According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $50
- MetaTrader4
- 2020
Our Evaluation of CF Merchants
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
CF Merchants is a broker with higher-than-average risk and the TU Overall Score of 4.32 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by CF Merchants clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
The range of CFD trading instruments of CF Merchants is smaller than that of popular Forex brokers. Conditions on standard accounts are also inferior to those of its competitors. However, CF Merchants has its own advantages, which attract both novice and experienced traders.
Brief Look at CF Merchants
CF Merchants is a Forex broker for trading currency pairs, cryptocurrencies, and CFDs [contract for (price) differences] on different assets. It has been providing its services since 2011. Quality service and fair pricing attract thousands of clients globally. Currently, traders from more than 120 countries work with the broker. CF (Commodity and Forex) Merchants Ltd has been internationally recognized as an industry leader more than once. For example, it received The Best ECN Broker award at the Forex Expo Dubai 2020 ceremony.
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- More than 10 years of providing brokerage services;
- Minimum deposit is $50;
- Leverage is up to 1:1000;
- Scalping and hedging are allowed;
- Spreads are from 0 pips on ECN accounts;
- Availability of partnership and bonus programs;
- Access to passive income services.
- Standard accounts have higher spreads as compared to other Forex brokers;
- No official licenses for the provision of brokerage and investment services;
- Trading CFDs on stocks is not available.
TU Expert Advice
Financial expert and analyst at Traders Union
CF Merchants is an online broker with a modern approach to doing business. It does not force its clients into the framework of certain trading strategies but allows them to choose different options and even combine active trading with passive income options. CF Merchants accepts and withdraws cryptocurrencies, and also supports electronic payments in different currencies.
To offer its clients the most comfortable and favorable conditions for depositing and withdrawing funds, the company refused to withhold fees for these transactions. CF Merchants has a good choice of currency pairs, stock indices, and commodities. However, trading CFDs on stocks is not available to its clients, which limits investment opportunities.
Cent accounts are not provided by the company, which is a disadvantage, especially for novice traders. For trading with minimal risks, PAMM and MAM accounts and platforms for copying trades are used. When using these services, traders do not need to trade themselves, however, to get good results, it is necessary to select a really successful manager or signal provider.
CF Merchants Trading Conditions
| 💻 Trading platform: | MetaTrader 4 (desktop and mobile versions) |
|---|---|
| 📊 Accounts: | Demo, Pro, Prime, and ECN |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | Bank wire, Perfect Money, Tether, Bitcoin, Skrill, Neteller, and bank cards |
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: |
Pro and Prime: 1:1 - 1:500; ECN: 1:1 - 1:1000 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 0,10 pips |
| 🔧 Instruments: | Forex, commodities, indices, and cryptocurrencies |
| 💹 Margin Call / Stop Out: | 75%/30% |
| 🏛 Liquidity provider: | J.P. Morgan, UBS, Citibank, etc. |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Order execution: | Market execution |
| ⭐ Trading features: | Scalping, copy trading, and algorithmic trading |
| 🎁 Contests and bonuses: | Welcome bonus |
Clients of CF Merchants trade with floating spreads on three account types, which differ in minimum deposit and leverage. Cent accounts are not available. Order execution is market. Popular strategies such as scalping and hedging are allowed.
CF Merchants Key Parameters Evaluation
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Trading Account Opening
The user account on the broker's website has all the tools necessary for traders to work with trading accounts and manage their money. To create it, do the following:
Go to the official CF Merchants website and click the “Open Live Account” button on the main page.
After that, complete a special form with your first and last names, country of residence, phone number, and email address. Create a reliable password, which will later be used to enter the user account.
Important features of the user account:
Other features of the user account:
Downloading MetaTrader;
Funding the account balance;
Opening demo accounts;
Transferring funds between your accounts;
Changing the size of available leverage;
Submitting withdrawal requests;
Changing your user password and editing your personal data.
Regulation and safety
CF Merchants has a safety score of 4.2/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Is regulated
- Negative balance protection
- Not tier-1 regulated
- Track record of less than 8 years
CF Merchants Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 SVG FSA |
Financial Services Authority of St. Vincent and the Grenadines | St. Vincent and the Grenadines | No specific fund | Tier-3 |
CF Merchants Security Factors
| Foundation date | 2020 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker CF Merchants have been analyzed and rated as Medium with a fees score of 6/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Tight EUR/USD market spread
- No inactivity fee
- Above-average Forex trading fees
- Deposit fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of CF Merchants with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, CF Merchants’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
CF Merchants Standard spreads
| CF Merchants | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,2 | 0,5 | 0,1 |
| EUR/USD max, pips | 0,4 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,5 | 0,4 | 0,1 |
| GPB/USD max, pips | 0,8 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
CF Merchants RAW/ECN spreads
| CF Merchants | Pepperstone | OANDA | |
| Commission ($ per lot) | 3,00 | 3 | 3,5 |
| EUR/USD avg spread | 0,10 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,20 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with CF Merchants. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
CF Merchants Non-Trading Fees
| CF Merchants | Pepperstone | OANDA | |
| Deposit fee, % | 0-0,5 | 0 | 0 |
| Withdrawal fee, % | 0-0,5 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
CF Merchants has three account types with different minimum deposit requirements. Accounts also differ in trading fees and leverage. Each Muslim client can request an Islamic equivalent of any of the account types.
