There are several Forex trading sites in the present time which also allow CFD trading facilities. Forex trading has become quite popular these days and since it is an OTC (over the counter) for all the trading currencies, it is quite profitable if you bet for or against the correct one. There is no cap on the amount of return that you can get and it can be said to the finest markets in terms of trading volumes. The credit market comes first and after that forex trading is considered to be one of the biggest ones in terms of trading. Several offshore companies act as digital brokers for assisting small time as well as big-time traders in earning good amounts of money and among them, CodexFx is a well known one. Now a lot of people have been saying both good and bad things about this company, so before investing here, one must research the pros and cons of this site.
CodexFx is undoubtedly one of the most gossiped websites out there when it comes to Forex trading. The site also provides a CFD broker working environment and it supports the old format of MT4, which is not appreciated by a lot of traders. Even though it is convenient, in the contemporary world of forex trading, this MT4 feature does not work for a lot of people. The website has a decent workaround software feature that allows users to work with a larger number of numbers, a good analysis tool that has so many and some over the top trading charts. The website is said to be stable and will be convenient for someone who laid their first step in the world of forex trading. Alongside the API connectivity, a trader will deal with several orders and the advisors are available here for automated trading. Even though CodexFx has so many features, it can never compete with Metatrader.
Customer reviews for this website have not been good in the past as well. A UK based trader in the past has raised a complaint to the trading organization of the country and has asked the Financial regulators to put an end to this website as there were a good number of instances where that person had lost a good amount of money. CodexFx has been considered to be a market maker, which means that to stabilize the conditions in the market, it will trade against the traders.
Below are some of the most important CodexFx review reasons why one should not be considering this website as their choice for investing.
CFD rage — the broker has been offering a good number of CFD rates. One will find a decent number of assets that he or she can trade with. The currency pairs are good and one will find commodities, third party stocks, precious metal that one can trade with.
Not a licensed tool – a lot of people don’t know about this but CodexFx is not properly licensed. The site is being operated by CodexFx Ltd, which goes back to Bulgaria. There is no financial regulation agreement that you will find on the website. The people that have designed this tool/website were never obligated to agree to any kind of financial regulatory term, which is one of the many reasons that this site cannot be trusted. When the base is not that strong, it is quite hard to keep up in the future. A company has to be licensed through and when extensive research was done, it was found out that the company’s registration goes back to Belize and the license was revoked. In a way, it can be safe to say that the company is not a licensed one and it is a parent company for other small brokerage companies which is even worse. There is a high number of fraudulent vibes that have been initiated by CodexFx and a lot of traders consider it to the best of their interest to not trade on this website.
There is no law binding the markers of this website – the people who have developed and are running this website are not bound by any kind of law. So, if anything goes wrong in the future, there would be no one that will be there to take responsibility. The clients that will be trading with CodexFx will have no one to turn to and they will simply be victims of this fraudulent tool that they got attracted to. There is not much buzz regarding the website being from different countries and part of that is true. If someone deep dives into the history of this site, it can be found it that even though the license for operating a trading website under financial regulations was rejected in Belize, the details still say that the Government of Estonia, which is a small country in Europe has taken full responsibility of the financial regulatory contracts for CodexFx, which is again a fraudulent statement. This seems to be a plagiarized term and condition from any other random brokerage website/tool.
Massive deposit requirement:
The website has been claimed to be one of the highest demanding brokerage sites for traders. A potential trader has to come with an initial deposit of at least $500.00. Most forex brokerage sites only ask for something around 200$ to 300$ for first time traders. Again some brokerage sites do not ask for any kind of initial deposit at all.
Connection to other brokers:
CodexFx has been proved to be connected to other websites that are themselves not that relevant and it will not be surprising if it is said that the websites are playing a chain of fraudulent money moving scam. There is a massive risk of being associated with these sites.
Spreads vary a lot:
The details regarding the spreads provided by CodexFx are also not legitimate. The brokerage site never provided any kind of information regarding and reference spread which is a markdown regarding many experts in forex trading. It only offers 3 pips for EUR/USD which is below standard.
Blacklisted brokerage site:
The Italian Financial Commission is also known as CONSOB has blacklisted this website in their country and the neighboring countries have also taken similar action against it. When there are too many red flags against a brokerage website, it is usually not allowed to operate and this seems to be one of the most probable outcomes in the future for this website.
It can be said that putting money into this platform would be considered as a mistake after all the bad things that are in this review regarding CodexFx. Initially, you will see good things when you’re trading here but down the line, it will bring traders down. With time, traders will find lesser solutions and smaller options to get a good return of the disrupting currencies. Brokers will be prone to risks if they are trading on this website. All forex trading websites are more or less the same but what separates one from the other, is proper regulatory agreement and licensing and since CodexFx lacks that basic thing, it is advisable not to use it at all.