Beware! CM FX Trade is an offshore broker! Your investment may be at risk.


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


CM FX Trade attempts to portray itself as a regulated and established forex broker. But even a basic fact check reveals this to be a lie. In this review, we’ll show you how to determine if a financial services provider is legitimate or just another online scam.

CM FX Trade Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
CM FX Trade
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation.

CM FX Trade  does not provide access to Terms and Conditions, Client Agreement or other documentation. There is no contact address or company name on the homepage of the website. One of the subpages of the website mentions the company CM FX Trade RGB Ltd, but we found no evidence that such a legal entity actually exists.

On the website we see the logos of the financial regulators of Italy and Spain.

A check of their databases led us to a warning that CM FX Trade  is not authorised to operate as a broker.

Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.

There are many benefits for retail traders to trade through a licensed broker in the EU. These brokers must maintain a minimum net capital of at least EUR 730 000, which guarantees that the company is financially stable and has a serious long-term approach. When clients deposit money in their trading accounts, they are kept segregated from the broker’s operating funds in separate bank accounts. Thus the clients’ money remains shielded in case of mishaps like a broker’s bankruptcy.

All brokers licensed in Cyprus and other EU countries are members of the Investor Compensation Fund, which may cover a maximum of EUR 20,000 per person in the event of broker insolvency. EU forex brokers are required to report their clients’ transactions on a regular basis. This requirement is designed to improve investor protection and promote market integrity and transparency.

CM FX Trade Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
CM FX Trade platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

CM FX Trade Trading instruments

CM FX Trade

In theory, CM FX Trade offers trading in all major asset classes. But in practice we have no guarantee that this trading is not entirely fictitious. There is no good reason to trust this fishy website instead of a licensed broker.

CM FX Trade Spreads and cost of trading

Spread EURUSD0,70.611.1
Spread GBPUSD0,
Spread USDJPY0,

In the trading platform, we see a low spread of 0.7 pips, but CM FX Trade does not specify whether it charges additional commissions.

Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.

CM FX Trade Maximum leverage

CM FX Trade 200:1100:110:1100:1100:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

CM FX Trade advertises that it offers leverage of up to 1:200 for forex and commodities trading, 1:40 for stocks and 1:100 for indices. This is also proof that this is not a regulated forex broker operating in Italy and Spain.

The European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies.

Another such piece of evidence is the claim that CM FX Trade offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. CM FX Trade does not provide clear information about the conditions attached to bonuses.

If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.

CM FX Trade Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Crypto24 hours24 hoursFee depends on crypto

CM FX Trade does not provide information on payment methods and transaction fees. At the time of writing this review, the deposit menu was not functional and the withdrawal menu includes credit card and cryptocurrency options.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

CM FX Trade Minimum deposit

Minimum deposit$200$5$10$5

CM FX Trade specifies a minimum deposit of 200 EUR, which is close to the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

CM FX Trade Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
CM FX Trade Not specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.

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