CrescoFX is a brand of Cresco Capital Markets (UK) Limited and part of the Cresco Group. The British company is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN number 764353.
Trading assets include 17 currency pairs, 8 indices, 4 commodities (Gold, Silver, Brent Oil and WTI Oil), 4 crypto currencies, and 10 US shares.
Customers can trade through the most popular platform worldwide – MetaTrader 4 (MT4). It is one of the top terminals for trading, analyzing financial markets and using expert advisors. The company also offers its own platform called Cresco Trader, which allows you to place orders directly from the charts.
There is a news section on the website but the information inside is totally outdated. The other sections of the website are under construction and the information provided is limited, so we will share what we find in the legal part.
The Terms of Business document shows that all retail clients are covered by negative balance protection. It is written that “Retail client accounts are offered Negative Balance Protection, meaning you cannot lose more than your Invested Capital. If at any time you have a negative Cash value on your Account, we will waive our right to claim the deficit and will return the Account balance to zero (0).”
The same document informs that prices may differ at any time to those displayed on your device. The price at which an order will be executed may be less favourable to you than the price displayed on the platform and/or provided to you. This means all orders are subject to slippage. In the “Best execution” section it is written that the company should obtain the best possible result on behalf of its clients either when executing client orders or receiving and transmitting orders for execution. The “Services” section informs that the company is authorized to provide services in accordance to the relevant license, which currently consists in the reception and transmission of orders, as well as the execution of orders. This means that CrescoFX may decide not to transmit an order to the liquidity providers but to execute it by itself, or to act as a market maker. Acting as a market maker arises a conflict of interest.
In general, the website crescofx.com is not updated and the information provided is limited and does not cover all aspects. Links to some sections are broken or the information is too old. It is not clear what type of broker the company is and what the terms of the account are.