Beware! CashcageFX 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.
CashcageFX is a trend follower and there is no doubt about it, as they are the next one on the list which doesn’t bother to provide the public with legal provisions. Such a broker claims to be authorized by CySEC and CIMA(Cayman Island Monetary Authority), while being operated by some ambiguous company with Canadian address, without no further information given. As many others they put their core values on display, these are transparency, confidentiality, integrity and trust, accessibility, just to name a few. The problem is that they are lying, at least about the accessibility, we couldn’t get access to any information about them, anywhere on the net, even an account opening turned to be a daring task. Find out why, and also all the details about this Forex broker in the full CashcageFX review.
CashcageFX REGULATION AND SAFETY OF FUNDS
CashcageFX is a totally anonymous entity which is nowhere to be found, their claims to be CySEC and CIMA regulated are false. No such entity exists in the databases of the spoken of watchdogs, what’s more there isn’t even a legit company behind this Forex broker. In fact, it isn’t even necessary to browse through the CySEC register, CashcageFX offers leverage levels as high as 1:500, which are not allowed anywhere across EU or UK.
There are two addresses provided, in Canada and Dubai, but no contact number, which isn’t enough to prove their legitimacy, or anything else, at all!
Your funds are not safe if you deposit with CashcageFX, it is an unlicensed, unauthorized and unregulated Forex broker posing a threat to your money, in case you invest there. If you are looking for a reliable true Forex broker choose a company which is legit, authorized and regulated. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In EU and UK, for example, the foreign exchange agents have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients accounts etc. There are also money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
CashcageFX TRADING SOFTWARE
There is no information about the CashcageFX trading platform, there isn’t anything detailed on their web page, also the registration process is a misery, upon registration they are supposed to send an activation link but after a day we are still waiting for it.
The spread is said to be as low as 0.5 pips, the leverage level might reach up to 1:500 with their Micro account. It is unknown, however, whether MT4 or MT5 accounts are available. There aren’t any links on their Front page and as we are unable to enter our account we do not know what their platform looks like. If you want to trade Forex in a real environment we advise you to stick to true, regulated Forex brokers which offer the Metatrader platform, either the fourth or the fifth version.
Metatrader is the leading retail trading software which is fully equipped with features, it is stable and reliable, also used by the majority of the traders. It offers all the charting and drawing tools needed, a wide variety of indicators,includes strategy tester and allows expert advisors and automated trading. Also it has its own marketplace where you can find complex indicators, expert advisors and robots and many other trading tools developed by them or by third parties. Do not waste your time with entities such as CashcageFX.
As soon as we get an activation link we are going to update you with their platform and trading conditions, but you shouldn’t raise expectations!
CashcageFX DEPOSIT/WITHDRAW METHODS AND FEES
CashcageFX does not have T&Cs, Client Agreement or any other legal document presented in any form. You should never deposit money with Forex brokers who are so careless about the matter, you’d better simply throw your money out of the window, at least you’ll save the hassle this way.
The minimum deposit is 100 USD, but there aren’t any funding methods introduced.
The minimum withdrawal is unknown, fees and charges not specified, dormant account policy is also missing.
There aren’t bonuses or other trading incentives presented, a partnership program is introduced, but no specific T&Cs or other further information is given.
CashcageFX has a very cheap website containing no significant information in it, also they do not respect their prospective customers appropriately, after a day we still do not have an access to our trading account. The service is far below the standards, they do not act like professionals, stay away from CashcageFX.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
We suspect that CashcageFX might be attracting customers in the social media platforms. Many of the scammers are doing the same, it’s a trendy approach nowadays, they do not pay much attention to their website, instead they act primarily in Facebook, Instagram, Youtube, Telegram, you name it. They contact people, offer irresistible, lucrative, also too good to be true deals and later only use their websites for the registration process. Often such entities would not even accept customers who were not contacted by them in the social media. Beware!
There is no true protection against scam, but you will be safer if you do a thorough research, get familiar with the trading conditions offered by the brokers, read their Client Agreements, use demo accounts, read reviews, be alert. With charlatans adapting their tactics daily, you’d better be always up to date with the newest scammers’ tactics!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Stay away from CashcageFX and report immediately if they contact you, it’s an illegal Forex broker, lying about its authorization.