TradeCMX Review
TradeCMX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this TradeCMX Review.
TradeCMX Review
Clients of TradeCMX are offered a Standard commission-free trading account with variable spreads and micro tradeable lots on the MetaTrader 4 platform.
In addition, there are 2 Premium accounts (VIP & Diamond) are available to those who deposit at least $20 000. We do not recommend investing large sums in offshore brokerarages for obvious reasons
In fact, the variable spreads offered by this broker are above average, as according to the information on the website typical ones amount 1.8 pips on EUR/USD. In comparison, another offshore broker, FxChoice, offers average spreads of 1.2 pips on its commission-free accounts. For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.
As regards leverage, TradeCMX offers levels up to 1:500, which is considered as a high ratio. Indeed, many brokers offer leverage of 1:500 of higher, but do not feel obliged to use this maximum, as you may lose mora than you have initially deposited.
Keep in mind that TradeCMX brand does not provide services to residents of the USA, Japan, British Columbia, Quebec and Saskatchewan and some other regions.
The Company. Security of Funds
TradeCMX offers wide range of financial instruments for trade: a number of forex pairs, CFDs on shares, indices, bonds, and metals, as well as cryptocurrencies.
The company that operates the brand is TradeCMX (SV) Ltd., which is registered as International Business Company (IBC) in St. Vincent and the Grenadines. SVG is a popular offshore forex destination where IBCs are not obliged to meet capital adequacy requirements, to keep client money in segregated accounts, nor to arrange a compensation scheme in the event of insolvency. Therefore, doing business with offshore brokers is very risky. What’s worse, many of those companies are pure scams, so you’d better stay away.
Trading Platform
TradeCMX supports the most popular front-end application in the forex industry – MetaTrader 4 (MT4), desktop and mobile versions available.
The platform is equipped with 30 built-in technical analysis indicators, over 2 000 free custom indicators and 700 paid ones, allowing you to analyze the market of any level of complexity. Besides, you create and use automated trading programs (Expert Advisors).
Unfortunately, we could not open a demo account and test TradeCMX’s MT4.
Methods of Payment
TradeCMX offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Skrill, Neteller, FasaPay, as well as Bitcoin.
TradeCMX is an offshore forex and CFD broker that supports the MT4 platform. Although its product portfolio is extensive and it offers flexible payment methods, this broker is not recommended, mainly due to its offshore registration.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
TradeCMX Review Conclusion
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