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CMG Review - is it scam or safe?

CMG Review - Is cmgau.com scam or good forex broker?

RATING: 3.1 / 0 REVIEWS CMG
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CMG is an Australian forex and CFD broker offering impressive variety of currency pairs on the MetaTrader4 platform. You can find details about the trading conditions the broker offers in the following review.

 

Account type Min. deposit Max. leverage Spreads
Standard Account 250 AUD 1:400 2,3, floating

 

CMG Advantages:

 

CMG represents an ASIC regulated company

 

CMG Australia Pty Ltd is an authorized representative of AxiCorp Financial Services Pty Ltd, which holds a license by the Australian Securities and Investments Commission (ASIC) – one of the most trusted financial authorities in the world.

 

ASIC regulated brokers are obliged to follow strict code of financial and ethical rules, among which to keep all clients funds in a segregated, protected form creditors account. Further more all ASIC brokers should maintain a minimum operational capital of 1 000 000 AUD.

 

ASIC, as well as other respected regulators, such as the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK, provides reasonable security for investors.

 

On the other hand unregulated brokers have very limited credibility and often deliberately run scams. Even when that is not the case, investing with such entities comes with significant risk. Here you can check our list of brokers, also regulated by ASIC:

 

>>Australian forex brokers<<

 

Impressive variety of currency pairs

 

CMG offers an impressive variety of forex pairs. As tested with a Demo account, we counted 89, including exotic currencies like Brazilian Real, Chilean Peso, Colombian Peso, Philippine Peso, Indonesian Rupiah, Korean Won, Indian Rupee, Israeli Shekel, Taiwan Dollar, Romanian Leu, Czech Krona, Hungarian Forint, Polish Zloti, Mexican Peso, Norwegian Krone, Swedish Krone, Turkish Lira, Hong Kong Dollar, Singapore Dollar, South African Rand, Chinese Yuan, Thai Baht and Russian Rubla. 

 

The broker also offers, CFDs on spot metals - gold, silver, platinum, palladium and copper, commodities, including cocoa, coffee, soybean, natural gas and oil and indices. However there are no stocks and we miss the crypto currency pairs, so here you can check our list of brokers, offering CFDs with Bitcoin:

 

>>Bitcoin Forex Brokers<<

 

Various payment methods

 

With CMG you can deposit or withdrawal funds by credit or debit cards, such as Visa and MasterCard, bank wire transfer or e-wallets like Neteller, Skrill (Moneybookers), Konnectivity, China UnionPay. B2B Transfer is also an option. However, as Bitcoin payments are getting more and more popular, you may want to check our list of brokers accepting Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Great leverage

 

CMG offers maximum leverage of 1:400, which is as good as it can get. Basically such leverage is more than enough to accommodate any trading strategy. Still, having in mind that higher leverage means higher risk, you may check our list of brokers, offering leverage of up to 1:500 and above:

 

>>Forex Brokers Offering 500:1 Leverage<<

 

Minimum trading size is 0,01 lot

 

The minimum trading volume is just 0,01 lot or 1000 basic currency units, which gives traders additional flexibility for their strategies. Still, here you may check other brokers, also offering trade with just standard 0,01 lots:

 

>>Micro Account Forex Brokers<<

 

MetaTrader4 available

 

The the trading platform a broker offers is an integral part of the service and in many ways defines the quality of the trading experience. MetaTrader4 is the most popular trading solution, preferred by experienced and beginner traders alike. The platform has more than 50 in-build market indicators and provides the option for automated trading with the help of Expert Advisors – algorithmic trading bots, which you can modify and even compile yourself on a propriety scripting language – the MQL4. If you would like to experience trading with MT4, here you may check our list of brokers also offering the platform:

 

>>Find other MT4 brokers here<<

 

Support in several languages

 

CMG is supported in English, Chinese and Siamese. Live support is also available.

 

CMG Disdvantages:

 

Spreads could be better

 

As tested with a Demo Account, the EURUSD spread reached 2,3 pips, which is almost a pip higher than what traders expect to seeing with a standard account. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

250 USD to start an account

 

Although 250 USD might not seem excessive, we should note here that with most brokers you can open an account with 100 USD, while with some well established players like XM and FXTM, you can open an account with just 5 USD. 

 

Conclusion:

 

Although CMG does not hold a license themselves, the AISC regulation of their partner company -  AxiCorp Financial Services, should give traders sufficient security about their investments. The broker offers an impressive array of forex pairs and trading instruments with great leverage and the MetaTrader4 platform. On the negative side we should note the mediocre spreads – an obvious setback as this is a key indicator for the trading conditions of any broker.

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Traders` reviews for CMG

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