WikiFX Broker Assessment Series| CM Trading: Scam or Safe?

CM Trading is a South Africa based broker that provides wide variety of market instruments such as forex, CFDs, commodities, indices, stocks, and cryptocurrencies. In today's article, you will read a complete review of CM trading and learn everything about it. Let's go .

Is CM Trading legit or a scam？

The South Africa FSCA regulation claimed by this broker with license number 38782 is suspected to be a clone. This raises concerns about the legitimacy and credibility of the broker.

The Seychelles FSA regulation with license number SD070 is an offshore regulation. While not all offshore regulations are inherently fraudulent, it is important to be aware of the associated risks. Traders should carefully evaluate the reputation and credibility of brokers operating under offshore regulations before deciding to trade with them.

Market Instruments

CM Trading provides a diverse range of market instruments for online trading, catering to the needs of traders. With forex trading, traders can participate in currency trading, taking advantage of exchange rate fluctuations to profit from the movements in major currency pairs. CFD trading allows traders to speculate on the price movements of various financial instruments, including commodities such as gold and oil, indices like the S&P 500, and stocks of globally listed companies. Moreover, CM Trading offers the opportunity to trade cryptocurrencies, allowing traders to benefit from the volatility and potential growth in the digital currency market.

Account Types

CM Trading offers four unique account types designed to cater to the specific requirements of traders, whether they are beginners or professional traders looking to refine their strategies. The Bronze Account is suitable for those starting with an investment amount of $100 to $250. It provides features such as a welcome bonus, demo account, regular spreads, daily market reviews, trading e-books, and video education packages tailored for beginners.

The Silver Account is ideal for traders with an investment amount ranging from $251 to $5,000. It offers all the features of the Bronze Account and additional benefits such as online video lessons introducing trading, one risk-free trade, and access to a trading room.

The Gold Account is suitable for traders with investments between $5,001 and $50,000. The Premium Account offers all the features of the Gold Account along with expert trader course video lessons and the opportunity to benefit from three risk-free trades.

Leverage

CM Trading offers a maximum leverage of up to 400：1, which provides traders with a significant amount of trading power compared to the amount they have deposited in their trading accounts. With this level of leverage, traders can open positions that are much larger than their initial investment. However, it's important to note that leverage is a double-edged sword. While it can increase profits, it can also amplify losses. Traders must exercise caution and have a solid risk management strategy in place to protect themselves from excessive losses.

Spreads & Commissions

The spreads and commissions vary depending on the account type chosen at CM Trading. Here is a breakdown of the spreads and commissions for each account type:

1. Bronze Account: The spreads for the Bronze Account are described as “Regular,” indicating standard spreads without specific details provided. The account offers various features such as a welcome bonus, demo account, daily market reviews, trading e-books, beginners video education package, risk-free trades, sessions with market analysts, live webinars with senior trading strategists, social trading, live trading signals by Trading Central, market analysis by Trading Central, cash back rebate, ECN account, customized account, access to the trading room, and special offers.

2. Silver Account: Similar to the Bronze Account, the spreads for the Silver Account are also described as “Regular.” In addition to the features offered in the Bronze Account, the Silver Account includes online video lessons introducing trading, one risk-free trade, and access to the trading room.

3. Gold Account: The spreads for the Gold Account are mentioned as “€/$- as low as 1.9,” indicating tighter spreads starting from 1.9 pips for major currency pairs such as EUR/USD or USD/JPY. Apart from the features offered in the Silver Account, the Gold Account provides online video lessons covering advanced trading courses, three risk-free trades, and a dedicated market analyst.

4. Premium Account: The Premium Account offers spreads “€/$- as low as 1.9,” similar to the Gold Account. In addition to the features offered in the Gold Account, the Premium Account includes online video lessons for expert trader courses.

Trading Platform

CM Trading offers a range of cutting-edge trading platforms designed to enhance the trading experience and help traders achieve their goals. One of their featured platforms is MetaTrader 4 (MT4), which is widely regarded as one of the most popular and robust trading platforms in the industry.

CM Trading provides their own proprietary trading platform called CM Trading Webtrader. CM Trading Webtrader is designed to be user-friendly and intuitive, making it accessible for traders of all levels of experience. With this platform, traders can monitor the markets, place trades, and access a range of trading tools and features that enable them to make informed decisions.

Deposit & Withdrawal

CM Trading offers a variety of deposit methods to provide traders with flexibility and convenience. Traders in South Africa can use credit/debit cards, wire transfers, and alternative payment methods to fund their accounts. Accepted card types include MasterCard, Visa, Diners Card, and Discover, with no fees charged for deposits. The minimum deposit amount is $20, and deposits are processed instantly.

The broker offers bank cards, e-wallets, and wire transfers for withdrawals, with easy procedures in place. All deposits and withdrawals are processed with zero hidden fees. CM Trading accepts various currencies, including USD, EUR, GBP, and ZAR. Withdrawals are typically processed within 2-5 business days, depending on the transaction and the recipient's bank.

Customer Support

CM Trading offers a comprehensive customer support system to assist traders with their inquiries and concerns. Traders can contact the support team through various channels, including international phone numbers and email addresses.

For phone support, international numbers are provided for different regions, such as the United Kingdom (+44 161 388 3321), South Africa (+27 10 157 19 89), Nigeria (+234 1 343 8959), and the United Arab Emirates (+971 458 24 888). Traders can reach out to the respective phone numbers depending on their location.

Traders can also contact CM Trading's support team through email. Different email addresses are provided for specific areas of support, including general support (support@cmtrading.com), onboarding assistance (onboarding@cmtrading.com), funding-related inquiries (funding@cmtrading.com), and introducing business queries (ib@cmtrading.com).

Educational Resources

CM Trading is committed to providing traders with comprehensive educational resources to enhance their trading knowledge and improve their results. One of the resources they offer is a collection of training videos. These videos cover a wide range of topics, including market assets, trading techniques, and various strategies. Traders can access these videos to learn at their own pace and gain valuable insights that can help them become professional traders. The training videos serve as a valuable educational tool, particularly for those who prefer visual learning and want to understand the intricacies of the financial markets.

In addition to training videos, CM Trading provides online webinars conducted by their trading experts. These webinars cover all aspects of the financial markets, allowing traders to deepen their understanding of trading concepts and strategies. The webinars offer an interactive learning experience where traders can ask questions and engage with the experts in real-time.

Conclusion

CM Trading is a broker that offers a diverse range of market instruments, including forex, CFDs, commodities, indices, stocks, and cryptocurrencies. They provide different account types tailored to the needs of traders, including Islamic accounts. With leverage of up to 400:1, traders can access a significant amount of trading power. The spreads and commissions vary based on the chosen account type. CM Trading offers the popular MetaTrader 4 platform and their own CM Trading Webtrader platform for convenient and efficient trading. They provide various deposit and withdrawal methods with a focus on the safety and security of client funds. Customer support is available through multiple channels, including phone and email, and they have offices in different locations for local support. However, it is important to thoroughly research the legitimacy and regulatory claims of any broker before engaging in transactions.

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