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CMSTrader Review - Is it scam or safe?

CMSTrader Review - is scam or good forex broker?

CMSTrader is an offshore broker. Your money is not safe.

 Trading Accounts & Conditions


Account type  Minimum deposit  Minimum trade size Maximum leverage Spreads Execution
Mini $500 0.01 1:200 3.0 pips, fixed DD
Silver $10 000 0.1 1:400 Fixed NDD
Gold $50 000 0.1 1:400 Fixed/Variable DD/ NDD


CMSTrader offers its clients several account types, depending on their initial investment amount. All account types provide commission-free trading and fixed spreads (except the Gold one, where there is an option to use floating ones). Micro tradeable lots are offered solely on the Mini account, however this account offers solely a web-based platform, and what is more, CMS Credit card is not available. Gold & Silver account holders get some extras, such as Personal account manager & Risk management plan.


Besides, CMSTrader offers Islamic (swap-free) accounts with no swap or rollover interest on overnight positions to investors of Islamic belief.


While the minimum initial deposit of $500 required by CMSTrader is not common for the forex market, it is too high for a non-regulated brokerage. Spreads of 3 pips for the EUR/USD pair are way too wide, as most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair. Besides, we suspect that this broker uses a Market Maker model, as it offers only fixed spreads, and no ECN trading environment.


The Company. Security of Funds





Pandorx Ventures Ltd.




Established in 2013, CMSTrader is a UK-based broker that offers online trading in more than 120 currency pairs, commodities, indices and stock CFDs, as well as precious metals on the Sirix platform. It has offices I the UK, Australia, Bahrain, Dominica and Singapore.

There are several companies mentioned on this broker’s website and at first, we got a bit confused: IDT Financial Services Ltd., Pandorx Ventures Ltd., and Side Side Trading Ltd.


Pandorx Ventures Ltd. is registered in the UK, but is not regulated by the FCA. According to the broker’s website, it only provides the payment services of CMSTrader. The company has filed only one balance sheet in 2015, stating entitlement to tax exemption relating to dormant state.


Meanwhile, IDT Financial Services Ltd. is regulated by the Gibraltar Financial Services Commission (GFSC). One can easily get into thinking that this broker is licensed by the GFSC and is also EEA authorized. Unfortunately, this is not the case. IDT Financial Services Ltd specializes in European Prepaid Financial Services and only issues the CMS Trader Card.  On the terms and conditions section of CMSTrader’s website it becomes clear that clients of the broker actually contract Side Side Trading Ltd.  When we searched this company in the Internet, we found out that it features solely on CMSTrader’s website. To our surprise, when we registered a demo account to try out the broker’s platform, we got an e-mail from Pandorx Ventures Ltd.


Obviously, this broker is not regulated and what is more, it could be a scam. In February 2016 the Ontario Securities Commission has issued a warning against CMSTrader for doing business in Canada without being authorized to do so. Besides, all user reviews in the Forex Peace Army forum are negative, and most traders say that this CMSTrader is a fraudulent broker.


Trading Platforms


Unlike most brokers, this one does not support the MetaTrader 4 (MT4) platform. Instead, it offers Sirix, available as desktop, web and mobile versions.


CMSTrader web-based Sirix platform. Click to enlarge.


Sirix’s format is convenient to use. Sirix Station (desktop version) has a user-friendly interface, advanced charting and provides fast execution and sophisticated social trading service, allowing traders to observe and mirror other users’ trading performances.


Methods of Payment


CMSTrader offers its clients the following payment methods: bank wire transfer and via credit/debit cards (Mastercard, Maestro, Visa), as well as CMS MasterCard. Popular e-wallets such as Skrill and FasaPay are not available.


Note that the minimum withdrawal amount is $500 and that wire transfers are charged $20.




