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CrescoFX Review - is it scam or safe?

CrescoFX Review - is crescofx.com scam or good forex broker?

RATING: 3 / 0 REVIEWS CrescoFX
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Trading accounts and Conditions

 

Account type Minimum deposit Minimum trade size Max. monthly volume Spreads and Commissions*
Standard $1 000 0.1

$20 million

spread + $6/lot
Gold $5 000 0.1

$100 million

spread + $4/lot
Platinum

$50 000

0.1

$250 million

spread + $1.5/lot
VIP $20 000 0.1

$100 million

spread + $2/lot

*As advertised on CrescoFX’s website

 

Boutique brokerage CrescoFX offers a couple of account types, all of which are said provide variable spreads involving volume-based commission fees on two trading platforms. Judging by the commission structure and the maximum monthly trading volumes set, it seems that this broker targets mainly high-volume (institutional) traders.

 

In addition, MAM accounts are also available at CrescoFX.

 

CrescoFX Advanatges:

 

- UK regulation

The main advantage of this broker is the fact that it is overseen by one of the most respected and reliable government agencies in the forex world: UK’s Financial Conduct Authority.

 

 

>>More brokers regulated by the FCA <<

 

- Choice of trading platforms, MT4 available

CrescoFX offers access to Metatrader 4 and its proprietary web-based CrescoTrader. If you are familiar with forex trading, you probably know all the advantages of trading on MT4. This is the most popular fx platform.

 

>>Top MT4 brokers<<

 

As regards CrescoTrader, it is advertised as an advanced platform, equipped with everything a trader needs. Sadly, we could not test it in order to share our personal experience.

 

- Low trading cost

According to the information on its website, spreads offered by CrescoFX are typically below 1 pip on majors. We treid out the broker’s demo MT4 and indeed found the spread on EUR/USD floating around 0.7 pips, which is a great pricing. Besides, no commission apply.

 

As such spreads are really high, we suppose that in live trading environment they are offered exclusively to high-volume traders. If you with to trade with even better spreads with no volume requirements and no minimum deposit required, check out what leading CFD and spread-betting provider IG has to offer.

 

>>Compare the real-time spreads of 10 top brokers<<

 

- High leverage levels

The leverage provided by CrescoFX is not mentioned on its website. Nonetheless, when we tested its MT4, we found the maximum leverage level is 1:500. Such ratio is pretty high, yet a number of brokers offer similar or higher leverage levels.

 

>>Brokers with which you can use leverage of 1:500 or higher<<

 

CrescoFX disdvantages:

 

- High initial investment required

CrescoFX requires $1000 from its clients in order to open an account. Such initial deposit required is pretty high, as most brokers require something in the $100-$250 range as a start. By comparison, you can open an account with IG by investing just $1, as this broker has set no minimum initial deposit requirement.

 

- Announced trading conditions differ from the ones on demo MT4

Indeed, the manner in which CrescoFX has outlined the trading conditions for the different account types it offers is a bit odd. It is possible that we didn't get it right. When going through the broker’s website we got the impression that volume-based commission fees apply to each and every CrescoFX account type. However, when we tested its demo MT4, we found that the situation is different:

 

 

Conclusion

 

Founded in 2011 by Derek Mayne in Malta, CrescoFX offers more than 30 currency pairs and precious metals for trade on two trading platforms. Its trading costs appear attractively low, however we spotted som inconcistencies between the announced trading conditions and those on its demo MT4.

 

CrescoFX’s main advantage is the solid regulation. First, it operated ion the basis of a category II dealer license, issued by the Maltese Financial Supervisory Authority (MFSA). Although such a license allows brokerages to operate throughout the EU, UK included, CrescoFX decided to make a step further. It set up a UK entity, Cresco Capital Markets (UK) Limited, and in 2016, it got a license from UK’s FCA.

 

FCA regulation involves strict rules on client account segregation, minimum capital adequacy, transaction reporting, AML and KYC, and many more. Those brokers who dare not to observe them have to pay salty fines. From a trader’s point of view, FCA license means security, and more specifically – coverage by the Financial Services Compensation Scheme (FSCS). If a FCA-regulated entity becomes insolvent, the FSCS may compensate up to GBP 50 000 per client.

 

In addition, the compoany has another FCA-regulated unit CrescoCap, which provides investment solutions and advice to institutional and sophisticated professional investors.

 

Here are the Pros and Cons with regards to this broker:

 

Pros Cons
Solid regulation (FCA) High initial deposit required
Choice of trading platforms, MT4 available No micro lots
Low trading cost Inconsitencies between announced trading conditions and those on MT4
High leverage levels offered  

 

Latest news about CrescoFX
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Traders` reviews for CrescoFX

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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