- 1 What is CMS Forex and when was it established?
- 2 What are the regulations that CMS Forex follows?
- 3 How does the website of the broker look?
- 4 CMS Forex Trading Platforms and everything that is wrong about them
- 5 Are there any bonuses and promotions available for traders at CMS Forex?
- 6 What are the different CMS FX Account Types
Forex trading is becoming more and more popular every day around the world, and more people are getting the chance to access this very diverse and popular market. However, the more companies are trying to offer their services to the traders, the harder it becomes to find the best provider.
The market, sadly, is full of scam companies, that over the years, had the chance to develop and become better at lying to people. Today, we are going to talk about one of the brokers that have a very long history, the CMS Forex. However, with this history, comes many issues that have been concerning traders all around the world. In this CMS Forex review, we are going to talk about everything that can influence your trading experience.
What is CMS Forex and when was it established?
CMS Forex is a broker headquartered in New York, and it was established in 1999. Since then, the company was able to open a number of offices around the world, including in the UK and in Russia. However, the fact that the company has a long history does not mean that it is something that you should trust without any questions.
In reality, there have been a number of complaints against the CMS Forex, and the complaints were followed by huge fines from the regulatory bodies. Sadly, the fines did not have a positive outcome and there still are a number of concerns around the broker, and the more you learn about them, the harder it becomes to trust this Forex broker.
CMSFX was bought by a company called Gain Capital back in 2010, at the time, the broker had a pretty good reputation, however, the transition created many problems that can be seen even today. Once, the broker has a very good reputation, the CMS FX Trading Platforms were said to be working perfectly for the users of the platform, but sadly, as of today, the platforms are considered to be one of the biggest disadvantages of the broker.
What are the regulations that CMS Forex follows?
The authorizations of the broker are pretty complicated because of the fact that the Gain Capital set up the broker’s headquarters in the British Virgin Islands. Initially, the broker was licensed by the NFA of the USA, but since 2010, all supervisory responsibilities became the job of the parent company. Because of this, the regulatory status of the broker seems to be very uncertain, especially compared to other brokers on the market.
Although the Gain Capital is itself one of the key regulators on the market, which has established traidng platforms that are known around the world, CMSFX has had a number of problems over the last few years regarding the safety of their clients. The broker was heavily fined NFA and the CFTC because of the severe irregularities such as performance issues, capital requirements, and many others. Even the most loyal customers of the broker had complained about the worsened situation on the broker. A lot of things are going wrong with the company, which leads to many believing that the company can not be trusted anymore.
Because of such situation, a lot of the clients of the broker have decided to use other platforms and gave up on CMSFX, which makes a lot of sense considering the complaints that people are talking about. Sadly, the regulations that are in place right now seems to be not working well either for the company or the users of it.
How does the website of the broker look?
The way that the website of the broker looks and the usefulness of it is very important for many Forex traders around the world, and not for the wrong reason. In the case of CMS Forex, the website looks very old-fashioned and hard to use. Compared to other Forex brokers on the market, when visiting the website of the CMSFX, it feels like visiting a website from 2005.
It is very hard to say anything positive about it since it looks like the team behind the broker did not even try to make it any good. In today’s world, the needs of the Forex traders have changed a lot and every broker should try its best to offer a website that can be easily used by anyone, even by those who are just starting out in the field of Forex.
CMS Forex Trading Platforms and everything that is wrong about them
At some point, the trading platforms of CMS Forex were considered to be one of the best ones on the market, however, as of today, the reputation is long gone and the platforms that the broker had adopted, actually became one of the biggest disadvantages of the broker.
As of today, the trading is made with the help of CMSFX VT Trader and MetaTrader 4. With the help of these, the brokers are able to access more than 40 different types of currencies and different types of trading instruments. In fact, MT4 is known to be one of the most popular trading platforms around the world, however, the CMS Forex’s virtual trader has caused a lot of problems.
This problmes resulted in huge fines from the NFA and CySEC, which led to many people leaving the broker. CMS Forex VT trader, however, is not a bad platform either, but because of the tough times that the broker had to go through, the broker was not able to keep the traders connected to the traidng servers.
The errors and problems with connected the server have become every day lives of the traders who were using this broker, which has resulted in huge fines and loss of reputation of CMS Platforms. Generally, trading platforms are probably one of the most important parts of successful trading experience, and if something goes wrong with it, the whole broker follows.
Sadly, the team behind the broker was not able to overcome the challenges on time, which has resulted in the fines and loss of trust from the clients.
Are there any bonuses and promotions available for traders at CMS Forex?
Another thing that makes the broker fall behind the others on the market is the lack of bonuses and regulations. CMS Forex trading does not offer any type of bonuses to its users, which is very strange. As of today, most of the brokers around the world are offering different types of bonuses and promotions that are designed so that everyone can enjoy them, no matter what their preferences are for Forex trading.
However, the CMSFX bonus is non-existent, which makes it fall very much behind to other brokers on the market. In today’s world, it is very hard to find any other broker that does not offer any type of bonuses to their clients, which makes CMS stand behind many other brokers on the market.
What are the different CMS FX Account Types
The only two account types that are offered by the broker is the Demo Account and the Live Account. Compared to other brokers on the market, this is very few, however, it is not that big of a problem, especially compared to other challenges that the broker has.
CMS Forex demo account
Generally, Demo Accounts are very popular when it comes to Forex trading. They are very important especially for those who are just starting out in the field of Forex. It is a great opportunity to learn a lot about Forex trading in general and the platform as well. Demo accounts offer Forex traders the ability to access the trading platform without having to risk their own funds. With this, you have the ability to test your trading skills, try out different types of strategies, or even come up with one of your own.
Compared to other brokers on the market, the CMS Forex does not offer any type of promotions or bonuses for those who use Demo Account. In most cases, Demo Accounts are a great way for many to start trading without any funds at all since many brokers are offering them some types of contests with the help of which they are able to win real-life trading money for Forex trading. In the case of CMS Forex, there are no such offerings.
Live CMSFX Account and how to create it
Live accounts are the real Forex trading accounts, for which you will need your real-life funds. Unlike other things, created a live account with the broker is actually pretty easy and not that problematic, all you need to do is to provide some personal information, make a deposit of at least $200, and you will be able to access the trading market. Also, keep in mind that the maximum leverage is as high as 1:500.
After all, is it safe to trade with CMS Forex?
Although we do not think that the company is a scam, we think that you should avoid using it anyway. Even if the company is trying to make their platform better, it looks like non of its steps are working, and it is becoming very unsafe to trade with the broker.
Although there are many problems with the broker, there seems to be one thing that works well, and it is the customer service support team, who gets back to you very quickly. However, this is not any help, since everything else comes with huge problems and challenges that make it impossible to trade with the broker.
While working on CMS Forex broker review, we have come across complaints that simply can not be ignored. Especially in today’s world, there are a number of opportunities on the market, and using the one that has a history of violating the rights of their users does not make any sense.