RECOMMENDED FOREX BROKERS
CFD World is yet another broker that is perfectly legal, but does really nothing to distinguish it from the huge throng of other brokers. Read our review for more details.
C.W CFD World is a registered brand name of Goldenburg Group Limited, which is regulated by CySEC. This body’s work is to oversee brokers and their operations, and if necessary to take disciplinary actions. Furthermore, CFD World is a member of the Investors Compensation Funds (ICF) under CySEC, that has as objective to compensate traders if a member of the ICF (in this case CFD World) is unable to carry out its obligations. If this occurs then the trader is reimbursed a maximum of €20 000 from the collective fund.
Leverages range from 1:30 maximum for the UK and EU as decreed by ESMA. As for the EUR/USD spread, it’s 3 pips according to the website.
This is simply an unacceptable cost of trade. We hope that the broker is making a bad joke, because if this were the actual case we would never recommend trading with CFD World.
The platform gave us a EUR/USD spread even higher than the one mentioned above. The cost of trade averaged between 3.4 and 4.4 pips
The tradeable assets are Forex Pairs, Stocks, Commodities, and Indices. The obvious missing one here is crypto which is one of the most demanded assets in recent times. The interesting addition here are physical shares, which a trader can buy for a 2% annual commission.
CFD World provides its broker service in 4 languages: English, Hungarian, Czech and Slovakian.
CFD WORLD LOGIN
Currently operating with MetaTrader 5 exclusively, CFD World nevertheless has chosen one of the top platforms to do business with.
METATRADER 5
MT5’s characteristics, that were built upon MT4, make it more professional and dynamic. Not to mention that MT5 allows for trades in centralized market, plus it’s certified by many stock exchanges. All features for MT4 are present and fully functioning on MT5, including market indicators and trading bots.
The spread as mentioned on the platform shifts between 3.4 pips and 4.4 pips. This high a spread is synonymous with fraudulent brokers, and we can only wonder why the cost of trading at CFD World is so extremely high.
The leverage is restricted to 1:30 tops by ESMA.
MetaTrader 5 is available on all Android and Apple devices, as well as a standalone desktop trader.
CFD WORLD MINIMUM DEPOSIT
The minimum deposit is $250 which is the most standard required sum.
CFD World employs only three depositing methods: Visa, MasterCard, and Bank Transfer.
The account base currencies are EUR, USD, PLN, CZK, and HUF. This is according to the FAQ.
The broker has not revealed the processing times for deposits. Presumably, Wire Transfers takes up to 5 days, while Visa and MasterCard should be instant.
As far as we’re concerned, CFD World does not charge for deposits; there was no mention of a funding fee. However, bank charges may apply from the institutions themselves.
CFD WORLD WITHDRAWAL TIME AND FEES
Those under the CySEC watchdogs can rest assured that no problem will arise from withdrawals.
Withdrawals are done using Bank Transfers exclusively.
The time for the money to be processed by the broker is 24 hours. The time for the Banks involved to send the money over to a trader’s account is entirely dependent on the institutions.
There seems to be zero withdrawal fees, for we could not find any mention of such charges issued by the broker. However, the banks will surely launch fees on each transaction.
The minimum withdrawal is $250. This is a not the typical requirement that one finds at legitimate brokers.
There is a €40 monthly fee on dormant accounts that have stayed inactive for 6 months or more.
BOTTOM LINE
We must mention the ludicrous spread value. It sticks out, from an otherwise stable yet humble broker. Hopefully the cost of trade is balanced ones a trader opens a live account. If not, well there is nothing here to recommend.
Frank
This broker was recommended to me by a friend of mine. Is there anyone who has experience with CFDworld?