CIX Markets Review
Unlike most brokers, offering a couple of different account options in order to suit the needs of traders of different levels and preferences, CIX Markets provides a single account type: a commission-free one with competitive fixed spreads and leverage up to 1:200.
Micro lots are not available for trade with this broker, so if you are unwilling to risk large amounts of money, you should probably try out their demo account first, or find a brokerage that offers micro accounts.
The Company. Security of Funds
CIX Markets offers trading in over 55 currency pairs and a number of indices, commodities and interest CFDs on 2 platforms – the evera popular MetaTrader 4 and its proprietary Cix Trader.
Launched in 2015, CIX Markets is a new venture from City Credit Capital (UK) Limited, a company that hasbeen providing FX trading for over 10 years. It is authorised and regulated by the Financial Conduct Authority (FCA) since 2004. As a UK-based brokerage, CIX Markets must comply with strict requirements and adhere to the highest regulatory standards.
In order to acquire a license from the UK financial watchdog, brokers have to provide proof of financial stability: they must hold net tangible assets of at least €730 000. Besides, brokers must keep Client funds in segregated accounts, separated from the company’s operational funds, and to deliver regular financial reports and accounts on conducted trades.
Regulation by FCA also involves additional guarantee to clients’ funds, since they fall under the umbrella of the Financial Services Compensation Scheme (FSCS), where the maximum compensation cover is £50,000 per person in the event that a broker becomes insolvent.
In case you are interested, you may look up more FCA-regulated brokers.
Minimum initial deposit
The minimum initial deposit required by CIX Markets is a little higher than the average for the market – $500. In comparison, you can open a live account with $150 with Trading212, which is also FCA-regulated.
Average Spreads & Commissions
CIX Markets offers fixed spreads only. Generally variable ones appear to be tighter than fixed, however that is not exactly the case with this broker, as it provides spread of 1.0 pips for the EUR/USD pair, which is a very attractive value. Most fixed-spread brokers offer spreads of 2 or 3 pips for this pair.
Besides, CIX Markets charges no commission fees.
In comparison, City Index, one of the biggest UK FX players (and a brand of Gain Capital), also offers fixed spread of 1 pips, and does not charge any commission. For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage provided by CIX Markets is 1:200, which is average, yet most brokers offer higher ratios. Other FCA-regulated brokers, like HY Markets, provide leverage up to 1:300, and FxPro – up to 1:500. You can look up a list of more forex brokers offering leverage equal to or exceeding 1:500.
Higher leverage levels involve higher risk and that is why we advise traders to exercise caution.
Clients of CIX Markets are offered the renown MetaTrader 4 (MT4) and its in-house CIX Trader. Both platforms are available as a PC and mobile versions.
MT4 allows users to fully automate their trades by Expert Advisors (EA) and let the program do all the work. This is one of the reasons MT4 to be the preferred platform by most traders. What is more, it offers extensive back-testing options, a wide range of technical indicators and advanced charting package. Here is a list of more forex brokers offering MT4 platform.
CIX Trader is also a highly customizable platform, equipped with a professional charting package, offering more than 20 market indicators, numerous risk management tools and a real-time news feed from Dow Jones. the platform offers an extremely comprehensive trading environment for all experience levels.
The broker’s in-house CIX Trader. Click to enlarge
Both platforms provide access to Trading Central & Technical Analysis, as long as you open a live account.
Methods of Payment
There are several methods to deposit to and withdraw from your account with Cix Markets: via Credit and Debit cards (Visa Credit, Visa Debit, Mastercard, Maestro, Solo and Switch cards), Bank Wire and the most popular e-wallets among FX brokers – Skrill & Neteller.
You can fund your account from a selection of three currencies; GBP, USD and EUR.
CIX Markets is a dependable FX brand, trading in a wide range of products through the both the famous MT4 and its proprietary CIX Trader. It offers tight fixed spreads and probably utilizes a MM model.
CIX Markets Review Conclusion
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