CGFX is a forex broker registered in several countries, including Mauritius, Saint Vincent, and Australia, primarily providing investors with trading services in forex, metals, indices, commodities, energy, and contracts for difference. The company's official website supports English and Arabic as the languages of use. The company has disclosed its registration information in Mauritius, Saint Vincent, and Australia, which is genuine and verifiable. However, the official website lacks transparency in its information, with much key information not disclosed, potentially leading to misunderstandings and information discrepancies.
Registration and Regulation Information:
CGFX has disclosed its registration information in Mauritius, Australia, and Saint Vincent on its official website, including the official company names and corresponding numbers. This registration information is genuine and can be verified with the respective institutions, yet, registration alone does not ensure the reliability of the broker.
According to the Whois website, the platform's official website was registered on March 5, 1998, making it 26 years old, though the company's registration was completed in recent years.
Account Types and Registration:
The CGFX official website details the account types available for users. Users can register for three types of accounts: CG+, CG-PRO, and CG-PRIME, with significant differences among them in terms of minimum deposit, spreads, and commissions. However, many attributes, such as maximum leverage, trading platforms, margin call level, and minimum lot sizes, remain the same across the three account types.
Leverage Ratio:
CGFX has disclosed the maximum leverage of 1:400 for all three account types on its official website, but the conditions to use this leverage are not publicly available.
Trading Products:
According to the CGFX website, the company offers clients a variety of trading services, including forex, metals, indices, commodities, energy, and contracts for difference.
It is important to note that commission may be charged in trading with the selected account type, with only the CG+ account type not incurring commission fees.
Deposits and Withdrawals:
CGFX does not provide information on deposits and withdrawals on its official website, including potential waiting times, supported channels, supported currency types, or any associated fees, merely mentioning a few channels at the bottom of the web page.
The lack of explicit information on deposits and withdrawals may lead to misunderstandings and biases for users, resulting in unnecessary losses.
Trading Software:
The CGFX website offers MT4 as the trading software, including versions for PC, Android, and iOS, among others.
Customer Support
CGFX's official website provides several contact methods, including submission forms, phone, email, and physical addresses, offering a range of contact options. However, these methods are rather passive, lacking more proactive options like online customer service.
Summary:
As a forex broker, CGFX has genuine and verifiable registration information and is registered in three different regions. However, the broker lacks sufficient information on several important aspects such as corporate background, regulatory transparency, and deposit and withdrawal channels, and is not sufficiently regulated by financial authorities. It's crucial for investors considering trading with CGFX to conduct thorough research and risk assessment.
Currently, CGFX is listed as "Suspected of Fraud" on the traderknows.
