Is CFXPoint a scam or a legit broker?

CFXPoint has been suspected as a scam broker. This broker is blacklisted by the well-known regulatory authority and should be avoided. CFXPoint is owned by Marketier Holdings Limited which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.

About CFXPoint
🗺️ Registered inMarshall Islands
🗺️ Type of LicenseOffshore License
🛡️ Is CFXPoint safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

CFXPoint is a brand and trading name used by KLDC Technological Systems Ltd, a company incorporated and located in the Marshall Islands. The CFXPoint claims to be a DMA (Direct Market Access) and no dealing desk broker that provides offering to trade 65 currency pairs and 33 CFD products through the most competitive spreads and advanced client support from the company. 

CFXPoint Review

The overall offering of the broker shows a competitive proposal designed for both institutional and retail clients, however, the company located in the jurisdiction, which does not regulate Forex and investment firms. The CFXPoint is a “self-regulation” entity that creates standards of operation by themselves and is not overseen by any other authority. Therefore, it is a high risk to trade, as the capital may be at risk due to the fact that none protection rules are implied, even though the company states so. We always advise trading only with Regulated Brokers, as the trading itself requires an attentive choice of the trustful company.

Nevertheless, apart from the non-regulated operation of the broker, the industry authorities with a purpose to warn and educate the investors from the frauds and potentially highest risk involvements, regularly check-on the financial service companies that target clients and apparently is not authorized to do so. Therefore, CFXPoint appeared and has outlined by the Italian authority CONSOB, June 2018

“The National Commission for Companies and the Stock Exchange, in accordance with article 7-octies, letter b) of the Consolidated Law on Finance, has ordered the following company to cease infringement consisting of the offer and performance of investment services and activities to the public, put in place by Cfx Point Ltd, through its website.”

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about CFXPoint. So you may share your experience or thoughts or discuss them below or ask us for additional information.

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