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TradeCMX Review - Is it scam or safe?

TradeCMX Review - is tradecmx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz TradeCMX
TradeCMX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Trading Account Minimum deposit  Min. trade size Maximum leverage Average Spreads
Standard $50 0.01 1:500 1.8 pips

 

Clients of TradeCMX are offered a Standard commission-free trading account with variable spreads and micro tradeable lots on the MetaTrader 4 platform.

 

In addition, there are 2 Premium accounts (VIP & Diamond) are available to those who deposit at least $20 000. We do not recommend investing large sums in offshore brokerarages for obvious reasons

 

In fact, the variable spreads offered by this broker are above average, as according to the information on the website typical ones amount 1.8 pips on EUR/USD. In comparison, another offshore broker, FxChoice, offers average spreads of 1.2 pips on its commission-free accounts.  For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.

 

As regards leverage, TradeCMX offers levels up to 1:500, which is considered as a high ratio. Indeed, many brokers offer leverage of 1:500 of higher, but do not feel obliged to use this maximum, as you may lose mora than you have initially deposited.

 

Keep in mind that TradeCMX brand does not provide services to residents of the USA, Japan, British Columbia, Quebec and Saskatchewan and some other regions. 

 

The Company. Security of Funds

 

Company

Country

Regulation

TradeCMX (SV) Ltd.

SVG

N/A

 

TradeCMX offers wide range of financial instruments for trade: a number of forex pairs, CFDs on shares, indices, bonds, and metals, as well as cryptocurrencies.

 

The company that operates the brand is TradeCMX (SV) Ltd., which is registered as International Business Company (IBC) in St. Vincent and the Grenadines. SVG is a popular offshore forex destination where IBCs are not obliged to meet capital adequacy requirements, to keep client money in segregated accounts, nor to arrange a compensation scheme in the event of insolvency. Therefore, doing business with offshore brokers is very risky. What’s worse, many of those companies are pure scams, so you’d better stay away.

 

Trading Platform

 

TradeCMX supports the most popular front-end application in the forex industry - MetaTrader 4 (MT4), desktop and mobile versions available.

 

The platform is equipped with 30 built-in technical analysis indicators, over 2 000 free custom indicators and 700 paid ones, allowing you to analyze the market of any level of complexity. Besides, you create and use automated trading programs (Expert Advisors).

 

Unfortunately, we could not open a demo account and test TradeCMX’s MT4.

 

Methods of Payment

 

TradeCMX offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Skrill, Neteller, FasaPay, as well as Bitcoin.

 

Conclusion

 

TradeCMX is an offshore forex and CFD broker that supports the MT4 platform. Although its product portfolio is extensive and it offers flexible payment methods, this broker is not recommended, mainly due to its offshore registration. Besides, find its spreads are above the average, and could not open a demo account, which raises a red flag about the broker’s credibility. To sum up the above:

 

Pros  Cons
MT4 available     Not regulated
Commission-free trading Spreads above the average
Rich product portfolio No demo account

 

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

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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