Beware! CCI Traders 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.
There is nothing on CCI Traders’ website that stands out and makes it memorable. It’s just another run-of-the-mill broker’s website. Is it a hidden gem or something you should stay away from, we are about to find out.
CCI Traders Regulation and safety of funds
CCI Trading Limited with an address in Mauritius claims to be authorised by the Financial Sevices Commission (FSC) in Mauritius. We searched the register of the FSC but it did not appear that the company is registered there. To be licensed in this offshore zone, brokers must provide a minimum capital between 25,000 EUR and 250,000 EUR depending on the status of the broker. Apparently, this broker did not invest so much money and we have sufficient proof to think that this broker is non-legit and probably a scammer. This is a red flag and we advise potential traders to stay away from it. In addition to that, CCI Trading Limited claims to be registered in St. Vincent and the Grenadines. However, we do not believe that as about a year ago, the Financial Services Authority in this country issued a warning that it does not regulate forex brokers.
CCI Traders Trading software
CCI Traders trades in commodities, forex, CFDs and indices.
The trading software that CCI Traders offers to its clients is the MetaTrader 5 platform. This platform is one of the best in the forex trading world thanks to its well-deserved reputation. It offers an excellent package of trading tools and instruments, including a demo account, auto trading option, a financial calendar, an app market, trading signals, VPS and code base with customs scripts. Its charting options are also out of this world and they serve to enhance traders’ experience.
Unfortunately, we were able to open only the demo account as you can see from the screenshot below. We offer it only for illustrative purposes as the values shown there cannot be taken into account. Opening the live trading account proved impossible due to some broken links. However, the interface for the demo and the live accounts is the same, so our readers can get an idea of what the platform looks like. In the top horizontal bar, you can see the options for using charts with different analytical indicators, such as Fibonacci retracement, Bollinger Bands, moving averages, etc., that help traders predict the future direction of exchange rates and make a profit. On the left-hand side, you see the menu for currency pairs with their bid/ask price and beneath is the navigator for the different account, indicators, expert advisors, scripts and services.
We were outrages to see in the account information section that the leverage offered by this broker is sky-high and can reach 1:1000. To some, it may look like something very attractive with the promise of making a really big profit while using very little of one’s own funds. However, there are differences between dreams and reality. If you do not want to wake up from your dream in a cold sweat, then think that around 70% of the traders experience financial loss in transactions and don’t get tempted because the opposite of a big win is a big loss and this is what may happen if you are reckless. It is not by chance that in the EU and the US there is a cap on leverage and brokers are not allowed to offer leverage that exceeds 1:30 and 1:50 respectively for trading in forex currencies.
To sum it up, our advice to you is when selecting a licensed broker, to pick up one that offers either the MT5 or its ‘older brother’ MT4 which will be also an excellent choice and leverage that is within the boundaries set in the EU or the US.
CCI Traders Deposit/Withdrawal methods and fees
To open a trading account with CCI Traders, you have a choice of 3 different account types – Mini, Standard and Premium. The minimum initial deposit for the Mini account is $50 which is good as the amount is not too high. The other accounts start at $100 and $500 respectively. To feed their account, traders can use as payment methods credit cards (VISA/MasterCard), Bitcoin, bank wire and Perfect Money. Processing time is instant, except for bank wire which can take up to 72 hours.
This forex broker offers bonuses which is another reason to be wary of it. As per this company’s Bonus policy, if you make a deposit between $50 and $2,000, you will be eligible to get a bonus. This company also offers up to $200 COVID-19 bonus as a startup fund! Although this broker claims that there is no minimum or maximum lot size of trade to be executed and that bonuses are separated from the trader’s account for transparency, we are still mistrustful because, as you know well, there is no such thing as “free lunch”.
Did you know that one way of distinguishing licensed brokers from non-legit one is to see whether they offer bonuses. Licensed and reliable brokers never offer bonuses or any other incentives.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
