CF Merchants Review 2026

Item: CF Merchants
Rating: 4.11
Author: Oleg Tkachenko

By: Oleg Tkachenko
Updated: June 07, 2026

Top Brokers Overview — United States

Min. deposit $50
Fees 6 /10
Account types 3.3 /10
Regulation 4.2 /10

4.1 /10

High risk

CF Merchants User Reviews 3.0
Commissions and Fees 6.0
Regulation and Safety 4.2
Account Types 3.3
Deposit and Withdrawal 4.0
Markets and Tradable Assets 6.3
Trading Account Opening 10.0
Customer Support 5.0

CF Merchants Pros & Cons

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 Verdict

CF Merchants carries a higher degree of risk. My review and user feedback point to noticeable performance issues and limitations. It may be appropriate only for experienced traders who fully understand the risks and are prepared for potential instability.

Top-5 Brokers Traders Prefer

zForex

8 /10

Regulation Not regulated

EUR/USD 0.1 pips

Plus500

7.6 /10

Regulation Tier-1

EUR/USD 0.5 pips

OANDA

6.9 /10

Regulation Tier-1

EUR/USD 0.1 pips

Trading.com USA

6.9 /10

Regulation Tier-1

EUR/USD 0.9 pips

FOREX.com

6.8 /10

Regulation Tier-1

EUR/USD 0.7 pips

CF Merchants User Reviews

Score:

3 /10

2 total

5-star

0%
4-star

0%
3-star

0%
2-star

50%
1-star

50%

My account with CF Merchants went negative somehow. They dumped me. Even worse - I was driven into debt.

I started trading with cf-merchants 4 months ago and lost my entire deposit in a couple of days. The manager offered to deposit more money to the account, but I strongly refused, because I lost everything I could use for trading.

Make your review professional!

In order to send a review as a PRO, fill out all fields of the form.

What's in it for you?

This review will be posted higher on the list than others.
More users will be able to see your review.
Your review will be marked as "PRO".

Add your photo:

Available JPG or PNG Change

Rate the company:

Each star gives 2 points to the company's score.

POINT OUT THE ADVANTAGES OF THE COMPANY

Point out its weaknesses

Your Name

Social media link:

Leave a message:

Add your image or video:

Commissions and Fees

Score:

6 /10

The trading and non-trading commissions of CF Merchants have been analyzed and rated as having Medium fees, with a fees score of 6/10. Additionally, these commissions were compared with those of the top two competitors, ZForex and OANDA, to provide the most comprehensive information.

Low Forex trading fees
Tight EUR/USD market spread
No inactivity fee

Deposit fee applies
Withdrawal 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	ZForex	OANDA
EUR/USD min, pips	0.2	0.1	0.1
EUR/USD max, pips	0.4	0.4	0.5
GPB/USD min, pips	0.5	0.2	0.1
GPB/USD max, pips	0.8	0.6	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	ZForex	OANDA
Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency).	3.00	7	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	OANDA
Deposit fee, % The indicated amount does not include possible fees from payment systems and banks.	0-0.5	0
Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks.	0-0.5	0
Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks.	0	0-15
Inactivity fee ($, per month)	0	0

Is CF Merchants Safe?

Score:

4.2 /10

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	Full Name Financial Services Authority of St. Vincent and the Grenadines	Country of regulation St. Vincent and the Grenadines	Investor Protection Fund No specific fund	Regulation Level Tier-3

CF Merchants Security Factors
Foundation date	2020
Negative balance protection	Yes
Verification (KYC)	Yes

Account Types

Score:

3.3 /10

CF Merchants offers the following account options: Demo, Standard, ECN/Raw spread, Swap Free.

However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.

Swap Free (Islamic) account
Low minimum deposit
Tight spread ECN account

No Cent account
Micro lots are not available

CF Merchants account types vs top competitors
	CF Merchants	ZForex	Plus500
Standard	Yes	Yes	Yes
ECN/Raw spread	Yes	Yes	No
Demo	Yes	Yes	Yes
Cent	No	No	No
Micro	No	No	No
Swap Free	Yes	Yes	Yes
VIP	No	No	No
Managed	No	No	No

CF Merchants accounts trading conditions

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:

Account Type	Description
Pro	Minimum deposit is $50 and spreads from 1.6 pips. There is no fee per lot. Maximum leverage is 1:500;
Prime	No additional trading fees, spreads from 1 pips, and leverage up to 1:500. Minimum deposit is $500;
ECN	Minimum deposit is $5,000 and trading leverage is up to 1:1000. Spreads start from 0 pips and the fee per lot is $7.

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

Score:

4 /10

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.

