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Conotoxia Review - is it scam or safe?

Conotoxia Review - is conotoxia.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz Conotoxia
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Trading Accounts & Conditions

 

Account type Min. deposit Min. Trade size Max. leverage Spreads & commission
Standard Undisclosed 0.01 :200 0.4 pips + $4 / lot (per side)

 

Conotoxia offers a single account type with variable spreads, leverage up to 1:200 and NDD execution. It offers trading in more than 60 currency pairs, raw materials and precious metals on innovative cTrader platform.

 

Conotoxia Advantages

 

CySEC license, part of an EU group

This broker holds a license from the Cyprus Securities and Exchange Commission (CySEC) and is a part of the Polish payment services group Cinkciarz.

 

Cyprus is one of the most popular forex broker destination with well-balanced regulation and brokers licensed there are considered reliable, as they have to meet a number of requirements.

 

Negative balance protection

Conotoxia claims that its clients can never lose more than their initial deposit, which is also a serious advantage of this broker.

 

Competitive spreads and commission fees

Average spreads of Conotoxia amount to 0.4 pips on EUR/USD, which is really law. In addition, the broker charges a commission of $4 per standard lot (per side). So, average trading costs for this pair amount to around 1.2 pips per lot, which is in line with what most brokers charge. For further information and comparison, check out the link below:

 

 

>>Compare the spreads of top fx brokers<<

 

 

cTrader offered, STP/NDD execution

Conotoxia offers its services through one of the most advanced platforms in the forex industry, cTrader. This is a platform especially designed for STP/NDD execution that offers traders a large set of benefits, such as flexibility, advanced charting, market depth, back-testing, and more. Another interesting feature, offered by cTrader is the automated trading environment – cAlgo. Although it is lacking behind the MQL marketplace, in terms of number of Expert Advisors it has grown over recent years.

 

Reasonable leverage levels

Another thing we like in the offering of this broker is the reasonable leverage ratios it provides. A maximum leverage of 1:200 should suffice the needs of most traders and is not dangerously high.

 

 

Conotoxia Disadvantages

 

Rather poor presentation of trading conditions

Maybe due to the fact that Conotoxia launched its operations recently, its website contains no information about key trading specifics, such as the initial investment required for account opening. Besides, its spreads and commission fees could have been presented in a more clear way.

 

MetaTrader 4 not supported

Conotoxia does not support the most popular forex trading trading platform, MetaTrader 4 (MT4). This could be disappointing for some traders that are used to it.

 

More than 10 years after its launch, MT4 is still the favorite trading terminal of the majority of traders. This is mainly due to its ease of use, great charting, and the popularity of its automated strategies, called Expert Advisors.

 

 

>> Brokers offering MT4 <<

 

 

Conclusion

 

Focusing on their international clients, Polish payment provider Cinkciarz introduced its retail forex brand, Conotoxia. The company behind it is duly licensed in Cyprus and offers competitive trading conditions on the advanced cTrader platform.

 

Cyprus is one of the most popular forex broker centers due to its well-balanced financial regulation, rather favorable tax regime and well-developed technology sector. On top of that, this sunny island is a part of the EU family, so, a CySEC license enables the broker to operate in any country that is a member of the EU or the EEA. Moreover, there is the Investor Compensation Fund, which can pay compensation up to €20,000 EUR per person, if a regulated becomes insolvent.

 

In order to be able to operate as investment firms and benefit from the above-listed provisions, forex brokers licensed by CySEC are required to maintain a certain capital (EUR 730 000), keep client funds in segregated accounts, regularly reports transactions to the Commission and many more.

 

Here is a summary of the strong and weak sides of Conotoxia:

 

Pros

Cons

CySEC license, part of an EU group

Rather poor presentation of trading conditions

Negative balance protection

MT4 not supported

Competitive spreads and commission fees

 

Ctrader platform, STP execution

 

Reasonable leverage levels provided

 

 

 

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Traders` reviews for Conotoxia

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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