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Cogent Trading Review - is it scam or safe?

Cogent Trading Review - is cogentmt5.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Cogent Trading
Cogent Trading is an offshore broker. Your money is not safe.

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 Trading Accounts & Conditions

 

Trading Account Minimum deposit Min. trade size Maximum leverage Average Spreads*
Nano $100 0.01 1:500 2.0 pips
Standard $1 000 0.01 1:500 1.8 pips
VIP $10 000 0.01 1:300 0.8 pips + commission
Advanced $50 000 0.01 Custom Customized spread and commission

 

*According to the information on the broker’s website.

 

Clients of Cogent Trading have several account options. All accounts are said to offer NDD environment, floating spreads, high leverage levels and micro tradeable lots. Swap-free services are also available with this broker.

 

While an initial deposit of $100 is not much, a spread averaged 2 pips on EUR/USD is actually anything but low and competitive. By comparison, FxChoice, which is also registered offshore, but has earned its good reputation, offers average spreads of 1.2 pips on its commission-free accounts. For further information and comparison, you may check out real-time spreads of 15 leading brokers at our dedicated page.

 

In fact, we are quite confused about the offerings of this broker. The information about its trading conditions is actually quite different in the different sections of its website. Worse still, when we downloaded its demo MetaTrader 5 platform, we found spreads fixed at 0.8 pips on EUR/USD. While such spread is not bad, it means that the broker has not announced its trading conditions in a clear and transparent manner. Cogent Trading does not seem like a reliable broker.

 

The Company. Security of Funds

 

Company

Country

Regulation

Cogent Trading Infomatic Ltd.

SVG

FSA

 

Cogent Trading is a newly-launched offshore broker that says it supports both MT5 and Currenex platforms. The company that operates the brokerage brand and website, Cogent Trading Infomatic Ltd. Is registered in St. Vincent & Grenadines (SVG).

 

Investing in a broker from an offshore zone brings a significant risk of loss, as there is absolutely no authority who keeps an eye on these companies. While indeed there are cases when even regulated brokers scam people out of their money, most regulators are diligent enough to give such brokers a slap on the wrist. Besides, in certain jurisdictions clients will eventually recover their funds under the applicable compensation schemes.

 

So, we advise you to use the services of regulated brokers - like by UK's FCA or the Cyprus’ CySEC, where certain money rules, transaction reporting requirements and compensation schemes apply.

 

Trading Platforms

 

Unlike most brokers who support the popular MetaTrader 4 (MT4), Cogent Trading offers its clients its successor MetaTrader 5, as well as Currenex.

 

The popularity of MT5 has been growing steadily since the hedging feature was finally added to it last year.  MetaTrader 5 is a multi-asset trading platform that offers access to various financial markets, including those for forex, contracts for difference (CFDs), options and futures markets, as well as stocks. The platform uses MQL5 programming language and allows automated trading via Expert Advisors (EAs). You should keep in mind, however, that the indicators and EAs, which were developed of MT4, will not work on the MT5. 

 

 

Cogent Trading’s MT5. Click to zoom in.

 

Promotion

In order to attract new customers, Cogent Trading currently offers a $30 No-Deposit bonus to all new live account holders.

 

Methods of Payment

 

Cogent Trading offers its clients the following payment methods: bank wire transfer, credit/debit card payments, as well as Skrill, Neteller, WebMoney, Yandex money, cashU and China UnionPay.

 

Conclusion

 

Cogent Trading is a newly-launched forex broker that offers no deposit bonus to attract clients. Its main disadvantage is that it is registered offshore and that the trading conditions announced on its website appear different from those we came across in its demo MT5 platform. Here are, in a nutshell, the pros and cons of Cogent Trading:

                                                       

Pros  Cons
MT5 available Spreads above the average on Micro & Standard accounts
  Limited CFD offering
  Broker of questionable credibility
   

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Traders` reviews for Cogent Trading

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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Summary

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