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CobraCFD Review - is it scam or safe?

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

RATING: 1 / 2 REVIEWS ForexBrokerz 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

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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Sorry I speak only Italian

Sono appena stato depredato da cobracfd di circa 48000€.
ho iniziato 6/8/2019 con 250€ poi mi hanno affiancato tale DAviD Svensson,
in realtà tramite telefono mi ha fatto fare visto che aggiungono bonus risultati mininimi quindi ha cominciato a chiedere 5000€ x 4 volte e vedevo che
i guadagni erano forti. ho cominciato a chiedere qualche ritorno di €.
ma lui diceva lascia che ho più soldi per operare e guadagnare. ogni telefonata
era una richiesta di soldi. ero insospettito e non ho guardato minimimante cosa
diceva il mondo di tale società. Arriva a promettere di darmi 20.000€.
ma poi mi ha detto che doveva andare a NY x un corso. Sono rimasto 5 giorni aspettando altro agente.infatti è arrivata tale Kylie Murphy, la quale si è impegnata dietro pagamento di 5200€ relativa alle tasse sui guadagni che avevo fatto a versarmi con bonifico 20000€. poi ha cominciato a chiedere 3000€ per il contratto (mai sottoscritto) Poi ha chiesto 2000€ x 4 volte per evitare il rischio di negativi, il tutto sempre senza darmi niente in cambio. poi un giorno mi ha proposto visto che non operavo di chiudere tutto
e mi avrebbero liquidato 48000€. ho risposto ok. quindi anche Kylie ha avuto una riunione un giorno poi una conferenza alla fine siamo arrivati a 19/11
Ho chiesto diverse volte documenti visto che avevano pagato tasse a nome mio
Infine, ieri con un email mi chiede ancora 5000€ perchè sembravano mancare dei versamenti ho tutti i versamenti fatti con tanto di cro a due banche, poi ultimamnete mi ha chiesto 3000€ per avere poi il 25 la chiusura e il bonifico.
Non ho versato più niente tanto sapevo che ormai avevo perso tutto.
ora stò mettendo in mano di un avvocato il tutto anche senza speranze, spero
che questi delinquenti possano limitare il loro campo. purtroppo la maggior colpa è mia che ci sono cascato in pieno. mi piacerebbe avere qualche indirizzo Cobracfd per cercare un avvicinamento per avere almeno il deposito versato circa 30.000€.
Vi ringrazio di avermi ospitato
Lionello


Translated by Google:

I have just been looted by cobracfd of about € 48,000.
I started 6/8/2019 with 250 € then I was joined by a DAviD Svensson,
actually by phone he made me do it because they add mininimi bonus results so he started asking for 5000 € x 4 times and I saw that
the gains were strong. I started asking for some return of €.
but he said let me have more money to operate and earn. every phone call
it was a request for money. I was suspicious and did not look at a minimum thing
said the world of that society. He arrives to promise to give me € 20,000.
but then he told me he had to go to NY for a course. I stayed 5 days waiting for another agent. In fact, Kylie Murphy arrived, paying € 5200 on the earnings I had paid to transfer € 20000 by bank transfer. then he started asking for € 3,000 for the contract (never signed). Then he asked for € 2000 x 4 times to avoid the risk of negatives, all without giving me anything in return. then one day he proposed me since I was not working to close everything
and they would have liquidated me 48000 €. I answered ok. so also Kylie had a meeting one day then a conference eventually we arrived at 11/19
I asked several times for documents since they had paid taxes in my name
Finally, yesterday with an email he asks me again € 5,000 because they seemed to be missing payments, I have all the payments made with lots of cro to two banks, then he finally asked me for € 3000 to have then the 25 closing and the transfer.
I didn't pay anything anymore so I knew I had lost everything by now.
now I am putting it in the hands of a lawyer, even without hope, I hope
that these criminals can limit their field. unfortunately the biggest fault is mine that I fell in full. I'd like to have some Cobracfd addresses to look for an approach to have at least the deposit paid around € 30,000.
I thank you for hosting me
Lionello

Lionello Chiari 11/20/2019
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