Forex CFDs is a broker that operates from the web address Forexcfds.com.au and claims to tick all the boxes.
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Meanwhile, this review will discuss ForexCFDs and what I feel it doesn’t do right.
The broker’s website is a trading name of Sirius Financial Markets Pty Ltd, which also holds a couple of other brands like CardiffGlobal.com and CDFMarkets.com (now defunct domain).
The main features that Forex CFDs wants its customers to be aware of is that they provide tight spreads, wide range of international markets and fund safety through segregated accounts.
As always, ForexCFDs claims to provide education and technical analysis, just like other brokers do.
This education basically skims through the topics of trading and does not offer real value to those who are serious about learning to trade.
I therefore recommend these Forex and Crypto trading solutions instead.
That said, Forex CFDs offers 3 account types and a VPS server if you qualify.
While minimum deposit is just $100 and it seems like entry is easy, the question is whether Forex CFDs is a reliable Australian broker.
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Here's what you can do to recover your funds now.Forex CFDs account details
Traders will choose between Advanced, Pro and Black account types respectively.
Commission is only applicable in the Black account type in addition to spreads of 0.4 pips.
I do not understand why this is the case when most Forex brokers that charge commission don’t take spreads at the same time.
Maximum Leverage that ForexCFDs offers in their 3 account types is 1:200.
The basic account type charges 1.4 pips as minimum spreads.
ForexCFDs does not have a list of their live spreads on their website.
We recommend this broker to consider adding this feature so that traders can see how expensive or cheap it is to trade with them.
Regulatory front
ForexCFDs does not have a license of its own,.
This is why they are affiliated with Sirius Financial Markets Pty Ltd which is like an umbrella that accommodates other brokers.
While the company that oversees their activities is regulated by the ASIC in Australia, this does not necessarily mean that ForexCFDs which is under them will treat you well.
Note the Following:
Many brokers and so-called investment firms are not honest. If they're illegally holding onto your money, you can easily recover it here.It is also better to trade with Forex brokers who are independently regulated as opposed to white labels like ForexCFDs.
Customer reviews
Looks like this broker is still very new in the Forex market.
While this is the case, reviews only appear on professional blog network and not feedback from places like ForexPeaceArmy.
However, there’s a Google review from someone who claims ForexCFDs did not return his money after making a mistake sending it to the wrong account which still belongs to Forex CFDs broker.
Because there are no reviews from people who have actually traded with this broker, this can be a good opportunity to leave feedback.
The community wants to hear what the trading conditions are in a live ForexCFDs account and whether the broker is a market maker or ECN.
We’re also interested in knowing whether ForexCFDs does process withdrawal requests and how quick they do it.
Otherwise, I don’t recommend using the services of a broker with no customer feedback.
Is Forexcfds.com.au a scam?
There are a couple of things that don’t look right with this broker.
Their regulatory status is a turn off as they are under the umbrella of another company.
They don’t have a reputation just yet. This means they are not popular and the service may not be that good.
Also, if the Google feedback is anything to go by, then most traders will swear not to trust this broker no matter what.
It is therefore difficult to say whether Forex CFDs is a scam or not.
However, due to a number of disqualifying factors, we don’t recommend using them.
Conclusion
ForexCFDs is just among the many brokers that have zero reputation but advertise as if they’ve been around for decades.
To be taken seriously, I expect Forex CFDs to address the Google review where someone complaint that they never received their money from this broker.
Otherwise, we should just assume that they don’t care about their customers.
And this is the definition of a terrible broker.