CXS 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 CXS Markets Review.
CXS Markets Review
Clients of CXS Markets are offers a choice of 3 basic account types, all of which offer leverage up to 1:200 and micro tradeable lots. Two of the accounts are commission-free accessible with an investment of $5, while the ECN account involves a commission and requires an initial deposit of $500.
There are also some advanced account types for those willing to invest above $5000, offering personal trading trainer, SMS trading alerts and VIP trading support.
The Company. Security of Funds
Binary Capital Markets Ltd.
G.S.E Golden Sky Europe Limited
CXS Markets is a newly-launched broker based in Cyprus that offers trading in wide range of currency pairs, precious metals and various CFDs on two trading platforms: MetaTrader 4 and Sirix Web. The company behind the brand, Binary Capital Markets Ltd., is not licensed by CySEC, but instead by the Belize’s International Financial Services Commission (IFSC).
The broker is also regulated by Cyprus’ CySEC under the name GSE Golden Sky Europe Ltd. and is registered with several other EU authority bodies – Italy’s CONSOB, Germany’s BaFin, and the UK’s FCA. The company also operates the binary options brand BinaryCM.
CySEC applies a set of rules and requirements to license holders, such as to hold a minimum of €730,000 (capital adequacy), to keep client money in segregated accounts and to report to the commission on a regular basis. As of recently, CySEC instructed forex and binary brokers to avoid the practice of offering bonuses and to set maximum default leverage to 1:50 in line with ESMA’s instructions.
Most importantly, all CySEC-regulated companies are members of the Investor Compensation Fund, able to provide compensations to a maximum of 20,000 EUR per person in the event that the broker is in default.
In addition, as Cyprus is part of the European Union, CySEC-licensed brokers are free to operate in all EU Member States under the MiFID regulations.
Minimum Initial Deposit
In order to open an account with CXS Markets, traders have to invest a minimum of $5. Such minimum initial amount is attractively low.
Spreads & Commissions
On its website CXS Markets has indicated solely its ECN spreads, starting at 0.6 pips for the EUR/USD pair and involving a commission of $7 per lot. This is in fact an average pricing, however one has to invest at least $500 to get it. Otherwise, we’ve tried both the Sirix and MetaTrader 4 platforms and the spread is way higher, amounting to around 2.5 pips on average, no commission included.
By comparison, XM’s average spreads on the commission-free accounts amount to 1.7 pips on EUR/USD, while the ones on the Zero account type are averaged 0.1 pips on EUR/USD and involve commission of $5 per standard lot (per side). For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by CXS Markets is 1:200, which is average. Although CySEC has recently introduced a requirement for a default leverage of 1:50, many Cyprus-based brokers still offer higher leverage levels – for example, XM provides leverage up to 1:888.
As we have already mentioned, CXS Markets offers its clients renown MetaTrader 4 (MT4), as well as Sirix web platforms.
MT4 is a fully professional trading software, yet also suitable for newbies due to its ease of use. It offers a number of technical indicators, extensive back-testing environment, advanced charting tools and offers trading automatization options with the most commonly used trading robots (EAs), as well as with options to create new ones.
The other platform supported by this broker, Leverate’s Sirix Web Trader, is easy to use and is also equipped with useful charting tools, and a number of technical analysis indicators, as well as 128-bit encrypted security. Its main advantage is the built-in social trading functionality.
By the time of writing this review, CXS Markets offers $25 No-Deposit Bonus, which requires trading volume of min. 10 lots.
Methods of Payment
CXS Markets offers the following payment methods: bank wire transfer, credit/debit cards, Skrill, Neteller, TrustPay, iDEAL, eKonto, Euteller, Sofort, POLi, giropay, NeoSurf and others.
CXS Markets is a newly launched broker with an extensive product portfolio that offers trading on two platforms. Its ECN trading conditions seem good, however spreads on non-ECN accounts are high. The good thing is that the company behind the brand is owned by a CySEC-licensed firm.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
CXS Markets Review Conclusion
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