Beware! CcMart is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
CcMart isn’t one to reveal too much. This is an understatement, even. What we meant to say is CcMart discloses 10% at best of what we usually expect from forex brokers to showcase. Aside from a Home page, and a registration area, there is no other area to explore and read through. This says a lot, because users must be fully aware of what a broker does and how it does it, if they are to invest their time and money in it. CcMart either has no idea what it is doing, or what it’s doing does not fall into the accepted framework of how things should be done. Read on to see what we found out.
No matter how many times we tried, we couldn’t register. The Sign Up page continuously gave us error messages, and after failing at registering with an email address, the next attempt with the same email produced an error claiming that the email was already in use. Without registering, we are left with the trading conditions and payment information that the website gives us. And what’s more is that there is no access to a demo account neither, which is never a good sign, since it is through demo trading that most traders get their hands on trading with a given broker.
Now that we are left with the site’s own information pool, we have to say that, as we mentioned in the introduction, there is quite literally nothing to go by. The Home page cannot be more vague, there are no subsections to the site, and there are no legal documents to reveal any binding clauses between trader and broker. There is a list of trophies that CcMart claims to hold, which do not hold up at all.
With no information concerning anything, how can we give trading details? What we are left with are promises with no hint of deliverance. Users might notice a slide bar of moving assets on the top of the home page and a list of similar assets halfway through the website, thinking that these are the trading instruments and spreads. This is not the case- notice the small blue logo on the corner, a sign indicative of the nature of these charts. They come from a third party provider of charts; i.e these number one sees do not derive from CcMart’s price fee.
The website is only available in English.
CCMART REGULATION AND SAFETY OF FUNDS
This so called broker, that is limited in execution and quality claims to be regulated by CySEC, the IFSC of Belize, and the CFTC in the United States.
There is no need to even check with these authorities. The regulatory claims themselves are too ridiculous to even be taken seriously. Most notable is the US supposed license. The United States is arguable the most austere forex environment in the world, with the Swiss forex landscape as second. There are only a handful of legal US based brokers, their number not going beyond a dozen. Considering this, how can one expect to see CcMart as a entirely regulated US broker? The answer is that you can’t.
CcMart is completely UNREGULATED, and even if you find a way to log in, we do not recommend investing in it!
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Let’s take a side note, and assume that CcMart is one of those scammers that phish out users over social media sites and similar sources. Once a user is identified as a potential depositor, he or she will start getting calls from a representative of CcMart, asking for deposits, each bigger than the previous, with promises of profits and similar prospects. Once the user get suspicious, the broker will stop contacting him or her. Read the Scam sections of the review for a more in-depth analysis of the scam.
CCMART TRADING SOFTWARE
Aside from a picture of some unknown to us trading platform, CcMart’s involvement with any terminal is completely unknown to us. We cannot vouch for the existence of a platform.
Judging by what we have covered, until now, in the review, we can safely assume that there is little hope for a trading terminal.
CCMART TRADING DEPOSIT/WITHDRAWAL METHODS AND FEES
As is with the trading terminal, aside from a few logos of payment providers, there is absolutely no payment details to be found. Furthermore, except for the addition of MasterCard, all other payment methods seem to have something to do with crypto deposits. And as you might be ware, depositing by means of any cryptocurrency is the most unsafe way, because of the inherent untraceable nature of crypto deposits, especially with high risk brokerage firms like CcMart.
Overall, CcMart has proven to be 100% untrustworthy, making this website a complete waste of your time, and if you have somehow deposited, a complete waste of money.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.