CX Markets Review 2020 (Cantor Exchange)

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CX Markets review – 5 things you should know about Cryptexmarkets.com

Beware! CX Markets is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

CX Markets is a binary options brokerage which is based in Dominica. It provides a web-based trading platform but does not disclose much about its trading information, nor its corporate information. We have serious reason to suspect the brokerage may be fraudulent. Read the whole review to find out why!

CX Markets regulation & safety of funds

According to the website of the brokerage CX Markets is owned and operated by the infamous company – Options Tech Limited. It is presumably registered and situated in the Commonwealth of Dominica.

As a matter of fact, the UK’s Financial Conduct Authority issued an official warning against the company by the name Options Tech Limited. It reads that the firm is suspected of being involved in scam operations and urges clients not to invest funds with it. Here is a screenshot:

An official warning issued by an European regulator is about a clear-cut sign of trouble as there can be in Forex trading. Furthermore, b inary options trading is not included in any European regulatory framework and is actually prohibited in Europe. The brokerage also does not disclose anything about its trading conditions and such a lack of information hurts the presumable legitimacy of CX Markets and any sort of trust it may wish to create with traders.

The brokerage does not provide a test-drive to its platform but we, nonetheless, were able to register and get a look at it.

It cannot be called functional and there is no option for trading – all in all, the whole set-up has scam written all over it. Having in mind the complete lack of regulation, as well as the official warning by the FCA, we advise traders not to risk it with the brokerage.

Furthermore, we urge traders to minimize the risk in trading by taking up on their offers only brokers regulated by prestigious agencies, such as the UK’s FCA and CySec, require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

CX Markets deposit/withdrawal methods and fees

We could not gather from the website of the brokerage the available payment methods for potential clients. In the terms and conditions of the brokerage we read the following:

“The Company reserves the right to modify, from time to time, the size, the amounts and percentage rates of its fees and the Client will be informed accordingly, however, all fees are based on a percentage of the profit generated that month.” Such a provision is worrisome and should not figure among the terms of a legitimate brokerage.

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We always remind traders to take notice about the many safety-checks they may try with the brokerage, instead of trusting it at face-value. Firstly, they must always invest only the required minimum deposit, so that there is certainty about the legitimacy of the brokerage, before risking a bigger amount. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. If they do – traders may rest assured that they’re dealing with a scammer.

How does the scam work?

One of the best trust-creators in the trading business is the regulatory status of a brokerage. Solid regulation is extremely important in business because it distills confidence and almost completely removes the risk that the brokerage might be a scam. Nevertheless, we may not always rely on regulation and traders should be informed about the ways of scamming:

Almost certainly you have had pop-up ads waving “quick money” at your face while browsing the internet many times. One day, you simply click on it and a nice-looking website such as Bitcoin Blueprint or Bitcoin’s wealth shows up asking you to register. After sharing your personal information, a call from a broker will undoubtedly come, a broker with a once-in-a-lifetime opportunity for you. After a few minutes of him gabbing about it , you decide to deposit some $200-250. From those few hundred bucks the broker gets a fat commission.

However, brokers are surely aware they can get more out of you. They redirect you to the “retention” where next in line scammers begin working you into putting even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what is left of your account.

Now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, the scammer will begin pleading with you to wait it out, six months at the most. What they aim at is barring you from filing a chargeback with your bank. If six months expire, that option is closed and your money is gone for good.

What to do if scammed?

We wish no trader has to consider such circumstances, however, in the dire case you are scammed – it is much better knowing what available options you have in front of you:

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

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 and ready at anything to somehow recover their losses. They will say that in exchange for an up-front payment, you will get your money back, but no such thing will occur!

IC Markets

IC Markets Reviews and Ratings:

Website https://www.icmarkets.com/
Live Chat YES
Telephone +61 (0)2 8014 4280
Broker Type ECN
Regulations ASIC
Min Deposit $200.00
Account Base Currency USD, AUD, EUR, GBP, CAD, JPY, NZD,CHF, SGD, HKD
Max Leverage 500:1
Trading Platforms Metatrader 4/5, cTrader, Webtrader, API Trading, MAM / PAMM
Markets Forex, Index CFD Trading, Precious Metals, Energy, Bitcoin
Bonus Offered None
Funding Options Credit / Debit Card, PayPal, China Union Pay, Bank Transfer, Bpay, Skrill, Neteller, Qiwi, Fasapay, Webmoney, Fasapay, Broker to Broker

IC Markets

Overview: Australia-based, ASIC-regulated IC Markets is one of the biggest forex brokers, and has a good reputation for efficient platforms and support system. They have offices in Sydney and offer a number of flexible choices for trading.

