Beware! CMarketsGroup 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.
Warning! CMarketsGroup is a scam Forex broker that was officially blacklisted by some of the European regulators, confirming that it is a fraudulent scheme that should be avoided. In fact, it is an offshore broker that says to offer intuitive trading, also safe, transparent environment and education. All of it is fake, however, their trading software is everything else, but intuitive and their tutorials doesn’t include any information that the traders might find useful. Most of all, it is a totally unsafe and non-transparent, unintelligible Forex creature that should be avoided. Find the most disturbing facts about this so-called Forex broker in the CMarketsGroup review.
CMarketsGroup REGULATION AND SAFETY OF FUNDS
An official warning against CMarketsGroup was issued at first by the Belgian financial authority FSMA. Later on, based on a report from the Belgians, CMarketsGroup was also blacklisted by CONSOB(Italy) and CNMV(Spain). Here is the official publication made by the FSMA:
Here you can see the black out published by CONSOB:
Here you can see the CNMV warning based on the FSMA report:
Regardless of the warnings, CMarketsGroup is an offshore broker that is allegedly registered in the Commonwealth of Dominica, owned and operated by Click World Ltd.
Click World is a controversial digital marketing company that is registered at the same address, but claims to be Miami based, which is definitely a red flag and the company itself looks quite fishy. But the critical issue for the traders is the fact that the Commonwealth of Dominica loosely regulates its financial sector and doesn’t supervise the Forex brokers based on its territory in any way. It’s not surprising that the Caribbean island is one of the favorite destinations for scam Forex brokers and dodgy companies, which are trying to escape the law.
Your funds are not safe if you make a deposit with CMarketsGroup, it is an unlicensed, unauthorized and unregulated offshore scam Forex broker that was officially blacklisted by various financial authorities in Europe. Stay away and report immediately if someone from CMarketsGroup contact you.
Our strong advice is to choose between the EU(CySEC) and UK(FCA) Forex brokers, as these intermediaries are the global leaders in the retail FX and CFDs market, and will assuredly treat your funds with an utmost care. There are many customer protection measures agreed and implemented throughout Europe, in fact, all the EU members have to provide similar in size and scope levels of security to the traders. For example, if a broker wants to obtain CySEC or FCA license it has to meet the capital adequacy requirements. A Forex broker is required to have a minimum initial capital of 730 000 EUR, safeguarding the ongoing financial soundness of the entity.
Most importantly there are money protection schemes at place, such as ICF in Cyprus and FSCS in UK, which are set to protect the deposits made by the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate such a fund, which is regarded as a last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will 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. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!