CXM Forex Broker
Basic Information
United Kingdom
10-15 years Regulated in United Kingdom Common Business Registration MT4 Full License MT5 Full License Suspicious Overrun High potential riskCompany profile
Rating Index
Pros
Low initial deposit requirement, starting from just $10, making it accessible for new traders.
Offers a wide range of trading products, including forex, metals, CFDs, and cryptocurrencies.
Various account types available, catering to different trading styles and needs.
Cons
Limited deposit and withdrawal methods, which may restrict some users.
Withdrawal processing can take up to one business day, potentially causing delays.
The broker has only one regulatory license, which may raise concerns about its credibility and reliability.
CXM Direct Forex Broker - Complete Information Guide
1. Broker Overview
CXM Direct, established in 2015, operates as a global forex and CFD (Contracts for Difference) broker. The firm is headquartered in Saint Vincent and the Grenadines, with additional offices in London, UK. CXM Direct is privately held and primarily serves retail clients, providing them with access to a variety of financial instruments across different markets.
The company's development has been marked by several milestones, including the introduction of competitive trading conditions and the adoption of advanced trading technologies. Over the years, CXM Direct has aimed to cater to both novice and experienced traders, offering a diverse range of trading tools and resources.
CXM Direct is part of the CXM Group, which includes various entities regulated in multiple jurisdictions. The broker operates under a No Dealing Desk (NDD) model, allowing for direct market access without the intervention of a dealing desk. This business model is designed to provide clients with a transparent trading experience, free from conflicts of interest.
2. Regulation and Compliance Information
CXM Direct claims to be regulated by several authorities, including the Financial Conduct Authority (FCA) in the UK and the Financial Services Commission (FSC) in Mauritius. The FCA license number is 966753, while the FSC license number is GB21026337. However, it is crucial to note that the regulatory status of CXM Direct has raised concerns among traders.
The broker operates various legal entities across different regions. The UK entity is subject to strict regulations, while the Saint Vincent and the Grenadines entity operates in a less regulated environment. This dual structure can lead to confusion regarding the level of protection available to clients.
CXM Direct follows a policy of client fund segregation, ensuring that all customer funds are held in separate accounts from the company's operating funds. However, there is no participation in any investor compensation scheme, which raises questions about the safety of client funds.
The broker also implements Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, adhering to international standards to prevent fraud and ensure the legitimacy of transactions.
3. Trading Products and Services
CXM Direct offers a wide array of trading products, including over 60 currency pairs, covering major, minor, and exotic pairs. Additionally, the broker provides access to a range of CFD products, including indices, commodities, stocks, and cryptocurrencies. The total number of tradable instruments exceeds 200, catering to diverse trading strategies and preferences.
The broker regularly updates its product offerings, ensuring that clients have access to the latest market instruments. CXM Direct focuses primarily on retail trading services, allowing individual traders to speculate on price movements without directly owning the underlying assets.
The broker also provides institutional services, including liquidity solutions and white-label offerings, enabling other businesses to leverage CXM Direct's trading infrastructure.
4. Trading Platforms and Technology
CXM Direct supports the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, both of which are renowned for their user-friendly interfaces and advanced trading capabilities. MT4 is particularly popular for forex trading, while MT5 offers additional features for multi-asset trading, including stocks and commodities.
The broker does not offer a proprietary trading platform but provides robust support for MT4 and MT5 across various devices, including desktop, web, and mobile applications. This flexibility ensures that traders can access their accounts and manage their trades from anywhere.
CXM Direct operates on an ECN (Electronic Communication Network) model, which facilitates direct market access and fast execution speeds. The broker's servers are strategically located to minimize latency and enhance trading performance. Moreover, CXM Direct supports API connectivity for automated trading solutions, catering to the needs of algorithmic traders.
5. Account Types and Trading Conditions
CXM Direct offers several account types to accommodate different trading needs. The main account types include:
- Standard Account: Requires a minimum deposit of $50, with variable spreads starting from 1.2 pips and no commissions.
- Cent Account: Designed for beginners, this account requires a minimum deposit of $10 and offers a reduced trading size.
