CoverdealFX – what we know and have as facts about it; CoverdealFX is a brand name of Coverdeal Holdings Limited, which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license number 231/14. This license allows it to conduct various financial services, including receiving, transmitting, and executing customer orders.
We have found in the Order Execution Policy document that the company offers execution only trading to its clients. It will execute all clients’ orders as an “Agent”, “Matched Principal” or “Riskless Principal” to the trade. CoverdealFX expedites each order a client places by placing an identical order (our Back to Back Order) on its execution/dealer venue or counterparty. This means the company uses the Straight Through Processing (STP) model to execute client orders and it is not a market maker. Therefore, the main conflict of interest related to market makers is not relevant here.
So far, we have not received any complaints from customers of CoverdealFX. If you have any criticism to share with us or feel annoyed by CoverdealFX, please fill in the form below, detailing your case. Once we have made your case public, we may attempt to mediate between you and CoverdealFX if you wish.