CFI Markets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this CFI Markets Review.
CFI Markets Review
CFI Markets offers its clients two basic accounts – VIP and Hybrid account types, the main difference between the two being the type of spreads offered, as well as the minimum trade sizes required. Also, the VIP account offers more instruments to trade (100+), while the ones available on the other account are around 60.
CFI Markets is the trading name of CFI Markets Ltd., a Cyprus-based company, licensed and regulated by CySEC. The broker provides trading in forex, commodities and CFDs.
In the beginning of 2016 it was announced that Mr. Hisham Mansour, former founding partner and CEO of MIG Bank Switzerland, has become a partner in CFIM through the newly established CFI Group Holding Ltd., owned equally by Mr. Mansour’s company and CFI shareholders The Group Holding will own a great majority of CFI Markets Ltd.
Security of Funds
CFI Markets Ltd. is regulated by the Cyprus Securities and Exchange Commission (CySec) and therefore is also a member of the Investor Compensation Fund, which means that claims of CFI Markets’ clients are covered to a maximum of 20 000 EUR each. If you intend to invest more, maybe you should consider a brokerage regulated by the UK’s Financial Conduct Authority (FCA), which are under the umbrella of Financial Services Compensation Scheme providing a maximum compensation cover of £50,000 per person per regulated company.
The broker is also regulated under the Markets in Financial Instruments Directive (MiFID) in regards to offering cross border services within the EU under the MiFID Passporting Regime, allowing companies regulated in their “home state” to provide services to customers in other EU member states.
Minimum initial deposit
The minimum initial deposit required by CFI Markets is $100 for both accounts, which is reasonable. However, other Cyprus-based brokers, such as FXTM for example, require as little as $5.
Spreads & Commissions
As for spreads, CFI Markets offers both floating and fixed ones. The fixed spreads amount to 2 pips on EUR/USD, 2.5 pips on USD/JPY, and 3 pips on the other major currency pairs. Average floating spreads with this broker also amount to 1.8 pips on EUR/USD. While for example Exness, also a Cyprus-based broker, offers variable spreads only, the average on the EUR/USD amounting to 1 pips.
An important part of trading costs are commission fees. CFI Markets states on its website that it charges no commission on Forex trading.
As to leverage, the broker offers flexible levels from 1:50 to 1:200. However, many Cyprus-based brokers provide way higher leverage levels: FXTM, for instance, provides leverage up to 1:1000 and Exness even 1:2000. Traders, however, should bear in mind that high leverage levels involve greater risk of heavy losses. That is why in some jurisdictions there are limitations set on leverage, for instance, in USA it is 1:50 and in Japan – 1:25.
CFI Markets uses the most popular trading platform MetaTrader 4 (MT4), mobile trading applications for iOS and Android are also available.
This platform is offered by most forex brokers as it stands out from competition, providing a number of opportunities to traders of all skill levels: cutting-edge technical analysis tools, flexible interface, automated trading and custom indicators.
Methods of Payment
The modes of payment available to CFI’s clients are three basic types: Credit/Debit cards (Visa, MasterCard and Maestro accepted), wire transfer and e-payment methods, including NETELLER, Skrill, PayPal, Safecharge, YandexMoney and WebMoney for Russia.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
CFI Markets Review Conclusion
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