CMT Markets review 2023: 5 things you should know about cmtmarkets.co

Beware! CMT Markets is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

The forex market is flooded with unregulated, shady firms and unfortunately CMT Markets is one of them. This broker openly lies about being licensed by multiple world-wide jurisdictions. But maybe the worst part is that it uses fake certificates and shamelessly fabricates legal documents. It also lies about offering MetaTrader 4 – instead you can open a random web-based platform. Don’t deal with this pseudo “broker” as you won’t be able to benefit from any favorable trading conditions either. But most importantly, you are going to put your funds and personal information at serious risk. For more details on CMT Markets and what to look out for, keep reading the following lines.

CMT Markets Regulation and safety of funds

Looking at this website, we realized that there is no registered address or whatsoever. The only contact information happens to be an email and a Whatsapp number. In addition, the company name behind this broker is said to be CMT Markets Group, however we are already quite suspicious regarding this firm’s credibility. The absence of a registered address is a huge red flag, as we don’t know the location this firm is operating from. Because of this CMT Markets is more or less anonymous.

At the bottom of its homepage however you can spot some curious information. Apparently this broker claims to be licensed by multiple global regulators like the Financial Conduct Authority (FCA) of the UK, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). If you click on those names then different legal documents appear. At first they may seem quite convincing to inexperienced traders – in fact they look exactly how the registers of these authorities look. However, don’t let them fool you! These are just duplicates with some mild changes in the name and contact details to make them seem credible. We searched the registers of FCA, ASIC and CySEC and there was no such data. CMT Markets is 100% unauthorized and unregulated so better keep away from it!

On top of that, we have all reasons to believe that the testimonials on this website are also fake. This broker bears all signs of fraud and the best thing you can do is to quickly boycott investing here!

CMT Markets Trading software

CMT Markets claims to offer some world-class trading platforms – CMT Markets Trader and MT4.

After we registered however, its true colors came to light. First of all, we couldn’t download any platform, as a deposit was required to be made first. You see why we are frustrated – no reputable broker would ask you to deposit before getting to know the platform itself. But we know what’s the whole thing about – CMT Markets doesn’t offer MT4 at all and tries to cover up the lie with such silly requirements. Prove us wrong!

Anyway, still we managed to log in to the WebTerminal. Of course, it doesn’t have anything to do with MT4, as was expected. It’s just a simple web-based software, take a look:

You can notice some basic tools and indicators, but that’s all. One is for sure – this platform certainly can’t be called “world-class”.

Better look for reputable, licensed brokers instead. They will most likely offer advanced software like MetaTrader 4 or MetaTrader 5.

CMT Markets Trading instruments

CMT Markets promises you can trade “7000+ instruments across 9 asset classes” and lists some of them – stocks, indices, forex, commodities, cryptocurrencies, bonds and ETFs. This doesn’t seem bad at all, if only the broker was legit. But given the fact that it is a total sham, you have no reason to open an account here.

CMT Markets Spreads and cost of trading

This broker doesn’t provide a clear chart of its account types. Still, there is some information regarding the spreads it offers.

For its Standard accounts CMT Markets promises spreads as low as 0.00016 pips for EURUSD, 0.002 for GBPUSD and 0.015 for USDJPY. Pretty much the same applies for its micro accounts.

After we saw the trading platform things were slightly different. There was a spread of 1.4 pips for EURUSD, 1.7 pips for GBPUSD and 0.017 for USDJPY. Note that spreads below 2 pips are usually more advantageous as they won’t be so pricey. Nonetheless, as this broker is totally unlawful we don’t recommend investing with it. There are plenty of legitimate firms who offer tight spreads and secure trading conditions.

CMT Markets Maximum leverage

As for the leverage, apparently this broker has some concrete policy. It states that “for all account types on the MT4 and MT5 platforms, the leverage for EURDKK, EURHKD, GBPDKK, USDDKK, USDHKD, USDCNH, EURRUB and USDRUB is capped at 1:50, and for USDTRY, EURTRY it is capped at 1:100”.

It also adds that “for all account types, the leverage is capped at 1:400 for all CHF currency pairs on the MT4 and MT5 platforms”. As you see, nothing is mentioned about the main currency pairs. After we registered, a leverage of 1:100 was automatically set for our account.

Beware however, that all of these amounts are not only too risky, but they also strongly contradict the rules set in the UK, Cyprus and Australia. The leverage there is limited to 1:30 by law, so this is one more proof that CMT Markets cannot possibly be licensed there.

CMT Markets Deposit and withdrawal methods

In its Frequently Asked Questions, CMT Markets claims to accept “multiple credit cards, multiple electronic payment methods, bank wire transfer, local bank transfer, and other payment methods”. This doesn’t sound crystal clear to us, just because the broker doesn’t mention any payment method in particular like for example Visa, PayPal or WebMoney.

Apart from that there’s just some brief data regarding the execution time that says “standard bank wire within the EU takes 3 working days”. Nothing is mentioned about the rest of the options though.

After we registered we realized why this broker was so shady about its payment methods. The deposit options happen to be via wire transfer and Pay Wize – a payment gateway working with different payments. See for yourself:

Now, the issue here is that Pay Wize charges a fee of 12% for processing a transaction and that is clearly marked on its website. It also states that it works with unregulated firms too and that doesn’t sound right to us.

Anyway, we advise you to keep a distance from this broker and certainly not deposit even a cent, especially with crypto. We remind you that these transactions are completely irreversible and quite tricky.

CMT Markets Minimum deposit

The minimum deposit that CMT Markets asks for is not specified – another alarming sign. Just remember that the standard amount for the sector is around 250 USD or even less – micro accounts of reputable brokers require around 10 USD.

CMT Markets Withdrawal requirements

This broker has no Withdrawal Policy and that speaks for itself. We don’t have any idea if there are any fees upon withdrawals or if there is a minimum withdrawal requirement. But knowing how shady this firm is, we won’t be surprised if the answer is yes. Scammers tend to ask for huge fees upon withdrawals which may exceed 15 or even 20%. So stay safe and don’t deal with CMT Markets at all!