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Contra FX

Belgium|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://contrafx.com

Website

Rating Index

Contact

+ 3278480563
contactsonline@contrafx.com
https://contrafx.com
126 Bulevar Anspach Brussels, Belgium

Licenses

No valid regulatory information, please be aware of the risk!

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Warning: Low score, please stay away!
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Contra FX · Company Summary

Aspect Information
Company Name Contra FX
Registered Country/Area Belgium
Founded Year 2017
Regulation Unregulated
Minimum Deposit $5,000 USD
Maximum Leverage Up to 1:500
Spreads As low as 0.8 pips
Trading Platforms MetaTrader 4 (MT4)
Tradable Assets Forex pairs, indices, commodities, bonds, stocks
Account Types Individual/Joint, Corporate, Trust
Customer Support Phone at +3278480563,email at contactsonline@contrafx.com.
Deposit & Withdrawal Bank transfer, debit/credit cards
Educational Resources Limited, mainly FAQ section

Overview of Contra FX

Contra FX, established in Belgium in 2017, operates as a financial trading platform. Offering a diverse range of marketable assets, including Forex pairs, indices, commodities, bonds, and stocks, the platform caters to various trading strategies. Contra FX distinguishes itself with the adoption of the widely used MetaTrader 4 (MT4) platform, known for its advanced tools and automation features. While the platform provides 24/7 customer support and diverse account types, it operates without regulatory oversight, emphasizing the importance of thorough research and risk assessment for potential users. Traders can leverage high ratios, but a notable drawback is the substantial minimum deposit requirement.

Overview of Contra FX

Is Contra FX legit or a scam?

Contra FX operates without regulation, posing potential risks to traders. Regulatory oversight is essential for industry standards, investor protection, and fair practices. Without regulatory backing, traders may face challenges such as limited legal recourse, transparency concerns, and a lack of safeguards. It's crucial for traders to be aware of the absence of regulatory oversight and carefully assess associated risks when considering engaging with Contra FX's services.

Pros and Cons

Pros Cons
Various market instruments Unregulated
MetaTrader 4 (MT4) platform High deposit required
24/7 customer support Limitied educational resources
Various account type
High leverage

Pros:

  1. Various Market Instruments: Diverse range of tradable assets in Forex, indices, commodities, bonds, and 60 Exchange stocks.

  2. MetaTrader 4 (MT4) Platform: Utilizes the widely recognized MT4 platform known for its user-friendly interface. Advanced charting tools, technical analysis capabilities, and support for automated trading through Expert Advisors (EAs).

  3. 24/7 Customer Support: Continuous around-the-clock support through live chat, email, and phone. Ensures immediate assistance for traders, fostering a responsive and supportive trading environment.

  4. Various Account Types: Offers a range of account types, including Individual/Joint, Corporate, and Trust Accounts. Caters to diverse trader preferences and needs.

  5. High Leverage: Provides high leverage up to 1:500 across all account types.Allows for increased control or risk management, depending on individual comfort levels.

Cons:

  1. Unregulated: Operates without regulatory oversight. Potential risks for traders, including limited legal recourse, transparency concerns, and lack of safeguards.

  2. High Deposit Required: Imposes a substantial minimum deposit requirement of $5,000 USD, especially for bank transfers and bank cards.

  3. Limited Educational Resources: Offers minimal educational resources, primarily featuring an FAQ section. Lack of comprehensive learning materials for traders seeking in-depth understanding of trading concepts and strategies.

Market Instruments

Contra FX provides a comprehensive array of tradable assets, notably in the Forex market, encompassing major currency pairs like EUR/USD, USD/JPY, and GBP/USD. This diverse selection caters to various trading strategies and opportunities within the dynamic Forex market.

In terms of indices, Contra FX offers prominent options like CAC 40, DAX 30, Dow Jones 30, FTSE 100, NASDAQ 100, Nikkei 225, S&P 500, and Swiss 30. These indices represent key global markets and provide traders with exposure to broader market trends.

For commodities trading, Contra FX includes Copper, Gold, Silver, Crude Oil, Natural Gas, and Soy. These commodities allow traders to diversify their portfolios and engage in commodity market movements.

