CIFX 5 is a Contract for Difference (CFD) broker, whose official domain was registered on March 19, 2024. It primarily offers trading services in financial derivatives such as stocks, futures, crude oil, gold, cryptocurrencies, and forex to retail and institutional clients. This broker does not provide services to jurisdictions where it might violate local laws or regulations.
Company Registration Information and Regulatory Status:
According to the public information on the official website of CIFX 5 (www.cifx5.cc), the company's full name is CIFX 5 GROUP LIMITED, headquartered in London, UK. It is purportedly regulated by several institutions including the UK Financial Conduct Authority (FCA), the US Financial Crimes Enforcement Network (FinCEN), the Australian Securities and Investments Commission (ASIC), and the Japan Financial Services Agency (FSA). Its regulatory IDs are UK FCA ID: 504072, Australia ASIC ID: 406684, Japan FSA ID: 2010401081157, and US MSB ID: 31000234126807.
However, upon verification of these regulatory IDs on the websites of the corresponding authorities, it is discovered that all these licenses are held by well-known broker AVATrade, not CIFX 5. Furthermore, the US Financial Crimes Enforcement Network (FinCEN) shows that MSB ID: 31000234126807 belongs to SSJTCF GROUP LIMITED. Therefore, CIFX 5 is actually a fraudulent broker website with no corporate entity or regulatory oversight.
Additionally, the web design and content of CIFX 5’s website (www.cifx5.cc) are identical to those of other fraudulent broker websites like Instant Global Markets Trade Co. Ltd, FirstTrade, Tasman FX, WTTKE, FBS, and XCharter.
Account Opening Process:
To open an account with CIFX 5, visit the broker's official website, click on the "Register" button on the homepage or in the upper right corner of the webpage to go to the account registration page. Fill in your email address and set a login password as required. The broker will then send a verification code to the email address provided. Enter this verification code in the application form and submit it. Once the application is submitted, the account will be successfully registered. After logging into the account, identity verification is required before deposits can be made and trading can commence.
Trading Account Information:
The CIFX 5 website only discloses information about spreads, trading leverage, margin call/stop-out levels, and contract sizes. It does not provide information on account types, trading commissions, minimum/maximum trading volumes, maximum position/order sizes, or minimum price increments.
- Spreads: Floating spreads
- Trading leverage: 1:400
- Margin call/stop-out levels: 100%/50%
- Contract size: 1 lot = 100,000 units of currency
Trading Platform:
CIFX 5 offers its own trading platform, available on both desktop and mobile devices. This platform provides over 50 technical indicators and intraday analysis tools and has features for advanced traders.
Deposits and Withdrawals:
CIFX 5 does not clearly disclose the supported deposit and withdrawal methods, fees, or the minimum deposit and withdrawal amounts on its website.
Conclusion:
Traderknows reminds investors that CIFX 5 is a suspected fraudulent broker with unclear registration and regulatory information and false advertising. The only way to contact them is through email, making their contact method very limited. The website design and content are the same as other fraudulent broker websites like Instant Global Markets Trade Co. Ltd, FirstTrade, Tasman FX, WTTKE, FBS, and XCharter. Traderknows advises investors to choose brokers with transparent information, strong regulation, and good reputation to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
