CFDMerchants is a foreign exchange broker that supports it’s clients to trade Forex, Indices and Commodities amongst other assets. It is currently located in Luxemburg as it's main base of operations.
The account that you use can have a huge effect on the trading conditions that you get to experience. There can be a lot of information available in regards to the accounts that CFDMerchants offer. It would be advised to check the website of the broker yourself to gain a better understanding of the different accounts on offer.
The information provided on this page will help you to understand some of the features, but to get a full picture, you will need to check the site yourself. Things like leverage, minimum deposit, spreads and commission can vary, the data on this page is the minimum or maximum available rather than the full range on offer from each broker.
CFDMerchants Deposits and Withdrawals
Unfortunately upon searching around the forex brokers website, we could not locate any information in regards to which deposit or withdrawal methods are available to use.
When you go to withdraw your funds, you will, unfortunately, be met with some fees. The amount that the fee will be will depend on the method that you are going to use, the maximum fee that you may be charged will be . Many forex brokers are getting rid of any form of deposit or withdrawal fee so those that do still charge one are on the back foot straight away. Hopefully, this is a practice that can be removed completely in the future.
There isn't any information available on the site to indicate whether or not there are fees when depositing or withdrawing. Due to the lack of information, we would suspect that there may be some as most brokers will advertise the fact that there aren't any. Fees for depositing and withdrawing is a practice that everyone would like to see the end, as there is no need for additional fees.
The majority of forex brokers will process withdrawals around midday or shortly after if the withdrawal request was placed before that time. If placed afterwards then they are often processed the next working day. Be sure to check the times of the method of withdrawal that you used, for instance, PayPal is always a lot quicker than a bank wire transfer.
CFDMerchants Trading Conditions
We have scoured the internet and the forex brokers website but cannot find any information in regards to the maximum leverage on offer. This is normally information that is displayed on the site, without it, it is impossible to know how much you will be able to trade with.
The minimum trade sizes that you can take is 0.01 lots. Most brokers will offer this at 0.01 lots which is the same as 1,000 base units. Any more than that and it can limit what trades you can make, especially if you have a smaller account or lower amounts of leverage. For new traders, you should always look for a broker offering 0.01 lots as a starting trade size.
CFDMerchants Trading Costs
There are several different costs associated with trading. These are mainly the spread, commission and swap charges.
Unfortunately, there does not appear to be any information on the website in regards to what the minimum spreads are or what the general spread amount is. Normally this is advertised when relatively low, so if they are not present, it can sometimes mean that they are quite high.
There is currently no commission charged by this broker, this means that all of their profit is coming from the spread. There are no additional charges for each trade that you make.
Swap fees are charged with this broker. A swap fee is a charge that is put onto your account for holding a trade overnight when the markets change over. To get an accurate swap fee, be sure to check the broker website as they are constantly changing.
CFDMerchants Trading Platforms
The trading platform that you use can make a huge difference to your trading. Each forex broker offers different trading platforms. The following trading platforms are available to use: MetaTrader 4.
Developed by MetaQuotes Software and released in 2005, MetaTrader 4 is one of the most popular trading platforms around and for good reasons. Thousands of retail traders regularly use it as their go-to trading platform. It comes with all the features that you could need as a trader, automated trading through expert advisors, indicators for analysis, stop losses, fast execution and it is still being well supported by the community. MetaTrader 4 also allows you to trade via a WebTrader on your browser or a mobile app on your Android or Apple phone making it accessible wherever you are. If you are unsure, sign up and try out a demo account so you can see how the platform feels to trade with.
CFDMerchants Customer Support
There are a number of different ways that you can get in contact with the broker, these include Email, Phone. A broker must be contactable. Issues do happen, so having a reliable way to get in contact is vital. The more methods available the better as it makes getting that help that you need just a little bit easier.
The times in which a support team is available is also important. The support team here are available 24 hours a day 5 days a week, they are closed at the same time as the markets over the weekend and on some bank holidays. During the trading time, they are there to support you all through the day and night.
CFDMerchants Demos and Bonuses
Demo accounts are fantastic, they allow you to test out new strategies or changes to your current one with absolutely no risks to your capital. So it is good news that demo accounts are available from this forex broker. Simply log into your account and open one up. Be sure to use them as much as possible. They can also be used to get an idea of how the trading platform works and how to place trades as well as the sort of trading conditions that you may encounter should you use a real account.
There are bonuses on offer from this forex broker which could help to increase your starting funds or offer other benefits. We would always ask you to take a look at the small print on any bonus that you are thinking of taking. Some brokers use them to lock in your funds, that is not to say that this broker is doing that though. So check the small prints before taking a bonus.
This forex broker's current regulation status is with CSSF.
CSSF stands for The Commission de Surveillance du Secteur Financier which helps to oversee the financial industry in Luxemburg. The Commission de Surveillance du Secteur Financier (CSSF) performs its duties of prudential supervision and supervision of the markets for the purposes of ensuring the safety and soundness of the financial sector, solely in the public interest. Within the limits of its remit, it ensures that the authorised entities and the issuers are complying with the regulations applicable to them, including those aiming to ensure the protection of the financial consumers and the prevention of the use of the financial sector for the purposes of money laundering or terrorist financing. The CSSF represents Luxembourg in the area of European and international supervision.
Regulation is not the be-all and end-all of brokers. The majority of regulators are there to ensure that client’s money is protected. Should the broker go out of business, it will be far easier to reclaim money from the forex brokers accounts. Some regulatory bodies will also oversee the running of some brokers and the way that they operate. While regulation can help to make a broker fairer, it does not fully prevent wrongdoings and non-regulated brokers can be just as trustworthy as regulated ones.