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CMC Markets Review

CMC Markets Review (2022): Legit or Scam?

Forex trading is a viable investment for many people. However, the industry is full of scammers looking to swindle investors. Is CMC Markets one of them? Is it regulated? To answer these questions, read this in-depth CMC Markets review before investing. 

If you have lost money to CMC Markets, we can help you. Schedule a free consultation with us today. Our team of experienced experts will guide you on how to recover the lost funds. 

Here’s the truth about CMC Markets.

An Honest CMC Markets Review

Established in 1989, CMC Markets is a pioneer in the industry with over 30 years’ experience in forex trading. Highly regarded in the UK, this forex broker is publicly traded and got listed on the London Stock Exchange under CMCX in February 2016.

According to its website, the company has won more than 50 awards within the past two years for its dedication to deliver innovation to its clients. It also offers multiple trading assets.

Even with all these details, is this broker the real deal? Let’s take a closer look at its activities.

Is CMC Markets Legit?

Before investing with any forex broker, you need to do your due diligence to avoid falling into a scam. To be successful, you also need to know how to spot a scam to avoid losing your hard-earned cash.

To determine whether CMC Markets is legitimate, we’ll look at the company activities, and tell you whether it’s regulated by any reputable financial authority. Using this data, we’ll come up with a verdict on whether this company is legit.

What is CMC Markets?

This forex broker offers more than 10,000 instruments and specializes in forex instruments, indices, cryptocurrencies, shares and ETFs, commodities, and treasuries. Customers can trade from anywhere using its mobile trading apps.

CMC Markets has its headquarters in London. It also has a presence in Australia, Singapore, Germany, and Canada. 

Is CMC Markets Regulated?

CMC Markets in the UK is regulated by the Financial Conduct Authority (FCA) under registration number 173730. 

FCA regulation

In Germany, the company is registered and regulated by the Bundesanstalt für Finanzdienstleitstungaufsicht (BaFin) under registration number 154814. 

CMC Markets regulated by FCA

Since it operates in other countries, the forex broker is also regulated by the Australian Securities & Investments Commission (ASIC), Monetary Authority of Singapore, and Investment Industry Regulatory Organization of Canada (IIROC). 

Is CMC Markets Regulated in the US?

CMC Markets services are not available to US residents; therefore, the brokerage company is not regulated in the country. 

Is CMC Markets a Scam?

CMC Markets has existed more than three decades and established itself as an authority in forex trading.

The company appears legit. Here are some of the reasons why.

Financial Regulation

CMC Markets claims it complies with the FCA regulation in the UK and is registered by other financial regulatory companies in other countries, including Australia, Canada, Germany, and Singapore. 

Remember, a company can be regulated but still a scam. Do not go for a broker purely based on their regulation status. Make sure you look at other aspects of the company, including real customer feedback.

Trading Platforms

Traders on CMC Markets can access the products via MetaTrader 4 (MT4), mobile apps, or Next Generation. These platforms are easy to use and allow the customers to trade and manage their investments flexibly.

The company’s mobile apps are available on iPhone, iPad or Android; therefore, customers can track their trades from anywhere. With the app, customers get real-time notifications, information about spread bets and the trading is mobile-optimized.

This still doesn’t exonerate CMC Markets. In fact, some of the worst scammers like 24Option (now InvestMarkets) also use world-class platforms like MT4.

Education Materials

Whether you are a newbie or seasoned trader, you can benefit from the information offered by CMC Markets. Its website has a learning to trade tab that investors can use to gain more skills and knowledge about forex.

There are articles, videos, and webinars that customers can use to get guidance on how to spread betting, the key trading concepts, and how to improve your trading strategy. This looks great for beginners who just started out, but it’s not.

The problem with some of these so-called “educational materials” from regulated scams is that they’re not in-depth, practical, or helpful. They keep people in losses to the benefit of the broker.

Customer Reviews

Compared to most forex brokerage companies, CMC Markets have a pretty good customer rating on Trustpilot at 4.1, based on 1,286 reviews. A lot of the customers commend the company for its platform, which is easy to navigate. Additionally, others say the company offers loads of support. 

CMC Markets on Trustpilot

These types of reviews make the company appear legit.

However, despite this good rating, there are also some negative reviews that indicate the company might have scammed some people. There’s always more than meets the eye. Here are some issues raised.

Unclear Information

Customers have raised complaints against the brokerage company since they don’t make some of the trading information explicit on its website. Clients have lost money because of price and spread manipulation. They claim that the company breaks its own rules by changing the price to keep most of the fees.

CMC Markets spread manipulation and price manipulation

Changing rules abruptly

In addition, they change the rules of trading midway, which has cost customers a lot of money. 

CMC Markets scam

On another occasion, a customer was charged inactivity fee without getting any communication from the company. This paints the company in bad light because the clients are losing money.

CMC Markets Review: Final Verdict

CMC Markets is a regulated scam.

There are clients who have had a negative experience with the company and lost funds, raising some questions about the firms’ accountability.

Have you lost money trading indices, forex, cryptocurrencies, or shares with CMC Markets? Would you like to recover your funds? Trader Protection has years of experience helping traders recover their lost money. Book a free consultation with our team today!

Author

Alan Tepfer

Alan Tepfer has been a pioneer of funds recovery for the victims of online trading scam victims for almost five years. His experience in chargebacks, online trading, and banking spans for close to a decade.

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