Unregulated Forex brokerage 55CMT has just been added to the warning list of New Zealand Financial Markets Authority on suspicions it is involved in fraudulent activies.’
The official warning reads that the FMA suspects the brokerage of operating a scam and warns traders in New Zealand to exercise caution before dealing with them.
We have reviewed the brokerage which operates via the website 55cmt.com but does not disclose much information about itself besides the Saint Vincent and the Grenadines address. It attempts to present itself as a crypto exchange but it most likely deals with only CFD’s on cryptos. We have comes across several such websites from Bulgaria with a focus on crypto and we remind readers that Forex brokers in the country are under the regulatory oversight of the local Financial Supervision Commission which supports an online registry.
As a rule of thumb we always recommend traders avoid doing business with unregulated CFD brokerages because the risk of falling victim to a scam is quite high. Interested traders may choose from a wide list of legitimate properly regulated brokerages in the UK, or in Australia, as well the EU.