CXMARKETS BROKER REVIEW 2024: PROS AND CONS

INTRODUCTION: WHAT IS A CXMARKETS BROKER?

I want to present an overall picture of CXMarkets.

I’ll discuss what it is, its regulations, its formation, and much more.

Do you know CXMarkets was once a celebrity gaming platform?

Let’s take a deep dive, shall we?

CXMarkets or Cantor Exchange started in 2010.

When it started, it wasn’t a derivative broker.

Instead, it was like a Hollywood Stock Exchange platform.

On the platform, people would play the game and buy celebrity stock.

Now, you think, “What the hell is a celebrity stock”?

Well, it’s a place where you predict which Hollywood movies would go big.

And if they do, you earn some cool profits.

CXMarkets wasn’t a real marketplace.

It was like a demo platform and gave you a feeling of gaming with virtual funds.

Fast-forward to 2022, and CXMarkets is now a derivative broker. 

CXMarkets Homepage

Some of you may have heard the name “Cantor” before.

Cantor Fitzgerald is a financial service company in the US founded in 1945.

How come CXMarkets and Cantor have a connection?

Cantor Fitzgerald is the parent company of Cantor Futures Exchange.

Cantor Futures Exchange is the parent company of CXMarkets.

So, that’s how they have a connection.

The curious question is, “what can I trade on CXMarkets”?

The main emphasis of CXMarkets is weather derivatives, but they do offer some other products also.

So let’s discuss them all:

HOW DOES CXMARKETS BROKER WORK?

As you already have guessed, CXMarkets is a different type of broker.

So, it raises the question, “How does it work”?

For starters predicting weather isn’t hard, right?

Let’s see how the broker works.

CXMarkets provides its users with a weather market.

The primary focus of the broker is to offer weather derivatives.

What are weather derivatives, you may ask?

In the 1990s, weather derivatives came into the scene with the simple yes or no scenario.

Soon they became part of options futures contracts.

A key point to add here is CME offers weather derivatives.

CME, aka Chicago Mercantile Exchange, offers weather products for specific locations.

So, not everyone can trade on it.

However, CXMarkets is a US broker, so all US citizens can open an account on it.

CXMarkets don’t offer its services to other countries.

CXMarkets, in association with CME, offers weather products.

Trading on weather products is a simple yes or no scenario.

You buy a contract like other CFDs.

The next step is to make a prediction.

For instance, you traded that the temperature would rise on Sunday.

So, if the temperature rises, you get profits.

Weather is not the only thing available from the broker.

You can also trade binary forex options and gold binary options.

Binary options trading works at CXMarkets like other brokers.

You go in and out by “yes or no” scenario.

HOW TO USE CXMARKETS BROKER?

Now that you know how CXMarkets works, let’s move to use it.

If you can use the platform well, you can make some cool moola.

The broker makes everything easy for you.

Let’s see how you can use it.

To trade on CXMarkets, you have to use their native platform, TradeWX.

TradeWX is the only platform available at CXMarkets.

The platform has a linkage with AccuWeather.

Yeah, the app that tells you everything about the weather.

TradeWX Platform

So, after selecting a weather product, you trade like any other asset.

Here’s what the platform looks like:

There isn’t much info on trading forex and gold binary options. 

WHERE IS CXMARKETS BROKER BASED?

The broker’s location adds a layer of legitimacy.

It shows the brokers is trustworthy, and you can open an account with it.

So, where is CXMarkets from?

Let’s find out.

If you navigate to the website,

There isn’t any mention of the location.

It means CXMarkets doesn’t have a physical location.

Its parent company Cantor Futures Exchange doesn’t have a physical address either.

However, Cantor Fitzgerald has offices worldwide, with headquarters in New York City.

Cantor address

WHO OWNS THE CXMARKETS BROKER?

In the last section, we discussed CXMarket’s location.

Now I want to tell you who owns it.

If you are following this review carefully, I already explained it earlier.

But, if you haven’t, then I’ll tell you again.

Cantor Futures Exchange is a parent company of CXMarkets.

On the About CX menu, you can find the broker’s info.

Here’s a screenshot of it:

About CX

DOES THE CXMARKETS BROKER HAVE AN APP?

You know how important trading on the go is these days.

One can look at it whenever and wherever he/she wants.

