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CFGtrades (Cfgtrades.com) is a broker with an alert out due to their unbearable trading conditions. CFG Trades is an offshore brokerage firm located in St. Vincent and the Grenadines. Some of the assets they offer include Commodities, Currencies, Cryptocurrencies, Indices, and Stocks. The website is an exact clone since Gaming Capital Ads Limited operates such a website. With most traders unaware of the problems associated with an offshore broker, we have to explain. Read this detailed CFGTRADES Review for more.
A closer look at the website reveals a stunning comparison with another scam. 24proinvestors is another offshore brokerage firm with the exact website. What these scam brokers have done is change the domain name and feature image. And this is one of the many reasons why we must expose this platform. Aside from being a clone, they also offer unrealistic offers. Staying safe with online trading is only possible if you get credible brokers. With a qualified expert by your side, safety is guaranteed at all times.
Not much is known about the actual location of the platform. No details have been given regarding their offices apart from a similar location with most offshore brokers. They claim to be located in St. Vincent and the Grenadines which is a hotbed for online scam brokers. Watch out for offshore brokers as they never fulfill any of their promises. With horrid trading conditions, it’s no wonder none of the members have made any profit. Withdrawing funds is also a huge issue with CFG Trades.
The asset’s list is the exact copy of what is found with 24proinvestors.com. CFGtrades is offering a favorable leverage of 1:200 on all assets. Commodities listed include Brent Oil, Gold, Natural gas, Platinum, and Silver. They also offer exotic, major, and minor currency pairs on their Forex assets. Some of their currencies include AUD/CAD, CAD/JPY, EUR/CAD, GBP/SGD, among others. There are no fees on deposits made according to the homepage.
Digital currency trading can also be found within the assets. The quoted coins include Altcoins, Bitcoin, Dash, Litecoin, Monero, among others. Indices found include EUR50, FTSE, Nikkei 225, S&P 500, among others. The stocks listed are from leading international companies such as Adidas, Apple, Audi, among others. What we noticed again with the asset’s list is similarity with 24proinvestors. What is clear is this brokerage firm is owned and operated by the same scam brokers.
Inter Media Ltd is the company which claims to be behind this platform. The address of this company matches the one of Game Capital Ads Limited. And this is not a coincidence but a mistake the scam brokers didn’t expect to make. They claim the company offers premium quality Cryptocurrency trading services. The company is not on any company register in St. Vincent and the Grenadines. We checked with other leading company registers and did not find a match. And this is concrete proof CFGtrades is operated by anonymous brokers. An anonymous online trading platform is bad news for everyone. And the broker should be stopped before more harm is done.
According to the trusted domain register whois.net, the broker is barely a year old. Records on the register show when the domain was created. And this broker was registered a while back, on 8th December 2016. Claims of being in the industry since 2013 are false with the register revealing the truth. Scam brokers will try and do anything to make their platforms appear legit. In this case, CFGtrades is trying to buy their online credibility and reputation. Thanks to online domain registers, we can find the true registry date.
With the broker claiming to be located in St. Vincent and the Grenadines, license is not possible. Offshore brokers rarely use valid trading licenses and they also don’t apply. They will not be able to meet or pass the stringent measures set by regulatory bodies. And this is why they opt to trade without a valid license. What they do in return is post false license and registration numbers. Most investors won’t bother to confirm the compliance details and thus, end up losing funds.
A red flag we spotted with CFGtrades is having a warning from a regulatory body. The Spanish financial watchdog CNMV has issued a warning in regards to the platform. A warning from an established regulator is proof enough the broker is a scam. Just like their predecessor, complaints have been lodged by members unhappy with the withdrawal process. And it is best to confirm with regulators to confirm whether a broker is legit before signing up. CFGTrades IS NOT LICENSED or REGISTERED to offer any trading services.
CFGtrades is offering four account types to investors who sign up. The platform offers Standard, Classic, Gold, and Premium accounts. Minimum acceptable deposit for the basic account is $250 which is the acceptable industry quotation. The problem with these accounts is they share the same features apart from the Standard account. Holders of the Standard account get little trading advantage. Even the most basic of features such as Autochartist is missing from the account. Why would newbies sign up with such a broker?
Once members sign up with a new account, they are linked with an account manager. These are members who have Classic, Gold, and Premium accounts. The problem with these account managers is lack of professionalism. A broker such as CFG Trades has no way of hiring experienced brokers. And they use call agents to act as account managers. These call agents get their commission from demanding more deposits from clients. They also make losses knowingly to get a hefty commission.
On the account features, the broker promises online chat services. In real sense, the broker uses email and phone numbers as communication channels. The phone number on Cfg trades is the same as that on 24proinvestors which confirms our suspicion. These two websites are operated by one entity which has just used different promotional materials. Trying to get the broker on a cell is next to impossible as they rarely answer calls. Emails also take a long time to get any meaningful response.
Among the listed depository channels include AstroPay, Maestro, MasterCard, Neteller, and Visa. Depositing funds with the platform is easy and takes less than five minutes. And this is not a reason to sign up with the broker. They ensure deposit process is fast so as to get funds as quickly as possible. Withdrawing funds with this broker still remains to be the biggest challenge members face. None of the members have been able to withdrawal funds since late last year. And this is when the complaints started surfacing.
The broker is unclear on the types of platforms available. On their platform’s page, they claim to operate several platforms and fail to mention them. From our investigation, we learned that the broker is using custom built trading terminals. The problem with custom-made web trading platforms is lack of proper security measures in place. Hackers will easily steal vital information such as credit card information. Speed of execution is slow and the platform is ever unstable. It is best to stay away from such.
Safety of funds is a major concern for anyone who has opened an account with the broker. The broker does not offer any security software to protect from third party attacks. Lack of DDoS protection and SSL encryption is proof we are dealing with a hoax. The platform is also pooling funds in one account. Members have been depositing funds to an account belonging to the owner. And this is why recovering funds from the platform has become impossible. The broker claims the funds are as a result of services rendered.
With the number of complaints rising by the day, it is clear CFGtrades is a scam. Mark their emails as spam and resist from signing up with their affiliate programs. Warn loved ones on the dangers of using this cloned website. Once you get calls from any of their agents, block the contact. These are online scam brokers who have a reputation of coming up with new websites each day.
By adding this broker to our scam blacklist, we will ensure no one else falls for this trap. Become a successful trader dealing with digital currency by using appropriate brokers.
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