CMSTrader is offers trading in wide range of financial instruments on the Sirix platform. Unfortunately, this is the only positive thing about this broker – it is not regulated by any authority, its spreads are too high, we suspect that it acts as a Market Maker, and what is worse, CMSTrader could be a scam. Here are, in a nutshell, the advantages and disadvantages of CMSTrader:


Pros Cons
Sirix platform offered Not regulated
High leverage levels available High fixed spreads, MM model
Wide choice of assets Supposedly a scam
  MT4 not available


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Traders` reviews for CMSTrader

CMS trader scam

Dear Sir/Madem

I have an alarming concern to bring to the attention at CMS trader, I have been a member for the pass six months and on two occasions I have found my account close down in huge loses, I have been obataining eveidence of complete neglect, lack of proffesionlism and finally being mislead regarding my trading experience, this lead me to dive into the many reviews I have encountered regarding CMS trader directly and was not surprised to see the amount of identical cases as mine, many inpeticlur stated the consistent force to deposit more funds into accounts, many felt the need to do so because they would drop down the priority list therefore not catching the precise entry points needed for that certain trade. I noticed a certain pattern with these reviews, CMS trader would exsplote the uneducated trader like myself and lead them into a faulse sence of security, when a client would refuse to deposit more funds they experienced a lack of trading and communication or huge risky trades putting margin levels into a “margin call”.

I myself have experience this twice over, firstly trading on bitcoin which was explained to me as a freak acciendent and then later was contacted by the manger of my trading accountant, I was informed that I had been given the wrong trade and this shouldn’t of happened therefore we can give you $30,000 credit to trade with but only if you deposit £5,000, I had just over an hour to do so or the offer didn’t no longer stand, as a inexpericed trader I took the proffesional advise which leads me to my second experience.

A week goes by and I haven’t experience much trading, I was contacted a handful of times early December 2017, this is when I realised I was no longer a priority trader and was recieveing late entry points. Fast forward to January 2018, I was contacted by my accountant regarding the credit in my account, he explained that I could no longer have the credit in my account because clients with more funds than myself would benefit better with this money, I was horrifed with information as I was promised on a number of occasions this credit was firmly in my account to trade with, I later recieved a call from a manger at CMS stating that they wouldn’t remove the credit but they needed something in return, I had made a separate investment on light coin in another CMS account which made great profits of €4500, I was told if I agree to signing a contract stating I would not withdraw any funds from my account before my account had funds of $400,000 plus they would take my profits from my other account they would allow me to keep the credit, I had the very same time frame to agree to this contract as before stated above.
Much to my honest disappointment I felt I had no choice as the ball was always in there court, a couple weeks on I was given notification to open eight sell trades on GBPUSD, I noticed my trades in a instantent minus, I contacted my trading accountant for help, I recieved another notification to open another’s 8 trades, he adivised me everything wasn’t ok and that they should be closing very soon, ten minuets go by and I was in -$18,000, I was then advised to hedge, I was completely hedged for over a week, I recived a call from my manager asking me to deposit another £5000 so he could get me out of this situation, again I found myself with very little time so I scrambleded another £2500 together and deposited, within the space of ten minutes of doing so he personally closed down half of my hedged position losing me an instant $1,500 then complety ignored me for over a week, I was left in a terrible situation, I was told they needed to come up with another plan because the preivious plan didn’t work, this brings me to the current day, after waiting for the plan to arrive I find my account has fully closed down due to certain trades closing down.
After a number of times trying to get an answer, the responce I got was that bitcoin is doing great at the moment so I cannot contact you right now.

I recieved a call explaining the situation, I was told it was unfortunate and that it was great working with myself.

Scam 02/08/2018


cmstrader is a scam they convinced me to deposit $500 and since i never heard from them, i tried emailing them trying to reclaim my money back but they not responding to any of my emails

Kabelo nongwe 02/03/2018

CMSTrader Scam

CMSTRADER is a scam company. They will convince you to deposit money and then when you want to withdraw,they open losing trades without your consent and steal part of your money. They will then call you to tell you they have evidence that you were the open that opened the trade. Everyone in that company is using a ghost name. They don’t allow you to withdraw. They steal your money. They are thieves. Everyone in the company should be arrested and the company should close down.

Reginald Owusu 12/23/2017

CMS is a scam, all their phones are dead

Stay away from them. First you lose money by converting your currency into Euro. and pay same amount when you withdraw, lucky if you get anything back.
do not let them access your comouter. they could steal all your data. stay away from them. they also have higher bid/ spread. all their phones are dead.
thanks to reviews here, i got out in time.

Neil Sinclair 08/31/2017 is SCAM by all means they using very clever tactic after I did deposit $500 account manger Chris Miller show me easy way to have winning position and he call me told me how much more w'd you wind if you deposit more money and that day after day so I did deposit $10K and now have $1000 He show me account of Benjamin Broun one million, Broun is in employ of CMS They don't replay on emails simply they use stick and carront tactics

Matt Kedziorski 07/31/2017
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