Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
6/10 · HighGenuine onshore SERC licences No. 001 confirmed on the regulator's own register, but the same register records the derivatives business as suspended with no broker under the clearing house.
Identity & transparency
2/10 · LowLegal entity, registration number and address published on the site and matching both the company register and the regulator entry, with a verifiable office and phone number in Golden Tower; only the suspended status goes undisclosed.
Withdrawals & conduct
4/10 · ModerateNo fund-integrity or service complaints found on any platform, but the footprint is small and a suspended clearing house leaves access to funds unproven rather than demonstrated.
Reputation
4/10 · ModerateNo warnings, no enforcement and real trade-press and local coverage, set against a very thin independent review record and public silence from the company since mid-2024.
Website claims
5/10 · ModerateLicensing and history claims are accurate and corroborated, but the site still presents business as usual, omits the suspension and publishes no link to the register.
Operational history
6/10 · HighSeven to ten years of verifiable continuity under one brand and one registration number, offset by a business that has contracted to no member brokers and no news since May 2024.
Who they are
A quick desk file on the company behind the brand.
- Brand: CDX
- Legal entity: Cambodian Derivatives Exchange Co., Ltd., previously registered under the name Golden FX Link (Cambodia)
- Registered: 8th Floor, Golden Tower, Office No. 158-166, Street 215, Sangkat Veal Vong, Khan 7 Makara, Phnom Penh, Cambodia; company registration number 00009455
- Website: www.cdx.com.kh (English, Khmer and Chinese versions)
- Licences: SERC central counterparty licence No. 001 and SERC derivative broker authorisation No. 001; the regulator's derivatives register records the exchange status as business suspended
- Offers: clearing and settlement for licensed Cambodian derivative brokers, and, under its own broker authorisation, contracts for difference on currencies, gold and silver, crude oil, stock indices and single shares at leverage up to 1:100
- Client money: SERC records four client money accounts for CDX at ACLEDA Bank, Canadia Bank and BIDC
- People: the company register records Tran Hue Lien as a director and FG Investment Limited among its shareholders; the website names Lawrence Kook as Director and CEO
- Not accepted: the company states its information, products and services are not directed at people in the United States
- Age claim: first central counterparty in Cambodia since 2016; trade press reported the licensing in February 2017; cdx.com.kh has been continuously archived since August 2018
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Securities and Exchange Regulator of Cambodia (SERC)
Securities and Exchange Regulator of Cambodia (SERC)
Ministry of Commerce of Cambodia
Why we reached this verdict
How the evidence adds up.
Two things are true at once here, and the verdict is the product of both.
- The regulation is real, and it is onshore. SERC's own list of licensed intermediaries carries Cambodian Derivatives Exchange Co., Ltd. twice: as a central counterparty holding licence No. 001 and as a derivative broker holding authorisation No. 001. The entry prints the Golden Tower address, the phone number 023 227 777, the email enquiry@cdx.com.kh and the website www.cdx.com.kh, all of which match what the company publishes. The identity test passes on name, domain and contacts, so this is not a clone and it is not an unlicensed operation.
- But the regulator records the business as suspended. SERC's derivatives register lists the trading-system status of this exchange as business suspended (the Khmer edition prints the same thing), and the column naming the derivative brokers under its clearing house reads none. The identical register, as published in October 2025, showed CDX active with four brokers under it: CDX itself, Goldwell Capital, Broker Jet and PP Link Securities. Broker Jet and PP Link Securities now appear under Phnom Penh Derivative Exchange Plc.
- The website does not tell you any of that. The footer still reads that the company is registered as a central counterparty and derivatives broker and is regulated by SERC. That statement is accurate as far as it goes, but it omits the suspension, and the site carries no link to the register where a visitor could see it. The company's own news and events stop in May 2024.
- Nothing in the complaint record points at theft. There is no regulator warning, no SERC alert and no enforcement action naming this company or its domain. There is no Trustpilot profile, no forum thread, no Reddit account and no Chinese-language complaint describing a refused withdrawal, a frozen account or a demand for an extra payment before funds are released. The nearest thing to a user footprint is a handful of positive local reviews and a Facebook page with roughly 23,700 followers.
- The corporate reality holds up. Company registration 00009455 exists on the Cambodian company register with the Golden Tower address, the status Registered and the previous name Golden FX Link (Cambodia). A business listing at that exact address carries the same phone number as the register entry. Independent trade press from February 2017 reported the same firm as the first in Cambodia to receive both a central counterparty and a derivative broker licence, with USD 5 million deposited at the National Bank of Cambodia for the clearing licence.