In the realm of bonds and other indices, Contra FX features the USD index, 10-year US T-Note, and 30-year T-Bonds. These offerings provide opportunities for traders interested in fixed-income securities and broader economic indicators.

Additionally, Contra FX expands its asset selection with 60 Exchange stocks. This variety adds another layer of diversity to the tradable assets, allowing traders to explore opportunities within the stock market.

While Contra FX offers an extensive range of marketable assets, it's important for traders to conduct thorough research and consider their investment goals before engaging in trading activities.

Account Types

Contra FX offers diverse account types to accommodate varying trading preferences.

The Individual/Joint Account provides leverage up to 1:500, competitive spreads starting at 0.8 pips, and a minimum deposit of $5,000.

Corporate Accounts, tailored for businesses, share similar features with a higher minimum deposit of $10,000. For Trust Accounts, designed for trusts, the minimum deposit is $100,000, reflecting the specific needs of such entities.

Regardless of the account type, Contra FX ensures a seamless trading experience with a demo account, access to the MT4 trading tool, and around-the-clock customer support through live chat, email, and phone, fostering a supportive trading environment for all.

Feature Individual/Joint Account Corporate Account Trust Account
Leverage Up to 1:500 Up to 1:500 Up to 1:500
Spread As low as 0.8 pips As low as 0.8 pips As low as 0.8 pips
Commission No commission No commission No commission
Minimum Deposit $5,000 $10,000 $100,000
Demo Account Yes Yes Yes
Trading Tool MT4 MT4 MT4
Customer Support 24/7 live chat, email, phone 24/7 live chat, email, phone 24/7 live chat, email, phone
Account Types

How to Open an Account?

Opening an account with Contra FX involves a straightforward process, divided into six key steps:

  1. Visit the Official Contra FX Website:

    1. Start by accessing Contra FX's official website at [https://www.contrafx.com](https://www.contrafx.com).

2. Navigate to Account Opening Section:

  • Locate the “Open an Account” or a similar section on the website's main menu.

3. Choose Account Type:

  • Select the type of trading account that aligns with your preferences – whether it's an Individual/Joint Account, Corporate Account, or Trust Account.

4. Complete Registration Form:

  • Fill out the registration form with accurate personal and financial information, including your full name, contact details, and other required details.

5. Submit Required Documents:

  • Contra FX may require certain documents for identity verification and compliance purposes. Upload copies of your identification, proof of address, and any other necessary documentation.

6. Fund Your Account:

  • Once your account is verified, fund it by choosing from the available deposit options. Contra FX supports various payment methods, such as bank transfers and credit or debit cards.

After completing these steps, you should have a verified and funded trading account with Contra FX, ready to explore the range of trading assets and take advantage of their trading platform.

Leverage

The leverage offered is up to 1:500 for all account types, including Individual/Joint Accounts, Corporate Accounts, and Trust Accounts. Leverage is a tool that amplifies both potential gains and losses, and Contra FX's offering allows traders to manage their positions with increased control or risk, depending on their individual comfort levels. It's crucial for traders to understand and carefully consider the implications of leverage before engaging in trading activities with Contra FX.

Spreads & Commissions

Contra FX offers competitive trading conditions with regard to spreads and commissions across its account types.

The spreads, representing the difference between the buying and selling prices, are as low as 0.8 pips for all account categories, including Individual/Joint Accounts, Corporate Accounts, and Trust Accounts.

Additionally, Contra FX operates on a no-commission model, meaning traders are not charged additional fees per transaction. This transparent fee structure is designed to enhance cost-effectiveness for traders and provide a clear understanding of the expenses associated with their trading activities on the Contra FX platform.

Feature Individual/Joint Account Corporate Account Trust Account
Spread As low as 0.8 pips As low as 0.8 pips As low as 0.8 pips
Commission No commission No commission No commission

Trading Platform

Contra FX employs the MetaTrader 4 (MT4) trading platform, a cornerstone of the global financial markets. MT4 stands out for its user-friendly interface, providing traders with an intuitive and efficient toolset. The platform's advanced charting tools enable in-depth technical analysis, while customizable indicators cater to diverse trading strategies.

