CIX Markets Review 2024
Website: www.cixmarkets.com
Min. Deposit: US$ 500
Leverage: 1:30
Trading Platforms: CIX Trader, MT4
Regulation: FCA
Headquarters: UK
Founded: 2015
Regulatory Licenses:
- City Credit Capital (UK) Limited (“CCC”) - authorized by FCA (UK) registration no. 232015 - applied to cancel its authorization
Updated on April 15, 2024
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At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
Pros
Regulated by the FCA, ensuring high levels of security and trust.
Fully digital and swift account opening process.
Offers a competitive trading environment with low spreads on CFDs and Forex.
Access to popular trading platforms including CIX Trader and MT4.
Provides a demo account for practice trading.
Offers educational materials, detailed research, and regular updates on news.
Cons
Lacks 24/7 customer support, offering service 24/5 instead.
Trading instruments are limited to CFDs and Forex, which might not satisfy all traders.
Is CIX Markets safe or a scam? ▲
CIX Markets instills confidence in its users by being authorized by the Financial Conduct Authority (FCA). The FCA is recognized worldwide as a premier financial regulatory body, setting high standards for security and operational excellence. It mandates stringent measures to ensure client funds are segregated and safeguarded, including protection under the Financial Services Compensation Scheme (FSCS) in the event of broker insolvency. The oversight extends to ensuring fair treatment and transparency in all client interactions, providing a trading environment shielded from fraud. Moreover, CIX Markets, as part of the larger City Credit Capital group, benefits from high capitalization and a long-standing reputation, further cementing its trustworthiness in the industry.
Headquarters: UK
Regulation: FCA
Instruments: CFDs and Forex
Platforms: CIX Trader, MT4
EUR/USD Spread: 1 pip
Minimum deposit: 500 US$
Demo Account: Provided
Base currencies: GBP, USD, EUR
Education: Educational materials, detailed researches and updated of news
Customer Support: 24/5
Since 2004, the CIX Markets' parent company, CCC, has specialized in trading Forex and CFDs, launching CIX Markets in 2015 to extend its high-quality trading opportunities further. CCC has garnered significant customer satisfaction through institutional-level trading experiences, subsequently broadening its reach to offer retail trading. This expansion allows traders access to a wide array of products, including CFDs and Forex, underscoring CCC's commitment to delivering superior trading opportunities.
Trading with CIX Markets opens the door to utilizing the powerful tool of leverage, which can significantly amplify your profits by allowing you to multiply your account balance. However, it’s crucial to understand how to use leverage wisely, as its imprudent application can also magnify risks.
The leverage levels available with CIX Markets vary depending on the financial instrument being traded. These levels are also influenced by regulatory restrictions, as CIX Markets is a fully regulated broker. In response to directives from the FCA aimed at safeguarding retail traders, leverage has been capped at a maximum of 1:30 for major currency pairs, 1:20 for minor pairs, and 1:10 for commodities.
CIX Markets prides itself on its transparent fee structure, ensuring traders are fully informed of any charges they might incur. While the broker does not charge commission on trades, it is important to note that fees can manifest in other forms such as spreads and overnight financing charges. The spreads are competitive, starting from as low as 0.5 pips for major currency pairs. However, the actual spread can vary depending on market volatility and liquidity.
Overnight financing, or swap fees, are charged on positions that are held open overnight. These fees vary by currency pair and market conditions. CIX Markets strives to keep these fees as low as possible to ensure traders can maximize their profitability. It’s advisable for traders to familiarize themselves with the fee structure detailed on the CIX Markets website to fully understand the potential costs associated with trading.
CIX Markets adopts a one-size-fits-all approach to its account types, offering a single type of trading account that provides access to all trading platforms and opportunities. This approach simplifies the process for traders, allowing them to focus on their trading strategies rather than on choosing between different account types.
In addition to the standard trading account, CIX Markets also offers a Demo account. This account serves as a practice platform, valid for 30 days, and comes preloaded with $100,000 in virtual money. It grants full access to all trading platforms, making it an excellent tool for beginners to familiarize themselves with the trading environment and for experienced traders to test new strategies without any financial risk.
CIX Markets provides traders with competitive spreads across more than 55 FX pairs. The approach to spreading varies with less liquid pairs being subjected to variable spreads while the most liquid currencies benefit from fixed spreads. This strategic diversity proves particularly advantageous during periods of high market volatility, empowering traders to operate with greater confidence. Comparative analysis with other brokers, such as Eightcap, showcases CIX Markets' competitive edge in offering low spreads.
Opening an account with CIX Markets unlocks various secure payment channels for fund transfers, including Bank Transfer, Card Payments, and e-wallets like Neteller and Skrill. The initial deposit requirement is set at $500, which is considered reasonable given the margin requirements for trading instruments. This deposit amount allows traders to engage with a wide range of assets. Importantly, CIX Markets does not impose deposit or withdrawal fees, though costs from payment providers may apply based on their transfer policies and the country of operation. Withdrawal methods are streamlined with popular options such as Bank Wire and Cards, ensuring a hassle-free process for traders.
CIX Markets has developed CIX Trader, its proprietary trading technology, to furnish traders with a professional-level trading experience. This includes access to sophisticated tools through a platform that is fast and secure. Available for both PC and mobile, CIXTrader comes equipped with free tools, technical analysis from Trading Central, news updates, advanced charting packages, and daily briefings. Its popularity among traders is well-documented, as is its flexibility, which caters to a broad spectrum of trading strategies. The platform supports various order types and boasts powerful execution capabilities through multiple liquidity providers. For those with a preference for the MT4 platform, CIX Markets accommodates this option, providing all the known features and tools vital for today's demanding traders, including automated trading programs (EAs).
As a subsidiary of the well-established CCC, CIX Markets presents a formidable option for traders of all levels. Its competitive pricing, robust technical infrastructure, and comprehensive trading solutions position it as a broker worthy of consideration. Being regulated ensures that traders can have peace of mind regarding the safety of their funds and enjoy a conducive trading environment. Nonetheless, feedback from traders is invaluable, and we encourage sharing experiences and opinions about CIX Markets in the comments section below.
CIX Markets Update 2023
Recent developments indicate that the company has requested to cancel its authorization. However, it remains bound to adhere to the standards set by the FCA in its interactions with clients, ensuring continued compliance and protection for traders.