- Why 40 and not lower. A clean history does not help a depositor whose counterparty cannot currently clear a trade. A suspended clearing house with no member brokers, a website that still presents business as usual and public communications that went quiet two years ago add up to real risk of money being hard to move, even with no misconduct on the record. The exact date and reason for the suspension are not published, which is why the confidence here is medium rather than high.
- On the age. The company's exact incorporation date is not on the public record, so the track record below rests on the registry record for registration 00009455 and on the continuous life of cdx.com.kh since August 2018. Both point to an operation of roughly seven to ten years, and the firm's claim to have been Cambodia's first central counterparty since 2016 is corroborated by the February 2017 trade-press report rather than contradicted by anything we found.
Note on operating history: the 7.1-year track record rests on company incorporation alone. No domain registration date could be established, so this is an upper bound rather than a confirmed age.
Evidence ledger
Every finding, with its source and how strongly it points.
E1SERC's list of licensed intermediaries carries Cambodian Derivatives Exchange Co., LTD. as a central counterparty with licence No. 001 and as a derivative broker with authorisation No. 001, printing the Golden Tower address, telephone 023 227 777, enquiry@cdx.com.kh, the website www.cdx.com.kh, the trading server CambodianDerivatives-Live and four client money accounts at ACLEDA, Canadia and BIDC. Name, domain and contacts all match the company under review.
E2SERC's derivatives register records the status of the Cambodian Derivatives Exchange central counterparty as business suspended and shows none in the column for derivative brokers operating under it, while still listing its approved products and leverage up to 1:100.
E3The Khmer edition of the same register prints the identical finding: the status column, headed system connection status, reads business suspended for this exchange, and the broker column reads none.
E4The same SERC register as published on 19 October 2025 had no status column and listed four derivative brokers under the Cambodian Derivatives Exchange clearing house: CDX itself, Goldwell Capital, Broker Jet and PP Link Securities. Broker Jet and PP Link Securities now appear under Phnom Penh Derivative Exchange Plc., dating the change to the period after October 2025.
E5The suspension was already recorded on the register on 14 September 2026, so it is not a recent edit to the page.
E6The Cambodian company register records CAMBODIAN DERIVATIVES EXCHANGE CO., LTD., company number 00009455, status Registered, a private limited company at the Golden Tower address in Veal Vong, Prampi Makara, with 17 employees, the previous name Golden FX Link (Cambodia) and FG Investment Limited, Tran Hue Lien and Chhay Leakhena among its shareholders. The number matches the one the company prints on its own site.
E7Trade press reported on 16 February 2017 that this firm, then named Golden FX Link, was the first in Cambodia to receive both a central counterparty licence and a derivatives broker licence from the national regulator, with USD 5 million deposited at the National Bank of Cambodia for the clearing licence and USD 250,000 for the broker licence. It corroborates the company's claim to have operated since 2016.
E8The company's own pages state that Cambodian Derivatives Exchange Co., Ltd. is registered as a central counterparty and derivatives broker under registration number 00009455 and is regulated by SERC, give the Golden Tower address and a full risk warning, and exclude people in the United States. They carry no mention of the suspended status and no link to the regulator's register.
E9The home page as published on 7 October 2026 still presents the company as an operating world-class exchange, names Lawrence Kook as Director and CEO and repeats the regulated-by-SERC footer, with no notice of the suspension. Its latest listed activities date from 2023 and 2024.
E10The company's events and video listings end on 15 May 2024, showing that its public communications have been dormant for about two years.
E11A business listing at the registered address, No. 158-166 Golden Tower, Street 215, Sangkat Vealvong, Khan 7 Makara, carries the name Cambodian Derivatives Exchange, the telephone number +855 23 227 777 that the regulator prints, published opening hours and four positive reviews. A fellow SERC-licensed broker, PP Link Securities, occupies the same building.
E12SERC's alert notices on unauthorised and unlicensed entities, 55 of them, name neither this company nor cdx.com.kh, and no other regulator's warning list or enforcement record names them either.
ModerateSERC alert noticesE13SERC publishes monthly derivatives trading press releases without interruption through June 2026, which shows the Cambodian derivatives market in which CDX is licensed is actively supervised and reported.
