CobraCFD

CobraCFD (c0bracfd.com) looks well enough, it even impressed us at some points, yet this feeling of unease kept hanging on. Read the review for all the details you need to know about CobraCFD.

The broker is owned and operated by CobraCFD Ltd, which is registered in the Marshall Islands. There is another holding company by the name of Kings Power Ltd that is registered in Sofia, Bulgaria.

First off, the Marshall Islands are one of the ideal destinations for all sorts of shady companies, because of the nation’s looser laws, yet the country does not have a financial regulator, thus CobraCFD, even if registered there, most certainly is not regulated there.

Second, in Bulgaria, the license issuer is the Financial Supervision Commission (FSC). The agency is not the most renowned, and Bulgaria is known to host some shady firms, yet there is an upside to it. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450. However, we searched the regulator’s official database of licensed entities, and found no trace of either CobraCFD or Kings Power Ltd, which simply means that the broker is not licensed by the FSC.

And third, without any other clues as to a regulation, we must conclude that CobraCFD is UNREGULATED, and thus a risk to all traders choosing 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 EUR/USD cost of trade is 0,5 pips, which is an excellent value. The leverage is capped at 1:200. We have to mention that the registration process was very easy and fast, which is a sign of a scammer broker.

The trading platform gave us the following assets to work with: Forex Pairs, Crypto, Equities, Indices, Commodities, and Indices. Overall, a satisfying bunch of instruments.

The languages available are German, English, and Italian.

COBRACFD LOGIN

The broker utilizes the Sirix Web Trader. The platform is quite decent: there are pending orders, one point clicking, some room for customization, and there’s even copy trading. The trader is quite decent looking, and function well enough, but it cannot be compared to professional platforms like the MT4. That is why mostly fraudulent brokers utilize it, like Glob Markets.

The leverage is maximized at 1:200, while the EUR/USD spread is 0.5 pips.

COBRACFD MINIMUM DEPOSIT

The minimum deposit is $2, according to the client portal.

Deposit methods are Dreams Pay, VoguePay, MasterPay, CertusFinance, and JCB MsterCard.

Due to the broker’s lack of an authoritative 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 three digit CVV 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

AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

COBRACFD WITHDRAWAL TIME AND FEES

According to the Client Portal, withdrawal requests are processed within 5 business days.

The minimum withdrawal for Wire Transfer is $3000, according to the Deposit and Withdrawal Policy. Furthermore, the document mentions some undisclosed fees.

ADDITIONAL FEES AND TAXES

There remains the chance that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

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 charge back 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!

BOTTOM LINE

We believe that CobraCFD has potential, yet there is till a lot of work to be done. First, a regulation must be put in place. We may be talking to a brick wall here, but this is our honest opinion.