Uncertain about Cmtmarkets.co platform? Is CMT Markets a scam or legit broker? Let’s read reviews to know about this forex broker.
This post promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is CMT Markets?
CMT Markets FX otherwise known as Cmtmarkets.co is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
The broker is completely anonymous. It has not revealed any legal information about itself or its alleged registration address.
Furthermore, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is Cmtmarkets.co a Scam Forex Broker?
First of, Cmtmarkets.co has not revealed any legal information about itself or its alleged registration address. The absence of any credible data about this broker’s identity is quite worrisome to be honest, as we don’t actually know who stays behind it.
There’s no corporate background, so this page happens to be virtually anonymous.
At foot of the homepage, this broker claims to be licensed by multiple global regulators like the Financial Conduct Authority (FCA) of the UK, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). Don’t be swindled by this duplicate! We searched the registers of FCA, ASIC and CySEC and there was no such data.
Again, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
Remember that reputable brokers would never hide such essential details, just the opposite – they always display all the data regarding their identity and regulation straight away.
Does CMT Markets Have Account Types?
CMT Markets does not specify its trading account for clients. According the website description, the broker offers leverage capped 1:400.
This broker doesn’t mention any payment method in particular like Visa, PayPal or WebMoney. After we registered, we realized why this broker was so shady about its payment methods. The deposit options happen to be via wire transfer and Pay Wize.
On its website, it is stated that Pay Wize charges a fee of 12% for processing a transaction.
In comparison to that, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
CMT Markets Provides What Trading Software?
CMT Markets claims to offer access an industry trading platform, MetaTrader 4 and CMT Markets Trader. Truly, the broker doesn’t offer MT4 at all and tries to cover up the lie with silly requirements.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
CMT Markets Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Cmtmarkets.co is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
CMT Markets broker appears like a reliable trading platform, however, you should not take the words they say and the attractive website layout. By all appearances, the broker lacks one important indicator – its license. Thus, traders should steer clear from an unlicensed broker as its likely run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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