CMS Trader Review
The Company and Security of Funds
Broker in review: CMSTrader
Operated by Pandorx Ventures Ltd.
Note: broker offers confusing information about which company it belongs to. The website mentions 3 (!!!) different companies: IDT Financial Services Ltd., Padorx Ventures Ltd. And Side Side Trading Ltd.
Warning: February 2016, Ontario Securities Commissions issued warning against CMSTrader. Many negative user reviews all over the internet.
Established in 2013
Offices in the UK, Australia, Bahrain, Dominica and Singapore
Regulation: Pandorx Ventures Ltd. is registered in the UK, but is not regulated by the FCA.
CMS Trader Facts – Is CMS Trader a Scam?
The red flag is the fact that this boker is not regulated, meaning that it is likely to be involved in fraud and scam. In February 2016 the Ontario Securities Commission issued a warning against CMSTrader for doing business in Canada without proper authorization. On top of that, a small research over the internet shows way too many unhappy client reviews and accusation of CMSTrader being unreliable broker.
Trading Accounts & Features
Account types: mini, silver, gold
Minimum trade size: 0.01
Maximum leverage: 1:200
Spreads: starting from 3 pips (too high)
Dealing desk execution: yes, for mini account (possible market maker?)
No dealing desk execution: yes, for silver and gold accounts
Fixed spreads: yes
Optional floating spreads: yes, for gold account
Risk management plan: yes
Personal account manager: yes
Islamic accounts (swap free): yes
Currency pairs: 120
Trading platform: Sirix (desktop, web, mobile)
MetaTrader 4: this brokerage does not support the MetaTrader 4 (MT4) platform - really unusual sight among online forex brokers today
Social trading features: yes
Fast execution: yes
Methods of Payment
Minimum deposit: $500 (very high requirement)
Payment methods: credit cards only, wire transfers are charged $20
Minimum withdrawal amount: $500 (very unusual requirement!)
How was the rating of CMSTrader performed compared to other brokers?
This 2020 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on CMSTrader FX broker performance and features.
Overall our online CMSTrader review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online CMSTrader or you find inaccurate details CMSTrader Capital broker review please get in touch with us and the changes will be applied.