- ECN Account: Requires a minimum deposit of $100, with spreads starting from 0 pips and a small commission per trade.
All accounts allow for expert advisors (EAs), scalping, and hedging, providing flexibility for various trading strategies. The leverage offered ranges from 1:1000 to 1:2000, depending on the account type, allowing traders to control larger positions relative to their capital.
CXM Direct does not charge overnight swap fees on any of its account types, promoting a cost-effective trading environment for all clients.
6. Fund Management
CXM Direct supports a variety of deposit methods, including bank transfers, credit/debit cards, and e-wallets. The minimum deposit requirements vary by account type, with the standard account starting at $50 and the cent account at $10. Deposits are generally processed instantly, while withdrawal processing times can take up to 1-3 business days, depending on the chosen method.
The broker does not impose any deposit fees, although third-party charges may apply. Withdrawal fees are also not explicitly stated, but it is advisable for clients to verify any potential costs with their chosen payment method.
CXM Direct's withdrawal policies are designed to ensure that clients can access their funds efficiently, although some reviews indicate potential delays in the withdrawal process.
7. Customer Support and Educational Resources
CXM Direct provides customer support through various channels, including email, live chat, and a contact form on their website. However, there is no publicly available phone support, which may limit accessibility for some clients. The support team operates during business hours, and the languages supported include English and several Asian languages.
The broker offers a limited range of educational resources, including webinars, tutorials, and market analysis. While these materials can be beneficial for beginners, more experienced traders may find the offerings insufficient for advanced learning.
CXM Direct provides market analysis services, including daily reports and insights, helping traders make informed decisions based on current market conditions.
8. Regional Coverage and Restrictions
CXM Direct operates globally, catering to clients primarily in the Asia-Pacific region, including countries like Thailand, Malaysia, Vietnam, Indonesia, and India. However, the broker does not accept clients from several jurisdictions, including the USA, UK, Canada, China, and Iran, among others.
The broker's operational structure allows it to serve clients in various markets while adhering to local regulations. However, potential clients should be aware of the restrictions and ensure they are eligible to open an account with CXM Direct.
In summary, CXM Direct broker presents a variety of trading opportunities and services tailored to meet the needs of different traders. While it offers competitive trading conditions, the regulatory concerns and operational structure warrant careful consideration from prospective clients.
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Latest Reviews
FX2807048132
Italy
Stay far away from this broker. I traded for months without issues — until I became profitable. That’s when everything changed. As soon as I requested a withdrawal, they froze my account, cancelled my profits, and stopped replying. They accused me of violating terms without ever providing evidence. I was not alone: I joined with a group of traders, and the same thing happened to all of us. This isn’t bad service — it’s a deliberate strategy to take your money and blame the client. They keep losing traders active, and eliminate anyone who starts making consistent gains. This is not a broker. It’s a trap.
Exposure
06-18
TranKien
Vietnam
I deposited money through 1 introducing broker to this platform. I deposited $500, but because I did not see any support from the introducing broker, I decided not to trade on this platform anymore and requested a withdrawal. I waited and chatted with Support many times, but the issue was still not resolved. The Support person I chatted with was Vietnamese and spoke very clearly in Vietnamese. I see signs of fraud on this platform, so everyone should be cautious.
Exposure
06-06
FX3580596462
India
FRAUD FRAUD FRAUD.!!! Stay far away from this broker. I was approached by an agent who introduced me to CXMDirect and became friend to gain trust. He asked me about my salary and then savings. Then he forced me to open an account with CXMDirect with $250 to try for 15 days. He was trapping me. Within 2 days MT5 showed double profit. Then after that every 2-3 days he started coming back asking to deposit more $1000 to maintain sufficient support balance otherwise i will loss money. I was under pressure and deposited close to $4200 in just 15 days. He kept on asking more. & cancelled my profits when I said NO. They accused me of violating terms without ever providing evidence. I was not alone as the same thing happened to all who invested. This is a 100% Fraud — it’s a deliberate strategy to take your money and blame the client. This is not a broker. It’s a trap.
Exposure
07-23