There are many Forex brokers that are emerging on the market, CP Markets is one of the newest ones on the market. The broker claims that it offers a safe and secure environment for their traders, however, while working on our review of CP Markets, we have come across a lot of problems that give us a ground to believe that the broker is actually a scam.
The first thing that makes us think that the company is a scam is that they simply are not authorized by any regulatory bodies around the world. Although the broker claims to be registered in Saint Vincent and Grenadines, they do not own a license even from there.
Because of the lack of regulations, the broker is very hard to trust and we would recommend for everyone to try to avoid trading with this broker at all costs. Follow our guide to learn more about this broker with our review!
Why should you avoid unregulated brokers?
Sadly, the trading market is full of scam companies that are trying to lie to people and get their money without illegally. This can be very dangerous, especially in the field of Forex. We all know that this field is risky enough on its own, and adding other risks to it simply does not make any sense.
CP Markets does not own any type of license or authorization from any regulatory bodies, making it impossible to trust their platform. While working on this review, we have come up with many comments and feedback from people claiming that they have not been able to start trading with this broker and that their deposits were not available for trading. So, we do not recommend trading with CP Markets at all.
How does the website look?
At first look, the website does not look that bad, but everything changes once you try to get around it. The website is very uncomfortable and not user-friendly at all. It is very hard to find the information that you need, and everything is done without much attention, to be honest.
The website looks like something that anyone could create without any budget at all, and it seems like the team behind the broker did not even try to make it look even a little bit legit. The website is another sign that the broker should not be trusted, everything looks very suspicious after you try to look for some information.
A little bit about CP Markets
CP Markets was established just recently, in 2018, and the broker claims to be offering a good and safe experience to traders around the world. According to the team behind the company, they have several different instruments available for traders, including Forex, Metals, Energies, Commodities, CFDs and they even claim that they are working to make more available for their users.
Although the broker claims to be offering their services to people around the world, the platform is available only in two languages – English and Chinese. This makes it very hard for many traders to access the website simply because they do not know non of these languages, so it seems to be a very problematic situation.
We believe that the company is just trying to attract people from mostly English speaking countries, such as Australia, Canada, New Zealand, etc. The broker also claims that their services can not be used in the USA because of the local regulations in the country.
Although CP Markets claims to be offering a safe experience to their clients, we could not find single positive feedback from people online. All they were saying was that they simply could not start trading even after they had paid their hard-earned money to the broker, in addition, they have complained about payment methods, which took much longer than the broker said it would, etc.
Customer service team
If you have any type of experience with Forex trading, you will know how important it is to get the help that you need exactly when you need it. With this platform, it is almost impossible to get help. First of all, there is no live chat available on the platform, and the only way you can connect with the team is to call the hotline, which is impossible to do.
We have tried calling the number several times, no one answered. After this, we tried to send E-mail and waited for several hours but we still have not got an answer back from them. This is a terrible thing to happen to anyone while trading Forex. Imagine that something goes wrong while trading or there is moving on the market and you have a problem with depositing money on your account and there simply is no one who can provide you with accurate help. It gets super annoying and tiering to trade with a company that is doing nothing to help you out even a little bit.
What account types are available on CP Markets?
According to the official information on the website, there are two different account types available on the platform. One is a standard account for Forex and CFDs traidng, and the other is the ECN, Electronic Communication Network account. Sadly, there are not that many features that come with the accounts. Both of them have market execution, leverage up to 1:200, and the possibility of using mobile trading.
Something that also makes the broker very unattractive is the fact that they do not have dedicated account managers, access to the educational materials, and many more important and valuable features that are very important for successful Forex trading.
The minimum deposit on the standard account is $100, and for the ECN accounts, it is $3000. When it comes to spreads, they are also very very high. The lowest spread showcased for the standard account is 2,6 pip, and considering the fact that the broker claims to be offering exotic currencies, it should be even much higher. The lowest spread for the ECN account is also pretty high, which is at 0,8 pip, while ECN accounts usually have a spread from 0 pip.
What does the broker offer?
Simply put, there is not much that is offered by the broker. In the century of technology, I believe it is almost impossible to create something this useless. The services are very poorly designed, the minimum deposit is not low, but it is not high either, so it is very hard to understand what the broker is trying to do with it.
The leverage is much higher than it is available in the EU member countries. At the same time, the broker is not authorized, so having leverage at 1:200 does not make any sense. If you are not following any regulations, why not make the leverage as high as 1:1000? Everything just seems to be very questionable at the website.
In addition to all of these, the broker claims to have over 150 trading instruments available on their traidng platform, including currency pairs and others. However, there simply is not a list of traidng instruments available on the platform, which means that Forex traders are not able to get information on what they can trade or not at the platform. This and many more makes us think that the broker simply is a scam company, trying to lie to people and get their hard-earned money illegally.
Are there any promotions?
The broker lists couple of different promotions and bonuses on their website, but we doubt that they can be trusted at all. We have come across many comments made about the promotions, saying that they simply do not work and are a waste of time and energy. We believe that most of the things that are written on their website can not be trusted.
According to their website, they have adopted a number of payment methods and they claim that there are no fees for payments that you make. However, we want to warn you that if you are paying with something like credit/debit cards, it is very important to know that the number of fees that you will have to pay largely depends on the issuer of your card.
According to their website, in most cases, payments take no time to be made, and when they need some time, they are never more than 24 hours. However, it is under a great question if the information can be trusted or not.
Should trade with CP Markets?
We do not recommend the platform at all. Even with just one look, it is very easy to see that the broker has a lot of problems. People are complaining about not being able to withdraw the money that they have on their trading account, they also say that most of the information provided on the website is not accurate.
The results of our review and research did not come as a surprise to us, because the broker simply is not regulated or authorized any of the regulatory bodies worldwide, which means that their job is simply not legal.
In the world of technology, we believe that you should never trust companies like CP Markets. Maybe, as time goes by, the team behind the broker will be able to come up with better ideas to make their platform more trustworthy and safe for Forex trader, but as of today, it simply can not be trusted, so we are not recommending this trading platform to anyone.
The market is full of many great Forex brokers that you can find very easily. So, never go with brokers that are not regulated or authorized by official bodies.