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CFsum (Cfsum.com) is a new Forex brokerage firm based in Estonia. According to CFsum website, this forex broker offers a web-based platform. This means that it never uses a MT4 Trading Terminal. Members are promised a generous leverage of 1:50. This product also offers a wide array of ranging products to choose from. You should also note that this Forex offers a spread of just 0.4 pips.
If you’re a broker, this is a low and affordable trading margin. You must know that all members are required to pay a minimum of $250 which is mandatory. We were alarmed by the number of complaints we received and decided to conduct a full investigation. What we unearthed was astonishing and you need to know.
Continue reading this detailed review and get to find out the trickery used by Forex scammers. Our investigation will not only reveal the scammers behind it, but also how to avoid such scams.
When you go to their website, you will see that this brokerage firm is registered in Estonia. Bestfolio Consulting OU is the name of the company. Address used includes Harju Maakond Tallin Kesklinna Linnaosa Narva mnt 5 101 17. It should be noted that Estonia is a registered member of the EU. This means Online Forex Trading is included in its regulatory framework.
That said, we did an online registry check to see whether CFsum is registered. We were shocked to find out that this product does not hold any license by Finantinspektsioon. There’s only one registered company that has been regulated in Estonia. Admiral Markets is the only Forex Brokerage in Estonia that is fully registered and regulated.
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Scammers are aware that there’s minimal information available on the web regarding Estonia. This makes it a haven for shady brokerage firms who take advantage of Estonia’s liberal approach. Estonia is well known to have a liberal approach when it comes to Online Trading. This product has taken advantage of it by misleading traders that they are regulated by the Ministry of Economy.
Contacting Estonia’s Ministry of Economy was what we had to do and they replied immediately. It should be noted that the Ministry of Economy in Estonia does not regulate Forex trading. CFsum is bluntly lying to traders by claiming it has been given the thumbs up to trade. This product does not also mention any license they hold on their website.
Instead of trading Forex with fake online brokers, why don’t you get the real deal?
You will notice that this product offers members a very decent web based trading platform. This product’s trading platform has a user-friendly interface with a crisp charting experience. A test-drive is available on the website where one sees an extreme favorable spread of just 0.4 pips. This test drive also gives a very balanced leverage of 1:50.
Despite having all these enticing details, we were still not convinced of it’s legitimacy. A major let off is the lack of regulation making us question every trading aspect of this product. This means that members who sign up are open to huge risks. We urge all Forex traders to exclude risks such as CFsum.
It’s always a good option to associate yourself with regulated brokers who are known by the trading community. Such regulatory agencies include the FCA and CySEC. These agencies are known to require strict rules, guidelines and compliance. Assurance of security is also paramount to having a broker who is known by the regulatory bodies.
Segregation of accounts is one rule which must be followed by Forex brokers. This is very important in the trading world. Why? Segregating accounts helps to lower risks involved in insolvency by brokers.
Legit Forex brokers also must participate in a compensatory scheme. This means that client’s losses are covered in the event the broker goes bankrupt. Brokers are also known to swindle traders and as such, a compensatory scheme must be put in place. This will protect the traders at all cost.
This product gives the option of depositing or withdrawing funds via MasterCard, wire transfer and Visa. We decided to go through the terms and conditions of this product and we found troubling details. You should be aware that there’s a minimum withdrawal amount of $ 1000 for wire transfers. There’s also an excessive minimum withdrawal of $100 for debit and credit cards.
Having an extreme minimum withdrawal should not be held by any Forex Broker. This minimum withdrawal makes us question the intent of this product. Why should they limit the withdrawal amount of money by members? What if a member has an emergency? This means your money is not actually your money but CFsum’s.
Terms and conditions are also our main concern with this product. Member’s are required to pay a monthly fee of $50 which goes to maintenance of your account. They also have a clearance fee of 1% on all executed trades. You should also know first hand that CFsum has an overnight fee and an incomplete verification fee of $100.
Such excessive and absurd fees should not be among terms and conditions of any legitimate Forex broker. We can safely assume CFSUM is waiting for members to deposit money and siphon away these funds. Why such an amalgam of phony charges and fees for holding an account? This is all disappointing no matter the advantage someone else claims this product has over other brokerage firms.
With Approved Forex Brokers, you will not incur such absurd fees and your money will always be safe.
We urge you to stay away from CFsum as it will only lead you to more misery.
CFsum is always wanting especially when it comes to members making withdrawals. We have heard clients complaining of delays while withdrawing their deposits. Most, if not all, have given up withdrawing their money since no one is assisting them. Signs of delays and small fees is a sign the broker is a scammer or heading there.
Online scammers are known not to share any information that will lead to them. Why? Any inconsistencies that appear will expose their trap and make them lose money. A good example is CFsum’s misleading information regarding its regulatory rules. This is one way of knowing whether a broker is real or not.
CFsum starts by clicking a link to getting fast money without making any effort. After clicking, you’re directed to a website where your registration is required. Your email and phone number are required for you to proceed. Once you share your personal information, you can now receive calls from a supposed Senior Account Manager. By this time, they will entice you to make a deposit of $250 or bigger.
After making this deposit, you will see your account inflate and have excess money. The con starts when you want to withdraw your money and not allowed to. CFsum is no exception. As we earlier mentioned, no one has been able to withdraw money with CFsum.
First thing you should do is contact your credit card provider. Next, you should file a chargeback with your card provider. Due to high cases of fraud, both MasterCard and Visa have sidestepped scammers. They have increased the time period of chargeback by six months.
If you had given these fraudsters your credit card information, you should cancel your credit card. Change also your online banking password to protect your virtue funds.
Beware of what people call “recover agencies”! These agencies simply prey on scammed and vulnerable people desperate to recover lost funds. What they do is require an up front payment to help you. Once you make a deposit, it will be the last time you hear from them. No help will come your way.
Now you know it’s A SCAM that should be avoided at all costs. Evidence has been brought forward as to why traders should avoid this scam.
We conclude by urging you to stay away from CFsum if you want to be safe.
With approved brokers, your money is safe and you will earn reasonable profit margins with them.
Stay safe and trade with only regulated brokers.
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