ContinueFX Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
ContinueFX Review – is it scam or safe?
ContinueFX is a forex and CFD broker, which offers multiple account types. That being said, they do not provide information about a difference in the actual trading conditions for the bigger clients. Only features, such as extra market updates and SMS alerts are the benefits, which isn’t that much given the day and age we live in.
The Company. Security of Funds
ContinueFX is a trade brand owned by Awadh International Services, which claims to be registered in the Dubai. The section concerning their regulation is a bit unclear on whether they are part of the Dubai International Financial Centre, as it is mentioned and a license number is provided. A quick search shows, they are not registered there at the time of writing of this review. We have to treat this as an unregulated company.
As you may know, dealing with such entities carries a lot of risk. The shortest possible explanation is that you have no certainty you will ever see your initial investment again, let alone any potential profits. In order to guarantee the security of client funds, most countries have dedicated financial regulatory agencies.
One of the most famous and respected such “watchdog” is the UK’s Financial Conduct Authority (FCA). It imposes multiple tough rules upon the companies it oversees. One of the key things is the implementation of segregation of client accounts. This principle prevents your broker from freely taking the money you have deposited with them.
Additionally all FCA-regulated brokers must be a part of the Financial Services Compensation Scheme (FSCS). This is a system, working pretty much like an insurance company. It guarantees client funds against their broker going bankrupt. The coverage is limited to 90% of the holdings, up to £20,000.
Minimum Initial Deposit
The entry level at ContinueFX is set at $100. We consider this to be fine. After all creating a new account goes with some paperwork and procedures, so the broker should expect at least some level of commitment.
In case you find this to be a high bar, do not fear, as other brokers accept clients with even smaller accounts. This usually done with the so called “cent accounts”, which are set-up for small traders. You can open such an account with FXTM with an investment of $5.
Average spreads & Commissions
ContinueFX offers a choice between fixed and variable spreads, according to their website. The costs of trading start from 3 and 2.2 pips respectively. These levels are both not that competitive in today’s environment.
After registering a demo account and testing their platform, we saw very different conditions. Spreads were much tighter – around 0.3-0.4 pips, with an added commission of $4 per lot. This means an effective spread of 0.7-0.8 pips, which unlike the original claims, represents a very nice offer. At this point in time we are not certain what conditions one will get exactly with ContinueFX.
The maximum leverage at ContinueFX is 1:200, which should satisfy most traders. If you want to utilize even higher levels of gearing, you are probably too aggressive of a trader. This can lead to massive losses, especially if you have little experience in the market.
In order to illustrate this point, we will mention tat US regulators don’t allow brokers to offer more than 1:50 in leverage to retail clients. This is done as a protective measure, to limit people’s own risk appetite.
The platform provided by ContinueFX is MetaTrader5 (MT5). This is the successor of the most popular industry solution MetaTrader4 and only builds upon its glory. Charting is still on the same top-tier level, with additional functionality, such as having the high-impact economic releases plotted on the chart.
Additionally, there is a new iteration of the MQL marketplace, where traders can obtain custom tools, such as new technical indicators and automated trading systems. That being said, the old ones are not compatible with the new platform.
Methods of Payment
The payment options at ContinueFX cover a lot of ground. They feature Credit Cards, Skrill, Nereller, China Union Pay and CashU. At this point only the cryptocurrency purists are not accepted.
ContinueFX Review – is it scam or safe? Conclusion
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