Note: CFAFX's official website: http://cn.cfa-fx.com/ is currently inaccessible normally.
General Information
CFAFX Information
CFAFX is a broker primarily targeting the Chinese market, offering three types of trading tools with a maximum leverage of 1:400 and requiring a minimum deposit of $300. However, its official website is inaccessible, so detailed information is unavailable. In addition, it is not subject to any legal supervision.
Pros and Cons
Is CFAFX Legit?
CFAFX claims to be regulated by the Vanuatu Financial Services Commission, but through investigation, it was found that its license has been revoked. Moreover, Vanuatu's capital requirement for brokers is only $2,000. This low entry threshold has resulted in the presence of many fraudulent brokers. Therefore, you must pay attention to this information and choose a legally regulated broker.
What Can I Trade on CFAFX?
CFAFX offers forex pairs, commodities and indices.
Account Type
CFAFX offers two types of accounts: Standard accounts and Institutional accounts. The minimum deposit is $300 and $5,000, respectively and the maximum leverage for both is 1:400, which is relatively high in the industry. Spreads are 1.2-2 pips for standard accounts and 0-1.2 pips for institutional accounts.
However, demo accounts are not available at CFAFX.
Trading Platform
CFAFX supports trading on leading trading platform MT4. MT4 can handle customized tools such as advanced technology indicators and automated trading systems.
Deposit and Withdrawal
The deposit and withdrawal methods supported by CFAFX include bank transfer, credit card/debit card, and China UnionPay.
Customer Service
The official website of CFAFX is inaccessible, and as a result, no other information about customer service is provided except for email. This is also a dangerous signal, as reliable brokers would provide comprehensive customer service channels.
The Bottom Line
CFAFX is a broker that offers three types of tradable instruments. The leverage offered is relatively high in industry. If CFAFX is a legitimate broker, you may be able to earn profits many times higher than your principal. However, CFAFX is not legally regulated, so you are advised to stay away from it.
FAQs
Is it safe to trade with CFAFX?
No, trading with CFAFX is unsafe given the lack of legal regulation.
What is the minimum deposit required by CFAFX?
The minimum deposit is $300.
What is the maximum leverage offered by CFAFX?
The maximum leverage is 1:400.
