CIX Markets is a regulated broker, which means that it has a license from a well-known organization that puts customer safety at the top of its list of priorities. But just having a license doesn’t mean that a broker is good at what they do. In this review, we’ll talk about what we did with CIX Markets in real life so that you can make an informed decision before you deposit any money.
CIX Markets REGULATION AND SAFETY OF FUNDS
CIX Markets is a real British broker that is regulated by the FCA, so if you deposit money, it will be safe. But before we start reviewing, why don’t you look at the top-rated EU and UK brokers first? We recommend these companies because they have been shown to be safe and their deposits are also covered by insurance funds. For example, clients of CySEC brokers can get up to €20 000, while in Britain they can get up to £85 000.
So, since CIX Markets is regulated by the FCA, it is part of the FSCS, which is the UK’s money protection scheme. Under FSCS, clients can get up to £85,000 in compensation if something goes wrong. The broker also needs to keep separate accounts for each client so that your money isn’t used for things like running the business or other things that aren’t right. Also, CIX Markets is required to protect against negative balances and keep a 50% stop-out level. This means that you can’t lose all of your money in a single trade or go into debt with the broker.
FCA, on the other hand, promises to protect customers, but it can’t promise that the broker’s services will meet industry standards. Well, to start, CIX Markets has a website that is so old and annoying that we can only call it terrible. It really is a bad dream. Then, you can’t sign up for both a Demo account and a Real account at the same time. At this point, we thought CIX Markets was just a waste of time. That’s not good enough for a broker with an FCA license.
Things were still getting worse. When we signed up (which took about 30 minutes), we got nothing at all, as the pictures at the bottom of the next section show. Anyway, CIX Markets is thought to be safe, and it’s up to you if you want to waste your time on brokers who don’t do a good job.
CIX Markets TRADING SOFTWARE
MetaTrader and CIX Trader are both available on CIX Markets, but we couldn’t use either one. We downloaded the second one, but we weren’t given any account numbers, so we could only look at the Login page and wonder how an FCA-regulated broker could have such bad customer service. On the other hand, we couldn’t download MetaTrader, which was another mistake.
Since that’s the case, we’d rather put the best MetaTrader4 brokers and MetaTrader5 brokers on both lists. We recommend MTs because the terminals in question offer advantages that are unmatched, such as reliable indicators, easy-to-use charting tools, and advanced features like Expert Advisors, which we’ve already talked about.
The EUR/USD spread was too high to reach, but it’s said that it’s as low as 1 pip, which is about average for the industry. The platform gives you the maximum amount of leverage that the FCA will allow, which is 1:30.
In the end, it took us a lot of time to sign up, but we got nothing in return, as the screenshot below shows. We can’t give CIX Markets a good review.
CIX Markets METHODS AND FEES FOR DEPOSITS AND WITHDRAWALS
CIX Markets doesn’t say how much you have to deposit or withdraw or how much fees are. It doesn’t even have a policy for accounts that aren’t being used. Well, after KYC procedures, CIX Markets might also give you some extra paperwork about trading conditions, but that’s a waste of time, too, since the broker can and should deliver on time.
But third-party sources say that the broker needs 500 USD/EUR to let traders start, and if that’s true, we can confirm that CIX Markets is a demanding broker. Instead, you can click on the links in the review to find high-rated brokers that are properly regulated and accept clients for $100 or even less (as little as $5).
CIX Markets accepts Credit/Debit cards, Wire Transfers, Skrill, and Neteller for funding. Still, if you have a trusted payment method, look for Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers at the top of the lists.
The bottom line
CIX Markets is a slow licensed broker with an annoying old website that won’t give out important information about its services. FCA regulates it and makes sure that clients are treated fairly, but that doesn’t make the broker our first choice. We put in a lot of time and work to give you a real-time customer experience, and the broker didn’t impress us at all. So, even though CIX Markets has a license, we can’t recommend it in any way.
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