Account types:
If traders need to practice Forex trading or want to test the conditions offered by CF Merchants, they can open a demo account. CF Merchants is a broker with a wide range of account types for traders of all trading experiences. The STP and ECN execution models allow each client to trade in their preferred trading environment.
Deposit and withdrawal
CF Merchants received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
CF Merchants offers limited payment options and accessibility, which may impact its competitiveness.
- BTC available as a base account currency
- USDT (Tether) supported
- Minimum deposit below industry average
- Low minimum withdrawal requirement
- Wise not supported
- No bank card option
- PayPal not supported
What are CF Merchants deposit and withdrawal options?
CF Merchants offers a limited selection of deposit and withdrawal methods, including Bank Wire, BTC, USDT. This limitation may restrict flexibility for users, making CF Merchants less competitive for those seeking diverse payment options.
CF Merchants Deposit and Withdrawal Methods vs Competitors
| CF Merchants | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | No | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are CF Merchants base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. CF Merchants supports the following base account currencies:
What are CF Merchants's minimum deposit and withdrawal amounts?
The minimum deposit on CF Merchants is $50, while the minimum withdrawal amount is $20. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact CF Merchants’s support team.
Markets and tradable assets
CF Merchants offers a limited selection of trading assets compared to the market average. The platform supports 0 assets in total, including 62 Forex pairs.
- Copy trading platform
- 62 supported currency pairs
- Indices trading
- Bonds not available
- Limited asset selection
Supported markets vs top competitors
We have compared the range of assets and markets supported by CF Merchants with its competitors, making it easier for you to find the perfect fit.
| CF Merchants | Plus500 | Pepperstone | |
| Currency pairs | 62 | 60 | 90 |
| Total tradable assets | 2800 | 1200 | |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products CF Merchants offers for beginner traders and investors who prefer not to engage in active trading.
| CF Merchants | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Customer support
CF Merchants provides traders with 24/5 support.
Advantages
- Communication in instant messengers
- Availability of online support
Disadvantages
- Slow response speed in live chat
- Questions sent by email are periodically ignored
Communication channels with CF Merchants are:
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live chat;
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email;
-
Telegram;
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WhatsApp;
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Skype.
There is a feedback form in the Contact Us section to send an email to CF Merchants.
Contacts
| Foundation date | 2020 |
|---|---|
| Registration address | Commodity and Forex Merchants Limited, Suite 305, Griffith Corporate Center, P.O Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines |
| Official site | https://cfmerchants.com/ |
Education
Several educational materials on Forex trading are available within CFM Academy on the CF Merchants website. They cover only the basic concepts, without a deep dive into the topic. As compared to other Forex brokers, CF Merchants' training is significantly behind in terms of visibility and information content.
One of the elements of effective training is trading on demo accounts. CF Merchants offers them to everyone free of charge and for an unlimited period.
Comparison of CF Merchants with other Brokers
| CF Merchants | Bybit | Eightcap | XM Group | Octa | NPBFX | |
| Trading platform |
MetaTrader4 | MetaTrader5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MetaTrader4, MetaTrader5, OctaTrader | MT4 |
| Min deposit | $50 | No | $100 | $5 | $25 | $10 |
| Leverage |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:40 to 1:1000 |
From 1:200 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 0 points | From 0 points | From 0.8 points | From 0.6 points | From 0.4 points |
| Level of margin call / stop out |
75% / 30% | No / 50% | 80% / 50% | 100% / 50% | 25% / 15% | No / 30% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution | Instant Execution, Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | No | No | No |
Detailed review of CF Merchants
CF Merchants is an ECN broker that uses no dealing desk (NDD) technology. This means that orders are executed at high speeds and without requotes. Since 2014, CF Merchants has been working with the largest liquidity providers, such as Swissquote Bank, Barclays, and Citibank. Client accounts are protected from a negative balance, and deposits are kept in segregated bank accounts.
CF Merchants by the numbers:
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More than 12 years as a broker;
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Clients from over 125 countries;
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Average execution speed is 30 ms.
CF Merchants is a broker that modernizes constantly
Throughout its activities, the company monitors popular trends in the field of online trading and tries to follow them. In 2017, CF Merchants was rebranded and new types of trading accounts and payment systems, such as Skrill, Neteller, and Bitcoin, were added. In 2019, the range of available trading instruments was expanded with cryptocurrencies and CFDs on stock indices. Currently, CF Merchants’ clients can trade 62 currency pairs and such commodities as oil, gas, gold, silver, cocoa, coffee, wheat, and sugar. Available indices include Dow Jones, FTSE 100, DAX, and Nasdaq 100. Leverage is available for all assets.
MetaTrader 4 is the only trading platform available to CF Merchants’ clients. It can be used on different types of devices, including tablets and smartphones. MT4 provides for both independent and automated trading using advisors and copying other people's trades.
Useful services offered by CF Merchants:
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Newsfeeds. It publishes the latest news on Forex and cryptocurrencies. News is available in the Research & Education section of the website;
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Market analysis. The company used to provide forecasts for the most interesting assets in terms of investment, but at the moment this section is not updated;
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Economic calendar. It provides for tracking important financial events and conducting fundamental analysis. The real-time calendar is broadcast from the mql5.com website.
Advantages:
Trading and account management is possible on any device connected to the internet;
A good range of assets;
Liquidity from reputable international providers;
Classic MetaTrader, which is suitable for both experienced and novice traders;
High-quality technical support available 24/5.
This broker listens to the wishes of its clients and regularly adds new trading instruments and payment systems.
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