Minimum Deposit: N/A
Maximum Leverage: 1:200
My Score: 6.0
CFI Markets, which offers online forex trading service, is another broker I will review. The official website has very few visitors. Therefore, I can say that the reputation of this broker is very low. Many investors who have been in forex trading for many years do not know about this broker. Therefore, questions such as whether CFI Markets is scam or not are revealed. You can find the right answer in this CFI Markets review.
If I browse the broker’s official website, I can say that it’s a bit amateurish. The design is pretty amateur. Also, many things that are technically needed to be found on the website are not found. Therefore, we should not expect this broker to be very successful in marketing.
Let’s come to the most curious part. Is CFI Markets scam or good broker? What criteria should we evaluate to understand and measure this? What types of accounts are offered by the broker and features like their spreads, maximum leverage and minimum deposit? When you read this CFI Markets review, you will have detailed information on all these issues. If you’re ready, let’s start.
Regulation and Investor Protection
CFI (Credit Financier Invest) is the brand name of CFI Markets LTD and this company registered in Cyprus. I think one of the strongest points of CFI Markets is regulation. Because the broker is regulated by CySEC. CySEC is one of the most reputable regulators in the financial world, along with ASIC and FCA.
Because getting a CySEC license is very difficult. Brokers regulated by CySEC are also members of the Investor Compensation Fund. Each client fund is guaranteed by ICF for up to 20,000 euros. If you can not get your money due to some situations likthe e bankruptcy of the company, ICF will compensate you. Because of these advantages, CySEC is among the most reputable regulators.
As always, if you are considering opening a forex account, I would definitely recommend you to choose licensed brokers.
What Account Types Offered by CFI Markets
CFI Markets offers 4 different account types: Micro, Hybrid, Elite and VIP. You can see features of these account types in the table below.
|Account type||Minimum deposit||Maximum leverage*||Spreads|
|Micro||None||1:200||from 2.3 pips|
|Hybrid||None||1:200||2 pips, fixed|
|Elite||$25 000||1:200||from 0.3 pips + 6 USD/Lot|
|VIP||$50 000||1:100||from 0.3 pips + negotiable commission|
Clearly speaking, the types of accounts offered are not well designed. It will not meet the needs of many investors. For example, the Micro lot can only be available in micro account type. At the other account types in this broker, mini lots offered. Let’s compare it to other brokers. Micro lots are offered by almost all brokers in all account types. There are even more… For example; Nano lots can be used in micro account type provided by CySEC regulated XM Forex. So you have to trade with bigger trade size, which can increase your costs for each order.
I can say that spreads are slightly higher than the industry average of around 2.3 pips in the micro account type. However, the Hybrid account type has a fixed spread with 2 pips, which I can say is pretty good. On the other two types of accounts, the minimum deposit amount is very high. Spreads are not low enough for such high deposits. So I do not recommend these account types.
Maximum leverage is 1: 200 but this leverage is for professional investors only. Because leverage has been reorganized in CySEC regulated brokers under ESMA guidelines. The maximum leverage limit is 1:30 but professional investors can use up to 1: 200 leverage. For more detailed information, you can read the article about ESMA’s new measures in my blog.
There are enough deposit and withdrawal methods offered by CFI Markets. However, the conditions of these methods are not good enough.
You can use wire transfer or credit card to deposit and withdraw money as you would with any other broker. The fastest method of course is funding or withdrawing by credit card. In addition, you can use Neteller or Skrill from e-wallet systems.
So I do not think you will have a problem with the variety of deposit and withdrawal methods.
However, the conditions offered are not healthy enough. For example; The minimum withdrawal limit is $ 100. If you have less than $ 100 in your account, you can not withdraw. Similarly, if you want to fund your account, the minimum funding amount is $ 100.