Cinpax helps you unleash your best trading potential. It is an interesting slogan for a brokerage company, but the offshore registration in Saint Vincent and the Grenadines raises some concerns. No matter what the broker offers or how motivating it might be, it’s always necessary to thoroughly check the firm for signs of scam. At first glance, it appears to be a standard platform where traders have access to financial assets, but the license is not mentioned, the duration of operation and business model are unknown, and there are very few online reviews to judge the organization as a well-known and verified firm. Let’s try to solve this mystery and understand whether we can trust this intermediary or not.
Table of Contents
|Saint Vincent & the Grenadines
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Cinpax.com
The official Cinpax website is filled with clichéd phrases aimed at motivating visitors to open an account and start trading quickly. There are only two blocks at the top of the page:
- Trading conditions. Tradable asset classes, platforms, account types, and other conditions.
- Information about the company and contacts.
You can also visit Facebook, Twitter, and Instagram accounts. Legal documents, such as the user agreement, AML&KYC policy, and others, are located in the footer of the site.
Cinpax has translated its resource into 7 languages, in addition to English. The graphic images consist of stock photos of people in suits, embodying successful traders and high technology. This is quite standard and typical for a brokerage site.
Partnership and Bonuses
According to the presence of a bonus policy in the user agreement, the company offers a deposit bonus. However, all bonuses in Cinpax are subject to certain conditions, which are not specified. The only known requirement is to achieve a certain trading turnover.
The firm does have an affiliate program, but its existence is only revealed during account registration. There is a field named “referral”, which strongly suggests the presence of an affiliate program. Strangely, the conditions are also not disclosed.
Account Opening on Cinpax.com
The process of creating an account in Cinpax is quite lengthy. The client needs not only to agree to the terms and provide their name and contacts but also to provide information about their country of residence and specific address. We consider this unnecessary, as it would be more logical to fill in residency information during the verification process. Anyway, at the registration stage, the broker does not require confirmation of the provided data.
“Your request has been denied. Please reach out to us for further assistance.” – This is the message received after filling in all the data. Was it worth spending so much time filling out the form if registration is still impossible? The problem might be the country, but we tried different options. The result is the same – it is necessary to contact Cinpax managers.
Free registration with the broker is apparently not available. Moreover, Cinpax does not even offer a demo account on which one could try the service and check how the terminal works.
The verification process immediately follows the registration procedure. Cinpax requires clients to provide documents confirming their identity and address. Identity documents can be in the form of a valid driver’s license, government-issued I.D., valid passport, credit card copies (if applicable to the client), utility bill, and bank statement. The firm may also request additional documents. KYC processing will take up to 24 working hours.
- Lengthy KYC processing.
- Verification is required immediately after registration.
Since we were unable to register an account, we must take Cinpax’s word for how it describes its trading terminal. Unsurprisingly, the platform is described as the most advanced and best software for traders. The platform supports netting and hedging position accounting systems, market depth, one-click trading, technical analysis, a full set of orders including stop-losses and take-profits, various types of charts, 9 timeframes, and indicators.
According to the official website, the platform is also available on Android/iOS smartphones. Whether this is true or not, we cannot say, so let’s assume it is. There is no desktop version, but the webtrader supports any browser without the need for additional extensions.
We doubt that Cinpax has such an advanced and professional platform as seen in the screenshot and description. Typically, brokers exaggerate about their platform, describing it as professional software. One should not believe the laudatory descriptions of brokerage companies.
How Can I Trade With Cinpax?
Trading with the broker is available from a minimum deposit of $250, depending on the type of account chosen. Let’s now take a closer look at the tariff plans.
All Info About Accounts
Cinpax offers clients five types of accounts:
- Starter. From $250. Includes leverage up to 1:400, order volume from 0.1 lots, an educational center, price alerts, and no commission. Access to the platform is also mentioned, although this is obvious.
- Basic. The minimum deposit is $2,500. In addition to the above benefits, it includes assistance from a personal expert and the development of a trading strategy.
- Advanced. From $25,000. Personal portfolio, exclusive market analysis, research tools, and a choice of floating/fixed spread.
