55 CMT Review Scam Complaint
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55 CMT is an offshore forex and crypto broker registered in St. Vincent and the Grenadines. It offers a wide range of crypto assets to its clients on the web based trading platform. Concerning the location where broker is based, it is the area where many shady brokers operate from. Therefore it is better to read this review before jumping to the decision of investing with this broker.
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About the 55 CMT:
55 CMT is an unregulated broker that offers very attractive spreads. The spreads on BTC/USD amounts to $50 which is a favorable amount. 55CMT offers wide range of CFDs on indices, cryptos, stocks and currencies which is something traders feel advantageous for them. The cryptomarket is among the most excited markets in the forex trading world. Talking about the platform the broker offers, it does not provide the MT 4 trading platform which is a one big disadvantage since it is the most trusted and preferred platform equipped with features such as almost a 100 market indicators, as well as customizable trading robots. There is no information available on its website regarding leverage offered to its traders.
If you want to know about the transparency and loyalty of the company you should go through terms and conditions of the brokerage and in this case the broker has lengthy terms and conditions there are hidden fees and commission. Moreover, 55 CMT brokerage company requires minimum withdrawal amount of $500 for bank wire which is pretty excessive compared to other legit brokers. There are nasty bonuses offered by the broker just to attract traders with unfair intentions.
Is 55 CMT legit or scam?
When the website of the broker is considered, the company is owned and operated by a SVG based brand with the name of PHHLT Marketing Limited. They claim that they are “regulated” by the local Financial Services Authority, but, this is very misleading because this claim is false. The government of St Vincent and the Grenadines has multiple times stated publically that it does not oversee any type of Forex trading or crypto trading and thus we can conclude that the brokerage is not at all regulated. Not being regulated opens up it to being a scam and risks for the potential clients of the broker. Therefore, being not having financial watchdog over it can con its clients and clients can’t protect their funds from them.