Beware! CMMCI Securities 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.
CMMCI Securities is allegedly a broker founded in Britain that delivers MetaTrader5 and increased leverage. Well, having this information at our disposal, we can safely conclude it’s an inconsistent broker that’s not compliant with the UK rules and regulations. Find out what we are talking about and whether they hold a license or not in the full CMMCI Securities review.
CMMCI Securities REGULATION AND SAFETY OF FUNDS
CMMCI Securities is presented as a British broker, but the people running it didn’t spare a second to prove it’s a legitimate company. To sell Forex products and services, the UK companies need to hold a valid license issued by the local regulator FCA. Well, our research showed CMMCI Securities doesn’t have one, so your funds won’t be safe if you deposit with this broker because it’s unregulated. You’d better avoid it unless you plan to get into trouble.
Instead, consider the EU brokers and British brokers topping both lists provided. The European markets offer high-grade security, with brokers covered by deposit insurance funds inaugurated to protect clients’ money. Hence, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. If you are eligible to open an account with a European company, you can safely do so; it’s a no-brainer.
CMMCI Securities TRADING SOFTWARE
CMMCI Securities provides MetaTrader5, one of the leading Forex platforms many traders prefer over any other distribution. The EUR/USD spread is also highly competitive- 0.1 pips, which is among the best on the market. However, as already cleared out, CMMCI Securities is an unregulated business, so don’t get excited too early. The spread is the Buy/Sell difference, so it’s effectively the price traders need to pay to open positions. The lower ones naturally benefit traders and improve profit potential, so you need to look for brokers offering tighter spreads. Fortunately, the market is overcrowded with legit brokers offering 1 pip and below, and you can see many of those by following the links provided throughout the review.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe, delivering upper-class software and a much more favourable trading environment. The MT distributions are packed with sophisticated tools such as Expert Advisors, many complex indicators, sophisticated charting tools and even a marketplace featuring more than 10 000 apps.
The maximum possible leverage is 1:100, a ratio that British brokers are no longer allowed to deliver for their clients. Furthermore, this level carries risks and, if misused, can cause losses too challenging to regain. As leverage is overly dangerous, many financial authorities imposed a cap on the respective regulated markets, forcefully restricting its usage. As a result, EU, British and Australian brokers are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. Most of the high-leverage ones are poorly regulated offshore businesses, so be cautious.
CMMCI Securities DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with the starter account is $1000, a demand that’s around 10 times above the regulated industry standards- $100 on average. CMMCI Securities says that the funding methods available are UnionPay and cryptocurrencies, but it’s actually only possible to fund trading accounts via Moonpay. The latter is a crypto service, so the transfers can still be considered unsafe enough. Cryptocurrency payments are final, non-refundable, and people do not even know whom they are sending money to. In terms of safety, it’s always best to fund accounts via bank cards because card issuers such as Visa and MasterCard grant chargeback rights and people can get a refund for an extended period of time- up to a year and a half.
While talking about deposits, consider the top-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers among them.
Now, we can raise our suspicions and accuse CMMCI Securities of being a scam scheme. That’s because they do not have legal documentation such as Terms and Conditions and do not consider any trading provisions anywhere on the website. That makes their business illicit because such documents serve as contracts between both parties. People can’t form a legal relationship with a broker unless they sign a copy and submit it back to the company.
As a result, there is no information about withdrawals, fees, inactivity procedures or other trading provisions whatsoever.
Overall, CMMCI Securities is an unregulated broker that’s misleading the public by pretending to be a legit UK business. Well, they are not, and you’d better stay away from this business; many red flags are pointing out it’s a scam scheme.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s actually a process. In the usual scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich, and they would invent as many stories as possible to get the deposits wanted.
Unfortunately, the initial deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest again and again. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the results to show victims massive profits and would ask for more money, promising to get even more profits.
However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!