that higher leverage means higher risk, here you may check our list of brokers also offering leverage of up to 1:500 and above:

 

>>Forex Brokers Offering 500:1 Leverage<<

 

MetaTrader4 available

 

MetaTrader4 is a good choice for experienced and beginner traders alike. The platform has intuitive interface and more than 50 in-build market indicators. The best appreciated feature, however, is the presence of trading algorithms, which can be compiled and modifies on a propriety scripting language – the MQL4.  Here you can check our list of brokers, also offering the MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Islamic account offered

 

The Islamic or swap-free account is especially designed to fit Muslim traders, who under the Sharia Law, are forbidden to take or receive interest. With swap-free accounts you do not pay interest on positions left open over night. Here, you can check our list of brokers also offering swap-free, Islamic accounts:

 

>>Islamic Forex Brokers<<

 

CNS Disadvantages:

 

Doubtful regulatory status

 

A broker's license is the single most important factor that should be taken into consideration by traders, when choosing where to invest their capital.

 

Connoisseur Investments Limited is based on the British Virgin Islands and is regulated by the local British Virgin Islands Financial Services Commission (FSC). Certainly, having a license from the Virgin Islands regulator is better than not having a license at all and yet potential investors should remember that the Virgin Islands are an offshore territory and like other such destinations like St Vincent and the Grenadines, the Marshall Islands and Vanuatu has very limited capacity to enforce any regulations on companies, providing services abroad. 

 

On the other hand, well established and respected financial institutions, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Australian Securities and Investments Commission (ASIC) do provide investors with sufficient protection.

 

Apart form having to maintain good fiscal balance and to keep all clients funds in a segregated, protected from creditors account, FCA and CySEC regulated brokers have to participate in traders compensation schemes. 

 

In case the broker goes insolvent, the FCA backed Financial Services Compensation Scheme for example guarantees that traders can receive back up to 50 000 GBP of their capital, while a similar CySEC fund insures up to 20 000 EUR. Here you can check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

Although spreads with the Standard and the Premium CNS accounts are advertised to start at 1 pip, when checked with a Demo Account the EURUSD spread was as high as 2,2 – 2,4 pips, which is roughly a pip higher than what traders expect to see with a standard account. 

 

So here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few forex pairs, no exotic currencies

 

CNS offers just 24 forex pairs with no exotic currencies at all. CFDs on gold, silver and a single index  -  Dow Jones Germany Titans 30 are also offered. However there are no CFDs on commodities, stocks or crypto currencies. Here you may want to check our list of brokers, offering with Bitcoin and other crypto CFDs:

 

>>Bitcoin Forex Brokers<<

 

High minimum deposit requirements

 

You can open a Standard Account with 200 USD, while for a Premium and an Islamic Account you will have to invest at least 500 USD. Have in mind that with most brokers you can open an account with 100 USD or less, while with some big names such as XM and FXTM you can open an account with just 5 USD.

 

Few payment methods

 

With most brokers you can pay in various ways, including with major credit or debit cards, bank wire or e-wallets, such as Neteller, Skrill and PayPal. Some brokers accept even Bitcoins. With CNS you can choose only between Neteller and a bank wire, so here you can check our list of brokers, accepting Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

CNS is an offshore broker with a shady regulatory status, which apart form the generous leverage and the MetaTrarader4 platform, offers rather disappointing trading conditions – uncompetitive spreads and few trading instruments. Yet the most significant concern remains the lack of reliable license.

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Traders` reviews for CNS

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