Cipher Trade Markets has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Cipher Trade Markets is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
Do not use Cipher Trade Markets for anything serious. I used them for just over a year for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Quick verification|Full transparency|Clear documentation|Multi-device support
Cons: Limited ETF selection|Onboarding videos are outdated
Several red flags with Cipher Trade Markets: (1) They promise unrealistically high returns, (2) They're not registered with Financial Conduct Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Unauthorized firm|Found in IOSCO warnings database
The hidden fees at Cipher Trade Markets are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Excellent charting|Regular platform improvements
Cons: Alert system is basic|No dark mode on mobile
My withdrawal from Cipher Trade Markets was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for a few weeks now of being strung along.
Pros: Fast execution|Demo account available|Detailed reporting
Cons: Website design could be more modern
After for a few weeks now with Cipher Trade Markets, I can only describe the experience as death by a thousand cuts. No single issue was catastrophic, but the constant stream of small problems, slow responses, and missing features wore me down until I finally left.
Pros: Good analytical tools|Professional team
Cons: Mobile app could be improved|Wait times can be long during peak hours
I referred a friend to Cipher Trade Markets from a review site like this one. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: No hidden fees|Multi-currency support|Instant funding|Excellent charting
Cons: Wait times can be long during peak hours
I have been trying to close my account with Cipher Trade Markets for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Easy to use platform|Intuitive for beginners|High security standards
Cons: Mobile app could be improved|Email notifications too frequent