Updated on April 15, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding CMTrading due to the issues we've identified.
CMTrading, operating under the umbrella of BLACKSTONE Marketing SA(PTY)LTD, has positioned itself as one of the Forex market's pioneering brokers, particularly as the largest broker in South Africa. The broker was crowned as the Best Performing Broker in Africa in 2017, highlighting its influential presence across the continent. CMTrading is committed to offering a broad spectrum of sophisticated trading solutions to its diverse clientele, ranging from novices to more seasoned traders. The broker's infrastructure facilitates Forex, Index, and Commodities trading, including Cryptocurrencies, through a technology-driven process aimed at ensuring investment security and regulatory compliance. However, our extensive research into over 1000 brokers has surfaced several reasons for concern, as detailed in the forthcoming CMTrading Updates section.
CMTrading highly prioritizes responsive and accessible customer support, echoing the company's philosophy of centering client needs. Support channels include Live Chat, email, and an array of International phone numbers, ensuring traders can easily reach out for assistance. Additionally, CMTrading enriches the trading experience by offering an array of educational resources such as training videos, webinars, technical analysis tools, and e-books, all available for free to traders across all levels of experience.
Is CM Trading safe or a scam? ▲
The safety and security of traders’ investments are paramount at CMTrading. The brokerage implements top-notch SSL security systems to safeguard the trading environment. Moreover, it assures that client funds are kept in segregated accounts, providing an extra layer of protection. CMTrading operates under the regulatory oversight of the Financial Services Board (FSB) in South Africa, acting as a juristic representative of FSP 38782 Blackstone Marketing SA (PTY) Ltd. This regulatory framework is intended to offer traders a secure trading environment, although recent shifts in the broker's operational jurisdictions have raised concerns regarding its regulatory standing.
CMTrading boasts a comprehensive suite of trading platforms, including the widely utilized MT4 platform, known for its advanced technology and extensive features. Traders have access to the Sirix Copy Trading platform, the CopyKat system, and the opportunity to learn trading best practices through 1 to 1 sessions with professional traders. The MT4 platform offers a robust trading system with versatile execution modes, order types, and social trading capabilities. The Smart Communication System and Guardian Angel system are unique features designed to provide traders with market insights, trading signals, and valuable feedback on their trading strategies. Additionally, the Sirix Web Trader facilitates web-based trading across various devices without the need for downloading any software, appealing to traders seeking flexibility and convenience.
CMTrading caters to a wide array of trader needs through its diverse range of account types, each offering tailored features based on the trader's balance and preferences:
Mini Account: Designed for beginners, starting from $250 to $999, with spreadbased trading and complimentary market reviews.
Classic Account: For more experienced traders, offering leverage up to 1:200, regular spreads, and access to webinars, with an account balance ranging from $1,000 to $4,999.
Executive Account: Offers tighter spreads, exclusive trading insights, and a VIP CMT Prepaid Card for transactions, aimed at traders with balances between $5,000 and $24,999.
Premium Account: Tailored for professional traders, requiring a minimum deposit of $25,000, and includes full service from the broker, sameday withdrawals, and advanced trading strategies.
CMTrading also promotes trading power enhancement through first deposit bonuses, allowing traders to operate with increased capital. However, traders are advised to review the current promotions on the official broker's website for the most accurate information.
CMTrading supports a variety of secure funding methods, including Wire Bank Transfers, Debit/Credit Cards, CashU, Neteller, and Fasapay. The broker also offers the exclusive CMT Prepaid Card, providing convenient and tailored funding solutions to traders. These payment options underscore CMTrading's commitment to facilitating seamless transactions for its clients.
Our comprehensive review of CMTrading acknowledges the broker's efforts to offer a broad range of trading services, educational resources, and support materials. However, recent developments concerning the broker's regulatory status and operational shifts to offshore jurisdictions necessitate caution. While CMTrading has historically provided a secure trading environment under South African regulations, the move to less stringent regulatory oversight in Seychelles casts doubt on the broker's commitment to maintaining the highest standards of trader protection. Given these concerns, traders are advised to exercise caution and consider more reliably regulated alternatives for their trading needs.
Our extensive research has revealed that CMTrading has transitioned its operations to Seychelles since 2019, a move that significantly diminishes its regulatory oversight and potentially compromises the safety of trader investments. Consequently, we have reclassified CMTrading to our list of unregulated brokers, recommending traders to exercise caution and prioritize brokers with top-tier regulatory adherence. In light of these findings, we strongly advise against engaging with CMTrading and encourage traders to seek out brokers with a proven track record of reliability, robust regulatory compliance, and favorable trading conditions.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
CMTrading Review 2024
