Cmcxxmarket.com, like any broker claims to offer the best trading experience. In truth, CMCXXMarkets is just another anonymous broker that promises more than they could even hope to achieve. Read this CMCXXMarket broker review to understand this better.
In our bid to keep forex traders from scam brokers, we have made it our duty to review forex broker websites. That way, we can help you tell which one is legit and which one’s not. This review tells you all you need to know about CMCXXMaarket broker.
About CMCXXMarket Broker
CMCXXMarket is a forex brokerage company apparently owned and operated by NewTraders Holdings Ltd. They claim to have won over 20 awards while in the business, for the quality if their service. However, the seem to have forgotten to state their location to help us determine their credibility. As a matter of fact, the only contact information on the website is a phone number bearing a UK country code.
Furthermore, cmcxxmarkets.com offers trade assets in forms of Stocks, Commodity and CFDs. However, when we really look through the website, we seem not to lack reasons to doubt their credibility.
Cmcxxmarket.com: Why You Should Avoid This Broker
Some of the things we found (or couldn’t find) on cmcxxmarket.com suggest this might not be the broker you want to trade with.
CMCXXMarket Withdrawal and Deposit
CMCXXMarkets set their minimum deposit amount at $250. The available payment methods available are Visa and Mastercard, Bitcoin, bank wire method and OK Pay. On the other hand, the minimum withdrawal amount is $250; a hugely outrageous amount. But that’s not even all, the withdrawal fees differ by withdrawal method. They are as follows;
- 25 USD/EUR/GBP for ePayments
- 25 USD/EUR/GBP + 10 USD/EUR/GBP processing fee for debit/credit cards
- 50 USD/EUR/GBP for Bank wire method
Finally, the dormant account policy here states that any account that has been inactive for up to 3 months will be subject to a monthly deduction of 10% from their balance. This is not so fair to people with thousands of dollars or euros in their accounts as they will lose too much at once.
Between the high minimum deposit, the outrageous withdrawal minimum, ridiculous withdrawal fees and the usage of bitcoin as a deposit method (bitcoin transactions are untraceable), we can all agree that these are the makings of a shady broker.
Cmcxxmarket.com Trading Platform
On their main page, Cmcxxmarket.com offers the Metatrader 4 trading platform. However, when we attempt to access it, we find a malfunctioning link which takes us past the demo account and straight to the live trading web trader. Imagine our surprise when we discover that this is not even an MT4 platform. This broker does not only fake having a MT4 terminal, they also do so for their demo account. A RED FLAG!!!
We always advise our readers to trade with brokers who employ either the MT4 or MT5 trading platform. These two are the most prominent in the business and make trading easy and smart, especially for new traders.
The maximum leverage offered by cmcxxmarket.com is 1:200. This is quite on the high side and could do you real damage should the trade fall through. For this reason, brokers in the UK and EU have since been charged not to offer leverages above 1:30. This is to reduce the amount of trading risk a trader would have to take.
CMCXXMarket Licensing and Regulation
As stated earlier, CMCXXMarket brokers did not bother to leave an address on their website stating where they are located. This is something no reputable broker would do. On the contrary, shady brokers often practice this so they cannot be traced to any agency.
Since the broker doesn’t also claim to be regulated by any agency, it sort of simplifies our job here. CMCXXMarket is an UNREGULATED broker. They operate outside forex brokerage laws and hence, are tagged offshore brokers.
Conclusion: Is Cmcxxmarket.com a Legit Broker?
No! As already stated, CMCXXMarket broker is unregulated. Hence, they cannot be trusted with your funds and will probably mar your trading experience. We usually recommend that our readers deal with a transparent broker, licensed by a reputable agency.
If however, you wish to add something else about this broker, feel free to use the comments section.
Our Recommendation For You
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FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!