CMSTrader is a CFD broker for trading on the MT5 platform. In this review, we disclose whether CMSTrader is a regulated and reliable broker or a scam. This will help you make the right choice.
The broker was founded in 2013 and offers over 200 CFDs on Forex, stocks, indices and more. It does not inspire confidence from the very first minutes on the official website.
Perhaps this is due to fake statistics on the main page about 330k + real traders and 9 billion trading volume over the past 30 days. It absolutely cannot have such statistics. CMS Trader is little known and it can be easily proved with Google Trends.
Currently, CMS Trader isn’t a regulated broker and is owned by Safe Side Trading Ltd, registered in Saint Vincent and the Grenadines. They have changed several companies during their existence. But more on that later.
| Official site | https://cmstrader.com |
| Year of foundation | 2013 |
| Regulated by | |
| Trading instruments | 209+ CFDs on Forex (37), stocks (123), indices (27), commodities (17), metals (5) |
| Spreads and commissions | High spreads EUR/USD – from 3 pips USD/JPY – from 3 pips GBP/USD – from 4 pips Oil – from € 0.05 |
| Most popular | |
| Provision of services in the US, UK, Canada, European Economic Area | The US, UK and Canada The European Economic Area |
| Min. trade size | 0.01 |
| Leverage | Up to 1:400 |
| Account types | Mini, Silver, Gold |
| Minimum deposit | $ 500 |
| Minimum withdrawal | |
| Deposit & withdrawal methods | 8+ |
| Payment Fees | |
| Trading hours | 24/5 24/7 (For crypto) |
| Trading platforms | MT5 |
| Mobile App | |
| Demo | |
| Copy Trading | |
| AT/Robots | |
| Bonus | |
| Affiliate program |
Is CMSTrader regulated and legal?
CMSTrader is not a regulated broker.
CMS’s owners have changed the main company several times. First, the broker was owned by CMS Ventures Limited, then Pandorks Ventures Ltd. At the moment it’s Safe Side Trading Ltd, which is located in Saint Vincent and the Grenadines.
So, CMSTrader provided services illegally in some countries. For example, they provided services in the UK without FCA authorization, and in Canada without OSC authorization. And most likely, these are not all known cases.
Therefore, the change of owners was made due to the loss of reputation and scandalous publicity.
The location of CMS Trader offices is also constantly changing. Previously, their website listed offices in the UK, Hong Kong, France, Cyprus and Bahrain. Over time, Dominica, France, New Zealand and Bahrain were indicated. At the moment these are offices in the UK, Switzerland, Bahrain and Australia. Most likely, all of these office locations are fake.
Traders in their reviews also speak extremely negatively about CMSTrader and they claim it is fraudulent.
It’s time to remember the fake statistics on the home page.
332k real traders and 9 billion trading volume. This is very funny. In fact, CMS Trader has very few clients. And it pleases.
Now the broker’s clients are unable to open a demo account due to errors. And they don’t even have a server for a demo account. Thus, they force clients to make a deposit of $ 500.
As a result, many signs point to CMSTrader scam. It’s not a legal or reliable broker.
Conclusion
So this CMSTrader review was pretty quick. It immediately became clear that the broker is absolutely not suitable for forex and CFD trading. This is a scam broker.
We didn’t even have time to talk about the huge spreads and commissions for inactivity. They even have a fee of 50 EUR for closing an account. And they only have a few methods for depositing and withdrawing funds.
They also have one of the shortest terms and conditions. At least we didn’t have to read hundreds of pages looking for pitfalls.
You should choose one of the reliable brokers for CFD trading, such as FxPro, Swissquote, Libertex and others.
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