ComfyFX is a forex broker that was registered on October 5, 2022, in Saint Vincent and the Grenadines. It primarily offers financial trading services such as stocks, indices, bonds, commodities, and forex to investors. The broker's official website supports multiple languages, including English, Arabic, and Vietnamese, and it operates globally.
Company Background and Regulatory Status:
The registered entity of ComfyFX with the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) is Astra Trading LLC, with a registered address at First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines, and registration number 2613. According to the Whois query, the broker's website was registered on January 20, 2023. As of October 31, 2023, ComfyFX has been in operation for less than a year.
However, it's important to note that the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) only regulates activities related to banking, insurance, or mutual funds and does not regulate forex margin trading activities nor issue forex licenses. Therefore, ComfyFX's forex trading and brokerage activities are unregulated.
Account Opening:
To open an account with ComfyFX, you need to register on their official website by providing your name, date of birth, personal email, phone number, nationality, country and city of residence, detailed residential address, select the base currency, and set a login password. Once you submit this information, your account will be created. After successful account creation, you will need to send identity verification documents and proof of address documents, which can be submitted via fax, scanning, or email. Only after these verification documents are approved can you fund your account and start trading.
Account Information:
ComfyFX offers both demo accounts and real trading accounts. However, critical information such as minimum deposit amount, spreads, leverage, trading commissions, margin levels, stop-loss levels, and minimum trade sizes are not found on their website or in the user interface after login.。
Trading Platform:
ComfyFX provides the MT5 trading platform, which is available as a desktop version, web version, and mobile version. However, upon downloading the MT5 platform through the provided link, it is revealed that the entity providing the servers for the platform is Paxton Trade Limited, and there is no mention of the trading brand "ComfyFX" or the entity "Astra Trading LLC" on the MT5 platform. The broker's official website also does not provide services through MT5.
Deposits and Withdrawals:
ComfyFX supports deposit methods such as Globalpay, Virtualpay, Sharjah Islamic Bank, Induslnd bank, and Help2pay. The minimum withdrawal amount is $100. The broker does not clearly disclose information about fees and processing times for deposits and withdrawals.
Customer Support:
ComfyFX only offers customer support through email at support@comfyfx.com.
Summary:
Traderknows advises investors that ComfyFX is an unregulated fraudulent website. The key information provided by the broker regarding trading is ambiguous. Additionally, downloading the MT5 trading platform from the broker's website reveals that the entity providing the servers is Paxton Trade Limited, with no mention of "ComfyFX" or "Astra Trading LLC." Furthermore, the broker can only be contacted through email, raising suspicions about the platform's legitimacy. Traderknows recommends that traders stay away from ComfyFX when choosing a trading platform to avoid unnecessary financial losses. Currently, this broker is marked as "suspected fraud" on Traderknows.
