Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
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.
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.
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
CF Merchants User Reviews
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria6 /10The 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, OANDA and IG Markets, 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 OANDA IG Markets EUR/USD min, pips 0.2 0.1 0.6 EUR/USD max, pips 0.4 0.5 1.2 GPB/USD min, pips 0.5 0.1 0.6 GPB/USD max, pips 0.8 0.5 1.5 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 OANDA IG Markets 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 3.5 2.3 EUR/USD avg spread 0.10 0.15 0.8 GBP/USD avg spread 0.20 0.2 1 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 IG Markets Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0-0.5 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0-0.5 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 0 0 0 -
Is CF Merchants Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria4.2 /10CF 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 YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.3.3 /10CF 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.
- Demo account
- Standard account with balanced trading conditions
- Swap Free (Islamic) account
- Micro lots are not available
- No VIP account option
CF Merchants account types vs top competitors CF Merchants Plus500 OANDA Standard YesYesYesECN/Raw spread YesNoYesDemo YesYesYesCent NoNoNoMicro NoNoYesSwap Free YesNoYesVIP NoNoNoManaged NoNoNoCF 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.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology4 /10CF 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.
- Bank wire transfers available
- Bitcoin (BTC) accepted
- Minimum deposit below industry average
- Low minimum withdrawal requirement
- Deposit fee applies
- Limited deposit and withdrawal flexibility, leading to higher costs
- No bank card option
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 OANDA Bank Wire YesYesYesBank card NoYesYesPayPal NoYesYesWise NoNoNoBTC YesNoYesWhat 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.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria6.3 /10CF 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
- Indices trading
- 62 supported currency pairs
- No ETFs
- Futures not available
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 OANDA Currency pairs 62 60 68 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. 2800 129 Stocks YesYesYesCommodity futures YesYesYesCrypto 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. YesYesYesStock indices YesYesYesOptions NoYesNoInvestment 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 OANDA Bonds NoNoYesETFs NoYesNoCopy trading YesNoYesPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at CF Merchants by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.10 /10We 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.
- Quick KYC verification (1 business day or less)
- Low minimum deposit requirement
- Fully online account opening process
- Account setup process may feel less convenient for beginners
CF Merchants account opening CF Merchants Plus500 OANDA Online Registration YesYesYesMinimum deposit $50 $100 $0 Mandatory KYC YesYesYesRegistration time (min) 7 10 KYC time (days) 1 3 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.
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Customer Support
Score:We evaluated Customer Support at CF Merchants by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria5 /10Customer 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.
InformationCF 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/
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FAQs
Is CF Merchants a regulated forex broker and how safe is it considered?
CF Merchants is regulated by the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA), which is categorized as Tier-3 regulation and does not include a specific investor protection fund. The broker has a safety score of 4.2/10, indicating a low security level in the Traders Union methodology (https://tradersunion.com/methodology-for-evaluation-of-brokers/). It offers negative balance protection and requires KYC verification, but it is not Tier-1 regulated and has been operating since 2020.
What commissions and trading fees can traders expect with CF Merchants?
CF Merchants has a commissions score of 6/10, indicating medium overall fees, with low Forex trading fees and tight EUR/USD spreads on its Standard account, typically ranging from 0.2 to 0.4 pips. On RAW/ECN accounts, the broker charges a $3.00 commission per lot with average spreads of 0.10 pips for EUR/USD and 0.20 pips for GBP/USD. There is no inactivity fee, but deposits and withdrawals may incur fees of 0–0.5%.
What do user reviews and feedback say about CF Merchants?
CF Merchants has a user satisfaction score of 3/10, based on 2 reviews. The ratings are split between 2-star and 1-star reviews, each making up 50%, and overall, user reviews are mostly negative. According to user reviews, many clients report a low level of satisfaction with this broker.
How do deposits and withdrawals work at CF Merchants?
CF Merchants supports deposits and withdrawals via Bank Wire, Bitcoin (BTC), and USDT, with a minimum deposit of $50 and a minimum withdrawal of $20. The broker charges deposit and withdrawal fees in the range of 0–0.5%, and offers a low minimum withdrawal requirement. The base account currency is USD, and the limited range of payment methods may reduce flexibility for some traders.
How quickly can a trading account be opened with CF Merchants?
Opening a trading account with CF Merchants is fully online, with an average registration time of about 7 minutes and KYC verification typically completed within 1 business day. The minimum deposit to start trading is $50. The user account allows traders to open MT4 accounts, fund and withdraw, manage leverage, transfer funds between accounts, and open demo accounts.
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