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Confix Financial Review – Disturbing Information about Confixfinancial.com
Confix Financial Review: Is confixfinancial.com a scam or legit forex broker? We carried out an investigation into the background of confixfinancial.com . Read our review to find out more.
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Confixfinancial.com is the website of a Forex brokerage that offers web-based terminal and a spread of 3 pips. Under the name of DKG Group Limited, we discovered that this brokerage is registered in the Marshall Islands.
The fact that Confix Financial is registered in the Marshall Islands gives us serious concern because, the Marshall Islands has a reputation of registering scammers. It is known that the Marshall Islands regulatory frame work does not include Forex trading.
What Confix Financial Say They Offer
We found little information in this regard. According to its website, they claim to work with an international clientele with the objective of giving every trader “a tailored experience with maximized profits.”
Confix Financial Trading Software
Although Confixfinancial.com claims to offer MetaTrader 4 trading platform. Our source tells us that this is false. This brokerage does not offer a demo account. So, we have no way to ascertain this. However, their platforms are web based, desk base, and mobile. Also, we consider its spread of 3 pips which is quite unfavorable to traders.
Confix Financial Withdrawal and Deposit Methods and Fees
Our investigation did not unveil any provision with regards to withdrawal but Traders may deposit through bank transfer, Visa and MasterCard.
However, we find it necessary to bring to your attention that this brokerage’s bonus conditions is unrealistic. Any trader who takes advantage of this bonus conditions may not be able to withdraw because the brokerage requires traders to “execute a minimum trading volume of an unspecified amount”. Honestly, this website’s lack of transparency is unnerving.
There is no information regarding a minimum deposit. Also, no information with regards to fees whether posted or hidden was found.
Is Confix Financial Licensed?
Unfortunately, we were unable to find anything in this regard. All we know is that, this broker is registered in the Marshal Islands. No copy of their license is posted on their web site. We suspect that there is none. Traders should be wary.
After much deliberation, we suspect that Confix Financial Review is a scam. Reasons are, the offshore location of this brokerage and lack of adequate information. We advise potential traders to exercise caution in every decision,carry out your own investigation and deposit only the minimum amount to avoid a huge loss.
Remember, the safety of your investments is our main objective.
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Confix Financial Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
|Standard||N/A||N/A||3 pips, fixed|
Confix Financial is an offshore forex and CFD broker that hasn’t specified any trading conditions and account types, but our investigation on the matter revealed that its offer isn’t attractive anyway.
More importantly, the broker seems to illegally target European investors without holding a legit license. Here is everything you need to know about Confix Financial prior to investing your heard-earned money with this shady brokerage.
Confix Financial Advantages
Wide range of financial assets
For all its faults, Confix Financial at least offers wide range of financial products for trade. Its product portfolio covers numerous currency pairs, and various CFDs – on indices, commodities, stocks, and many cryptocurrencies. This is the only potential benefit of the broker we could think of.
Confix Financial Disadvantages
An offshore broker, illegally targeting EU investors
Confix Financial says it’s owned and operated by DKG Group Ltd., a company registered on the Marshall Islands.
Click on the image to zoom in.
This offshore zone has become a top destination for would-be scammers due to its very liberal laws and low taxes. The government does not even require for someone to be physically there in order to register a company, let alone to license forex brokers or monitor their activities. That said, Confix Financial’s website doesn’t feature any address, nor a contact number, which makes it more or less anonymous. This is very worrisome, because if such a broker decides to scam you and keep your funds for themselves, there is virtually no way you can file a legal action against them.
Another thing that bothers us with regards to Confix Financial is that it seems to illegally target European investors:
We remind readers that the European Union is a strictly regulated financial market, where are allowed only financial services providers licensed by a financial governmental agency of a EU Member State.
Zero clarity on trading conditions
Another worrisome thing about Confix Financial is that the broker has done a rather poor job at presenting its services and trading conditions. The cost of trading is not specified, nor other important details such as the leverage levels provided, commission fees, etc. So, the broker isn’t transparent about its offer, which is very typical of scammers.
Unproven web platform, excessively high spreads
Here, we’d like to also mention Confix Financial’s platform as another negative.
Click on the image to zoom in.
While this web-based trading terminal is simple and easy to use, it’s devoid of many advanced features other platforms, such as the MT5 or MT4, offer – the multiple technical analysis indicators, the Expert Advisors used for automated trading, and more.
Furthermore, as you can see from the above image, the spreads offered by Confix Financial aren’t lucrative for traders at all – fixed at 3 pips on EUR/USD. Most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. For further information and comparison, check out the below link:
Judging by what we just said, investing with Confix Financial doesn’t seem like a good idea – the broker isn’t licensed, nor transparent about its services and pricing. All in all, traders should direct themselves to better trading options to which we have linked throughout this review.
As always, our best advice for investors is to go with brokers that are regulated by trustworthy organizations like the UK’s Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC) in Europe.These organizations have strict rules in place for companies under their gaze and see to their compliance. For example, brokers licensed by CySEC have to keep client funds in the so called segregated accounts, to regularly file reports to the commission, provide negative balance protection and offer a compensation scheme, among other things.
Here are the highlights of our review of Confix Financial in a few words:
|Wide range of financial assets||An offshore broker, illegally targeting EU investors|
|Zero clarity on trading conditions|
|MT4 not supported|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Confix Financial Review – 5 things you should know about Confixfinancial.com
Beware! Confix Financial is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Confix Financial is a Forex brokerage registered in the Marshall Islands. It provides a web-based terminal, not the MT4 trading platform and a supposed fixed spread of 3 pips which is double the industry average. Further trading conditions, however, remain undisclosed.
Confix Financial regulation & safety of funds
According to the website the company behind the brokerage is registered in the Marshall Islands under the name DKG Group Ltd with an address we have seen with countless other brokerages . The Marshall Islands has become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that the company behind the brokerage, irrespective of its legitimacy, does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Confix Financial trading software
Putting that aside, the brokerage does not provide the MetaTrader 4 trading platform. The MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Beginner traders will find the trading platform easy to use as well, due to its user-friendly lay out. Instead, there is a web platform which was easy to log into it which, however, appears quite fake. We further saw a spread of 3 pips which is highly unfavorable. Putting that aside, t he offshore location of the brokerage and the unspecified address highly incline us to suspect that potential clients of the brokerage may be open to substantial risk.
Confix Financial deposit/withdrawal methods and fees
Traders may deposit or withdraw via Visa, MasterCard and wire transfer.
In the terms and conditions of the brokerage we did not find any noteworthy provisions regarding the withdrawal, but we have to highlight the bonus conditions. The bonus conditions are absolutely ridiculous. Traders are required to execute a minimum trading volume of an unspecified amount. This literally means that clients will not be able to withdraw if they take advantage of the bonus promotion. As was said above – we did not find any withdrawal fees, however, this does not mean there aren’t any withdrawal fees necessarily. This is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
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