- Professional. No less than $100,000. Hedging allowed, fixed pricing, and no significant difference from “Advanced”.
- VIP. More favorable conditions, but the deposit requirements are not specified.
Regarding the trading conditions, there are notable points to comment on. Firstly, the leverage of up to 1:400 clearly indicates a lack of regulation by financial commissions; otherwise, Cinpax would not be able to offer such high leverage. Secondly, the high minimum deposit, especially the specific amount of $250, is often associated with scambrokers. Thirdly, spreads and commissions are not specified. Yes, there are no commissions on the first tariff, but there’s no word about the others. How does the broker earn, or is it a dealing desk that profits only when clients lose money?
A demo account is absent, as is the swap-free option. The conditions are maximally secretive. Moreover, the company operates on the principle of “pay more, get more”. All these are clear red flags for Cinpax.
- Not found.
- The broker operates opaquely, as many conditions are unknown.
- Important features, such as a demo and swap-free accounts, are absent.
Market Analysis and Education With Cinpax.com
The company provides users with basic information about the traded asset classes, contract expirations, and a ticker with quotes of popular instruments. All other additional features in Cinpax are described in the tariff plans. It’s worth noting the absence of an economic calendar, a calculator for position parameters, and even a news feed.
Deposit, Withdrawal, and Fees
In Cinpax, only fiat methods for depositing and withdrawing money are available: electronic wallets, bank transfers, and credit/debit cards. However, cryptocurrencies are not offered. Deposit processing occurs within 1 working day, and withdrawals take 1-5 working days. Withdrawals can only be made to the same details from which the deposit was made. There are no commissions for financial transactions.
How Can I Contact It?
There are several ways to contact managers:
- Online chat on the official website.
- Accounts on social networks Facebook, Twitter, and Instagram.
Checking the broker’s contacts revealed nothing. When trying to send a message in the online chat, for some reason, it is necessary to specify a MetaTrader5 account number, although Cinpax uses a different terminal. The number of followers is astonishing: four people on Instagram and one on Twitter. Truly a “popular” firm.
- There are all the major ways of communication.
Is Cinpax Dangerous?
The unclear and partially hidden trading conditions raise some doubts, as does the inability to freely register an account. There are enough negatives, but it’s still too early to definitively accuse Cinpax of fraud. To pass judgment on the broker, it’s necessary to check its operational duration and legitimate status, which we will do next.
How Long Does The Broker Work?
Operational duration is one of the most important aspects of any brokerage firm’s activity. Logically, the longer a firm has been in operation, the more proven and safe it is. Many fraudulent brokers either hide their founding date or fabricate a long operational history. In the case of Cinpax, the first scenario applies – the founding date is simply not mentioned.
Considering the social media accounts created in 2023 and the few online reviews, one cannot speak of a solid operational duration. The domain of Cinpax’s official website was created in 2018, but this needs verification to confirm whether the broker was operational then or simply bought an old domain.
According to Webarchive snapshots, the domain was for sale in 2019. There’s no data for 2020, and only in 2021 does the appearance of the broker Cinpax become observable. Therefore, we conclude that the broker has only existed for 2 years.
How Is Cinpax Regulated?
Now let’s move on to regulation. As stated on the official website, the broker is registered in the offshore jurisdiction of Saint Vincent and the Grenadines, with no other offices or representations. It in itself is a significant downside.
Considering regulation by SVGFSA is pointless, as this regulator does not control the activities of forex brokers, but we will still check for the presence of the organization in the registry. The company may provide false information, which could be another red flag. And indeed, Cinpax LTD is not listed in the SVGFSA.
Frequently Asked Questions (FAQ)
How to Trade With Cinpax?
Is Cinpax Legit?
How Risky Is It?
The fraudulent company has been around for quite some time. It’s surprising how this scam broker is still operational after 2 years. On the other hand, in two years, the firm has not gained a reputation as a safe and verified intermediary, which means there is even more reason not to attempt to open an account here. There’s no doubt about the fraudulence of Cinpax. Moreover, it is a dealing desk that will try to prevent traders from earning, as the clients’ success does not profit the scammers. In short, there are enough red flags here to permanently forget about this broker, blacklist it, and never trade here.