Warning! CFDFunds is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
CFDFunds cannot be mistaken for anything but an illegitimate broker with nothing to lose. It is in full scammer throttle from the get-go. What’s funny is that the signs are all there, one must only look to the website to get the picture. From then on its a downward spiral.
CFDFunds reveals to be licensed by the CySEC. This is not at all true. CySEC’s database does not hold any information on the broker, meaning that CFDFunds has lied about its CySEC license.
Not to mention that CFDFunds has been officially blacklisted by one of the most authoritative regulators around, namely the FCA.
The FCA warning emphasizes that the broker is providing financial services and products without any authorization, which essentially makes it unregulated and a very dangerous entity to deal with. The warning is directed more towards UK traders because the announcement claims that UK traders are its main target. Furthermore, the FCA reassured users that the CFDFunds are not covered by the Financial Services Compensation Scheme (FSCS), meaning that users who are scammer by the firm will not only lose their money but will not receive any external help. Basically, there is nothing good to come out of this broker.
CFDFunds is completely unregulated, and a scam! All invested capital and personal details are at a risk!
Now to move on to the trading conditions. In order to get the best of them, one must open an account with the broker, no matter if it is unregulated or not. With CFDFunds it was very easy to open an account, which is also a subtle sign that the broker is a risk to all; a broker allowing easy access to its services is desperate for users.
Once registered, we realized that there was no user area. What registered clients get is a set of new subpages through which they can invest and trade, although the conditions of these pages are so appalling that we wonder if clients can do anything at all!
Everything came crumbling down once we opened the trading software, which is actually only a semblance of one. The platform is so bad that in reality users cannot trade. This means that there are no applicable spreads, no leverages, and no available financial instruments. Whatever the website claims the trading conditions to be, rest assured that they are lies.
English is the only available language.
The platform used here is completely useless. It’s not even appealing, which is to say that this platform does nothing.
Users cannot trade with it, cannot in any way interact with it. All they can do is look at it, and what good will that do?
Moreover, the charts are not owned by the broker but by a third-party chart provider. One of the worst trading platforms we have seen thus far.
CFDFUNDS MINIMUM DEPOSIT
Users can invest by means of credit cards, debit cards, a wire transfer, and a very suspicious-looking crypto wallet. The minimum deposit is $100.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
CFDFUNDS WITHDRAW TIME AND FEES
The minimum withdrawal amount is 250 mBTC, approximately $7800, a very unrealistic amount, and quite arbitrary to be honest.
Withdrawals, we are told, take up to 14 days to process, which is more than enough time for the broker to wipe out your account and leave you moneyless.
There are mentions of fees and commissions in the terms and conditions, but as most illicit brokers do, the fees have not been given any value. So we know there are fees, but we don’t know when they apply nor how much they take.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
There isn’t any reason for investing in this scammer broker. CFDFunds is one of the worst we have seen in a long time, and it would be a terrible mistake to invest in it!