WikiFX Review: Is CG TRADE an Attractive Broker or Just Another Scam

What CG TRADE is

CG TRADE is an online forex broker that aims to become one of the largest CFD providers in the world by giving traders what they really want. CG TRADE provides retail and institutional clients around the world superior trading services with a prime focus on CFDs on Forex, Stock Indices, and Commodities. The address of this broker is First Floor, First St. Vincent Bank Ltd, James Street, Kingstown, P.O. Box 1574, VC0100, St. Vincent and the Grenadines. Saint Vincent and the Grenadines is known as an attractive place for financial companies to operate through an offshore company. There is no sharp regulation or overseeing of the company operation implemented. According to WikiFX, this broker doesn't have a legitimate license. The Australia Securities & Investment Commission(ASIC) (license number:001280088) claimed by CG TRADE is revoked, which can not give you efficient protection when you invest in this broker.

Account Types&Minimum Deposit

CG TRADE provides traders with three different types of accounts. They are the Standard account, ECN account, and VIP account. For both the Standard account and ECN account, the minimum deposit is $100. For a VIP account, the minimum deposit is $10,000. Additionally, this broker also offers a demo account.

Leverage

CG TRADE offers up to 1:500 in leverage. Since leverage can magnify gains as well as losses. We don't advise inexperienced investors to trade with high leverage, which is risky.

Trading Platform

CG TRADE uses the MT4 platform as its main trading platform. The MT4 is currently the most popular forex trading platform along with the MT5 on the market. With a user-friendly interface, powerful charting tools, and a large number of custom indicators, MT4 is available for automated trading and EA trading, helping traders of all levels to develop different trading strategies and help traders to get ahead in the financial markets.

Customer Support

CG TRADE claims that it has a dedicated and professional client service team, which provides clients with 24-hour support. Traders can get in touch with CG TRADE through email and live chat. They also allow clients to visit their physical addresses if necessary.

Feedback from Traders: Scam, unable to withdraw

WikiFX has received 5 complaints related to this broker in the past 3 months. Below are some cases among them that we want to show you.

One trader who comes from Paraguay claimed that he/she can not withdraw money from this broker.

Another trader from China complained that CG TRADE is a scam. He/she suspects that this broker manipulates the trading process. There is no stop loss or stop limit.

Conclusion:

CG TRADE is an unlicensed broker that is not regulated by any regulatory institution. CG TRADE may get involved in a scam as it has a bad track record of taking clients' money away fraudulently. We advise you to find a better alternative rather than investing in CG TRADE. Traders need to realize the potential risks. WikiFX contains details of more than 34,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link(https://www.wikifx.com/en/download.html). Additionally, we want to invite you to read another review on Tradovate (https://www.wikifx.com/en/newsdetail/202204295604999384.html), which may give you a different way of thinking while trading.