USDT (Tether) supported
Bank wire transfers available
Bitcoin (BTC) accepted
Low minimum withdrawal requirement

PayPal not supported
Only major base currencies available
Withdrawal fee applies

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	ZForex	Plus500
Bank Wire	Yes	No	Yes
Bank card	No	Yes	Yes
PayPal	No	No	Yes
Wise	No	No	No
BTC	Yes	Yes	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. CF Merchants supports the following base account currencies: USD.

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

Score:

6.3 /10

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.

Indices trading
Copy trading platform
62 supported currency pairs

Bonds not available
No ETFs

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	ZForex	Plus500
Currency pairs	62	50	60
Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs.		80	2800
Stocks	Yes	Yes	Yes
Commodity futures	Yes	Yes	Yes
Crypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada.	Yes	Yes	Yes
Stock indices	Yes	No	Yes
Options	No	No	Yes

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	ZForex	Plus500
Bonds	No	No	No
ETFs	No	No	Yes
Copy trading	Yes	Yes	No
PAMM investing	No	No	No
Managed accounts	No	No	No

Trading Account Opening

Score:

10 /10

We successfully registered an account with CF Merchants in 7 minutes. The KYC verification was completed within 1 business day. The minimum deposit amount at CF Merchants is $50.

This is one of the most accessible and hassle-free onboarding procedures on the market.

Fully online account opening process
Low minimum deposit requirement
Quick KYC verification (1 business day or less)

Account setup process may feel less convenient for beginners

CF Merchants account opening
	CF Merchants	ZForex	Plus500
Online Registration	Yes	Yes	Yes
Minimum deposit	$50	$10	$100
Mandatory KYC	Yes	Yes	Yes
Registration time (min)	7	8	5
KYC time (days)	1	1	3

Is CF Merchants available in my country?

If you are a citizen of United States, the broker accepts clients from your country.

Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.

Account opening details

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:
- Verification..
- Opening an MT4 trading 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.

Customer Support

Score:

5 /10

Customer support at CF Merchants is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.

During testing, response times were moderate, and communication depended on the complexity of the request. CF Merchants provides basic support functionality but does not stand out in overall service performance.

Information

CF Merchants provides traders with 24/5 support.

Communication in instant messengers
Availability of online support

Slow response speed in live chat
Questions sent by email are periodically ignored

Communication channels with CF Merchants are:

live chat;
email;
Telegram;
WhatsApp;
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/

Best CF Merchants Alternatives

zForex

8 /10

Regulation Not regulated

EUR/USD 0.1 pips

Plus500

7.6 /10

Regulation Tier-1

EUR/USD 0.5 pips

OANDA

6.9 /10

Regulation Tier-1

EUR/USD 0.1 pips

Trading.com USA

6.9 /10

Regulation Tier-1

EUR/USD 0.9 pips

FOREX.com

6.8 /10

Regulation Tier-1

EUR/USD 0.7 pips

FAQs

How do CF Merchants regulation details and safety score reflect its risk level?

CF Merchants has a safety score of 4.2/10, which is described as a Low security level in this review. It is regulated by the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA), a Tier-3 regulator, and offers negative balance protection and KYC verification, but it is not Tier-1 regulated and has a relatively short track record since 2020, which may indicate higher regulatory and operational risks compared with more established, higher-tier jurisdictions.

What do reviews highlight about CF Merchants spreads, commissions, and extra fees?

According to the review, CF Merchants is assessed as having medium overall fees (6/10), with low Forex trading fees, tight EUR/USD spreads on Standard accounts (around 0.2–0.4 pips), and ECN accounts that combine low average spreads (from 0.10 pips on EUR/USD) with a $3 per-lot commission. Non-trading fees include deposit and withdrawal charges in the 0–0.5% range but no inactivity fee, so the main additional costs mentioned are related to funding and withdrawing rather than account maintenance.

What feedback is available on CF Merchants account types and their key trading conditions?

The review states that CF Merchants offers Pro, Prime, ECN, demo, and swap-free (Islamic) options, with minimum deposits ranging from $50 on Pro to $5,000 on ECN and leverage up to 1:500 or 1:1000 depending on the account. It also notes advantages such as tight-spread ECN accounts and low minimum deposits, alongside limitations like the absence of Cent and Micro accounts and micro-lot trading.

How are deposits, withdrawals, and limits described in reviews of CF Merchants?

The review describes CF Merchants as having limited payment options, supporting bank wire, BTC, and USDT, but not bank cards, PayPal, or Wise, which may reduce flexibility and increase costs for some users. It also notes that the minimum deposit is $50 and the minimum withdrawal is $20, while emphasizing that specific conditions can vary by account type and payment method and are not fully detailed in this section.

What do reviews say about the range of markets and tradable assets available at CF Merchants?

The review indicates that CF Merchants offers 62 currency pairs along with trading in stocks, commodity futures, cryptocurrencies, and stock indices, but does not provide options, bonds, or ETFs. It also mentions that the overall asset selection is limited compared with the market average, though copy trading is available as an additional investment feature.