Casonicfx – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Casonicfx - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://casonicfx.com
Founded: 2024
Regulations: Not Licensed
Languages: Russian, English
Deposit Methods: Cryptocurrencies
Minimum Deposit: Not Specified
Free Demo Account: None Offered
Number of Assets: Not Specified
Types of Assets: Not Specified
Trading Accounts and Conditions
Casonicfx does not tell us anything about what they offer in terms of account types and trading conditions. We are not even given something as basic as the minimum deposit requirement. All trading conditions are omitted on their website.
Casonicfx – Advantages
There are no advantages to trading with Casonicfx.
Casonicfx – Disadvantages
Here is a list of the red flags that clearly prove that Casonicfx is a scammer:
-
Anonymous and Unregulated Broker
Casonicfx tries to convince us that they are the broker of choice, and that all traders should deal with them. However, right from the start, there are red flags that tell us that we cannot trust this broker.
Casonicfx does not offer us any information about their corporate identity and their regulation status. This broker hides their company name, their location and even their contact information. Neither do they tell us where they are regulated or their license and regulation information.
In their Terms and Conditions, the broker refers to the country Turkey, but they do not specify why.
So, since we had no other information to work with, we checked the online registers of the Turkish financial regulator, the Capital Markets Board of Turkey (CMB). We found no information about this broker, which means that Casonicfx is not located in Turkey and neither are they regulated by the CMB.
With no other information about their regulation status, we can safely state that Casonicfx is an anonymous and unregulated entity, i.e., a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
Blacklisted by Russian Authorities
While we checked on this broker’s regulation status, we found out that Casonicfx has been flagged off and blacklisted by the Russian financial authority, the Bank of Russia.
The Bank of Russia has issued a warning to all traders in Russia, stating that this broker is operating without legal authorization within their jurisdiction.
When a financial authority flags off a broker, it is because they have received serious complaints against that broker from traders in their country. Therefore, it would not be a good idea to ignore the warnings issued by financial regulators.
This warning against Casonicfx is clear proof that we are dealing with a scammer here.
-
Lies About Trading Platform
On their website, Casonicfx advertises that they offer their clients the use of the MetaTrader 4 (MT4) trading platform.
The MT4 platform is one of the best in the world, second only to its successor, the MetaTrader 5 trading platform. This platform is so flexible that novices can use it easily, and so can pro traders.
So, if Casonicfx actually offered this trading platform, it would have been a huge plus for the broker. Unfortunately, this claim is just a lie. This broker does not offer the MT4 platform. Once we registered an account with them and accessed their live platform, we found out that the only thing this broker offered was a web-based platform that doesn’t work. The platform looks like a trading software, but there are no functions that you can carry out. Traders cannot even buy and sell assets on this so-called platform.
When a broker lies about their single product offering, you know that you are dealing with a scammer.
-
No Trading Conditions
Besides the fact that Casonicfx has not trading platform, the broker also has no trading conditions.
We are not even told what the minimum deposit requirement is; we simply were able to register and log in without having to worry about deposits.
Trading conditions are critical as they tell a trader what conditions the broker has in place for them to use their trading platform. These conditions tell us the cost of carry out a trade on their platform, how much risk will the broker allow, how long it takes to execute an order with the broker and so on.
Without this information, no trader can make a valid decision about trading with the broker.
-
Only Crypto Payments
The only way that Casonicfx allows their clients to carry out transactions is via cryptocurrencies.
This immediately tells us that we are dealing with scammers. Firstly, brokers offer their clients a range of payment methods. This allows traders to choose the option that best suits their needs. A lack of payment options is a clear indication that something is not right with the broker.
Secondly, crypto payments are dangerous; your transactions are all permanent and anonymous. Scammers take advantage of this fact and only offer cryptos as a payment method so that their victims cannot get their money back.
A tip for traders would be that if they are dealing with a broker for the first time, it would be best to use credit cards as their payment method. If you do get scammed, you can file for a chargeback and you have a chance of getting your money back.
-
No Withdrawal Policy in Place
The final issue that tells us that we are dealing with a scam operation is the lack of any withdrawal policy. The withdrawal policy tells us how long a withdrawal request will take to process, what the minimum and maximum withdrawal amounts are, if there are any conditions that you need to meet before you are allowed to make withdrawals.
This is important to understand that without a clear withdrawal policy in place, the broker can keep changing their rules about how you can withdraw your funds. Scammers usually do this so that you never get to withdraw your funds.
Conclusion
Casonicfx is a scammer and doing business with them is dangerous.
Casonicfx
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by Bank of Russia
- Poor Trading Platform
- Incomplete Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more