Accounts: Traders can sign up for standard accounts, True ECN accounts, cTrader ECN as well as Islamic swap-free accounts. All accounts are segregated with Australian banks. The IC Markets Multi Account Manager lets money managers and experienced traders enjoy reporting in the real time with fund allocation and performance monitoring through one user-friendly interface. You can trade over 90 currencies, metal and CFDs.

Minimum deposit: $200

Maximum leverage: 1:500

Features: IC Markets gives you a total of 10 platforms to trade on, including MetarTrader4, the new MetaTrader5, mobile platforms, cTrader and autotrade services like Myfxbook and ZuluTrade. These services let you copy trades in any system to your IC Markets MetaTrader 4 account, free of charge and with no need for downloads.

With the True ECN connectivity the brokers offer tight spreads, access to interbank liquidity and fast execution.

Education: News, market reviews, calendars and calculators, as well as video tutorials are available.

Deposits/Withdrawals: Deposits accepted in ten different currencies, through fourteen fund transfer and payment options. The withdrawal form is processed quickly and withdrawals are received anywhere between 1 and 5 working days.

Customer service: 24/7 via online chat or email.

Cantor Exchange and Partners Prepare to Sweep US Binary Options Market

The Rumors Swirl; Cantor Exchange Working With CySEC Providers

It’s been confirmed that not one but several new CFTC approved binary options brokers are on the verge of being launched in the US.

There are growing signs that several new brokers are about to launched on the US market. Not one but at minimum three of the top CySEC approved platform providers are currently working with Cantor Exchange to provide access and liquidity to the US market. Cantor Exchange (CX) is a subsidiary of Cantor Fitzgerald, a global provider of marketplace solutions. Cantor Exchange is a binary options exchange, not a broker, and is supported by Cantor Clearing House for financial processing.

According to company execs CX primary responsibility is to match buyers and sellers together while ensuring regulatory oversight and a fair trading environment. They operate on what they call a “pure exchange business model” which means they have no exclusive market makers and allow direct access to pricing for all participants. The new platforms and brokers built on them will be providing access to the exchange for those participants. Rod Drown, Senior Managing Director of Global Products and Services at CX says this means that when you trade on one of these new platforms you are trading with other traders on the exchange and not with the brokers as you are doing with CySEC regulated brands.

Top EU Technology Providers Partner With Cantor Exchange

Tradologic, Techfinancials and SpotOption are included in the list with others waiting in the wings. Tradologic is the most recent to get on board but certainly not the last. The goal for these providers is to create a white label platform that they can then sell for rebranding. Each new broker will be independent yet provide access to the same pricing on the exchange, expanding price discovery and ensuring the best prices possible for all traders. Tradelogic has at least two new brands that have yet to be revealed and the others are not far behind.

Connecting traders together on the exchange is no easy feat. It took Techfinancials 6 months to reach full integration and pass its certification period after the technology was first developed. SpotOption has been trading and writing options since winter 2020 and acting as a market maker on the exchange, all in preparation for a full launch sometime in the near future. TechFinancials is leading the charge into the US market and has already announced one brand gunning for CFTC regulation, OptionFair.

Speaking of regulation this does not mean that all brokers with access to the exchange will be US approved. The technology providers have built CFTC and SEC compliant trading platforms but it will be up to the individual brokers to register with the proper authorities in order to solicit US clients.

Screenshot of SpotOption & Cantor Exchange Trading Platform

What Happened To NADEX?

While these move are not surprising in and of themselves it is surprising that Cantor Exchange is the one with whom these deals are being made. The first glimmers of connectivity began in 2020 when then CEO of CTOptions Tzacky Pickholz told ForexMagnates that the brand was in talks with NADEX. NADEX, the North American Derivatives Exchange, is the first and currently leading US regulated binary options brand but one quickly to be eclipsed if Cantor succeeds in its plans. At the time of the interview it was thought that any foray into the US market would be through NADEX but they failed in delivery of a easy to use and attractive trading environment.

When these new developments begin to bear fruit it will mean a complete change in the US and global binary options industry. Not only will there be better access and liquidity for US traders, there may in fact become a global standard in which traders from around the world are able to buy and sell against each other.

IC Markets Review 2020

Regulated By: ASIC, FSA

Foundation Year : 2007

Headquarters : International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia

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