Moreover, Contra FX's adoption of MT4 supports automated trading through Expert Advisors (EAs). This feature empowers traders with algorithmic strategies and the ability to conduct rigorous backtesting, enhancing their decision-making process. Real-time market quotes and a variety of order types contribute to the platform's comprehensive functionality.

A notable advantage lies in MT4's seamless integration across multiple devices, ensuring traders can engage with the markets at their convenience, be it on desktops, laptops, or mobile devices. This widespread accessibility aligns with the dynamic and international nature of the trading market, offering users the flexibility to stay connected and make informed decisions across different geographical regions.

Trading Platform

Deposit & Withdrawal

Contra FX provides traders with two primary payment methods: bank transfer and debit or credit cards (Visa or Mastercard). It's important to note that the broker does not accept deposits in virtual currencies such as PayPal, Neteller, or Skrill. Contra FX explicitly recommends the use of bank transfers, particularly for initial deposits.

When it comes to the minimum deposit requirement, Contra FX sets a substantial demand, especially for transactions involving bank transfer or bank cards. For deposits made via bank transfer, the minimum is $5,000 USD, with no specified maximum limit. When opting for a bank card, both the minimum and maximum deposit amounts are fixed at $5,000 USD and $50,000 USD, respectively. This higher-than-average minimum deposit may pose accessibility challenges for traders, especially those new to the market.

Regarding processing times, bank transfers typically take 3-5 business days, while deposits made through debit or credit cards are processed instantly. Traders should consider these factors when choosing their preferred payment method and be mindful of the potential impact on accessibility and timely fund availability.

Customer Support

Contra FX prioritizes customer satisfaction through continuous 24/7 support, underscoring its dedication to traders.

Clients seeking immediate assistance can contact the company by phone at +3278480563 or through the dedicated email address contactsonline@contrafx.com.

This commitment to around-the-clock availability reflects Contra FX's proactive approach to addressing customer needs and fostering a responsive and supportive trading environment.

Customer Support

Educational Resources

Contra FX offers limited educational resources, primarily featuring an FAQ section. The platform lacks extensive educational materials, providing only basic information through frequently asked questions. Traders seeking comprehensive learning resources may find Contra FX's offerings limited, emphasizing the importance of external educational avenues for a more in-depth understanding of trading concepts and strategies.

Conclusion

In conclusion, Contra FX presents a comprehensive yet unregulated trading platform. With a diverse array of market instruments and the widely recognized MetaTrader 4 platform, it caters to various trading preferences. However, the absence of regulatory oversight poses potential risks for traders. The platform's 24/7 customer support and varied account types enhance user experience, but the notably high deposit requirement may limit accessibility. Additionally, Contra FX's limited educational resources necessitate traders to seek external learning avenues. Traders should weigh the platform's pros and cons, exercising caution before engaging in its services.

FAQs

Q: Is Contra FX regulated by any financial authority?

A: No, Contra FX operates without regulatory oversight.

Q: What is the minimum deposit required to open an account with Contra FX?

A: The minimum deposit varies, with a substantial $5,000 USD for bank transfers and bank card deposits.

Q: What trading platform does Contra FX use?

A: Contra FX employs the MetaTrader 4 (MT4) trading platform.

Q: Are there educational resources available on Contra FX?

A: Contra FX offers limited educational resources, primarily featuring an FAQ section.

Q: How can I contact customer support at Contra FX?

A: Customer support is available 24/7 and can be reached via phone at +3278480563 or through the email address contactsonline@contrafx.com.

Q: Does Contra FX offer a demo account?

A: Yes, Contra FX provides a demo account for users to practice and familiarize themselves with the trading platform.

Broker Information

Company Name

Contra FX

Company Abbreviation

Contra FX

Regulatory Status

No Regulation

Platform registered country and region

Belgium

Phone of the company
  • + 3278480563

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Company address
  • 126 Bulevar Anspach Brussels, Belgium

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Customer Service Email Address
  • contactsonline@contrafx.com

Company Summary

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