CM Trading is an unregulated broker that does not offer educational materials for traders. It charges you extra for trading in currencies other than your own. Moreover, it does not offer any trader contests. These are just some reasons you should be wary of this broker. You are not the first if you have already lost your money with CMTrading.
CM Trading is an unregulated broker.
Forex trading has always been risky, but it has become even riskier in recent years. Luckily, there are regulations to help you choose a broker that is safe for your money. Regulatory bodies worldwide have developed guidelines to protect investors and ensure they get the best deal possible. These organizations help to protect the public from unscrupulous brokers and ensure that the trading industry is as safe as possible for everyone. CM Trading is one of the most popular Forex brokers in the South African FX market. CM Trading is a registered broker with the Financial Services Board, an independent organization responsible for monitoring regional financial companies.
CM Trading offers CFDs on 68 shares, including US tech and multinational energy companies. They also offer CFDs on 14 cryptocurrencies, including Dogecoin and Chainlink. The broker limits leverage on these cryptocurrencies to 5:1 and 2:1, respectively.
CM Trading lacks educational material.
Although CM Trading is one of the largest online Forex brokers in Africa, its education section is lacking. Most of its educational material is generic, covering common Forex terms, the MetaTrader 4 platform, trading strategies, and trading psychology. In addition to these basic topics, there are also a few lessons for advanced traders, such as technical and fundamental analysis, trading plans, and automated trading methods. Despite the lack of educational material, CM Trading does offer live seminars and webinars. However, these are aimed largely at beginners and not more experienced traders.
CM Trading requires you to deposit at least $250 to open an account, equivalent to R4 100. However, it recommends starting with a small amount of money, giving you some breathing room to grow your account. In addition, CM Trading is regulated by the Financial Sector Conduct Authority, which offers South African investors a degree of confidence when trading.
Although CM Trading does not publish its license status, it is regulated by the Financial Sector Conduct Authority (FSB), a top financial regulatory agency in South Africa. This means that client funds are kept separate from the operational funds of the broker. Moreover, traders can check the license of CM Trading on the FCA’s website to ensure it is legitimate.
CM Trading charges for trading in other currencies
CM Trading has many financial products and offers trading in 50 major currencies. It has four different accounts, requiring a minimum account balance of 250 USD, and has easy-to-use interfaces for each type. You can choose to use MetaTrader 4 or Sirix Web; both come with customizable charting and widgets.
The spreads that CM Trading charges for trading in other currencies are competitive, and the brokerage offers a wide range of trading assets. It also offers a personal assistant and trading specialists who can provide customized trading strategies. The company also offers various advanced order types and customized automatic trading strategies.
You can deposit funds into your account in USD or EUR. You must fund your account with a margin rate set by CM Trading for trading in other currencies. Although CM Trading does not publish its margin rates, this is still an important consideration for traders. You should be aware of the charges before you register with CM Trading. The fees for trading in other currencies are not the same for all accounts, so it is important to understand the charges involved before you sign up.
CM Trading does not offer contests among traders.
CM Trading’s entry-level account is higher-cost than many competitors. It requires high minimum deposits and does not offer lower ongoing trading costs. Traders can only open a Gold or Premium Account after depositing a certain amount. In addition, these accounts do not offer ECN trading, which is an added benefit for high-volume traders.
CM Trading offers several accounts to traders, including one that requires a minimum deposit of $100. Their trading platforms are easy to use and have a wide selection of assets. The entry-level account allows traders to trade on multiple currency pairs. For example, spreads on the EUR/USD pair start at 1.5 pips. However, there are no educational materials to aid traders.
CM Trading offers two trading platforms for its clients. Its standard MT4 platform and its proprietary trading platform. The latter is the best option for beginners, but it does have higher trading costs than the former.