There are several online trading sites that allow you to trade CFDs. Forex trading has become quite popular over the years and because it is an OTC (over the counter), it is quite profitable even for beginners. There is no limit to the amount of money you can get. Forex is considered to be one of the largest markets in terms of trading. Several offshore companies act as intermediaries to assist small and large traders and, among them, CodexFx is quite well known.
There are several people who have said good and bad things about this company, so before investing through this broker, you need to research the pros and cons.
CodexFx is undoubtedly one of the most talked about websites of the moment. The site offers the possibility to trade on CFDs and supports the good old MT4, although many traders have now switched to version 5.
While it seems like a convenient solution, in the contemporary world of forex trading, MT4 does not work as well as many people would like. The website also features quite decent alternative software, which allows users to work with a greater number of analytics tools. In fact, there are so many that a beginner can easily find himself off-limits.
The website is said to be quite stable and convenient for those taking their first steps into the world of forex trading. In addition to API connectivity, a trader will handle several orders and advisors are available here for automated trading. Even though CodexFx has so many features, it can never compete with Metatrader 5.
Is it registered and regulated?
CodexFx is neither registered nor regulated. The site is operated by CodexFx Ltd, based in Bulgaria. This means that the people who designed this tool have never been forced to accept any kind of financial regulatory term, which is one of the many reasons why this site cannot be trusted.
When the base isn't that solid, it's hard enough to keep up in the future. A company must always be licensed and when we conducted extensive research, we found that the company registration dates back to Belize and the license has been revoked.
In a way, it can be safely said that the company is not licensed and is a parent company for other small brokerage firms, which is even worse. For this reason, it is not recommended to trade on this website. Rather, look for a regulated broker.
Account information and minimum deposit required
CodexFX offers five different account types: Mini, Standard, Gold, Platinum and ECN. As for accessibility, Mini, Gold, and ECN accounts share the same minimum deposit requirement: $ 500 (not quite that low), while other accounts require minimum deposits of $ 10.000 or more.
Accounts also share the same leverage limits up to 1:50. All accounts apart from ECN accounts share 1-3 pip spreads on FX majors, minimum and maximum trade sizes, and stop loss levels. The broker also offers a commission-free experience on those account types, with commissions charged in exchange for better spreads on ECN accounts.
With so many similarities shared, it seems the only real difference for most account types would be the minimum deposit requirements and the balance that each account can hold. For example, you can only deposit between $ 500 and $ 5000 to Mini accounts, so this may force those wishing to make larger deposits to choose an account type that can hold the largest balance.
We therefore speak of rather high amounts, unlike what happens with Immediate Edge, the minimum deposit of which is set at $ 250 for any type of account. All you need to do to open an account is to follow these steps:
The platform used for trading
Regardless of the trading account you choose, you will use the MetaTrader 4 platform if you decide to trade with CodexFX. MT4 is the most popular trading platform among forex brokers, thanks in part to its user-friendly interface, customizable charts and a wide range of features, including Expert Advisors, custom indicators, four types of pending orders, trading support of micro lots, analytical tools, trading signals, market news and more.
Despite the release of newer platforms, MT4 has stood the test of time and remains the most preferred option by users. The platform is available for download on PC or via Android and iOS devices, including phones, tablets, etc. This allows for an optimal on-the-go trading experience, so that clients can monitor their trading account from anywhere and at any time.
Do they offer a bonus to traders who sign up?
We couldn't find any ongoing bonus opportunities listed on the website, but that doesn't mean you shouldn't expect to see opportunities offered by CodexFX in the future (as long as it doesn't close earlier than expected).
In one of their PDF files on the website, the broker goes into detail on the conditions on deposits and mentions that these offers will be available from time to time. Be sure to keep an eye on any updates if you decide to open an account, although we strongly advise against this as it is an offshore broker.
No trading information available
It has been shown that CodexFx is linked to other websites that are not that relevant per se and it is not surprising that the websites are said to be playing to scam in all ways those who decide to transfer money on their sites. There is a huge risk of getting associated with these sites when you sign up for CodexFx.
Furthermore, even the information regarding trading and spreads offered by CodexFx are certainly not very reliable. The financial brokerage site has never provided any kind of information regarding this and reference spreads, which is a big risk for many trading experts. It offers only 3 pips for the EUR / USD, which is below standard.
What do regulators say about the CodexFx broker?
We can conclude that investing your money on this platform would not be really wise considering all the downsides that we highlighted in our CodexFx review.
At a quick glance, it appears that there is nothing wrong with trading with this platform, but in general, it is a pretty good scam. Traders can find better options for trading online, especially not offshore.
All offshore forex trading websites are more or less the same, but what differentiates them from each other is a proper regulatory agreement and license and since CodexFx lacks one, it is advisable not to use it at all.
You can access the website of Immediate Edge and start trading by clicking the button below.
Is CodexFx reliable?
CodexFx is by no means the most reliable broker you can find online. It is neither authorized nor regulated by any regulatory body, which means that in case of problems, you will have to place your trust only in its creators and with these premises ...
Are there brokers similar to CodexFx?
Yes, similar, but also regulated and authorized. This means having the possibility to choose reliable intermediaries. Which we cannot say for CodexFx.
I have been scammed by CodexFx. What should I do now?
The only thing you can do is choose a reputable broker like the ones recommended on this page and hope to get your money back by investing through a regulated platform.