CFD Global FX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CFD Global FX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
- Micro: For the Micro account you need to make a minimum deposit of $500. This account has a spread range of 1.6 pips to 2.2 pips. The leverage is 1:500.
- Standard: To use this account type, you need to make a minimum deposit of $1,000. The spread range is 1.4 pips to 1.8 pips, and the maximum leverage offered is 1:400.
- Premium/ECN: To use the Premium/ECN account, you need to make a minimum deposit of $10,000. The spreads given to these account holders is variable and the maximum leverage offered is 1:100.
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: www.cfdglobalfx.com
Founded: 2019
Regulations: Unregulated
Languages: English, Italian
Deposit Methods: Unknown
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: N/A
Types of Assets: 44 Currency Pairs, 4 Metals, Crude Oil, Equities, Indices, Bitcoin, Other Cryptocurrencies
Trading Accounts and Conditions
CFD Global FX offers the following trading accounts to its clients:
- Micro: For the Micro account you need to make a minimum deposit of $500. This account has a spread range of 1.6 pips to 2.2 pips. The leverage is 1:500.
- Standard: To use this account type, you need to make a minimum deposit of $1,000. The spread range is 1.4 pips to 1.8 pips, and the maximum leverage offered is 1:400.
- Premium/ECN: To use the Premium/ECN account, you need to make a minimum deposit of $10,000. The spreads given to these account holders is variable and the maximum leverage offered is 1:100.
The broker also states that it offers rollovers and the minimum trade size is 0.01 lots. For the Micro and Standard accounts, there are no commissions imposed, but for the Premium/ECN account you need to pay a commission of $10 per round turn.
CFD Global FX – Advantages
While the CFD Global FX website looks good, it is not enough for us to state that this broker has any advantages.
CFD Global FX – Disadvantages
Here are the disadvantages of trading with CFD Global FX:
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Anonymous with No Regulation
The only thing we know about this broker is that its brand name is CFD Global FX. We do not know if this is the name of the company that owns and operates it. There is only an email address provided as contact information. We do not know where this broker is located or even if it has a physical address.
There is one point in its terms and conditions where the broker states that all traders need to follow the regulations of their country. There is also some mention of traders having to follow the regulations set by the CySEC (Cyprus Securities and Exchange Commission), but besides those few hints, there is no information anywhere on CFD Global FX’s website that it is regulated.
Therefore, what we are dealing with here is an anonymous and unregulated broker – the worst kind there is. This broker is clearly 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.
CFD Global FX states that it reserves the right to share your information with its affiliates, including third-party companies that may have a stake in the brokerage. However, the broker does not mention the names of these companies.
So, if you do contract with this broker, you will not know which parties have access to your information – your contact details, your credit card information, your banking details, and so on. That is a very dangerous situation to be in.
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Lies About MT4 Trading Platform
This broker claims that it offers its clients the use of the MetaTrader 4 platform, one of the best trading software in the world. The MT4 platform offers its users a wide range of features that make trading much easier, especially for experienced traders. You can use their charting and marketing analysis tools to understand which trades are more likely to be profitable. There are also Expert Advisors, algorithms that allow you to trade automatically, calendars, pending orders and so on.
What you get instead with CFD Global FX is an unnamed platform. We have to say that this software does have some features that aren’t too bad. It has charting options, pending orders and some charting options.
However, it pales in comparison to what the MT4 platform offers.
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High Spreads
The spreads offered by this broker are much higher than market standards, and that means that it would be unprofitable for you to carry out trades on CFD Global FX’s platform. The market average for spreads ranges from 05 pips to 1.5 pips. This broker offers you spreads which start from more than 2 pips, no matter what it advertises on its website. This means trading on this broker’s platform is going to be very expensive for you.
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Unknown Deposit Methods
We were unable to access information about the deposit methods offered by this broker. The deposits link on the client dashboard seems to be broken, which is why we were unable to access this information.
This is not usual for brokers, since payment information is one of the most basic pieces of information that clients require.
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Unfair Deposit and Withdrawal Policies
There are many conditions with regard to deposits and withdrawals that are designed to put you at a disadvantage. Here are some of them:
- The broker mentions fees for both deposits as well as withdrawals, but does not mention what they are.
- The withdrawal processing time is 5 days, which is too long, especially when you consider that other brokers can do the same thing in 24 hours or less.
- Withdrawals can only be carried out via wire transfer.
- The worst is that users are not allowed to withdraw their own profits. Profits are referred to as non-deposited funds, which you don’t get to keep.
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Unfair Taxing
There is a strange proviso in this broker’s terms and conditions. CFD Global FX states that it reserves the right to deduct certain taxes from your account, but cannot be held liable for this deduction.
Conclusion
CFD Global FX is clearly a scammer and if you contract with this broker you will lose your money. There are so many irregularities with this broker that you will be set up for failure right from the start. We strongly recommend to all traders that they not have any dealings with this broker.
CFD Global FX
Pros
- None
Cons
- Anonymous with No Regulation
- Broker Can Share Client Information with Affiliates
- High Spreads
- Unknown Deposit Methods
- Unfair Deposit and Withdrawal Policies
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.