CM Trading full review, reasons why not to trade with them
It is nice to see that there are decent Forex brokers on the market currently, such as the CM trading Forex broker. In this review, we will discuss the details about the company and try to see if investing in trading with this company is worth your time and money.
CM trading is a global company that started out in South Africa. The brokerage has spent the past few years building its reputation and user base. They have a very simple platform and are easy to deal with. They also spend a lot of time working with their clients and doing their best to deliver as good a service as they can. Let us look at the in-depth CM trading review below, and see what we can find out about them.
One of the biggest problems that CM trading deals with is a landing page that does not necessarily inspire confidence. The page is very simply designed, with little regard to looking good, but more of a regard for functionality. The problem with that is that the website looks like it was designed in the 90s, also known as the beginning of the internet and also known as not the best time to take website design inspirations from. This gives the question “can CM trading be trusted” a slightly suspicious and hesitant answer because of the aura about it. There are too many pop-ups and some scrolling text that sort of overloads the information the website is providing to you. There are videos and offers that don’t necessarily need to be on the front page of the company website. Fortunately, our team is professional and capable of reading beyond what is given to us on the surface, so we, without a second thought, dove into learning more about the website itself.
The website remains easy to explore despite this and provides the user with detailed information regarding the background of the company, the dealings, all of the trading instrument options they provide, platforms and their educational instruments as well. This is a very good sign for the company – the fact that they are not trying to hide information about the way they do things shows that they are honest and are more than happy to offer something to their users. In the top right corner, you will also find their contact information, in a very noticeable spot. It seems like they are not afraid to engage the user.
CM trading was founded in 2012. Since then it has been registered with the Financial Services Board (FSB) of South Africa and has spread its operations globally. The good news is that the company is registered with a financial regulatory body, which is definitely something you want to see in your Forex broker. The bad news is that this financial regulatory body is not necessarily listed as one of the top five most trustworthy. This does not mean that it is necessarily a bad one, but the trust levels we have for it are limited. Still, the regulatory body is not necessarily reflective of the company’s conduct, so we will not be calling CM trading scam just because we do not know much about the regulatory body. What we do know is that the company has had a decent track record of service since its foundation, providing clients with a safe and simple space to trade on. While there might have been some complaints lodged against the broker over the years, it has proven itself worthy of praise in many cases. The thing is, we wish the about page of the company reflected more on their past, rather than simply provided their background and mission statement.
Unfortunately, the website is only available in only six languages, so it might be a bit of a limiting factor for some traders trying to join CM trading. Though the languages available capture most of the world in terms of how frequently they are spoken, so it might not be the worst thing in the world.
It seems like the CM trading FX brokerage does not have that many awards over the years, but it does seem to have one important one that is worth mentioning. On the very homepage of the website, you will notice the banner stating that the company has received the 2017 award for being the best performing Forex broker in Africa. While it seems like the claims are true, and a number of sources are reporting this as well, what is most important is the fact that the Ai is reporting this as well and has even repeated the nomination in 2018. This is good news for the company, as it showcases the fact that the company is legitimately possibly one of the best brokers in all of Africa. Having awards is like having a bunch of positive CM trading reviews available online, so it is definitely a good thing.
As mentioned above, the page offers very simple access to the communications platforms of the company. This means that it is easy to figure out how to communicate with the company, but how easy is it to actually speak to them? The page encourages that you contact their customer support either through live chat or through email, or even one of their international phone lines. Their live chat response is moderate – it might take them a few minutes up to twenty (in rare cases) to respond, but they do. Their email response rate is a bit lower, with a reply possibly taking up to 24 hours. The phone call, is as you would expect, easy and fast enough, though waiting times and charges for international calls will always apply. This makes us think that CM trading fraud is not a thing – scams usually don’t communicate that fast or that easily with their victims.
An interesting detail is that the company seems to spend some resource to interact with distraught customers on different forums and platforms for community discussion. While this is a little strange for a company to do, it can be interpreted as their good will to try and make their services better. On the other hand, it is a little suspicious and may at times seem like an attempt to silence the parties who would not be willing to say good things about the company.
The software and more
The CM trading brokerage offers its users several ways of trading on their platforms. The MT4, Sirix, and a phone application. The MT4 is the most widely used trading platform in the world, with a widely and well-known customization and reliability. Sirix is not as well known as MT4, but it is a rather reliable and modern platform offering a very interesting design features to the users and an intuitive way of working with it. The fact that the user is given a choice is already better than what some of the other international brokers are willing to provide customers with. The two platforms work well and are very responsive, which is very nice.
CM Trading Withdrawal
According to the guidelines described on the company page, it takes about 24 hours to get a response to your withdrawal request. Most brokerages offer their users instant withdrawals, so this might be a bit of a disadvantage for the company. But then again, a 24 wait period is not the worst thing in the world.
Spread or Commission?
The company operates by offering spreads to their users. The spread they offer seems to be relatively reasonable and low. This will be an extremely attractive feature to all users looking to operate with a relatively low amount of capital. The low spread will allow such users to withdraw their funds without the fear of a crippling payment needing to be made. As it is often the case that the fees and commissions are what cause a lot of traders to lose most of the profit they make trading on the market. This further raises the CM trading rating for us.
The company also seems to offer several interesting options to traders, such as the direct copying of the top traders on the market and one on one trading. The copycat system they have imported allows the beginner traders to make money just like the top traders but asks for a fee to be paid to these traders. This might be a good thing, but at the same time might be a hindrance to a lot of people learning to trade on their own, which is a dangerous thought. The one on one trading seems like a more interesting system that will allow beginners to learn trading faster and achieve their trading goals easier. So far this is a positive for our CM trading opinion.
The company seems to offer pretty hefty leverage of 1:200 on most of the currencies offered on the platform. While this might seem like an attractive prospect for most of you, traders beware! This type of leverage is what breaks most of you and keeps you from ever participating in the Forex market again. Hefty profit also means hefty risk, so we would discourage anyone from jumping directly into trading, without being prepared for what kinds of decisions they will need to be making.
CM Trading offers four types of accounts, ranging from mini to Gold. Their most popular account type, as it seems, is the Classic account. The mini account is the simplest one, though it still bears a pretty hefty minimum deposit of 3700 ZAR. This makes it a little less accessible to some of the everyday traders, though still, it seems to be popular. CM trading Forex broker seems to be aiming to attract clients capable of trading larger volumes than the minimum deposits of many other accounts. This type of deposit, while making it less accessible to most of the population, also makes the company seem more legitimate though.
The minimum deposit goes up with the type of the account getting more expensive. Though with this the company offers some other, interesting items to the client, such as risk-free trades, which are a concept rarely encountered. It seems a bit like a cash grab and an attempt to attract the attention of the potential client and get them to buy a better account type, so we would not bet our money on it.
Every account type offers some education, but the more advanced the account, the more detailed and in-depth the educational resources seem. It seems like these resources and the risk-free trade number increase are the exclusive benefits of working with a more expensive account, other than tighter spreads. A bit of a strange concept it seems.
It seems like CM trading has a lot of things to offer to their potential clients: a good reputation, a nice award, good trading strategies, and some educational resources. It makes us believe that the answer to the “Is CM trading legit” questions is yes. But the high minimum deposit as showcased by their website might be a bit of a problem for some. This, combined with a number of other issues, keeps CM trading from becoming the top rated Forex broker for us.