CrescoFX Review 2020
CrescoFX is a regulated boutique brokerage offering multiple asset classes for trading online via advanced and powerful trading platforms with a range of built in tools and compatibility across multiple devices. The broker has limited account funding options and does not provide traders with any educational materials. We also found customer support to be unresponsive on live chat despite stating that they were online.
CrescoFX Review 2020, Pros & Cons
- Powerful & sophisticated trading platforms
- Customisable Reuters news
- Clients sentiment tool
- No US clients
- Minimum $1,000 deposit
- Limted account funding options
- No educational resources
- Lack of information readily available on brokers website
- No response from live chat support
In this detailed CrescoFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
CrescoFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including CrescoFX.
CrescoFX Review: Summary
CrescoFX offers Forex and CFD broking services to private and institutional clients with cutting-edge services and platforms to deliver effective multi-asset trading from a single account. They are a boutique broker offering bespoke trading solutions with reliable execution and institutional liquidity with one click trading through a personalised trading and investment environment.
CrescoFX was founded in 2011 by engineer-turned-entrepreneur Derek Mayne. As a boutique FX broker, CrescoFX was designed to serve professional traders seeking a reliable and competitive client-centred alternative to traditional liquidity providers. The company grew initially through word-of-mouth and referrals through existing clients and now has operations in several international locations. CrescoFX is managed by a team of experts who joined the company from some of the top European trading houses.
- Tailored and personalised trading and investment environment.
- Solid liquidity and execution with one-click trading.
- Advanced charting tools and trade signals.
- Free access to equity research modules.
- Exclusive news and reports from industry experts.
CrescoFX Review: Regulation
CrescoFX is a brand of Cresco Capital Markets (UK) Limited and part of the Cresco Group. Cresco Capital Markets (UK) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN number 764353.
As a licensed and regulated broker under the Financial Conduct Authority, the broker is subject to stringent EU directives and regulations regarding client handling.
They have internal systems that incorporate strict security measures to ensure personal information is protected and that clients experience the safest online trading available.
CrescoFX Review: Countries
CrescoFX do not provide its services to residents in any country where such distribution or use would contravene any local law or regulatory requirement. This includes the United States of America.
Some CrescoFX broker features and products mentioned within this CrescoFX review may not be available to traders from specific countries due to legal restrictions.
CrescoFX Review: Trading Platforms
The Cresco Trader platform offers fully customisable layouts, advanced trading tools and award-winning charting as well as a mobile application.
Cresco Trader features include:
- Award-winning charts
- 100% automated execution with advanced order types and risk management
- Fully featured mobile trading apps for iOS & Android devices
- Live Economic Calendar
- Customisable Reuters news
- Over 80 in-built technical overlays and studies
- All charts come with 24 drawing tools that can be used to draw support and resistance levels, make notes on charts and highlight key price moves and patterns
- Price Alerts with push notifications to mobile apps
- Pattern recognition software to automatically identify emerging and completed chart patterns
- Minute-by-minute updates of client sentiment
- Up to 20 years’ worth of price history
- Performance and volatility filtering
- Execution alerts via web and mobile platforms
MetaTrader 4 (MT4) developed by MetaQuotes Software is one of the most popular and user-friendly online trading platforms for trading Forex and CFDs. MT4 has a vast array of built in trading tools for analysing financial markets. It supports automated trading through the use of expert advisors (EAs) and there are many additional add-ons available online to further improve the platforms functionality.
MT4 can be downloaded for free directly from the MetaQuotes web site or through many online forex brokers. It runs on desktop, directly in web browsers or via mobile devices using the MT4 app for iOS and Android devices.
Some of the core MT4 platform features include:
- Intuitive user interface
- Fully customisable
- Multiple chart timeframes & chart styles (bar, line, candlesticks)
- Multiple order types
- Technical indicators & drawing tools for market analysis
- Automated trading with EAs
- Strategy tester for testing EAs historically
- MQL programming interface to create custom scripts, indicators & EAs
- MQL community to share ideas & tools with other traders
- Price alert notifications via pop-ups, SMS & email
- Desktop, web & mobile platform
CrescoFX Review: Trading Tools
The broker does not have any additional standalone trading tools but it must be said that the provided trading platforms have a plethora of tools that will usually be more than enough for the average retail trader needs.
CrescoFX Review: Education
During this CrescoFX review the education section of the website was under construction and therefore we cannot say if they are currently offering any educational materials to traders. They do however have a news feed on the website that is powered by Reuters.
CrescoFX Review: Trading Instruments
CrescoFX offer a range of trading instruments across different asset classes including:
- Forex Pairs: USDJPY, AUDJPY, AUDUSD, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURUSD, GBPCHF, GBPJPY, GBPUSD, NZDUSD, USDCAD and, USDCHF.
- Major Indices: US 30, US 500, US Tech 500, HK 50, Japan 225, UK 100, French 40, German 30.
- Spot Metals: Gold, Silver.
- Commodities: Brent Crude Oil, WTI Crude Oil.
- Cryptocurrencies: BTCUSD, BTCEUR, ETHUSD, ETHEUR.
- Equities: AMZN, BABA, FB, GOOG, MCD, MSDT, RACE, TSLA, V AAPL.
CrescoFX Review: Trading Accounts & Fees
You can open a personal, joint or corporate trading account with CrescoFX. The minimum deposit required is $1,000 which is larger than most other online brokerages we have reviewed. Leverage is capped at 1:30. Spreads are raw starting from 0 pips and commissions are around $6 depending on the account type.
Demo accounts are available if you would like to trial the different platforms and practice your trading strategies with virtual funds.
CrescoFX Review: Customer Service
CrescoFX provide customer support via UK telephone, email and online chat. It should be noted that telephone calls and online conversations may be recorded and monitored. We didn’t actually get any response from the live chat despite them stating they were online. The broker states that they take the time to build solid, long-term relationships and believe in working closely with clients to understand their individual goals and aspirations, focused on making sure that these needs are met.
CrescoFX Review: Deposit & Withdrawal
CrescoFX only have bank wire and credit/debit card funding options. This is a very limited selection when compared to many other online brokerages. Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. Bank transfers may take a few business days to clear whilst card funding can be instant. CrescoFX strictly do not accept third-party payments. All funds deposited into your trading account must be under the same name as your CrescoFX trading account.
As broker fees can vary and change, there may be additional fees that are not listed in this CrescoFX review. It is imperative to ensure that you check and understand all of the latest information before you open a CrescoFX broker account for trading online.
CrescoFX Review: Account Opening
Opening an account with CrescoFX is a fully online process that requires you to provide the broker with the following:
- Personal Details
- Employment & Financial information
- Financial information
- Investment Objective & Security Check
- Additional Documents
Once you have submitted this information your account will be reviewed. If and when your account has been approved, you will be able to login and download the platform to start trading online.
CrescoFX Review: Conclusion
CrescoFX is a boutique trading brokerage that caters towards the individual needs of its clients. They are under strict FCA regulation and have a choice of powerful trading platforms that are packed with useful trading tools. They also offer a range of different asset classes for trading online.
Despite this, we found the non-FX instruments to be lacking. There are no educational materials offered to help new traders improve their trading skills and knowledge. The account founding options are also limited with no online payment processors. They do not have any social trading platform integration either and information available to potential clients on the website is very limited. For these reasons, we would look for an alternative broker including those listed on our best online brokers list.
Contracts for Differences (CFDs) are complex instruments and carry a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. You might consider consulting an independent advisor if you are not sure whether Forex or CFDs are suitable options for you.