Warning! CFReserve is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
There’s nothing new to CFReserve’s website. The broker has that particular shady feel that we are so used to by now. Read on to find out more.
CFReserve ’s is said to be owned and operated by Richfield Limited based in Ireland. In Ireland the regulator of forex is the government owned Central Bank of Ireland. However, Richfield Limited is nowhere in the registers of the regulatory agency, and as such we must conclude that CFReserve is UNLICENSED, and thus a risk to all those who choose to invest in it.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The leverage should be limited to 1:30, as decreed by ESMA. After we registered, the leverage was shown to us on the trading terminal as being 1:10.
From the trading platform we got a EUR/USD spread of 0.4 pips. This is extremely favorable, making it hard to believe.
For the tradeable assets we looked directly at the platform, since there was no other frame of reference.
As far as the we’re concerned the only language we could find was English.
The platform that CFReserve utilizes is the typical shady one that brokers of this type are known for: limited features, some customizable options, but encompassing just enough so as to seem professional to more novice traders. But as always, these types of terminals have close to no retaining features. The platform is solely browser based:
The leverage, as indicated on the trader, is 1:10.
The EUR/USD cost of trade in 0.4 pips, which is very low, and should by all accounts, feature a commission attached to it. Needless to say CFReserve has given no info of such things.
CFRESERVE MINIMUM DEPOSIT
There is no minimum deposit amount indicated. Traders are free to fund their accounts with as much as they want, which works in favor for the scammer since it does not restrict its services to a particular demographic.
The methods for depositing, as seen on the personal dashboard, are limited to only credit cards:
However, in the terms and conditions there is explicit mention of a Wire Transfer method:
By now the obvious nature of this so called broker has been revealed on multiple occasions. We advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
There is a clear mention in the T/C that one should cover the three digit CVV code when giving away any credit card details. But we feel, nevertheless, compelled to warn you this code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
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.
CFRESERVE WITHDRAWAL TIME AND FEES
The minimum withdrawal is amount is $100. In order to withdraw, a client must have reached a certain amount of trading volume. The exact amount is not mentioned. It’s highly probable that this clause is there to justify the postponement of withdrawal requests.
The requests are processed within 4 days. Bank Transfers can take up to 10 days. Bank Transfer are charged with $25.
ADDITIONAL FEES AND TAXES
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.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
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!
As an unregulated broker, CFReserve should be avoided. There is nothing here for you, and even if there was, it would scream mediocrity. Best move to any regulated broker.