E14Trustpilot holds no review profile for cdx.com.kh, and searches of forum, Reddit, complaint-board and Chinese-language sources returned no account of a refused withdrawal, a blocked account or a demand for an extra payment before funds are released.
E15Archived captures of cdx.com.kh run continuously from 2 August 2018 to October 2026 under the same brand and the same business, with no period in which the domain hosted an unrelated site or a different broker.
ModerateArchive index for cdx.com.kh
The other side
The strongest case in this broker’s favour.
The case for CDX, stated as strongly as the evidence allows:
- This is a nationally licensed market infrastructure business, not a retail marketing operation. Its public pages are aimed at firms applying to become derivative brokers, not at individuals being pushed to deposit, and there is no bonus funnel, no countdown timer and no account-manager pitch anywhere on the site.
- It discloses more than most brokers do: legal entity, company registration number, physical address, risk warning, and an exclusion of United States clients. SERC goes further and publishes the bank accounts in which its client money is held, which is a level of transparency almost no offshore broker offers.
- The office is real. A business listing at the registered address in Golden Tower shows the same telephone number that the regulator prints, with a small number of positive reviews, and a fellow SERC-licensed broker occupies the same building.
- A suspension is not a revocation, and it is not an accusation. Both authorisations remain on SERC's list of licensed intermediaries. Regulators suspend a trading-system connection for many reasons, including technical migration, capital or reporting matters, or a voluntary pause, and SERC has published nothing alleging misconduct by this company.
- The rename from Golden FX Link (Cambodia) carries no baggage. It is the same registration number under a new brand, the predecessor name appears on no warning list, and a sister brand, Golden FX Link Capital, continued separately as a licensed broker.
- The one aggregator score that reads badly for CDX does so because it records the firm as not regulated. That is simply wrong: the national regulator's own register shows two authorisations in this company's name.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this verdict in either direction:
- Better: SERC's derivatives register showing the status of this exchange as active again, with at least one derivative broker named under its clearing house.
- Better: a dated notice on cdx.com.kh explaining the suspension, what it means for existing positions and client balances, and when normal operation is expected to resume.
- Better: a SERC announcement confirming the suspension was procedural or technical, with client funds unaffected.
- Worse: credible first-hand reports of balances that cannot be withdrawn, accounts closed with money on them, or any demand for a tax, fee or verification payment before funds are released. One specific, checkable report of that kind would change this report substantially.
- Worse: SERC moving the entry from suspended to revoked, or publishing an alert naming the company or cdx.com.kh.
- Worse: the site continuing to solicit new business while the register still records the business as suspended, or the company registration moving to struck off or dissolved.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
SERC derivatives register: central counterparties, their brokers and status
Shows CDX as a central counterparty with the status business suspended and no derivative broker under it.
SERC derivatives register (Khmer edition)
The same table in Khmer, printing the status as business suspended.
SERC list of licensed intermediaries
Under Central Counterparty and Derivative Broker it carries CDX licence No. 001, the Golden Tower address and the client money accounts.
SERC alerts on unlicensed entities
The regulator's public alert notices; CDX is not named in them.
Company register entry for registration 00009455
Cambodian company record: status Registered, Golden Tower address, previous name Golden FX Link (Cambodia).
Frequently asked questions
Quick answers about this broker’s safety.
Is CDX a scam?
No. We found no scam pattern. Cambodian Derivatives Exchange Co., Ltd. appears on the Securities and Exchange Regulator of Cambodia's own register with a central counterparty licence and a derivative broker authorisation, at the address, phone number and website it publishes. The serious issue is different: the regulator records the status of its derivatives business as suspended, and the company's website does not mention that.
Is CDX a fraud?
We found no evidence of fraud. There is no regulator warning, no enforcement action and no fraud-related court record naming Cambodian Derivatives Exchange Co., Ltd. or cdx.com.kh, and no user has published a specific account of money being taken and not returned. What we do report is a suspended regulatory status that the company has not disclosed to visitors.
Is CDX regulated?
Yes, by Cambodia's national securities regulator. SERC lists the company twice on its register of licensed intermediaries: as a central counterparty holding licence No. 001 and as a derivative broker holding authorisation No. 001. SERC also publishes the bank accounts in which the firm's client money is held, at ACLEDA Bank, Canadia Bank and BIDC.
What does suspended mean on the SERC register?
