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+1 (650) 491-9997
+44 204 571 6608
Commercial Group FX Pty Ltd
Pyramid scheme complaint
|CGFX Review Summary|
|Market Instruments||Currencies, Commodities, Indices, Shares, and more|
|EUR/ USD Spread||1.0 pips (CG+ account)|
|Customer Support||24/6 Phone, email, online messaging|
CGFX, also known as Commercial Group FX, is an online trading broker that provides access to the popular MT4 platform. It offers a variety of trading instruments across different asset classes.
The company was originally established as Commercial Group for Trading in International Markets (CGTIM) in 1998 and was the first of its kind to be registered in the Hashemite Kingdom of Jordan. In 2011, CGTIM underwent rebranding and expansion efforts, leading to its current name, Commercial Group FX (CGFX).
If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.
- Competitive spreads: CGFX offers competitive spreads from 0.0 pips, which can benefit traders by reducing transaction costs.
- Demo accounts available: CGFX provides demo accounts, allowing traders to practice and test their strategies without risking real money.
- MT4 supported: CGFX supports the popular MetaTrader 4 platform, which is widely used by traders worldwide for its advanced charting and trading features.
- Acceptable minimum deposit: CGFX sets an acceptable minimum deposit requirement of $50, making it accessible for traders with varying investment sizes.
- Multi-channel support: CGFX offers multiple channels for contacting customer support, phone, email, and online messaging, providing assistance to traders whenever needed.
- ASIC regulation exceeded: CGFX operates outside of the scope authorized by the Australian Securities and Investments Commission (ASIC). This regulatory non-compliance poses a risk to traders.
- Regional restrictions: CGFX does not provide its services to citizens of the United States of America, Iran, Syria, and North Korea.
CGFX states that they have implemented safeguards such as Segregation of accounts, Banking relations, and secure technologies and services to protect their clients.
However, it should be noted that this broker operates outside the scope authorized by the Australian Securities and Investments Commission (ASIC) (license number: 150 714 882). Therefore, investing with CGFX carries a certain level of risk. Before making any investment decisions with CGFX, it is essential to conduct thorough research and assess the potential risks and rewards. It is generally advised to invest with fully-regulated brokers to maximize the protection of your assets.
CGFX offers a range of trading instruments across different asset classes, which includes:
Currencies - CGFX provides access to the foreign exchange market, allowing traders to buy and sell major, minor, and exotic currency pairs. Examples of currency pairs available for trading include EUR/USD, USD/JPY, GBP/USD, and more.
Commodities - CGFX offers trading in a range of commodities such as precious metals, energy, and agricultural products. Examples of commodities available for trading include gold, silver, crude oil, natural gas, and wheat.
Indices - CGFX allows traders to buy and sell leading global stock indices such as the S&P 500, NASDAQ, FTSE 100, NIKKEI 225, and more.
Shares - CGFX enables traders to invest in shares of some of the world's leading companies, such as Facebook, Apple, Amazon, Microsoft, and more.
CGFX offers three live account types that cater to the varying needs of traders:
- CG+ Account:
This is the entry-level account with a minimum deposit requirement of $50. It offers competitive spreads, access to the trading platform, and a range of trading instruments, including forex, indices, commodities, and shares.
- CG-Pro Account:
This is the intermediate-level account, requiring a minimum deposit of $250. It offers lower spreads, access to advanced trading tools, and priority access to customer support. The CG-Pro account is suitable for traders who require additional features such as higher leverage, Priority Technical Analysis, and access to educational resources.
- CG-Prime Account:
This is the premium account, with a minimum deposit requirement of $1000. It offers the lowest spreads, personalized support, one-on-one trading mentoring, a personal account manager, and access to exclusive trading tools and resources.
CGFX demo accounts offer a risk-free environment that allows traders to practice trading with virtual funds and test the platform's features and functionalities. It is a good option for traders who want to gain knowledge and skills without risking their own capital.
CGFX offers a maximum leverage of 1:400. Leverage is a tool that allows traders to amplify their trading positions by borrowing additional funds from the broker. With a leverage ratio of 1:400, traders can control positions that are 400 times the amount of their initial investment. This means that with a small amount of capital, traders have the opportunity to enter larger trading positions and potentially generate higher profits.
However, it is important to note that while high leverage can increase potential returns, it also comes with significant risks. The amplified exposure can lead to larger losses if the market moves against the trader. It is crucial for traders to fully understand the risks associated with leverage and to use it responsibly.
