Warning! CFDiz is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
CFDiz might play the part of a operating broker trying to fit in, but make no mistake. This is an offshore broker, coming with all the expected aspects of one. Read the review for more.
CFDiz has contradictory information that staples it as UNREGULATED. The footer indicates that CFDiz is a trading name of Pro Star Griffith Corporate Centre located in St. Vincent and the Grenadines, a location that has no financial regulator. Yet, in the Risk Warning there is a paragraph claiming CFDiz is available to a UK audience, while those outside said territory will be at risk of breaking local laws:
With this we can conclude that CFDiz is UNREGULATED. Such illicit brokers are a risk to all investments!
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Upon opening an account, we were able to open a web platform on which it was revealed that the EUR/USD spread is 0.7 pips on average. This is an excellent cost of trades, too bad that the broker is regulated, making this spread uncertain. The user dashboard does not reveal the leverage. The website caps it at 1:400.
One more thing that the trading platform disclosed is the assets of trading: Forex Pairs, Commodities, Crypto, Indices, and Shares. The list is solid.
The language on the website is English and Spanish. Yet the trader dashboard can be translated to English, Spanish, French, Bulgarian, Portuguese, Italian, Czech, Russian, Arabic, Japanese, German, Chinese, Polish, Romanian, Vietnamese, and Greek. This may indicate that website and dashboard are operating separately, a sign of irregularity.
The MT4 offered here is available on mobile, as a desktop trader, and on browsers. The MT4 has become a household name by offering some great features: micro lots, automated trading bots, 500 individual orders per account, VPSs (Virtual Private Servers), customizable trading indicators, and much more. The broker has included numerous add-on features that add an extra layer of immersion.
With a 0.7 pips spread, it’s interesting that there are no fees, even bordering with suspicion.
CFDIZ MINIMUM DEPOSIT
The dashboard fro payments offers Credit Card and As4Bit (warning have been issued for this crypto funding option) payments. What ever the website claims to be offering as additional payment options are irrelevant. The client area speaks for itself. The minimum deposit is $200.
Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
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
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
CFDIZ WITHDRAWAL TIME AND FEES
The withdrawal section was blocked because one must deposit prior to withdrawing.
There are fees on withdrawasl based on the account type. Silver, gold, and basic accounts can have one withdrawal per month for free and then are charged with Credit/Debit card by 3.5% and Wire transfers by $30. Platinum and diamond account holders are not charged for withdrawals.
Observe that there is mention of withdrawals via debit cards and wire transfer but there are no such depositing options.
A withdrawal is processed within a day.
We do not trust these claims. The broker has included them in their legal documents, but that does not make them true for the reason that , after all, CFDiz is unregulated.
ADDITIONAL FEES AND TAXES
The legal documents do not contain any important clauses. Yet we are obliged to warn you that unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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!
We want to make it clear that CFDiz will not return investments, and is therefore highly advised to stay away from it.