CFBroker.io – Are They Safe?

Website URL: https://cfbroker.io

Founded: 2020

Regulations: Unregulated

Languages: English, Russian

Deposit Methods: Credit Card, Wire Transfer, Piastrix

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrencies, Foreign Currencies, Commodities

Trading Accounts and Conditions

CFBroker.io offers its customer two types of trading accounts:

• Standard: There are three types of standard accounts:
  • Micro: The minimum deposit requirement is $250. The leverage offered is a maximum of 1:200 and the spreads start from 3 pips.
  • Standard: The minimum deposit you need to make is $500. The leverage offered is a maximum of 1:200 and the spreads also start from 3 pips.
  • Trader: The minimum deposit requirement for a Trader account is $1,000. The leverage offered is 1:100 and the spreads start from 3 pips.
• Premium: These types of trading accounts are targeted at professional traders.
  • Premium: The minimum deposit required is $10,000, the leverage is 1:75 and the spreads start from 2.1 points.
  • Pro: The minimum deposit requirement is $25,000, the leverage offered is 1:50 and the spreads start from 1.5 points.
  • Gold: The minimum deposit required is $50,0000, the leverage offered is 1:30 and the spreads start from 0.7 pips.

CFBroker.io – Advantages

We could not see any advantages to trading with CFBroker.io.

CFBroker.io – Disadvantages

Here are all the disadvantages you will face if you trade with CFBroker.io:

• Unregulated, Offshore Broker

CFBroker.io claims to be owned and operated by a company by the name of Seabreeze Partners Ltd, which is located in the Republic of Dominica.

But then, in the Disclaimer section at the bottom of the homepage, the broker claims to be a company called Energy-markets. However, the broker does not specify what kind of a company it is – private limited, an LLC or even whether this is just their trading name.

The confusion about its corporate identity continues, because in its Terms and Conditions, CFBroker.io then claims to follow the regulations of St. Vincent and the Grenadines.

Now, there is no information about Seabreeze Partners anywhere on the internet – it seems like a ghost company. However, the address provided against this company name has actually been used by Options Tech, AlphaLive, Online Market Share and Xchangebit. The first is a proven scammer, while other 3 are suspected scams.

We do not know what the connection between CFBroker.io, Seabreeze and Energy-markets is. That’s another blank. And of course, there is no information about this broker on the SVG regulators register.

All in all, this broker is anonymous, most probably offshore, and definitely unregulated.

Everything about CFBroker.io’s website indicates that it is a scam.

• False Claims about Trading Software

CFBroker.io claims that it offers its clients the MetaTrader 4 trading platform – both as a downloadable software and a web-based interface. However, we could not see any way to access this platform at all.

Firstly, there was no download button with which we could download this software. And when we tried to register an account with this broker, we found out that the registration page did not work.

In essence, we were unable to verify whether this broker actually has the platform that it claims.

• Very High Spreads

If you wish to trade with CFBroker.io, then you will be looking at a basic spread that starts at 3 pips. This is more than double the market average, which ranges from 0.5 pips to 1.5 pips.

The spreads dictate the cost of a trade, so the higher it is, the more expensive it is to trade with that broker. So, a spread of 3 pips means that you will be making some very expensive trades.

The only time you will get a decent spread is if you open a professional account which has a minimum deposit requirement of $50,000.

• Shady Payment Option

CFBroker.io claims that you can make deposits through Wire Transfers, credit cards or through Piastrix. Piastrix is a Russian payment provider which is not well known. In fact, this provider is favored by suspicious online casinos. We have also seen suspected scam brokers such as Finlay.io, 10CryptoMarket and Investactive use Piastrix.

• Unfair Withdrawal Policy

CFBroker.io has gone out of its way to ensure that you will never be able to withdraw all of your funds – if you are able to withdraw them in the first place. Here are some of the most troubling clauses that the broker has put in place to make withdrawals difficult:

• Bonus Policy: If you accept a bonus from CFBroker, then you will need to trade at least 30 times your deposit and the bonus amount before you will be allowed to withdraw your funds.

Not only that, you will not be allowed to withdraw profits that have not directly come from your deposit. The problem here is that if you have accepted a bonus, then how do you decide which part of your profits were derived from trading with only your funds and which were derived from the bonus? Basically, you will not be able to withdraw any profits you make!

• The broker also states that it reserves the right to deny withdrawal requests for all non-deposited (bonus) funds.
• If you try to withdraw your money, whatever you do withdraw will be subject to additional fees. However, the broker does not bother mentioning the kind of fees it will charge or their amounts.
• If you do make a withdrawal request, the processing time mentioned is 2 to 5 days, which is ridiculous in this day and age.

Conclusion 

CFBroker.io has all the signs of being a scam operation. It is pretty much anonymous, is operating without the required licenses, seems to be lying about the fact that it even has a trading software, and offers a very shady payment option.

CFBroker.io

2.4

User Experience

3.2/10

Payment Options

2.3/10

Security

2.1/10

Support

2.2/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated, Offshore Broker
• False Claims about Trading Software
• Very High Spreads
• Shady Payment Option
• Unfair Withdrawal Policy