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A United States regulator warning has been issued against CFX Markets Global in September 2023
CFX Markets is a global broker that offers trading services in various financial instruments, such as forex, stocks, commodities, indices, and cryptocurrencies. The broker claims to provide a secure and transparent trading environment, with competitive spreads, fast execution, and flexible leverage. But is CFX Markets a scam or a legit broker? In this review, we will examine the broker’s features, regulations, fees, and customer support to help you decide if you should trade with them or not.
Regulation and Security
One of the most important factors to consider when choosing a broker is their regulation and security. A regulated broker is subject to the oversight and rules of a reputable financial authority, which ensures that they comply with high standards of conduct and protect their clients’ funds and data. A secure broker also employs advanced encryption and firewall technologies to prevent unauthorized access and hacking.
CFX Markets claims to be regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia. However, after checking the official websites of these regulators, we could not find any evidence that CFX Markets is registered or authorized by them. This raises serious doubts about the broker’s legitimacy and credibility.
Moreover, CFX Markets does not provide any information about how they segregate their clients’ funds from their own, or what kind of compensation scheme they offer in case of insolvency. They also do not disclose their trading conditions, such as the minimum deposit, the leverage ratio, or the spread size. These are red flags that indicate that CFX Markets may be a scam broker that operates without transparency or accountability.
Fees and Charges
Another factor to consider when choosing a broker is their fees and charges. A good broker should offer competitive and transparent pricing, without hidden or excessive costs that can eat into your profits. Some of the common fees and charges that brokers may impose include commissions, spreads, swaps, deposits, withdrawals, inactivity, and maintenance fees.
CFX Markets does not provide any clear information about their fees and charges on their website. They only state that they charge a commission of 0.1% per trade, but they do not specify the spread size or the swap rate. They also do not mention if they charge any fees for deposits or withdrawals, or if they have any minimum or maximum limits for these transactions. They also do not disclose if they have any inactivity or maintenance fees for dormant or inactive accounts.
This lack of transparency makes it difficult to compare CFX Markets with other brokers and to assess their competitiveness and fairness. It also suggests that CFX Markets may have hidden or excessive fees that they do not want their clients to know about.
The last factor to consider when choosing a broker is their customer support. A good broker should offer responsive and helpful customer support, with multiple channels of communication, such as phone, email, live chat, or social media. A good customer support team should be able to answer your queries promptly and professionally, and resolve any issues or complaints that you may have.
CFX Markets claims to offer 24/7 customer support via phone, email, and live chat. However, when we tried to contact them via these channels, we did not receive any response from them. We also noticed that their phone number is not a UK number, but a Belize number, which contradicts their claim of being regulated by the FCA in the UK. We also found many negative reviews and complaints from other clients who reported that CFX Markets ignored their calls and emails, or refused to process their withdrawal requests.
This indicates that CFX Markets has poor customer support that does not care about their clients’ satisfaction or well-being. It also suggests that CFX Markets may be a scam broker that tries to avoid contact with their clients once they have deposited money with them.
Based on our research and analysis, we conclude that CFX Markets is not a legit broker, but a scam broker that operates without regulation or transparency. We advise you to avoid trading with them at all costs, as they may put your funds and data at risk. Instead, we recommend you to trade with a reputable and regulated broker that offers reliable and secure trading services.
What to Do If You’ve Lost Money with CFX Markets?
If you have been scammed by CFX Markets or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.