CashFX Trade Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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I wonder if there is any form of humanity in them. They made me deposit more and more just to get a withdrawal, but it was all a lie. I lost almost my savings to them until I sought help elsewhere and I was able to recover my funds e x p e r t a p e x r e f u n d . o r g
CashFX Trade has garnered a significant amount of attention in the forex trading community, but the consensus among analysts and traders is largely negative. This review aims to synthesize various user experiences and expert opinions regarding CashFX Trade, highlighting its operational practices, user feedback, and potential risks involved. Key findings include the lack of regulation, numerous withdrawal issues, and a business model that resembles a pyramid scheme.
Note: It is crucial to recognize that CashFX operates under different entities across various regions, which complicates the assessment of its legitimacy. This review employs a comprehensive approach to ensure fairness and accuracy in evaluating CashFX Trade.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup/Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
How We Rated the Broker: Ratings are based on a synthesis of user reviews, expert analyses, and the overall perception of CashFX Trade in the trading community.
Founded in 2019, CashFX Trade operates under the Cash FX Group and claims to offer high returns through forex trading. The platform is primarily marketed as an educational resource, boasting a proprietary trading system that integrates algorithmic trading. However, it lacks any regulatory oversight from recognized financial authorities, which raises significant concerns regarding its legitimacy and operational practices. The trading platform does not support popular platforms like MT4 or MT5, and instead, it offers a web-based interface.
CashFX is unregulated, with no oversight from reputable financial authorities such as the FCA or ASIC. Warnings have been issued against it by multiple regulatory bodies, including the FCA in the UK and the FMA in New Zealand. The absence of regulation is a red flag, indicating a lack of accountability and potential risks for investors.
CashFX Trade accepts deposits primarily in Bitcoin, which can be concerning as cryptocurrency transactions typically lack chargeback options. This limits users' ability to recover funds if issues arise. Users have reported significant difficulties in withdrawing funds, with many claiming that their requests have been delayed or outright ignored.
The minimum deposit required to start trading with CashFX Trade is approximately $300, which is relatively low compared to other brokers. However, higher investment packages are available, going up to $100,000, which may lure inexperienced traders into investing more than they can afford.
CashFX promotes a referral program that incentivizes users to recruit new members. This multi-level marketing structure raises concerns about the sustainability of the business model, as it primarily relies on new investments to pay returns to existing members.
While CashFX claims to offer a variety of trading options, including forex pairs and cryptocurrencies, the lack of transparency regarding actual trading activities and results raises doubts about the legitimacy of these claims.
Users have reported hidden fees and high transaction costs, particularly concerning withdrawals, which can amount to approximately 20% of the total withdrawal amount. This lack of clarity around costs can lead to unexpected losses for traders.
Details about leverage options are not clearly stated, which is another point of concern for potential investors. The absence of this information can lead to misunderstandings about the risks involved in trading.
CashFX does not support popular trading platforms like MetaTrader 4 or 5, opting instead for a proprietary web-based platform that lacks the advanced features commonly found in well-regulated trading environments.
CashFX does not appear to restrict access based on geographic location, making it available to a global audience. However, this broad accessibility can also mean that users from regions with strong regulatory frameworks are exposed to unregulated trading practices.
Customer support is limited to email communication, which has drawn criticism for being slow and unresponsive. Users have reported difficulties in getting timely assistance, which is particularly concerning for those facing issues with withdrawals.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup/Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions (3/10): CashFX Trade offers a low minimum deposit, but the lack of regulation and numerous withdrawal issues significantly diminish its appeal. Users have expressed frustration over the inability to access their funds.
Tools and Resources (4/10): While the platform claims to offer educational resources, the quality and availability of these resources are questionable. Many users report that the educational content is more focused on recruitment than on genuine trading education.
Customer Service and Support (2/10): The customer service experience has been overwhelmingly negative, with many users reporting unresponsive support channels. The reliance on email communication is inadequate for addressing urgent issues, particularly regarding withdrawals.
Trading Setup/Experience (3/10): The proprietary trading platform lacks the functionality and features of established platforms like MT4 or MT5. This can hinder the trading experience for both novice and experienced traders.
Trustworthiness (1/10): The absence of regulation, combined with numerous warnings from financial authorities, leads to a significant trust deficit. Many users have labeled CashFX as a scam, citing issues with withdrawals and a lack of transparency.
User Experience (2/10): Overall user experiences have been negative, with many expressing regret over their investments. The combination of high-pressure sales tactics and poor service has left a lasting impression on users.
In conclusion, CashFX Trade poses significant risks for potential investors. The combination of its unregulated status, withdrawal issues, and a business model reminiscent of a pyramid scheme raises serious concerns. Caution and thorough research are highly recommended before engaging with such platforms.
