You’ve decided that Forex Trading is for you, but now you are on the service provider sourcing stage. This CM Trading review is meant to equip you in making an informed decision about this forex broker. I have used CM Trading for almost a decade, therefore do rest assured that this is not just a generic review, but also an honest assessment of how the company works.
Is CM Trading legit? – An honest CM Trading Review
Let’s get on with it and talk about the legal status of CM Trading.
This Forex Brokerage is a brand name of Global Capital Markets Trading Ltd. A company registered in Seychelles under registration no. 104785.
The clients’ funds are protected under the regulations of the Financial Sector Conduct Authority (FSCA), an industry watchdog for the financial services sector in South Africa. You can find the details of their registration here under FSP 38782. It is registered under Blackstone Marketing SA.
Type of trading accounts that you can open with CM Trading
Forex Trading accounts will differ according to the amount of capital you have at your disposal. Smaller accounts have different benefits when compared to larger accounts.
These are the account options that are available for CM Trading customers:
The mini account is the starter pack of the forex trading world.
Minimum deposit: $250-$999
You also get a demo trading account where you can do simulated trading in real time, weekly market reviews, as well as an e-book on forex trading basics
The minimum deposit for opening a classic account is $1000. It affords you the same benefits as the mini account, as well as access to a webinar.
This account type requires a minimum deposit of $5000 to open. The trading spread is cheaper than that of the classic and mini accounts. These are the transaction costs of the opening each trade with CM Trading (or any other broker).
A cheaper spread means that you get to maximize your profits. Over and above the benefits of the classic account, executive account holders receive access to both technical and fundamental analysis.
The premium account is the ultimate account offered by CM Trading. You need to a minimum deposit of $25000 to get started. With this account, you will get the same benefits as above, as well as additional training resources and some free trades.
In the case that you manage to grow your account to the point that it reaches the next account type bracket, you can contact CM Trading for guidance as to how to upgrade. The process is not automated.
CM TRADING’S PLATFORMS
A trader who uses CM Trading as their broker has access to 3 main platforms i.e Metatrader, Sirix Webtrader, and CM Trading’s Trading Mobile App.
- Metatrader (MT4/5) is a free downloadable software which is universally accepted by both brokers and traders as the most advanced forex trading platform. It is available on desktops and mobile devices, with real-time quotes, charts, and graphs.
- Sirix is web-based, which means that you do not need to download anything. One can access the platform through its website from any device.
- A significant feature of the Sirix platform is the COPYKAT copy trading capability. COPYKAT allows you to follow your favorite traders, and even copy their trades. Learn more about CM Trading’s COPYKAT here.
- The Fx Trading App is CM Trading’s mobile version of the web trader.
FINANCE: How to deposit and withdraw funds from CM Trading?
Like most online merchants, CM Trading accepts all major Credit Cards (and in some cases, debit cards that can buy online), wire transfers (with Nedbank being the preference for South African clients), Neteller, as well as Bitcoin (recently added).
Anti-money laundering laws oblige Forex Brokers to pay withdrawals to the funding source. You can only withdraw funds to the same account that you used for depositing. The withdrawal turnaround time is 2-3 business days. CM Trading MAY request additional documentation and verification before clearing your request.
This is a basic CM Trading Review. I hope that it has been a useful guide in your decision process. Contact me to inquire about my private forex coaching service or any other forex related query.