SERC's derivatives table has a column for the trading-system status of each central counterparty. For CDX it reads business suspended, and the column listing derivative brokers operating under its clearing house reads none. In practice that means the exchange is not currently clearing derivatives trades. SERC has not published the date or the reason.
Can I still trade or withdraw money through CDX?
Treat that as unproven. The regulator's record of a suspended business means the normal clearing route is not operating, and the company has published nothing about how balances are handled in the meantime. Do not add money. If you hold a balance, request it in writing, keep the correspondence, and escalate to SERC if it is not paid.
Who owns and runs CDX?
The Cambodian company register records Tran Hue Lien as a director and lists FG Investment Limited, Tran Hue Lien and Chhay Leakhena among the shareholders of registration 00009455. The website names Lawrence Kook as Director and CEO and refers to a long-established Hong Kong partner behind the business.
How old is CDX?
Roughly seven to ten years. The company says it has been Cambodia's first central counterparty since 2016, and trade press in February 2017 reported the same firm receiving the country's first central counterparty and derivative broker licences. The domain cdx.com.kh has been continuously archived since August 2018. The exact incorporation date is not available on the public record, so the figure is an estimate rather than a registry fact.
Was CDX known by another name before?
Yes. The company register shows registration 00009455 previously carried the name Golden FX Link (Cambodia). It is the same legal entity under a new brand, and we found no warning list entry, regulator action or scam history attached to the former name. A separate licensed broker, Golden FX Link Capital Co., Ltd., continues to use the older brand.
Is CDX the same as the Cambodia Securities Exchange?
No. The Cambodia Securities Exchange (CSX, csx.com.kh) is the state-linked stock exchange and the only licensed securities market operator. CDX is a private derivatives clearing house and broker licensed separately by SERC. They are different companies with different licences.
Are there withdrawal complaints about CDX?
We found none. There is no Trustpilot profile for cdx.com.kh, no Reddit or forum thread, nothing on the forex complaint boards and nothing in Chinese-language sources describing a refused or delayed withdrawal. The visible footprint is small: a handful of positive local business reviews and a Facebook page with roughly 23,700 followers.
How much protection does a Cambodian SERC licence give me?
Less than a tier-one licence, more than an offshore registration. SERC is a genuine government regulator that sets capital requirements, requires a security bond and publishes client money accounts, and it reports derivatives trading monthly. But Cambodia has no investor compensation scheme, and enforcing a claim from abroad is slow and difficult. Treat it as limited protection.
Is CDX a clone of another company?
No. The licence numbers, the legal entity, the registration number and the registered address all belong to this company, and the register's entry names cdx.com.kh as its website. Nothing on the site borrows another firm's identity, and we found no look-alike domain impersonating it.
What should I check before depositing with any Cambodia-licensed broker?
Three things on SERC's own register: that the broker is named on the list of licensed intermediaries, which central counterparty it clears through, and that the status of that central counterparty reads active rather than suspended. Then check the client money account in the register entry matches where you are told to send funds.
What should I do if I already have money with CDX or one of its brokers?
Act now rather than wait. Put a written withdrawal request in, in full, and keep the amounts, dates and ticket numbers. If the money does not arrive, complain to SERC using the complaint channel on serc.gov.kh and to your bank if the transfer went through a Cambodian bank account. Do not pay any fee, tax or verification charge asked of you as a condition of release; that request has no legitimate counterpart.
What we recommend
The practical takeaway from everything above.
What we suggest, for readers and for our own records:
- Do not send new money to CDX while the regulator's register records its business as suspended. That applies to its own broker arm as much as to anything cleared through it.
- If you already hold a balance, request a full withdrawal in writing to enquiry@cdx.com.kh, keep the ticket references, amounts and dates, and if nothing moves, file a complaint with SERC, which publishes a complaint channel and whose officials hold judicial police powers in securities matters.
- If you deal with a Cambodian derivative broker rather than the exchange itself, check which central counterparty your broker clears through on SERC's register before funding an account. Several brokers have changed clearing house.
- For our broker page: the record showing no regulation is wrong and should be corrected. CDX holds SERC central counterparty licence No. 001 and derivative broker authorisation No. 001, and the page should carry both together with a prominent note that the regulator records the derivatives business as suspended. None of the standard status values expresses licensed but suspended, so we leave that choice to a human reviewer rather than suggest one that would mislead.
- No referral to a regulator is needed from us. There is no fraud allegation to report, and the suspension is SERC's own published decision.
- Re-check in 90 days, with the register entry as the trigger.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 10, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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