Beware! CNX Markets 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.
At first glance, the CNX Markets website could mislead that this is indeed the regulated and established forex broker it portrays itself to be. But even a basic fact check leads us to the conclusion that it is a scam. In this review, we will show you how to determine if a forex broker is legitimate and why CNX Markets is not.
CNX Markets Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
CNX Markets claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), Seychelles Financial Securities Authority (FSA) and Mauritius Financial Services Commission (FSC).
This statement in itself is misleading because the Seychelles and Mauritius are offshore areas where there are no significant regulations for forex brokers. But the big problem is that the regulation claims are not true.
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
The Cypriot financial authorities have blacklisted CNX Markets, which definitively confirms that this website is a scam.
Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK. As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK.
CNX Markets Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
CNX Markets claims to offer the industry’s most popular trading software, MetaTrader 5 (MT5). But there are no links on the website to the platform’s desktop or mobile apps.
At the time of writing this review, it was not possible to register a new account, so we were not able to ascertain whether or not CNX Markets has any trading software.
It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
CNX Markets Trading instruments
CNX Markets advertises trading in all major asset classes. But we have no good reason to believe that this anonymous scam website offers real trading. If you want to invest in financial instruments, go to a properly licensed intermediary.
CNX Markets Spreads and cost of trading
In the descriptions of the account types, we see conditions that are actually not very competitive and attractive – spread starting from 2.2 for a starter account. Legitimate forex brokers offer more favourable conditions.
CNX Markets Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
CNX Markets offers leverage up to 1:500, which is also proof that it is not a regulated broker. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
CNX Markets Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Free|
|PayPal||1 hour||24 hours||2%|
|Skrill||1 hour||24 hours||2%|
|Neteller||1 hour||24 hours||2%|
|Crypto||24 hours||24 hours||Fee depends on crypto|
CNX Markets claims to allow deposits and withdrawals via credit/debit cards, bank transfer and a host of popular e-wallets. However, due to our inability to register an account, we were unable to confirm if this is true.
Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.
CNX Markets Minimum deposit
CNX Markets requires an extremely high minimum investment of 2500 EUR. Most legitimate forex brokers require a minimum deposit that is ten times lower.
CNX Markets Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Since CNX Markets does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.