CMS Trader Review Scam Complaint
Scammed by a fraud Broker? Fill the Complaint form below to get help!
CMS Trader is a UK based forex and CFD broker. The broker was established in 2013 and has several companies behind it, as it mentioned on its website which is quite weird. The broker has offered various financial instruments to the traders and in various account types as well. When the regulatory status of the broker is considered, it is an unregulated broker. It has been years since its come into existence but despite this much time the broker hasn’t got itself registered with any financial authority. Let’s get into the details to know about the broker even more.
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About the CMS Trader:
CMS Trader is an UK based forex broker that was established in 2013 and offers trading in more than 120 pairs of currency, indices, commodities and stock CFDs along with precious metals on the Sirix trading platform. The broker claims to have offices in UK, Australia, Bahrain, Singapore and Dominica. It offers various accounts to its clients for trading depending on the initial deposit. All of the accounts provide commission free trading with fixed spreads. However, the micro lots are available for trade only in Mini account. The premium facilities are given to premium account holders. The minimum initial deposit required by the client is $500 which is not average of the industry.
The broker CMS Trader does not provide MT4 platform for trading to its clients instead Sirix platform is offered in desktop and mobile versions. There are various companies mentioned on the website of the broker namely, IDT Financial Services Ltd, Pandorx Ventures Ltd, and Side Side Trading Ltd. Presence of these companies creates more confusion about the authenticity of the broker as there is no single entity that can take all the responsibilities regarding the brokerage company CMS Trader. CMS Trader provides all the modes of payments except e-wallets.
Is CMS Trader legit or scam?
CMS Trader is an unregulated broker having more than one company behind it. When you register with the broker you will get a mail from IDT and when you open a demo account with them you will get a mail from Pandrox which is really misleading. In 2016, Ontario Securities Commission has issued warning against CMS Trader as it is not authorized to provide services even most of the traders have said that CMS Trader is a fraud broker. Therefore the broker is nothing but a scam broker.