CXM Direct is a forex broker established on June 23, 2020, and registered in Saint Vincent and the Grenadines. It primarily provides financial trading services to traders in forex, metals, indices, energy, and stocks. The company is headquartered in Kingstown, Saint Vincent and the Grenadines. CXM Direct does not offer its services to residents of Algeria, Belarus, Canada, China, Cuba, Iran, Myanmar, North Korea, Russia, Sudan, Syria, the United Kingdom, and the United States.
Company Background and Regulatory Status:
CXM Direct is registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) under the entity CXM Direct LLC. This entity is one of the subsidiaries of the CXM Group. The company's registered address is Halifax Street, Kingstown VC 0120, with a registration number of 444. According to Whois information, the broker's official domain name was registered on February 19, 2020.
It's important to note that the SVGFSA primarily regulates activities related to banking, insurance, and mutual funds and does not regulate forex margin trading activities or issue forex licenses. Therefore, this entity operates in an unregulated status.
CXM Direct also has a registered entity in the United Kingdom, known as CXM Prime Ltd, which was registered on May 19, 2021. Its registered address is Office No. 518 Signature By Regus, London, England, EC3A 6DQ, with a registration number of 13407617. This entity is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom, with authorization granted on December 20, 2022, and a license number of 966753. The FCA has specified that CXM Prime Ltd is only allowed to provide services to European institutional clients and is not permitted to offer services to non-European entities or retail clients.
In addition, the regulated website of this entity listed on the FCA's official website is https://www.cxmprime.co.uk, rather than https://www.cxmdirect.com. It's worth noting that the regulated website provides liquidity and technology solutions to trading companies and professional traders but does not offer forex trading and broker services.
Account Opening:
To open a CXM Direct account, you need to register on their official website, provide your basic personal information, and wait for a verification code to be sent to your mobile phone. After entering the verification code, you can access the CXM Direct user interface. Upon initial login, you will be prompted to upload identity and residency documents for identity verification. After this, you can go to the "Account" menu in the trader's area, select your account type and leverage, and confirm to successfully open the account.
Account Types:
CXM Direct offers a demo account and five different types of real trading accounts: Standard Account, Standard Bonus Account, ECN Account, Cent Account, and Islamic Account. These accounts share common features, including offering forex, metals, CFDs, stocks, no overnight swap charges, support for EAs, scalping, and hedging, a minimum trade size of 0.01 lots, margin call at 50%, stop-out at 30%, zero minimum order distance, no trading restrictions, and managed accounts/copy trading.
The differences between the accounts are as follows:
- Standard Account: Minimum deposit of $50, no maximum leverage.
- Standard Bonus Account: Minimum deposit of $50, no maximum leverage.
- ECN Account: Minimum deposit of $100, no maximum leverage.
- Cent Account: Minimum deposit of $10, maximum leverage up to 1:2000.
Trading Platform:
CXM Direct provides both MT4 and MT5 trading platforms, including versions for Windows, Android, iOS, and MAC. The physical server for users on the MT4 platform is provided by CXM Direct LLC.
Deposits and Withdrawals:
CXM Direct supports various deposit and withdrawal methods, including FasaPay, local banks, blockchain, Perfect Money, and USDT (Tether).
Partner Program:
CXM Direct offers a partner program where you can become an introducing broker or a fund manager. The broker also provides white-label solutions and FIX API.
Customer Support:
Users can contact CXM Direct through phone at +44-8085015346 and email at support@cxmdirect.com. Additional contact options are available on their website's "Contact Us" section for customer support.
Summary:
It's important to note that CXM Direct is operating under an unregulated status for the entity registered in Saint Vincent and the Grenadines. Investors are advised to exercise caution, as there may be no recourse in case of financial issues. Currently, the broker has been marked as "suspected of fraud" on Traderknows.
