The company has been in operation since 2011 and is regulated by the Financial Conduct Authority (FCA) of the United Kingdom under FRN 764353. CrescoFX is required to split customer funds and engage in a compensation plan for investors. Negative balance protection is also available to private clients, which clears trading accounts in the case of a negative balance.
CrescoFX offers tradable products in all significant markets, including Forex, with 17 major currency pairs to choose from. Stocks – CFDs on ten main stocks are available. There are eight major index CFDs to choose from. Bitcoin and Ethereum are cryptocurrencies. Commodities include gold, silver, and crude oil.
Account type transparency is another area that might be improved. If novice traders do not open an account, it will be difficult for them to find any information. Beginners, on the other hand, are likely to be underserved because the minimum initial deposit to start an account is above average at $1,000. CrescoFX provides a demo account for the MetaTrader 4 and Cresco Trader platforms. Demo accounts are excellent tools for both novices and experienced traders since they allow you to practice your trading skills on a risk-free account.
The broker is offering two trading platforms
MT4 is one of the greatest forex and CFD trading platforms on the market, with extensive features for market analysis. The platform’s user interface can be tailored to suit various trading styles and methods.
Over 30 built-in indicators, as well as a set of sketching tools and nine-time frames for extensive price research, are among the features. There’s also a financial news feed, a comprehensive set of trading instructions, and the option to use advisers to execute automated trading methods (EAs).
The broker platform provides 100% automatic execution, as well as competitive rates and risk management tools. Clients can trade directly from charts, which includes the following features:
- 24 drawing tools and 75 technical indicators
- Standard order types plus custom stop triggering
- 10 different chart types
- Live economic calendar
- Customer Sentiment Tools and Views
- Price history up to 20 years
The Cresco Trader and MT4 platforms are offered as fully complete mobile apps for iPhone, iPad, and Android. The Cresco Trader app contains customizable charting tools, economic news, trade history, and other features. Traders can also use push notifications to configure execution and price notifications. The MT4 mobile app is dependable and trustworthy, and it typically obtains excellent feedback from clients on the Internet. Many of the same features as the desktop version are available to traders, including technical analysis tools, real-time news, and a variety of order forms. The software is also accessible in more than 20 different languages.
Spreads and commission
CrescoFX’s spreads and fees are not transparent, which is disappointing for an FCA-regulated broker that claims to provide transparent services. For price information, please contact customer support or sign up for a demo account. Overall, our evaluation was dissatisfied with the cost structure’s obscurity.
For major currency pairs, the maximum leverage is 1:30. Leverage can be used on indices and commodities up to 1:20, oil up to 1:10, stocks up to 1:5, and cryptocurrency up to 1:2. The contract specification page specifies the interest margin requirements.
Deposits and withdrawals
In comparison to other brokers, CrescoFX only accepts money by wire transfer and credit/debit cards. When utilizing these options, there may be fees associated with them, and processing times may not be immediate. Again, there is a lack of transparency here, so it’s worth looking at other brokers before committing.
Forex is a worldwide market that operates 24 hours a day, seven days a week, however, brokers have different session timings based on the trading platform they employ. On the Cresco Trader or MT4 platforms, you may discover extensive information on each instrument’s trading hours.
- Limited funding methods
- Minimum deposit of $ 1000
- Limited number of tools
- No educational resources or tools.
- Lack of information and transparency