Note: CGFX's official site - https://www.cg-fx.co.uk/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
CGFX Information
Operating under a suspicious clone license from the Financial Conduct Authority (FCA) in the United Kingdom, CGFX allows clients access to trading accounts with varying features such as standard and VIP accounts requiring minimum deposits of $500 and $20,000 respectively. The brokerage offers competitive leverage options along with fixed and floating spreads starting from 1.7 pips and 0.5 pips, depending on the account type. Moreover, CGFX utilizes the MetaTrader 4 (MT4) platform.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Pros & Cons
Pros:
Competitive leverage options: CGFX offers high leverage options (up to 1:400 for standard accounts and 1:200 for VIP accounts), which can amplify trading gains, making it attractive for experienced traders and high-volume investors.
Variety of account types: It provides both standard and VIP accounts, catering to different levels of traders with varying minimum deposit requirements ($500 for standard and $20,000 for VIP), offering flexibility based on trading experience and investment size.
MetaTrader 4 platform: CGFX uses the widely recognized MetaTrader 4 (MT4) platform, known for its user-friendly interface, comprehensive charting tools, and security features.
Accessible customer support: CGFX offers multiple channels for customer support (phone, email, QQ), ensuring clients can reach assistance conveniently.
Cons:
Regulatory concerns: CGFX operates under a suspicious clone license from the FCA, raising doubts about its legitimacy and regulatory compliance. Previous revocation of its FSPR license adds to concerns about regulatory oversight and client protection.
Non-functional website: The absence of a functioning website indicates a lack of professionalism or operational issues within the company.
Is CGFX Legit？
Presently, CGFX has the sole authority of a suspicious clone license under the Financial Conduct Authority (FCA), bearing the license number 524199 in the United Kingdom. This type of license, which allows a company to mimic the services of a legitimate financial entity, raises concerns about the legitimacy and trustworthiness of the company's operations.
CGFX also previously held a license under the Financial Service Providers Register (FSPR), but it has since been revoked.
Accounts
For standard accounts, the minimum deposit requirement is set at $500, making it accessible for new traders and those looking to start with a moderate investment. This account type provides access to competitive trading conditions and a variety of financial instruments.
In contrast, CGFX's VIP account option requires a minimum deposit of $20,000, catering to experienced traders and high-net-worth individuals seeking enhanced benefits such as higher leverage options up to 1:200, personalized support services, and advanced trading tools.
Leverage
CGFX offers competitive maximum leverage options. For standard accounts, clients can access leverage up to 1:400, providing enhanced trading potential by amplifying capital efficiency. For VIP accounts, CGFX offers a leverage option of up to 1:200, allowing seasoned traders and high-volume investors to optimize their strategies with greater flexibility and margin control.
Spreads
For standard accounts, CGFX offers fixed spreads starting from 1.7 pips, ensuring transparency and predictability in trading costs, which is beneficial for traders who prioritize stability in their trading approach. On the other hand, VIP accounts at CGFX feature floating spreads starting from as low as 0.5 pips, ideal for experienced traders and institutions seeking tighter spreads and lower trading costs during volatile market conditions.
Trading Platform
CGFX enhances its trading experience with the widely acclaimed MetaTrader 4 (MT4) platform. MT4 is renowned for its user-friendly interface, powerful charting tools, and customizable features that facilitate seamless trading across forex, commodities, indices, and precious metals markets. Additionally, MT4's robust security measures ensure the safety of client transactions and data, providing peace of mind in the fast-paced financial markets.
Customer Service
CGFX provides a comprehensive and accessible customer support network. Their support team can be reached through different channels for ultimate convenience.
Conclusion
In conclusion, CGFX presents itself as a brokerage offering competitive trading conditions through its standard and VIP account options, featuring flexible leverage and spread choices to suit different trading styles.
However, operating under a suspicious clone license from the FCA and the revocation of its FSPR license raises substantial doubts about its legitimacy and adherence to financial regulations. The lack of complete and transparent information about its trading assets, account details, and other service sections can also hinder a trader's decision-making process.
Now, the ball's in your court when it comes to choosing whether to go with this broker or explore other options. Hopefully, this review has shed some light on your decision-making process.
Frequently Asked Questions (FAQs)
Is CGFX regulated？
CGFX operates under a suspicious clone license from the Financial Conduct Authority (FCA) in the UK, which raises concerns about its legitimacy. The previous revocation of its Financial Service Providers Register (FSPR) license adds to regulatory uncertainties.
What are the minimum deposit requirements for CGFX？
CGFX requires a minimum deposit of $500 for standard accounts and $20,000 for VIP accounts.
What are the leverage options at CGFX？
CGFX offers leverage options up to 1:400 for standard accounts and up to 1:200 for VIP accounts.
Is CGFX a good broker for beginners？
No. It is not a good choice for beginners. Not only because of its suspicious clone license but also because of its inaccessible website.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
