Warning! CfiHongKong.com is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
In its attempts to manipulate users and passers-by that it is a lucrative broker and a chance worth taking, CfiHongKong.com misses out on a couple of very important details. Read the review to find out more.
From its website, the broker alleges that it is a Hong Kong-based broker but it holds an FCA license. Kind of counterproductive, don’t you think? Why not apply for a local Hong Kong license? We think the answer is right there.
First of all, the FCA does not have CfiHongKong.com in its database of regulated entities. And second, nor does the SFC of Hong Kong. However, most importantly, CfiHongKong.com has been flagged by both the FCA and the SFC.
The FCA warning clearly states that CfiHongKong.com is a clone firm of an FCA-licensed entity. Clone firms are websites that imitate other legit businesses, be they FX brokers or other unrelated sites. Clones are perhaps the worst sites there are, especially in the world of FX trading. The FCA warning goes on to give extensive details on why CfiHongKong.com should not be trusted.
The SFC warning is equally dire as it says that the broker is not registered nor regulated by the overseers, and it even mentions that the website is an impersonator.
As all hopes for CfiHongKong.com come crumbling down, we learn that there are no legal documents. Therefore are the user does and provides will not be safe and can be used against the user!
From this information, we can clearly assert that the broker is without a license, and it as a result a risk to all investments!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
As for the trading condition, we felt that the broker did not place much emphasis on these, seemingly because it has to prioritize scheming clients. Nevertheless, we found out that the available assets types are forex currency pairs, commodities, and indices. The leverage is capped at 1:500, and there are no spread values revealed.
There is a promoted MT4 software on the site, but unfortunately, we encountered a threat.
The MT4 install process warned us that there is a potential risk that we would be exposed to by opening the trading software provided by CfiHongKong.com.
And even if we installed the platform, there was never a guarantee that the trading servers would work or belong to the broker at hand.
The ambiguity of it all leads us to conclude that the MT4 is not worth the risk.
CFIHONGKONG.COM MINIMUM DEPOSIT
For some reason, CfiHongKong.com has not included any payment details whatsoever. Any user wishing to know what the minimum deposit is, what the payment methods are, and other details, will be left in the dark. The only way to grab a hold of these is by creating an account`1, and this, we cannot stress enough, would be a huge mistake.
It is common for an unlicensed broker to offer crypto wallets as deposit means, or bank transfers. These two methods are the hardest to get reimbursed from. As for a min deposit, the most common one is $250.
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.
CFIHONGKONG.COM WITHDRAW TIME AND FEES
It’s only natural that there are no withdrawal details as well, seeing the complete lack of depositing ones.
Here again, users are left at the mercy of CfiHongKong.com and have to guess at the withdrawal conditions. The most crucial thing is always to watch out for incoming fees.
However, seeing everything about the broker, we can safely say that withdrawals will not be available, and the company will spend your money indulging itself.
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!
CfiHongKong.com is a scam and a risk to all investments. There are exactly zero reasons to invest in this so-called broker.