A review of CFDWorld broker

CFDWorld is one of the brokers who bets on solid and lightweight web design. The whole website and stock exchange client are available in English language as well as in Czech, Slovak, Hungarian, which indicates that this broker focuses on Central Europe. The website is well designed, loads quickly and navigation is simple.

What can be traded?

Although the broker’s name could at first sight indicate that it offers only CFDs, it is not true. Besides well-known commodities, forex CFDs and indices, it is also possible to directly trade stocks of specific companies. The broker does not provide cryptocurrency trading.

Conditions for trading

Metatrader 5 is the only trading platform that offers CFD trading. It’s available in online, desktop or mobile versions. Metatrader 5 platform is widely used and some users may already know this platform from other brokers. Compared to other platforms, its graphical user interface is very slim, perhaps slightly outdated. On the other side, it’s very quick and quite user-friendly. The application offers many different languages, Czech is included.

The standard view can be enhanced with a lot of different tables, lines and other graphical utilities. You can find these functions in the web application under the Insert button, which opens a context table with additional options. Time display changes can be found under the Graphs button.

Standard trade commands to buy and sell are performed by pressing New Order button in the upper bar. After pressing a button, a table opens, where transaction parameters as stop-loss or profit can be set (these are the commands to close a trade position when a certain loss/profit is reached). Besides that, it’s possible to allow one-click trading, which means that the trades are instantly realized if pre‑set conditions are met.

Since the broker is registered in Cyprus, it’s subject to European regulations, which – among other things – limit the highest amount of the leverage for trading. In practice that means that the maximum leverage ratio for clients is 1:30. It’s possible to ask broker for 1:100 ratio, but the broker is not obliged to fulfill your request.

Fees

Currently, the broker services are typically paid via spreads, when the broker charges a specific price which is set as a difference between purchase and sale price. CFDWorld is not different from others. Moreover, the broker charges a volume fee from CFD and stocks trading, but this is quite common in similar markets.

Forex: 5 pips and more

Commodities: 0,07 pips and more

Indexes: 2 pips and more

CFD: 0,01 pips and more plus 0,2 % of volume

Stocks: 0,01 pips plus 1 % of volume

We appreciate CFDWorld because – unlike with other brokers – the trading conditions and fees are clearly and distinctly sumarized directly on the website without any need for further searching in PDF files or Word documents available for download. Fees are (except for stocks trading) relatively low.

As most of other brokers, CFDWorld charges an inactivity fee of 40 EUR after 6 months of inactivity. The fee is quite high, but on the other hand, 6 months is quite a long time compared to the competitors. CFDWorld performs margin calls only via the platform notification, the client is not contacted via phone or email. An active user does not have to be afraid of anything. But if such a client decides to quit the trader career, he has to watch such things by himself and suspend or completely terminate his account in time. An automatic closing of the position occurs already when the margin falls below 50 %.

Regarding the deposits and withdrawals, the positive fact is that the broker does not charge any fees for these transactions. It’s possible to deposit money via bank transfer or credit card. Withdrawals can be processed only via bank transfers. It should be mentioned that minimum deposit and withdrawal amounts are relatively high, in both cases the minimum amount is 250 dollars.

Registration

Usual documents for account registration are needed from the client; these are name and surname, address, phone and e-mail. This personal information must be confirmed by submitting scans of the official documents. There are two good reasons why these measures are established. The first reason is to prevent money laundering. The other reason is to eliminate identity thefts. CFDWorld website does not allow access through VPN. This causes significant troubles to many potentional customers. It’s not a restriction of a common trading in the Czech Republic.

Demo account

The procedure of creating demo account consists of filling in a form that is the same as for the standard account registration in CFDWorld. In contrast to standard account registration, copies of personal documents are not needed. The login credentials will be sent to your email address. Demo account allows trading with a few currency pairs. Besides the limited number of trading instruments, Metatrader 5 allows you to use all available functions. The demo account is valid only for 30 days. It’s possible to transform the demo account into standard account without the need of creating a new account.

Conclusion

According to our opinion, CFDWorld is a trustworthy broker. The website is simple and uncluttered. The same applies for terms and conditions. Somebody might be bothered by just one, graphically rather simple simple platform, but it’s mostly a matter of taste. Broker’s registration in Cyprus means a higher supervision of authorized EU institutions. This also means an increased security for the client. It also brings a significant competitive advantage against other brokers registered outside EU. For clients that prefer personal approach and a high security level broker registered in the Czech Republic or located in their surroundings will always be a better choice.

Overall assessment: 87 %

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