Residence, Regulation, and Company Management Structure

COESfx is registered in the USA, and registered with CFTC, which is a member the NFA. The company address is mentioned and the heads of company are named; together with a short resume of each person.

Company's Market Position

It is clearly indicated that the company is an ECN, a basic partner is mentioned – a liquidity supplier.

Only standard and controlled accounts are offered.

Types of Services Offered

COESfx trades 7 basic currencies and their cross-courses, as well as spot-courses of gold and silver.

The minimum size of their trading account is $5000 for trading in complete (100000) lots, $250 for trading in mini-lots (10000). A combination of full and mini – lots within the limits of one account is not permitted.

On their site only a basic term-of-trades are described - a credit leverage, size of supporting margin, base size of lots, payments for the transferring the open position on the other day. This information is allotted to the FAQ and User Guide. It was impossible to find anything on limitations on volume of trade, on the changes of leverage depending on the volume of the opened positions or other factors, on absence or presence of other payments, except for spreads and SWAP.

It was also not possible to find information about contracts on gold and silver.

Streaming quotations are given (without a query). The size of spreads is indicated abstractly (1-2 pt.) without attachment to the specific pair. The broker mentions possibility of slipping on the execution of orders, but the sizes of slipping are not specified.

Money for their trading accounts are transferred through standard bank order and bank details are indicated. There is no information concerning the withdrawal of money from the account, however.

For clients, having accounts in/with American banks, a service of “Broker processing service,” is offered in the depositing/withdrawing money from/to trading account; thus minimising the costs to clients.

The relations of the company and its clients are registered through the proper “hard copy” agreement/contract, which can be sent, by clients, via mail.

Traders Support

Demo-accounts are supported, limitation times of action of demo-accounts was not, however, evident.

For novices there is the traditional FAQ, from where, it is possible to make the most general gist of the Forex trading methods on it. There is very detailed help concerning the usage of their trading platform and there is also a short glossary.

Other languages, apart from English, are not supported.

There is a telephone number and a built-in chat programme in the trading platform for interactive support.

News feeds on the site are shown via a” creeping line.” Clicking on it opens a reference to the analytical (?) site http://www.chron.com with the full text of the article. It is possible to guess from the User Guide, that the news of DBC is translated directly from a trading platform. Other types of analytical support was not found.

The Trading Platform

COESfx offers different trading platforms for standard and mini lots. Standard lots are bargained through the web-based “COESfx Level 1™ Trading Platform.” For mini-lots the Metatrader 4 is used. Both platforms work on the Win2000\XP OS and give basic informative services: the translation of quotations, exposure / execution of orders, watching of the state of positions and account.

Graphic and technical analysis is built-in in Metatrader, while with the use of technical analysis on «COESfx Level 1™ Trading Platform» it is possible only for the use of a special query for “active” traders. The meaning of “activity” is not clear, however. It is possible to suppose that the use of web-based of graphic analysis would use a lot of bandwidth.

The Site

The site is uncomfortable, and is overloaded with senseless, non-bearing, useful information and flash-images. The disclaimer is in very small print – making it very difficult to read and, thus, understand. The greater part of the information (including the demo-account) is given only on demand and only after registration. The news is taken from a banner-exchange (?) network c.moreover.com.

Advantages

The company is regulated by the CFTC and is a member the NFA. There is a front-office, and the leaders of company and its subdivisions are adopted.

COESfx trades in the most liquid currencies and their cross-courses. Both standard and mini lots are supported. The broker gives relatively small credit leverage, limiting the risks of clients. A trade cost is minimal, and spreads are small and remain permanent during the trade. Streaming quotes are given.

In “Help” the use of “COESfx Level 1™ Trading Platform,” is described in detail, and the company offers enough detailed user guide with the aid of a separate document.

For the maintenance of mini-lots, one of the best trading platforms – MetaTrader4 is used.

Disadvantages

Multilingual support is absent.

The dividing of accounts into “complete” and “mini,” with the use of different trading platforms does not allow clients to build flexible trading strategies.

Important information about term-of-trades is spread across the whole site; some information has to be searched by reading “between lines” or by a trial and error method.

The size of “slippage,” at execution of orders is not limited, and there is no information about the presence/absence of additional payments and collections. Because of that, it is impossible to estimate any expense on trade.

Analytical support leaves much to be desired and a professional, technical, analysis, during the use of the “COESfx Level 1™ Trading Platform» is difficult, and consumes a large volume of bandwidth. A valuable, technical, analysis, is possible through MetaTrader4, but for this purpose client, trading in complete lots of (100000) and a trader must have two trading accounts.