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CX Financials Review - is it scam or safe?

CX Financials review - Is cxfinancials.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz CX Financials
CX Financials is an offshore broker. Your money is not safe.

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CX Financials is a forex and CFD broker, offering five account types, including a swap free Islamic account, with a leverage of up to 1:400 and the MetaTrader4 platform. The broker has a contact address in the UK, and says to be regulated by the local Financial Conduct Authority. Unfortunately that turned out not to be true, significantly lowering CX Financials credibility.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $100 1:100 2.5 pips, floating
Mini Account $500 1:200 2 pips, floating
Prime Account $1000 1:300 1.5 pips, floating
Luxury Account $5000 1:400 1 pip, floating
Swap Free Account $1000 1:100 0.9 pips, floating

 

CX Financials Advantages:

 

Good selection of currency pairs 

 

As tested with a demo account on the CX Financials trading platform we counted over 34 forex pairs, including some exotic currencies like Swedish Krona, Norwegian Krone, Turkish Lira and Russian Ruble. Other trading instruments include CFDs on gold, silver and oil. However, we found no crypto CFDs and as those assets are getting more and more popular lately, here you may want to check our list of brokers offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 400:1

 

With its Luxury Account CX Financials offers leverage of up to 1:400, which is more than enough to accommodate any trading style. Still, you should have in mind that as higher leverage comes with higher risk, professional traders rarely use leverage exceeding 1:100, which is basically the maximum leverage allowed with the CX Financials Micro Account.

 

Besides, since August 1st the European Securities and Markets Authority lowered the maximum leverage allowed with forex transactions in Europe to 1:30, so basically the leverage levels offered by  CX Financials in the UK and Europe are illegal.

 

MetaTrader4 supported

 

The presence of MetaTrader4 is undoubtedly an advantage. The platform, well known to most traders is fitted with an excellent charting package, more than 50 in-build market indicators, and Expert Advisor bots with which you can run automated trading sessions - basically all you need no matter if you are a professional trader or just attempting your first trades. Here you may also check our list of brokers, offering the MetaTarder4:

 

>>MT4 Brokers<<

 

You can start trading with 100 USD

 

You can open a trading account at CX Financials with just 100 USD and that is another good news. That, however, counts with the Micro Account, while for the premium accounts, where spreads are much better, the minimum deposit requirement varies between 500 USD and 5000 USD.

 

Swap free account offered

 

CX Financials offers its clients a swap free or Islamic Account, which is specifically designed for the Muslim trading community as Muslims, under the Sharia Law, are not allowed to take or receive interest. The idea of the swap – free account is that you do not have to pay interest for positions left open over night. Instead the service is payed for with higher spreads, commission or a fee. Here you may check our list of brokers offering Islamic accounts:

 

>>Islamic Forex Broker<<

 

CX Financials Disadvantages:

 

CX Financials falsely claims to be regulated by FCA

 

That is our main issue with the broker - trading conditions put aside, CX Financials is not regulated by the British Financial Conduct Authority (FCA), although in their presentation they say they are regulated and are sending regular reports to the institution. See for yourself:

 

 

Otherwise CX Financials is said to be owned and operated by CX FINANCIALS ADVISORS Ltd. UK and that is basically all we know about them.

 

Have in mind that proper regulation is the single most important factor for the safety of any investment. If you are trading with an FCA regulated broker, for example, and if that broker is experiencing solvency problems, you can get a compensation of up to 50 000 GBP.

 

On top of that all FCA regulated brokers are required to provide negative balance protection to their clients, to keep all the invested capital in a segregated, protected form creditors, trust account, to maintain operational capital of at least 730 000 EUR and file regular reports.

 

Our advise as always is to trade with brokers, authorized by respectable financial institutions such as FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

High spreads

 

As tested with a Demo Account the benchmark EURUSD spread floated about 1.3 pips, which sounds good, but that is probably, because the Demo Account mirrors the CX Financials premium Luxury account. The spreads as advertised with the opening Micro Account start as high as 2,5 pips, which is unacceptable. 

 

Have in mind that competitive spreads should start below 1,5 pips with a standard account. Also, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the payment methods

 

That is another minus for CX Financials – they do not tell us what payment methods do they accept. Just have in mind that most brokers accept payments with major credit or debit cards like VISA and MasterCard, e-wallets like Neteller and Skrill and certainly bank wire. Some even accept payments with Bitcoins so here you may check our list of brokers, accepting the crypto currency: 

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

Unfortunately CX Financials turned out to be a low credibility, unregulated broker, that has even tried to mislead customers that they are licensed by the FCA. All that makes us extremely suspicious about CX Financials and as we have already discussed above, be sure to trade with properly regulated companies only.

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Traders` reviews for CX Financials

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Fraud Auction CM & Cxfinancials

A trader called Auctions capital or Auctions training is using the name of CX Financial. They contact customer and promise 20% return per month with 100% capital security. For first 1 months you'll get timely withdrawals but late ron your calls will not be entertained by Mr Abhishek Dhudhwadkar the salesman and Mr. Mohsin - claiming to be a senior manager of Auctions capital. Dont even ever invest a single Rupee in this company these are the fraudent people.

vikas kolambe 01/15/2020

Fraudulent people

A trader called Auctions capital or Auctions training is using the name of CX Financial. They contact you and promise 7% return per month with 100% capital security. For first 2-3 months you'll get timely withdrawals but late ron your calls will not be entertained by Mr Abhishek the salesman andMr. Mohsin - claiming to be a senior manager of Auctions capital. Dont even ever invest a single Rupee in this company or else just throw your money in a deep well or ocean.

Aryan singh 02/25/2019
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