Introduction to Conotoxia Forex
Conotoxia Ltd. is a forex broker that is headquartered in Limassol, Cyprus. This company was founded in 2016. In mid-2017, the company became regulated and supervised by the Cyprus Securities and Exchange Commission (license number 336/17). Conotoxia offers online forex and CFD trading much like most other brokers based in Cyprus.
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About Conotoxia Forex
Conotoxia Ltd. belongs to Conotoxia Holding Group and is the entity dedicated to providing the online Forex and CFD trading service from Cyprus. Also part of the group is Cinkciarz.pl, which is the legacy company and brand name in the Polish market where the group originates from. Forex trading is a recent offering from Conotoxia. After Cinkciarz became successful in Poland the company rebranded as Conotoxia to offer forex trading as well as their other services throughout Europe as part of an expansion effort.
Cinkciarz, as mentioned previously, is the original brand which is dedicated to the Polish market where the company originates from. The company Cinkciarz doesn’t actually offer forex trading services since that company is not licensed to do so. Cinkciarz is in the electronic money business. Service provided includes online currency exchange (not forex CFDs), money transfers, payments and loans. Conotoxia provides the same services too.
Conotoxia and Cinkciarz Relationship
Both brands work side by side and in fact, share the same logo which is “the euro-dollar” currency symbols in a Deutsche Welle style Icon. All companies within the group are appropriately regulated to offer services to European clients. As well as offices in Limassol and Warsaw there is also a presence in Chicago too.
Cyprus has become one of the most popular destinations for forex brokers. The country has a balanced regulatory environment. These days brokers in Cyprus are considered reliable because they must meet an extensive set of requirements and it is an established industry.
Conotoxia Trading Conditions
Spreads and Commissions
Conotoxia Forex only offers one trading account for all clients. There are no options. The spreads that you will normally see on EUR USD are around 0.4 pips, which is higher than most ECN trading accounts with other forex brokers. On top of this, the Conotoxia charges a commission of $4 per lot, per side. Due to this, the average costs for trading EUR/USD is about 1.2 pips or $12 per lot.
As stated above, Conotoxia only offers one account type. With this trading account, you can trade with balances in EUR, USD, GBP, PLN. The minimum deposit is either 100 EUR, 100 USD, 100 GBP or 400 PLN, depending on which currency you work with. The Margin Call is set at 100% and Stop Out is set at 50%.
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For retail clients, Conotoxia offers the European standard, which is between 1:30 on major forex pairs and lower on other pairs. For professional clients what Conotoxia offers is less than usual. While most brokers offer a maximum of 1: 500, this broker offers just 1:200. This might not be sufficient for some professional clients.
Among the instruments that you can trade in this broker, we find mainly the currency pairs. Between them, we have forex, precious metals, commodities and indices with a total of 91 trading pairs. 14 of the Contracts for Difference (CFD) instruments are based on world-leading indices.
Conotoxia Forex Trading Platforms
Conotoxia offers its services exclusively through the cTrader platform. The fact that this broker offers its services through cTrader alone certainly makes them stand out. Read our detailed cTrader review to learn more about the platform. cTrader is packed with a large set of benefits, including flexibility, advanced graphics, trading tools and market depth.
And about the funding Methods, you can work either with your Credit Card, Pay-by-link or Blik.
Funding and Withdrawals Methods
Funding options are one area where Conotoxia excels is with its payment methods. This is no surprise since Conotoxia and Cinkciarz are online payments specialists. There are many convenient ways to make deposits. Your decision will only depend on whether you prefer low costs or if instead, you seek fast processing, for this you will have the express payment methods.
In the case of the express method, commissions will be charged depending on the withdrawal to be executed, but your money will appear in a few minutes in your electronic purse belonging to Conotoxia Pay or through dotpay. When using dotpay there is a fee of 0.75%.
Withdrawals can only be made to bank accounts in the same name as the trading account owner.
Summary of Conotoxia Forex
Both Conotoxia and Cinkciarz, are two well-established companies on the Polish money transfer and payments market. Even though Conotoxia as a forex broker is regulated by CySEC and offers reasonable, albeit kind of expensive trading conditions, forex trading is a new venture for the company. It’s hard to say how many people are actually using the forex trading service and if they have the experience to succeed in this area.
To their merit, they chose to go with the cTrader platform.