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CSFOREX Review - Is it scam or safe?

CSFOREX Review - is mycsfx.com scam or good forex broker?

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

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Trading Accounts & Conditions

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Average Spreads 
Standard Undisclosed 0.01 1:200 2.2 pips

 

Actually, there is very little information on trading accounts and conditions on this broker’s website. We had to install its demo MetaTrader 4 platform to find out that CSFOREX offers its a single commission-free account type with variable spreads, leverage up to 1:200 and the option to use micro tradeable lots.

 

As you can see from the table above, the spreads offered by f CSFOREX are not very attractive - averaged 2.2 pips on EUR/USD, while the standard range for this pair is of 1.0 – 1.5 pips. Nonetheless, the biggest disadvantage of CSFOREX is the lack of proper authorization to provide brokerages services.

 

The Company. Security of Funds

 

Company

Country

Regulation

Credible Success Ltd.

Vanuatu

VFSC

 

CSFOREX’s product portfolio is quite limited – it only includes 7 currency pairs, and several commodity CFDs. As we have mentioned, there is no information on trading conditions on the broker’s website, which raises a red flag immediately. Moreover, the “Trading Team” section looks rather suspicious too – there are a couple of poor quality photos, and some of them look as if downloaded from a free website. On top of that, the CEO’s name is simply “Vladislav from Russia”, and the Executive Director is called “Mr. Topips”. It looks extremely unprofessional, to say the least.

 

CSFOREX is licensed by the Vanuatu Financial Services Commission (VFSC). Vanuatu is an offshore destination, so it would not be exaggerated to say that VFSC licenses are just shiny pieces of paper brokers use to present themselves as trustworthy and “credible” companies. In fact, they just need to register on some island, pay some low-cost fees and are required to comply with a few standards, if any at all. Their activity is not monitored, and no customer protection rules apply. That is why most scam brokers choose to register offshore.

 

We do not recommend investing with offshore brokers in general, and this one specifically. Instead, we advise you to select among FCA-regulated brokerages, Cypriot or Swiss ones, where the respective financial watchdogs are always on alert and your money will be safe and protected.

 

Trading Platforms

 

CSFOREX supports the most widely used forex trading platform – MetaTrader 4 (MT4), available as a desktop download and mobile apps. It offers a number of technical indicators, extensive back-testing environment, advanced charting tools and offers trading automatization options with the most commonly used trading robots (EAs), as well as with options to create new ones.

 

 

CSFOREX's desktop MT4 platform. Click to enlarge.

 

Methods of Payment

 

CSFOREX has disclosed no information about the payment methods it supports.

 

Conclusion

 

CSFOREX is an offshore MT4 brokerage that has not shared much relevant information on its website. Apart from the fact that it is not properly regulated, its spreads are too high and its product portfolio is limited to just 12 financial instruments.  To sum up the above:

 

Pros Cons
MT4 available Offshore broker and likely a scam
  High spreads
  Limited product portfolio
  Insufficient info on website

 

Latest news about CSFOREX
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Traders` reviews for CSFOREX

Spread

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

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