RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
CGS-Cimb presents a website that is very smooth and very slick, all the while the broker is regulated and very decent. However, we do have to reveal some of the details of the broker because this will aid users in their decision. At CGS-Cimb it can be a bit difficult to discover certain sides to the broker because the website is kind of confusing at times and can be a burden to some. Please please read the review to find out more.
We had no way to create an account because the creation tool did not allow us to continue. The registration process required ID documents from us and then it said that it will have to approve our account. Which is actually a good thing. This is a kind of a wall of defence meaning that the company is safe and secure, and requires its users to take things seriously.
Without creating an account we have to rely on the website for all of the trading conditions. According to the website, users can trade with bonds, securities, futures, forex currency pairs, equities, and indexes. The average spread is 0.3 pips for the standards account type. We however cannot know the actual value of the EUR/USD spread because we could not register. The leverage is capped at 1:20.
Users can access the websites in English and Chinese.
CGS-CIMB REGULATION AND SAFETY OF FUNDS
The situation with the regulatory information on the websites of this broker is very interesting.
the parent company of the broker,CGS-CIMB SECURITIES (SINGAPORE) PTE LTD, is based in Singapore and is actually a member of the Singapore exchange. Goes without saying that CGS-CIMB SECURITIES is licensed by the Monetary Authority of Singapore (MAS). Everything checks out we checked the regulators website and found the company there. One of the main requirements by MAS is that the leverage should not go over 1:50. Furthermore, all brokers regulated in Singapore have to hold a base capital between 50 000 SGD to 5 million SGD. Clients’ funds have to also be segregated.
Furthermore, also has a United Kingdom subsidiary called CGS-CIMB Securities (UK) Limited that is licensed by the FCA, but also holds a passport licensed by the Cypriot CySEC. This means that the broker can also operate throughout Europe legally.
MAS and the FCA/CySEC share common requirements that concerned all their regulated brokers. However the FCA and CySEC offer client compensation schemes. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
CGS-Cimb has a lot to say and delivers a solid experience. It is regulated and professional.
CGS-CIMB TRADING SOFTWARE
Let’s see what the website has to say about a trading software since we could not create an account to access the trading software.
CGS-Cimb is allegedly equipped with 6 different trading softwares/trading tools or so the website claims. Amongst these is the MT4, but none of the software are actually available to be accessed by unregistered users.
As for the trading tools, these can only help you out in your trading, and their inclusion is a very positive aspect.
CGS-CIMB DEPOSIT/WITHDRAW METHODS AND FEES
Unfortunately, there isn’t a lot to be taken from the website in terms of payment conditions. We were barely even able to find minimum deposit requirements but after some soul-searching, we found out the base account is unlockable behind a SGD 100 requirement.
Other than this we were not able to find any other information on deposits or withdrawals. Usually, processing times for withdrawals are between 2 to 5 days. As for fees, we cannot tell you for sure, but it always depends on the broker.
We think that CGS-Cimb has a lot of potential. It is regulated and it offers very good trading grounds. Recommended!