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CoverdealFX Review - is it scam or safe?

CoverdealFX review - Is coverdealfx.com scam or good forex broker?

RATING: 3 / 0 REVIEWS CoverdealFX
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CoverdealFX is a forex and CFD broker, regulated by the Cyprus Securities and Exchange Commission (CySEC) – a well respected institution, which has the resources and the expertise to guarantee the safety of your funds.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:30 3 pips

 

CoverdealFX Advantages:

 

Sound regulation

 

As we already noted with its CySEC license CoverdealFX ranks among the reliable brokers, where your funds will be safe.

 

 

All CySEC brokers are required to file regular reports, to allow external audits, to provide their clients with a negative balance protection, to keep their money in a segregated, protected form creditors, trust account, to maintain at all times at least 730 000 EUR of operational capital, and even to participate in a client compensation fund, which in practice guarantees up to 20 000 EUR of your trading capital even in the unlikely case your broker files for bankruptcy. Here you may check our list of brokers regulated in Cyprus:

 

>>Forex brokers in Cyprus<<

 

Otherwise CoverdealFX is a registered trade name of Coverdeal Holdings Limited, which is registered as a Cyprus Investment Firm.

 

STP broker

 

CoverdealFX says to be a STP or a Straight Through Processing broker, which means that customer orders are sent directly to liquidity providers, such as banks or larger brokers, without the need for running them through a dealing desk. The big advantage of trading through a STP broker is that a STP broker only makes money by adding a commission or marking up the spread. Unlike market makers, which make a profit from their client’s losses, a STP broker gets the same mark, regardless of whether the client wins or loses. This also means there is no conflict of interest.

 

Lots of forex pairs and CFDs

 

The list of trading instruments CoverdealFX offers its clients includes over 50 currency pairs, many of which exotic or minor like USDDKK, USDHUF, USDNOK, USDPLN, USDSEK, USDSGD, USDRON, USDCNH, USDCZK, USDMXN, USDTRY, USDZAR and USDRUB, as well as CFDs on commodities like corn, rice, soybean, wheat, copper, cocoa, coffee, cotton and sugar, precious metals like platinum, silver and gold, natural gas, oil,14 indices, some 200 stocks, bonds, Bitcoin, Dash, Ethereum, Litecoin and Ripple. If you like the idea of trading crypto assets however, here you may also check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

You can start trading with 250 USD

 

At CoverdealFX you can start trading with just 250 USD and that is also fine as most brokers would require the same amount as a minimum deposit. Still, bear in mind that some big and well known brokers like FBS and IG will let you start trading with virtually 5 USD or so.

 

MetaTrader5 supported

 

The MetaTrader5 platform offered by CoverdealFX is an excellent choice for professional and beginner traders alike. On a MT5 you can execute trades on different financial markets through a single account, and you can also run algorithmic trading sessions with the help of specially designed, customizable trading robots, called Expert Advisors, while using over 50 market indicators and a set of advanced charting tools. So here you may also check our list of brokers, supporting the platform:

 

>>MT5 Brokers<<

 

Customer Support is available in 10 languages

 

The CoverdealFX homepage is supported in English, Czech and Spanish, while customer support in provided in 10 languages - English, Czech, Polish, Portuguese, Spanish, Slovak, Russian, Ukrainian, Vietnamese, and Arabic.

 

CoverdealFX Disadvantages:

 

High spreads

 

As far as we get it there should be some typo mistake in the CoverdealFX presentation, because if their EURUSD spread is really 30 pips it would be the highest spread we have ever seen. See for yourself:

 

 

So probably what CoverdealFX want to tell us is that their spreads start form 3 pips, which is also about twice higher than the spreads we usually consider attractive. Here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conservative leverage

 

The 1:30 leverage as offered by CoverdealFX is in line with the latest guidelines of the European Securities and Markets Authority (ESMA) - this is the maximum leverage allowed with forex transactions in Europe, while with other CFDs the leverage is capped even lower - at 1:20. Still, if you feel confident to trade with higher leverage, here you may check our list of brokers regulated in Australia, where the local Australian Securities and Investments Commission (ASIC) does not impose any such restrictions:

 

>>Brokers regulated in Australia<<

 

Few payment methods available

 

CoverdealFX accepts payments with major credit and debit cards like Visa, MasterCard and Diners Club, as well as bank wire. Unfortunately they do not accept popular e-wallets like Neteller and Skrill, nor crypto assets, so here you may also check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

CoverdealFX is a reliable CySEC regulated broker, which offers a nice selection of forex pairs on the MetTrader5 platform. And CoverdealFX says to be a STP broker, but on the negative side offers spreads that are somewhat higher than the ones we usually consider attractive.

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Traders` reviews for CoverdealFX

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