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C0bracfd.com Review: Is CobraCFD A Legit Or Scam Broker?
CobraCFD Review: this is the name of a Forex and CFD broker that is located in the Marshall Islands, an offshore region. Is c0bracfd.com a legit broker or a scam?
It claims to offer traders “a superior trading environment”. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
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However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
CobraCFD boasts of 5 million registered accounts, 13 million trades placed and $195 billion traded value “last year”. Features that are offered by the broker as listed on the page are:
Ultra Speed & Security
Global Payment Systems
CobraCFD Trading Platform
It is not mentioned that CobraCFD trading software is operated on a MetaTrader 4 platform, so what is available to all their clients may be a web-based platform.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
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Trading instruments offered to traders are not listed on the sales page. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered can reach up to 1:200 which is quite generous but we find no information on the spreads.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on CobraCFD
The means of making payments and withdrawals with this broker are: MasterCard, Visa, Bank Wire Transfer. E-wallets are not mentioned and it is not an encouraging find.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $250 which is within the obtainable average of $100 – $250 among brokers. Withdrawals are said to take a total of 15 days to be completed and it is mentioned that the broker is not committed to any time frames. Meaning that withdrawals can take longer than 15 days and a 10% dormant fee will be charged from accounts that have been inactive for 6 months.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is CobraCFD Licensed?
No. CobraCFD is not a licensed broker. It is located in an offshore location where Forex trades are not regulated. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
To reach the customer support of this broker clients can fill an online message request form or dial: +44 2038 07 8563. Their email address is: [email protected]
First we want to state that CobraCFD is not duly licensed. We find the withdrawal terms shady and the charges excessive. It does not provide the popular MT4 trading platform as well. Spreads are not stated and only the leverage and minimum deposits are encouraging. Payment methods are also limited and don’t inspire confidence.
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Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
CobraCFD review – Is c0bracfd.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
CobraCFD is an offshore broker, offering major forex pairs and CFDs on a number of commodities, indices and stocks, with four account types, leverage as high as 1:200 and the Sirix trading platform.
|Account type||Min. deposit||Max. leverage||Spread s|
|Mini Account||250 EUR||1:100||n/a|
Unfortunately the broker is not regulated, as it should be, if they want to target traders on regulated markets like the EU, the USA, Canada or Australia, so if you are considering depositing any funds with them be sure to read the following paragraphs.
CobraCFD offers leverage as high as 1:200 and that should be perfectly enough to fit even the most aggressive trading strategy. Higher leverage, however should always be used with extra caution, because of the significant risks involved. So you should not be surprised that most regulators throughout the developed world, including the EU and the US have capped the maximum leverage allowed with forex transactions well below 1:100.
Acceptable minimum deposit requirement
At CobraCFD you can open a trading account in EUR and GBP and the minimum deposit requirement is 250 EUR and 250 GBP respectively. That, we should admit, is in line with what most other brokers will also require, an yet you should keep in mind that some big well established companies like FBS and IG will let you start trading with as little as 5 USD or so.
CobraCFD is owned and operated by Cobracfd Ltd, an offshore company based on the Marshall Islands, and Kings Power Ltd., which is registered in Sofia, Bulgaria. And as we already mentioned, neither the companies, nor the broker are licensed and authorized by an official financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or even the Bulgarian Financial Supervision Commission (FSC), which is also a legit EU institution.
The general problem with all unregulated brokers is that they are completely unaccountable for the way they handle your money, and too often are simply involved in scam. That is why our general advise is to avoid such brokers altogether.
And besides, if you open a trading account with a FCA regulated broker for example, your funds will even be insured for up to 85 000 GBP. So here you may check our list of brokers regulated by the FCA in the UK:
CobraCFD is not committed to any time frame regarding withdraws
Bear in mind that legit brokers will process your withdraw request within 24 hours and you will see the money in your account in 2 to 3 days the most. CobraCFD on the other hand says in their Terms and Conditions, it will take them 5 business days to process the withdraw request and yet another 10 days will pass before you eventually see your money in your account.
If that is not bad enough however, CobraCFD adds that they are simply not committed to any time frames regarding withdraws. See for yourself:
Also, take a note that CobraCFD intends to charge you with withdrawal processing and handling fees, and if you have been on a vacation and have not traded for 6 months your account will be charged a 10% monthly dormant fee.
No demo account available
As we were not able to open a demo account, we can not comment on CobraCFD trading conditions. Just have in mind that spreads are generally considered acceptable if they start below 1,5 pips with a standard account. Here you may check our list of brokers offering tighter spreads as well:
CobraCFD is not a broker you can trust and the reason is quite trivial – they are simply not licensed by an institution such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). If you want to keep your money safe, never trade with unregulated brokers.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for CobraCFD
Sorry I speak only Italian
Sono appena stato depredato da cobracfd di circa 48000в‚¬.
Translated by Google:
I have just been looted by cobracfd of about в‚¬ 48,000.
CobraCFD review – 5 things you should know about C0bracfd.com
Beware! CobraCFD is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
CobraCFD is a Forex brokerage registered in the Marshall Islands. The required minimum deposit is the standard $250 and the leverage extended to traders goes up to 1:200 but further trading conditions remain undisclosed.
CobraCFD regulation & safety of funds
The corporate information shown on the website is a bit chaotic which is a worrisome sign from the start. We read that the brokerage is supposedly owned by two different companies, one of which is registered in the Marshall Island under the name CobraCFD Ltd and the other is in Bulgaria under the name Kings Power Ltd.
We remind readers that Bulgaria a member-state of the European Union and online Forex trading is duly integrated within its regulatory framework which is modeled after the ESMA guidelines. In fact, there are quite a few licensed Forex brokerages in the country which operate legally. However, we find no mention of a license by the Bulgarian authorities – thus we may safely conclude that the brokerage Cobra does not fall under any European regulatory oversight.
As was said above, the corporate information is quite chaotic. This is definitely not the first brokerage we encounter that is supposedly operating out of both Bulgaria and the Marshall Islands. And no wonder since t he Marshall Islands has become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that JPM Invest, irrespective of its legitimacy, does not fall under any regulatory oversight whatsoever because the government of the Marshall Islands does not include Forex trading within its regulatory framework.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
CobraCFD trading software
The brokerage does not provide the MetaTrader 4 trading platform which we always consider a huge disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. Instead, CobraCFD puports to support the Sirix platform which isn’t a bad choice and we further highlight the fact that the Sirix platform has a social trading feature which is quite neat and a definite advantage for interested traders. However, we were unable to register for a demo account which casts a huge shadow over all of the supposed advantages of the brokerage. Furthermore, without information we cannot conclude what spread the brokerage is offering. Usually in Forex trading the standard spread is about 1.5 pips on EUR/USD.
CobraCFD deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as bank wire, however, popular online payment gateways such as Skrill and Neteller are missing.
Trading with an unregulated brokerage is quite risky and this is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Unfortunately, the possibility of a scam looms over almost every trade in Forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
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