The firm offers many different features and solutions, but is probably best suited to advanced and experienced traders. While it does not provide much education to budding or inexperienced traders, CFSA does include provisions to limit risks, and a demo account for training purposes.
CFSA strongly recommends that potential customers develop experience with the demo account before beginning live trading. CFSA allows trading on 13 currency pairs and some precious metals.
However, all major pairs have one pip spreads on the CFSA platform. The overall CFSA site is complex and is definitely intended for the more advanced trader. In addition, the language used is confusing and indicates that the CFSA site may have been written by someone who was less than perfectly fluent in English.
The home page focuses on economic news, with headlines on the upper right for currency news and economic news. A user can click on any headline to see the specific news story. To open an account, download the customer trading agreement and fill it out; then send it to CFSA in Switzerland with a notarized copy of a valid ID typically a passport or government-issued ID.
Once the CFSA staff approves the agreement, you can forward funds to your account and get started. While waiting for approval of the live account, it makes sense to begin working with the demo account.
When you do this, the site says you will be asked to provide account information such as name and address via a setup page. However, I was not asked to do this. In addition, the site has a location to download a user guide; the user guide, however, is not available from that location a note says the guide is being updated.
Instead, the user guide appears as the help file to the trading station software. There is also a link through the help file to the on-line MQL4 terminal community, which includes many users of and developers of MQL4. This is a great educational resource.
CFSA executes all trades on-line and will not execute a trade by phone except in emergency conditions — these are not defined on the site. The minimum transaction size is 1 lot, or 10, units of the base currency. You execute trades directly through the trading terminal software installed on your site. The trading terminal is quite powerful and offers a wide variety of information and tools.
These include many charts and indicators, including some that will be confusing for many FOREX traders but can be easily researched on-line through other sites. Live prices are continuously updated. To execute a deal, click the New Order button on the trading station and follow simple instructions. Executing a deal via the Internet is a simple, two-step process.
Simply enter the number of lots and then click on the bid buy or offer sell for the currency pair you wish to trade - your deal is automatically executed. The dealing software automatically calculates the initial margin requirement based upon the notional amount of the deal, and if sufficient funds are available in your account, will accept the transaction.
Deals are confirmed online, normally within one second, and the system instantaneously updates both your open position and calculates your current floating profit and loss. You can perform any of the following types of orders: There are different kinds of pending orders: Stop loss orders close if the price reaches a certain level set by the trader.
This is the opposite of a Stop Loss order in that both are automatic closings, but the Take Profit occurs when the trader has earned sufficient profit. We have forwarded this on to Crown Forex and we are now awaiting a response.
I thing crown forex is in trouble at the moment. I cannot withdraw my money with them from January this year till now. Could you do further enquiry about them? Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say. Log in Create a DailyForex. Want to get in-depth lessons and instructional videos from Forex trading experts?
Register for free at FX Academy, the first online interactive trading academy that offers courses on Technical Analysis, Trading Basics, Risk Management and more prepared exclusively by professional Forex traders. Report Broker Scams Forex Widgets. Comprehensive trading platform Live chat available 24 hours a day No commission, low spread on major pairs Low initial account balance requirement.
Site is poorly written and vague in places. Not designed for the beginning trader. Help me choose a broker. Finding a Forex broker has never been so easy! Check out the top 3 rated brokers below:.
Advantages Comprehensive trading platform Live chat available 24 hours a day No commission, low spread on major pairs Low initial account balance requirement. Disadvantages Site is poorly written and vague in places. Sara Patterson Review Date: Please insert valid information.
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