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CMSTrader Review - Is it scam or safe?

CMSTrader Review - is cmstrader.com scam or good forex broker?

RATING: 1 / 9 REVIEWS
CMSTrader is an offshore broker. Your money is not safe.

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 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

 

Company

Country

Regulation

Pandorx Ventures Ltd.

UK

N/A

 

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.

 

Conclusion

 

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

 

Latest news about CMSTrader
No news about CMSTrader. Check back later.
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Traders` reviews for CMSTrader

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

CMSTrader - professional scammers

CMSTraders got my contact from investing.com and a guy named David Mill called me and told me that i opened an account with them, i argued with him but being a newbie that i was he convinced me to activated my account with $500 that they gonna make some money for me and i made the deposit.
The next day a guy named Stephen Black called me and said he is my account manager. he made a little profit with my capital and convinced me to make another deposit of $1500 to stand a better chance of making more profit and i made the deposit. he made a total profit of $1000 and yet requested for another deposit. that did not stand well with me i refuse to make more deposit, then he stop doing anything with my account.
3 months later i requested for a withdrawal but i had no feedback from them after 1 month i decided to contact Stephen Black using whatsapp but he became rude to me that am pushing him and that i should not disturb him when he is making money for other people, he stopped responding to my texts i tried contacting the company but their phone is dead, i emailed them several times but no feedback from them.
PEOPLE BEWARE OF THIS SCAM COMPANY!!!

Loveline 07/30/2018

Cannot withdraw

I have deposited the amount of money and try to withdraw.
It has been around 8 days without any news that I am going to receive the money. Further my account manager Stephen Black blocked my WA because i was so annoying to him. I think this company is a scam
.

Roy Anthony 04/26/2018

CMS Trader - I'm unable to reach them

I deposited $500 with this company and to date unable to reach them via phone, customer service or even email. I have requested for a withdrawal and there is no feedback. May emails to them and calls all not responded to.

Beatrice 04/20/2018

Fraud - Prepare to lose all your money

Prepare to lose all your money if you are using CMS trader.

I am UK based trader who started trading with CMStrader as a fresh trader who don't have experience and worse part is that person from Investing website rang me to suggest their name when i was searching for reliable broker. CMS trader initially introduce myself as FCA approved UK broker. (1st lie which i found out after 6 months)
In 4-5 months, i have invested 25K. Again, i was given trade who are on losing side and been advice to add more so that trade can sustain and CMS trader added credit on each top up i perform. saying that i have told them not to give me credit because i read that once company give you bonus they will tie you with them and will not allow withdrawal. Stephan Hill (my account manager said that it is credit not bonus so you will not have this issue). Sadly, i trusted his word and not get this in written email.

Things were going ok up until, i have substantial amount of profit in account and want to take some money out and guess what i found their true colour. They said that i can't withdraw any money because i have been given credit and money i have made is due to credit money which was given. After reminding them about what Stephan said initially, they agree that i can withdraw money after 6 month if i will perform 10 trade a month. i did that for 6 months. After time period, i have again asked to withdraw and i got same story of credit and now they are saying that all of the money is companies and will not allow to withdraw money. Current profit in account is 105K.

After above incident, i have used Google and here are finding,
CMS trader is not FCA approved and got few flags in UK.
CMS trader are register as safe trading ltd in UK (as per thier website- Privacy Statement|privacy|protect Client’s)
I have searched them in companies house SAFE SIDE CONSULTING LTD - Filing history (free information from Companies House)
As per above they are dormant (inactive) company from 2016 till now, however, they have been showing on their website that they are doing trade of millions every day. so this is potential fraud with UK government.

I have lost 25K and lot of time with them. I will take legal action with them but I thought this will help other people.

Please beware with them and use only approved broken not fraud broker.
Please share it everywhere so that this will benefit everyone.

Bhavesh A 04/06/2018

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

Scammer

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

CMStrader.com

CMSTrade.com 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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