Note: The scores reflect a synthesis of user experiences and expert opinions gathered from various reviews.
Founded in 1987, CFG (Conover Futures Group) is a United States-based brokerage that primarily serves forex traders. Despite its long history, CFG currently lacks any valid regulatory oversight, raising significant red flags for potential investors. The brokerage offers a proprietary trading platform, the CFG Online Transaction Platform, which is accessible via web and mobile devices. Traders can engage with a variety of assets, including forex pairs, CFDs, and index spreads. However, the absence of regulatory backing is a critical concern.
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Regulatory Status:
CFG is registered in the United States but operates without any regulatory licenses. According to multiple sources, including WikiFX, CFG has a regulatory score of 0, indicating high potential risks for traders. The lack of regulation means that clients have limited recourse in case of disputes or issues with fund withdrawals.
Deposit/Withdrawal Currencies:
CFG supports standard deposit and withdrawal methods, including major credit cards and bank transfers. However, the specifics regarding cryptocurrencies remain unclear, as multiple reviews point to a lack of transparency in this area.
Minimum Deposit:
The minimum deposit requirement at CFG is reported to be around $250 for the standard account. However, some reviews suggest that higher tiers exist, requiring deposits of $2,500 and above, which may limit accessibility for casual traders.
Bonuses/Promotions:
CFG does not appear to offer any significant bonuses or promotional offers, which could be a drawback for traders looking for additional incentives. This is a common theme among unregulated brokers, as noted by Valforex.
Tradeable Asset Classes:
CFG provides access to forex pairs, index spreads, and futures, but notably lacks options for cryptocurrencies and stocks. This limited offering may not satisfy more diverse trading strategies.
Costs (Spreads, Fees, Commissions):
CFG claims to offer competitive spreads, typically around 2 pips for major pairs. However, the absence of clear information regarding additional fees or commissions can be a cause for concern, as traders may face unexpected costs.
Leverage:
The maximum leverage offered by CFG is reportedly 1:200, which is relatively standard in the industry. However, the risks associated with high leverage should be carefully considered, especially given the broker's lack of regulatory oversight.
Allowed Trading Platforms:
CFG utilizes its proprietary platform, which is available on both web and mobile. However, it lacks compatibility with popular platforms like MT4 or MT5, which may deter traders accustomed to those environments.
Restricted Regions:
CFG does not provide clear information regarding restricted regions, leading to uncertainty for international traders. This lack of transparency can be a significant drawback, as many traders prefer brokers with clear operational guidelines.
Available Customer Service Languages:
Customer support appears limited, with reviews indicating slow response times and a lack of comprehensive assistance. This can be frustrating for traders who require timely support, especially when dealing with financial matters.
Final Ratings
Detailed Explanation of Ratings
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Account Conditions (4/10): The minimum deposit is relatively low, but higher tiers may discourage new traders. The lack of diverse account options is also a drawback.
Tools and Resources (5/10): While CFG provides some basic resources, such as live charts, it lacks comprehensive educational materials that could benefit new traders.
Customer Service and Support (3/10): User feedback indicates that customer support is lacking in responsiveness and effectiveness, which is critical for a trading platform.
Trading Setup (4/10): The proprietary platform may not meet the expectations of traders used to more established platforms like MT4 or MT5.
Trustworthiness (2/10): The absence of regulation and numerous negative reviews contribute to a low trust score, indicating high risks for potential investors.
User Experience (3/10): Overall user experience seems to be hampered by the lack of support and transparency, leading to frustrations among traders.
In conclusion, while CFG offers a variety of trading instruments, its lack of regulation and negative user experiences make it a broker that potential investors should approach with caution. Always conduct thorough research and consider regulated alternatives before committing your funds.
