The forex and CFDs provider Cmarket is an international broker with over one thousand trading assets. The offerings of this broker include five trading accounts, competitive spreads, and high leverages. Two different trading platforms are also provided. So far, everything looks suitable for this broker. However, the broker is unregulated and red-flagged by the financial body. In this Cmarket review, we will make sure to provide you all the relevant information about this broker. Make a note of all the following paragraphs for a complete understanding. Read the full Cmarket review here.
The broker claims to have offices in two different highly regulated trading markets viz Germany and the United Kingdom. The brokers operational from Germany and the United Kingdom must be registered under their respective local financial regulators- BaFin and Financial Conduct Authority. However, other financial regulators from EU member countries can regulate such brokers. Unfortunately, we could not find registration of Cmarket with any of these regulators. Surprisingly, the Spanish local financial regulator Comision Nacional del Mercado de Valores, issued a warning to the public on the unregistered firm against this broker. The trading market is filled with many uncertainties and a scam broker. Invested funds in such brokers could not be recovered. Traders must trade only with regulated brokers. The five trading accounts provided are Micro, Classic, Silver, Gold, and Platinum. Only the minimum deposit of Micro Account is shared on the official website, and it is $250. The minimum deposit is according to the trading market. Leverages of 1:200 are provided on all trading accounts. These leverage levels are quite high and not favorable. While testing the provided demo account, we can see spreads floating at 2 pips on EURUSD fx pair; these are also higher than the acceptable spreads. High spreads mean higher trading costs. The possible benefit of Cmarket is its provided two trading platforms, namely MetaTrader and Status Web Trader. The MetaTrader is a most trusted trading platform, with 80% of world’s traders using it. The payment at Cmarket is accepted by only two means, either with bank wire transfer or credit cards. Other legit brokers also provide e-wallet and Bitcoin payments.
Is Cmarket scam or legit?
The broker is situated in the highly regulated territory, but it’s not regulated and not licensed to provide brokerage services. Trading conditions are loss oriented with very few payment options. It is red-flagged by CNMV. The broker Cmarket is a potential scam broker 2020.