But does CXMarkets have an app?

Let’s find out.

Unfortunately, CXMarkets don’t have an app.

DOES CXMARKETS OFFER A DEMO ACCOUNT?

Before I dig deeper, I think it’s the right time to tell you about the demo account.

Yes, the good ol’ demo account is a major learning curve for beginners.

It gives you a feeling of a real thing without investing real money.

So, let’s see if CXMarkets have a demo account.

I searched every part of the broker’s website but couldn’t find a demo account.

So, CXMarkets doesn’t have a demo account at this time.

IS CXMARKETS BROKER A SCAM?

In the earlier part of this guide, I mentioned CXMarkets regulations.

You could easily answer, “Is CXMarkets a scam if you were following.”

I think there’s no doubt about it.

So, let’s find out more:

CXMarkets parent company, Cantor Futures Exchange, has been licensed from CFTC.

You can find all the info on the broker’s website under the rules and regulations menu.

I have added a screenshot below, so you can check it.

CXMarkets regulations

Here, in 2013, CFTC approved Cantor Futures for binary options trading.

If you have any doubts, CFTC is one of the world’s largest financial regulatory bodies.

CFTC regulations ensure that your funds are in safe hands.

And CXMarkets have to follow certain rules and regulations. 

So, CXMarkets isn’t a scam.

DOES CXMARKETS BROKER OFFER PROMO CODES?

Brokers offer promo codes to attract many users.

What they do is they allow you to get discounts.

Nah, I’m not kidding!

Let’s see if CXMarkets offers promo codes.

CXMarkets doesn’t offer a promo code of any kind.

DOES CXMARKETS BROKER OFFER BONUSES?

Who doesn’t love bonuses and rewards?

I mean, I do love some deposit bonus.

Let’s see if CXMarkets offer bonuses.

Can you take a guess?

Well, CXMarkets doesn’t provide bonuses and promotions of any kind.

HOW TO DEPOSIT FUNDS IN CXMARKETS BROKER?

After opening an account, you need to deposit.

But in what ways are you going to do that?

Maybe some of the choices are not available to you.

So, let’s explain!

I tried hard to find out what methods were available for deposits but couldn’t.

There isn’t any mention of deposits anywhere on the website.

On the trading website, there is a funding option.

But when you click on it, it brings you to the same page.

I guess they haven’t added any funding method yet.

HOW TO WITHDRAW FUNDS FROM CXMARKETS BROKER?

After learning about deposits, you probably have guessed the withdrawal methods.

I mean, there aren’t any of them.

But I want to give a full explanation.

So here it is:

Again I searched every corner of the website but couldn’t find withdrawal methods.

It is super bad for traders’ points of view when you don’t have any info on deposits and withdrawals.

HOW TO REACH CXMARKETS CUSTOMER SERVICES?

You must interact with the broker regularly.

Several questions can pop up in your head.

Although CXMarkets does not offer live chat, they have a phone line.

You can find it on the homepage, which you can see below.

Down on the homepage, you have the participant and customer support numbers.

I have added a screenshot, so you can take a look.

CXMarkets customer support

WHAT IS THE BEST TIME TO TRADE ON A CXMARKETS BROKER?

You can trade the markets round the clock.

But some periods are different from others.

They have higher volume, and thus you have more chances.

So, let’s see what the best time for trading on CXMarkets is:

As the broker is available in the US only, the best time to trade is between 9 to 5 EST.

It’s the time when the New York session is open and has a lot of volumes.

DOES CXMARKETS OFFER ROBOT TRADING?

Like other things, a bot does help you a lot in trading.

It automates the entire process.

But the question is, “Does

CXMarkets have a trading bot”?

Let’s find out!

Unfortunately, CXMarkets doesn’t offer a trading robot.

Brokers like Forex Club are more explicit with their payments method (both for deposit and withdrawal); you can check this review to see if the broker is a good fit for you.

DOES CXMARKETS CHARGE TAXES ON PROFIT?

Following CFTC guidelines, CXMarkets doesn’t charge taxes on profits.

Many brokers don’t have the authority to do it.

CXMarkets follows the same pattern.

Let’s take a look at it:

CXMarkets isn’t a tax agent.

It means it doesn’t provide your fund’s info to anyone.

In rare cases, they provide info

to government agencies.

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