CIFX Markets. Can you use them safely?
It doesn’t really matter if you are an experienced trader or new to trading. The one thing that you need to know is that you should use the best possible broker online. This is one of the biggest mistakes that traders are making. They don’t make sure that they are using brokers that are recommended and legit.
CIFX Markets are one of the online brokers that you can use. But, this doesn’t mean that they are legit and recommended. In fact, there are many reasons to believe that they might be just another broker that is online to make as much money as possible. This is what we found out about CIFX Markets.
CIFX Markets are known as forex and CFD brokers. They do offer a variety of cryptocurrencies. They are situated in South Africa and they claim to be connected to a company in St Vincent and the Grenadines. They do have a valid address, email and telephone number.
However, the one thing that you need to know is that even if they are giving a company that they are registered to. Or, just because they are giving a valid address and telephone number it doesn’t mean that they are legit and recommended. There are so many other things that you should take into consideration
Are they registered and regulated?
Are CIFX Markets registered and regulated? This is something serious that you need to know. At first sight, it seems like CIFX Markets are registered to a company in St Vincent and the Grenadines. However, with further investigation, it is proven that this isn’t the case. There isn’t such a company registered with them.
And, because they aren’t registered, they aren’t regulated as well. New traders don’t know that brokers need to be registered and regulated in order for them to be safe. And, this is one of the reasons why so many traders are losing money.
The platform that they are using
This is the one great thing about CIFX Markets. The platform that they are using. They are using MT4. One of the best and most recommended platforms on the market.
Just because they are using a legit platform, it doesn’t mean that this is a sign that they are legit. This is only a platform that they can purchase anywhere. Even if the platform is important, this is the only thing that you should look for.
Account and minimum required deposit info
Something that is bothering us is the account that these brokers are offering. They are offering just one account for everyone. Not every trader is looking for the same account options. Some are more experience and is looking for a more professional account. With CIFX Markets, there is only the standard account, and only one leverage and spread option.
The other thing that is bothering us is their minimum required a deposit. They require every trader to pay a minimum of $200 before they can start trading. This is a lot of money, compared to some of the other, trustworthy and recommended brokers.
Not all information about brokers is the truth
We realized that not all the information that CIFX Markets have given on their site is the truth. For starters, they are claiming that they are a legit company and registered to SD Clearing (Pty) Ltd. However, with further investigation, we found that they are not registered to any legal company.
There are other small things that they are stating on their website that we found not the truth. They are lying to get the attention of brokers. If they are lying about so many, important things, what else are they lying about?
Demo account missing
We could not find a demo account with CIFX Markets. A demo account is important for traders to see how the broker’s site is really working. And, if they are delivering on all their promises that they make on their website.
If there isn’t a demo account, you will not know if they are legit, and if you are really going to trade on the MT4 platform, and that they don’t use a cheap imitation of the platform.
What are regulators saying about CIFX Markets?
This is the most important thing that every trader should consider. What are regulators saying about the broker that you want to use, in this case, we are wondering what regulators are saying about CIFX Markets? We found that there are warnings published about the broker and that some brokers are even blacklisted them for not being registered and honest. This is serious and if regulators are warning against a broker, you should take it seriously.
Before you can make use of a broker, you need to know if they are legit or not. Too many traders have been scammed by brokers. CIFX Markets is just one of the brokers out there that aren’t recommended. There are many reasons why we are saying that you should not make use of them as your broker. There are other, more recommended and legit brokers out there that you can use.