CF Merchants Review Scam Complaint
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CF Merchants is an unregulated forex broker which claims to offer multiple types of accounts but name of none is mentioned on its website. The broker is owned and operated by CF Merchants Ltd. The owner company is registered in a free trade zone, Ras Al Khaimah, in UAE. The location is an offshore zone and is same as those which don’t claim any financial regulation. There are various important things which are missing or are contradictory points of information.
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About the CF Merchants:
CF Merchant is an offshore forex broker that provides its services without a proper license. When the website of the broker is considered, there is no information available regarding the minimum deposit at CF Merchants, as the different account types offered by the broker is also not given, this could be understandable. But this missing information is a bit odd and fishy, as some brokers use their minimum requirements as a tool to attract new clients. Taking in account the spreads at CF Merchants, it has been seen that the spreads are floating but averages of the same are not clearly specified anywhere on the company’s website. It clients has revealed that the EUR/USD spread averages around 2 pips in the first part of EUR trading.
There is varying information on the broker’s website about the maximum leverage ratio offered by it. When the website is checked thoroughly the claims in different sections of the website shows leverage somewhere ranging from 1:400 to 1:1000. The broker offers its serices on the Meta Trader 4 platform. This platform is by far the most popular forex trading platform among traders and its features are the reason for that. From a broker’s point of view, it is a proven solution which almost always is more cost-effective than developing a new proprietary system.
Is CF Merchants legit or scam?
CF Merchants is an offshore unregulated broker that lacks all the important information from its website. Regulation is a very important point in trading as it increases the credibility of the broker and here the broker being based in UAE is not regulated from any local regulatory or bank. The financial regulatory ensures that the clients funds is safe with the broker and in the moment of inconvenience to clients the regulatory will order the broker to compensate. The broker CF Merchant is nothing more than a scam as it has no transparency and credibility.