CDOMarkets

Is CDOMarkets a worthy addition to the ever-growing spectrum of forex brokers, or it condemned by its creators to be of no worth at all? Read on to find out.

CDO Markets Limited is regulated by the Vanuatu Financial Services Commission (VFSC). However, readers should be aware that Vanuatu is one such destination where many shady brokerage firms register for the reason that the VFSC is not an organization as severe as the FCA or CySEC, but a looser regulator. Nevertheless, since 2017 the commission has raised its minimum capital requirement for forex brokers to $50000, meaning that any would-be broker with a capital below that will not be licensed.

This is all fine and dandy, but we noticed one pivotal thing that is missing: the Terms and Conditions document. This is the bonding agent between the broker and trader, and without such a contract the trader is at risk.

The leverage goes as high as 1:500, which is risky but at the same time, if one plays his/her cards right, has the potential to strike gold.

The EUR/USD spread that we got from the MT4 trader is 0.8 pips. Note, that this was taken using the Demo Account.

Trading products are Forex Pairs, Derivatives, Commodities, Indices, and Options. The one big name that is missing is crypto which has become a must have instrument.

The website is offered exclusively in English.

CDOMARKETS LOGIN

There are two trading platforms here. The classic MT4 makes a return, while a CDO Prodigy platform left us wanting more.

METATRADER4

This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders. In addition, there is also the ability for PAMM (Percentage Allocation Money Management) accounts to be utilized. The essence of this is that inexperienced traders, or those without the time, can allocate a sum of their money to a qualified trader they chose before hand. From there on these adept traders will trade with their and your money with the sole purpose of generating as much profit as possible.

The leverage reaches 1:500, while the EUR/USD spread is 0.8 pips.

The ECN account type has a commission attached to it of $5, but it does not say if it’s per side or round turn. If it’s per side then expect your spread to increase by 1 pip, and if the charge is round turn then that increase will be of 0.5 pips. Furthermore, there are CFD commissions on all three account types as shown below:

The Metatrader 4 at CDOMarkets is available as a desktop trader, and on iOs/Android mobile devices.

CDO PRODIGY

We cannot say much about this platform for two reasons. The first one is that when we tried to install it we got a warning message that the “the app from an unknown publisher will make changes to out PC” which stopped us in our tracks. And the second reason is that when registering a demo Prodigy account, the email we received did not include any log in information. The email is snapped below:

And so we are left with nothing to work with. We doubt that Prodigy is of any risk to us, but that does not rule out our disappointment with its current inaccessibility.

CDOMARKETS MINIMUM DEPOSIT

The minimum deposit here is $100 for the STP Account. For the ENC it’s $1000, and $10 000 for the VIP account.

The only funding method that is currently available is Bank Transfer. The broker says that its working on introducing other means of depositing.

The time it takes for the money to get processed is on average 2 days. The time the client’s banks sends over the money is entirely up to the institutions themselves.

There is no fee when depositing issued from the broker’s side.

Sadly, we were not able to get a hold of the available base currencies for accounts. All we know is that the USD is for sure there.

CDOMARKETS WITHDRAWAL TIME AND FEES

The withdrawal information is relatively limited, and without a proper registration much of the information has been withheld. The fact of the missing Terms and Conditions document doesn’t make it easier.

There seem to be two ways to withdraw funds. Either by the online MyCDO customer portal, or by completing a withdrawal form. Once one of these steps is completed, traders will receive their money via Wire Transfer in an undisclosed amount of time. These transactions are free of charge on the broker’s side, while the banks themselves can launch commissions.

The minimum withdrawal amount has not been included. We must assume that once a request is in the making the client will be shown the minimum requirement.

BOTTOM LINE

This broker is incredibly simple and as such is very lackluster in many aspects. Without considering the missing vital legal document, or the fact that one of the trading platform is questionably inaccessible, even then CDOMarkets is not worth your time. There are better firms out there that are more reliable and hold more severe licenses from the FCA or CySEC. Our advice is to wait for this one to mature before delving in.