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CobraCFD Review - is it scam or safe?

CobraCFD review - Is c0bracfd.com scam or good forex broker?

RATING: 1 / 0 REVIEWS CobraCFD
CobraCFD is an offshore broker. Your money is not safe.

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CobraCFD is an offshore broker, offering major forex pairs and CFDs on a number of commodities, indices and stocks, with four account types, leverage as high as 1:200 and the Sirix trading platform.

 

Account type Min. deposit Max. leverage Spreads
Mini Account 250 EUR 1:100 n/a
Bronze Account n/a 1:100 n/a
Silver Account n/a 1:200 n/a
Gold Account n/a 1:200 n/a

 

Unfortunately the broker is not regulated, as it should be, if they want to target traders on regulated markets like the EU, the USA, Canada or Australia, so if you are considering depositing any funds with them be sure to read the following paragraphs.

 

CobraCFD Advantages:

 

High leverage

 

CobraCFD offers leverage as high as 1:200 and that should be perfectly enough to fit even the most aggressive trading strategy. Higher leverage, however should always be used with extra caution, because of the significant risks involved. So you should not be surprised that most regulators throughout the developed world, including the EU and the US have capped the maximum leverage allowed with forex transactions well below 1:100.

 

Acceptable minimum deposit requirement

 

At CobraCFD you can open a trading account in EUR and GBP and the minimum deposit requirement is 250 EUR and 250 GBP respectively. That, we should admit, is in line with what most other brokers will also require, an yet you should keep in mind that some big well established companies like FBS and IG will let you start trading with as little as 5 USD or so.

 

CobraCFD Disadvantages:

 

No license

 

CobraCFD is owned and operated by Cobracfd Ltd, an offshore company based on the Marshall Islands, and Kings Power Ltd., which is registered in Sofia, Bulgaria. And as we already mentioned, neither the companies, nor the broker are licensed and authorized by an official financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or even the Bulgarian Financial Supervision Commission (FSC), which is also a legit EU institution.

 

The general problem with all unregulated brokers is that they are completely unaccountable for the way they handle your money, and too often are simply involved in scam. That is why our general advise is to avoid such brokers altogether. 

 

And besides, if you open a trading account with a FCA regulated broker for example, your funds will even be insured for up to 85 000 GBP. So here you may check our list of brokers regulated by the FCA in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

CobraCFD is not committed to any time frame regarding withdraws

 

Bear in mind that legit brokers will process your withdraw request within 24 hours and you will see the money in your account in 2 to 3 days the most.  CobraCFD on the other hand says in their Terms and Conditions, it will take them 5 business days to process the withdraw request and yet another 10 days will pass before you eventually see your money in your account.

 

If that is not bad enough however, CobraCFD adds that they are simply not committed to any time frames regarding withdraws. See for yourself:

 

 

Also, take a note that CobraCFD intends to charge you with withdrawal processing and handling fees, and if you have been on a vacation and have not traded for 6 months your account will be charged a 10% monthly dormant fee.

 

No demo account available

 

As we were not able to open a demo account, we can not comment on CobraCFD trading conditions. Just have in mind that spreads are generally considered acceptable if they start below 1,5 pips with a standard account. Here you may check our list of brokers offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

Although CobraCFD says to support MetaTrader4 that turned out not to be true. The only platform available is Sirix, which although stable and reliable, lacks some standard features readily available with MT4, as for example the option to run automated trading sessions. 

 

Also MetaTrader4 has well over 50 integrated market indicators and an excellent set of advanced charting tools, so here you may check our list of brokers, which do offer MT4:

 

>>MT4 Brokers<<

 

Conclusion:

  

CobraCFD is not a broker you can trust and the reason is quite trivial – they are simply not licensed by an institution 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). If you want to keep your money safe, never trade with unregulated brokers.

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Traders` reviews for CobraCFD

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