Thinking of getting into business with CFDStation? Here is what you must know about this broker. Carefully read this review to find out if cfdstation.com is the trading platform you will want to trade with.
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About CFDStation Broker
CFDStation is an offshore brokerage company with a lot of promises for traders. The broker is a brand of Finnovative Capital LLC with an incorporation in Saint Vincent and the Grenadines.
There are different account types the broker offers. See below.
To clarify, in spite the trading instruments CFDStation claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a warning from Financial Services Authority (FSA) St. Vincent and the Grenadines. See below.
cfdstation.com: Reasons to Avoid This Broker
Firstly, cfdstation.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because local financial authority, SVGFSA does not monitors or give license to forex brokers.
Secondly, we noticed cfdstation.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, CFDStation leaves us with the following information: the processing timeframe for wire transfer is 5 business day; online payments take 5 business day and Credit/Debit cards require 10 business day.
As for an inactive of 60 days, the broker charges $10 each month as maintenance fee.
Minimum Deposit
The broker minimum deposit is pegged $1000.
As for the payment methods, CFDStation accepts PayBnB and 9Pay. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
CFDStation Platform
CFDstation offers Web based trader and claims to offer MT5 (Industry standard trading platform) which is quite good for forex trading. However, this offer doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:500. Notwithstanding, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
CFDstation Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is cfdstation.com a Reliable Broker?
No, cfdstation.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.