CGFX offers a range of account types that come with different spreads and commissions. The details of spreads and commissions as followed:
|Account Type||Spread (Starting from)||Commission|
|CG+||1.0 pips||No commission|
|CG-Pro||0.6 pips||USD 5 / Lot|
|CG-Prime||0.0 pips||USD 3 / Lot|
CGFX is a leading online trading broker that offers its clients access to the widely-known MetaTrader 4 (MT4) platform. MT4 is a user-friendly platform that gives traders access to several financial markets, including Forex (FX), commodities, contract-for-difference (CFDs), and indices. This means that traders can trade a wide range of financial instruments and make important trading decisions based on accurate real-time prices.
The CGFX MT4 platform is available and optimized for multiple devices, including PC, Mac, iOS, and Android, which means users can trade at any time and anywhere they choose. In addition, the company provides Virtual Private Server (VPS) trading services, which is a crucial component for traders who wish to run automated trading systems or expert advisors. The VPS service ensures traders can trade uninterrupted, 24 hours a day, 5 days a week, without requiring their personal computers to stay online.
CGFX offers a user-friendly and secure deposit and withdrawal process to ensure clients can easily manage their funds. Clients have a range of options to choose from when it comes to making deposits and withdrawals, including VISA, Mastercard, Cryptos, STICPAY, BANK Transfer, and LOCAL PAYMENTS
VISA and Mastercard
For clients who prefer to use their credit or debit cards, CGFX accepts VISA and Mastercard. This enables clients to make quick and convenient deposits directly from their cards. The process usually involves providing the necessary card details and completing the transaction through a secure payment gateway.
Cryptocurrency enthusiasts can also utilize their digital assets to fund their CGFX accounts. CGFX accepts various cryptocurrencies, which may include popular options such as Bitcoin, Ethereum, and others. Deposits and withdrawals made in cryptocurrencies are typically processed quickly, allowing clients to have faster access to their funds.
STICPAY is another payment option available to CGFX clients. STICPAY is an online e-wallet that allows users to fund their accounts and make transactions securely and efficiently.
For those who prefer traditional banking methods, CGFX supports BANK Transfers. This option allows clients to transfer funds directly from their bank accounts to their CGFX trading accounts.
CGFX also provides LOCAL PAYMENTS as a deposit and withdrawal method. This allows clients to use local payment platforms and methods that are specific to their region. The availability of local payment options may vary depending on the client's location, but they offer convenience and ease of use for those who prefer local banking methods.
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: (24/6) +1 (650) 491 - 9997
+44 204 571 6608
Address: Premier Business Center, 10th Floor, Sterling Tower, 14 Poudriere St., Port Louis, Republic of Mauritius
Moreover, clients could get in touch with this broker through the social media, such as Twitter, Facebook, Instagram, YouTube, TikTok, WhatsAPP and Linkedin.
CGFX provides an online messaging feature within their trading platform, which enables traders to directly communicate with customer support and other traders. This functionality allows users to conveniently receive real-time assistance or engage in discussions with fellow traders through the platform.
In conclusion, CGFX offers access to the MT4 platform, a range of trading instruments, and multilingual customer support. In terms of regulation, CGFX has obtained licenses in the countries it operates in. However, it is important to note that CGFX exceeds the business scope regulated by ASIC.
Potential clients should be aware of the regulatory limitations and conduct their due diligence to ensure the suitability and safety of engaging with CGFX.
|Q 1:||Is CGFX regulated？|
|A 1:||No. Its license has been exceeded.|
|Q 2:||How can I contact the customer support team at CGFX？|
|A 2:||You can contact via telephone: (24/6) +1 (650) 491 - 9997 and +44 204 571 6608, email: email@example.com and online messaging.|
|Q 3:||Does CGFX offer demo accounts？|
|Q 4:||Does CGFX offer the industry leading MT4 & MT5？|
|A 4:||Yes. It offers MT4.|
|Q 5:||What is the minimum deposit for CGFX？|
|A 5:||The minimum initial deposit to open an account is $50.|
|Q 6:||At CGFX, are there any regional restrictions for traders？|
|A 6:||Yes. CGFX does not provide its services to citizens of the United States of America, Iran, Syria, and North Korea.|
Online trading carries substantial risk, and it's possible to lose all of your invested capital. It can not be appropriate for all traders or investors, so it's crucial to fully comprehend the risks involved. Additionally, the information presented in this review can change as the company updates its policies and services, and the date when this review was created is also important to consider. As a result, it's recommended that readers always check the latest information directly with the company before making any decisions. The reader is responsible for using the information provided in this review.
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