Note: CFSM Trader's official website: https://cfsmtrader.com is currently inaccessible normally.
CFSM Trader Information
CFSM Trader is a forex brokerage company registered in the United Kingdom in 2024, totally new to the market. The broker offers trading services in Forex and CFDs, a demo account for testing and MT4 trading platform for superior customer experience.
However, the broker gets bad reputation due to several reasons. The suspicious FCA clone regulatory status and inaccessible website position it as an extremely unreliable broker.
Is CFSM Trader Legit?
CFSM Traderholds an FCA (Financial Sector Conduct Authority) with license no.171480. But the license is suspected to be fake clone, such abnormal regulatory status raises doubts about its legality and credibility.
Downsides of CFSM Trader
Unavailable website: CFSM Trader's website cannot be opened currently, preventing traders to get to know about its background.
Regulatory concerns: The company operates with a suspicious clone regulatory status, meanig that it does not comply to rules from regulatory authorities.
Lack of transparency: Limited transparency through Internet leaves traders in the dark about this company's trading conditions.
Market Instruments
Accounts (Leverage/Spread)
CFSM Trader offers ademo account for testing but does not disclose live account options.
The demo account provides a simulated real trading environment for traders to test their strategies and get familiar with the platform.
Some people tested via the demo account but only got a glimpse of very limited trading conditions of the broker. Though the broker claims tight spreads from 0.6 pips for EURUSD, the actual figure seen from demo account is floating around 1.8 pips.
And the claimed leverage is 1:30 for retail customers and 1:200 for professional customers. The maximum leverage showed in demo account is up to 1:500.
Other details about trading conditions such as commissions are not available either.
Deposit & Withdrawal
CFSM Trader supports funding through credit and debit cards, WeChat, AliPay and other Asian payment processors. Such payment methods indicate that the broker might target Asian clients mainly, and usually reliable brokers don't use WeChat and Alipay as funding methods because it's hardly to recover your funds when you encounter scam.
Trading Platform
CFSM Trader told that it offers three options in trading platforms for clients- the ML Trader web platform, the advanced MetaTrader 4 (MT4) and another desktop platform called “IRESS Pro”. But when signing for a demo account, the tester can only acess ML Trader and MT4.
Customer Support
CFSM Trader can be connected via phone: +44 (0)20 7323 0207 and email: support@cfsmtrader.com, with more immediate and modern contact channels like live chat and social media not available.
Conclusion
In summary, we strong recommend you not to use CFSM Trader as a broker. Its operation under suspicious FCA clone status implies possible scam of the company and unavailable website leaves no window for customer to know about them. Furthermore, the broker's funding through AliPay and Wechat is quite susceptible since these are not official payment agencies. Therefore, turn to regulated and reputable brokers is better choice for you.
