Cinda Securities appear to be a good trader. Their website has English, Traditional Chinese, and Simple Chinese translations. But should you spend your money on them? In this Cinda Securities review, you’ll get answers to all your doubts.
Is Cinda Securities Regulated?
Cinda Securities is based in Hong Kong. The Securities and Futures Commission (SFC) in Hong Kong has given them a license.
SFC needs its brokers to join their compensation plan and have at least 5 million Hong Kong dollars as initial capital.
Therefore, Cinda Securities is a regulated broker.
Is Cinda Securities Reliable?
Hong Kong is an offshore area, but since Cinda Securities has a license, they are somewhat reputable. The SFC is not a strong financial regulator, and it doesn’t have as many strict rules as the FCA or CySEC.
So, even if the company is licensed, trading with them is risky. Also, they don’t have fair trading terms. This is what you’ll learn in the following parts:
Cinda Securities’ Website
A lot of the information about Cinda Securities has been kept vague. For example, it can be very hard to figure out how to trade with this exchange. For a regulated broker, Cinda Securities does not provide reliable information.
The website can tell you a lot about whether or not you can trust it. Scammers and shady dealers make their websites hard to use and fill them with text that doesn’t say anything.
They do this so you can’t get to important information that could be used against them, like their terms and conditions or the fact that they have a high minimum deposit.
Trustworthy brokers wouldn’t make their website hard to find or hide information. That’s because most of the time they don’t have anything to hide and want to be open with their clients to build trust.
So, you should stay away from a broker if you think they are trying to keep important information from you. There are a lot of agents out there, so you don’t have to stick with one that seems sketchy.
Cinda Securities’ Trading Conditions
This broker gives its clients access to the well-known MetaTrader 5 software, which was pretty cool.
MetaTrader 4 and MetaTrader 5 are the most popular trading platforms in the business. Since 2005, when MetaQuotes launched MT4, they have been the market leader because their software has so many features.
MetaTrader 4 gives its users some of the best tools for trading, like access to more than 30 analytical indicators and 24 graphic objects that are built in. In addition to trading indicators, this site gives you access to several trading bots that make trading a lot easier. Since these platforms are used by more than 80% of the business, you can see how great they are.
This broker offers 1:400 leverage, which is very high and very risky. Many traders might like the idea of a high leverage ratio but keep in mind that about 70% of a trader’s trades end in a loss. So, with such a high risk, there’s a big chance you could lose all the money you put in and go into debt.
Trading with such a high stake is not safe, and it shows that the broker is not trustworthy. In the US, the most leverage a broker can give is 1:50, so you can see how risky this broker’s leverage is.
Another reason why you shouldn’t trade with this company is that they offer spreads. This company gives its clients a spread of 2.2 pips.
As a dealer, the spreads of a broker will have a direct effect on how much money you make. A spread is the minimum amount of money you can sell, which is set by your broker. Your chances of making a good profit go down when the spread is big, so I don’t suggest trading with a broker that has a high spread.
Cinda Securities’ Payment Methods
Cinda Securities doesn’t tell its clients anything about the payment methods. Setting up an account with them was difficult due to some glitches.
We can guess that this broker doesn’t offer many ways to pay, because if it did, its website would have said so.
Cinda Securities has not told its users anything about the fees it charges. This is another sign that the broker is not to be trusted. Because they have nothing to hide, honest agents don’t keep their clients in the dark about their fees.
There is a good chance that Cinda Securities overcharges its clients, so it wouldn’t be a good idea to trade with them.
It’s not clear if Cinda Securities gives its clients awards or not. They don’t make it clear what they think about this issue, and as previously mentioned, SFC is not a strict regulator.
If a broker gives you bonuses or credits for joining their platform, you should run away from them right away. Brokers aren’t allowed to give bonuses to their clients by reputable financial regulators like the NFA and FCA. They put these rules in place because bonuses allow dealers to make the withdrawal process more complicated.
And most of the time, the rules for cashing out a bonus are too vague, making it hard for the client to get their money back.
So, you should stay away from any broker who says they give bonuses to their clients. There’s a good chance that they are trying to trick you.
How good is Cinda Securities’ customer service?
There aren’t many ways to get in touch with Cinda Securities’ customer service. You can only get in touch with them through the ‘Contact Us page on their website, which makes them look pretty sketchy.
Why would a broker make it hard for buyers to contact them? Reputable providers offer more than one way to get in touch with their customer service. This trader doesn’t give you a phone number or a way to talk to them in real-time.
Conclusion- Cinda Securities: Are They Worth It?
Cinda Securities has a weak license, and they have hidden a lot of important information. The broker’s website also has many technical problems. Hence why trading with them is not recommended
Cinda Securities is not the best forex trader out there. This company is not safe to trade with.