Capital Markets Banc (CMB) Review – Is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Capital Markets Banc (CMB) Review – Is it scam or safe?
Clients of CMB are offered a choice of several account types. The Minis & Standard accounts provide fixed spreads, leverage up to 1:200 and micro tradeable lots. Variable spreads are offered on Pro & ECN accounts, which require significantly higher initial deposits, but there is no information about the value of the average spreads (and commission fees).
While a minimum initial deposit of $250 is average, the spreads offered on CMB’s Mini & Standard accounts are very high, fixed at 3 pips on EUR/USD. Most fixed-spread brokers offer spread of 2 pips for this pair and some even less. For example, easyMarkets’ spread is fixed at 1 pips on EUR/USD, and besides, the company operates on the basis of a license issued by the Cyprus Securities and Exchange Commission (CySEC), while CMB is not authorized by any authority to provide financial services.
The Company. Security of Funds
Capital Markets Banc (CMB) is a forex and binary options broker, operating out of Dominica – an offshore destination where brokerage services are not regulated. Doing business with unregulated (offshore) brokers is extremely risky and we advise traders to avoid such companies and to select among brokers licensed by the respective authorities in the UK, or Australia for example.
Besides, the broker is already in the warning lists of several regulators. The Italian financial regulator, CONSOB, has issued a warning against CMB and Joshua Development Ltd., operating through the website www.capmb.com, for soliciting clients without authorization. UK’s financial watchdog also added it to its warning list of unauthorised brokers that target people in the UK.
In addition, most user reviews in the famous forexpeacearmy site (FPA) claim that CMB does not allow withdrawals and that it is a scam broker. Considering the above said, you’d better stay away from Capital Markets Banc (CMB).
Trading Platform
Another thing that raises a red flag with this broker is that the information on its website is incomplete. In the “Why us” section it is written that CMB’s clients can trade over 175 products ranging from Currencies, Commodities, Indices and Stocks to Binary Options, using their desktop, tablet or smartphone devices, but there is no information about the platform.
So, we don’t know whether the broker supports the industry’s standard MetaTrader 4 (MT4) or another platform.
There are some other trading tools available on CMB’s website, such as Economic Calendar, AutoChartist, Market Analysis, etc.
Methods of Payment
CMB offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallet MoneyNetInt and uPaycard.
Withdrawals will be charged a transaction fee of $50 for wire transfers; $25.00 for credit cards and ePayments plus a processing fee of $10. Besides, a levy of 10% of the withdrawal amount will be charged to any withdrawal from an account that has not executed more than 200 in turnover and/or from accounts that have not been verified.
Capital Markets Banc (CMB) Review – Is it scam or safe? Conclusion
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