CMTPRO Review – The Reality Behind This Scam Broker
CMTPRO review is going to dissect this shady broker from top to bottom. This trading company, if we can even call them that, chose complete anonymity. They weren’t very keen to provide its website visitors license data, information about ownership, or even their headquarters address.
These things would only a fraudster hide. Why would a legit business keep its users in the dark? Even this early in this article your scam alert should be ringing. But, this is just the beginning. We have got a lot of concerning things about CMTPRO which will make you second guess investing in them.
|Minimum Deposit||250 USD|
|Warning||FSMA, Finanstilsynet, CNMV|
CMTPRO Regulation and Security of Funds
As with any other scam firm, broker CMTPRO brags about outstanding trading conditions, safe and fast deposits, and excellent account management. And, as with any other fraud, they don’t deliver. Instead, we have an entirely anonymous brand claiming to operate under the license of FSC.
Let’s go into the details of CMTPRO regulation. The FSC is the name of several regulatory bodies, including the Financial Services Commission of Bulgaria, Mauritius, and Japan. This is just a random claim, without any relevant evidence, so we can’t take it seriously.
We don’t have their headquarters address, and the only way to contact them is via email. Also, there are no mentions of license numbers which doesn’t seem very trustworthy.
The Belgian regulator FSMA issued a warning about them, saying they aren’t authorized to provide financial services and products in Belgium. After that, the Norwegian Finanstilsynet and the Spanish CNMV republished the warning. It’s evidence of ongoing fraud.
Norwegian Finanstilsynet Warning:
CMTPRO also claims to offer leverage up to 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits but also increases the risk of sudden and excessive losses proportionally.
All leading regulators limit leverage for retail traders. In the EU, UK, and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.
This is not a reliable trading provider, undoubtedly. There is not a single reason why you should trust them.
CMTPRO Supported Trading Platform
CMTPRO offers a web-based trading platform that is very decent. It has a fair number of charting and analysis instruments as well as some useful additional features such as an economic calendar and performance overviews.
However, there were things we did not like too – algorithmic trading and copy trading did not seem to be possible, for example. We would recommend that you try a platform like the legendary MetaTrader 4 and decide for yourself if choosing a more simple platform is worth it.
Look for trading companies that use trading platforms like MetaTrader 4 and MetaTrader 5. The MetaTrader 4 platform meets the highest security standards. Data exchange between the client terminal and the platform servers is encrypted.
The fifth generation of the MetaTrader platforms, MetaTrader 5 offers increased functionalities and features from its predecessor and quickly became one of the most popular trading platforms by online foreign exchange traders and brokerage services around the world.
CMTPRO Account Types Available
There are two CMTPRO account types:
- Joint Trading Account
As the name suggests, the first one is more suitable for Forex and CFD trading beginners, while the second is meant to be used by seasoned investors. However, we have no specifications regarding leverage, spread, education, etc.
CMTPRO’s minimum deposit is $250, but we’re unsure if that minimum applies to both account types.
Deposit and Withdrawal Options
CMTPRO’s deposit menu requires you to provide your credit card details but does not allow deposits. Instead, a message pops up that you need to contact the people behind the website directly to get instructions on how to make a transaction.
Financial scammers use tricks like this to convince their users to make irreversible payments like cryptocurrencies.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards, and established e-wallets such as PayPal, Skrill, or Neteller.
CMTPRO does not provide clear information on deposit and withdrawal fees and terms. Be sure that there are some hidden fees and extortionate terms.
How the Fraud Is Implemented
Scam brokers like CMTPRO are all about fast profit. They are aware of the fact that it is only a matter of time before they get exposed, and they are going strong with advertising. That’s why innocent people come across them all the time, and leave their data. After that, professional fraudsters will contact you and start persuading you into investing money in them.
After you make the first investment they will ask for more and more money, justifying it with more potential profit. They are not only after your money but the money of your family and friends, as well.
Recommended Forex Brokers
We’ve made a table of some of the greatest broker companies. They are fully transparent, and you can check everything about them online. They have very high ratings and a long list of satisfied customers.
If you choose them, your money will be handled by professionals, and by some bogus broker firms.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
CMTPRO is an anonymous enterprise. They don’t provide any information regarding license data, headquarters address, ownership, etc. This broker isn’t regulated and no entity is overseeing their activities.
They are blacklisted by 3 credible regulatory bodies – FSMA, Finanstilsynet, and CNMV. They can’t be trusted.
CMTPRO offers a $250 minimum deposit, which is higher than what many legit trading companies charge. Another big issue is some imitation of a serious trading platform.
FAQs About CMTPRO Broker
Is CMTPRO A Regulated Broker?
This is an unlicensed trading provider. They are blacklisted by 3 regulatory bodies, which is a strong sign they are fake.
What Is the Minimum Deposit at CMTPRO?
The minimum deposit is $250. This is not the best offer since legitimate brokers offer micro accounts for $5.
What Account Types are Available at CMTPRO?
There are two account types at CMTPRO - Individual and Professional. The first one is for beginners, and the second one is for seasoned traders.