CMS Trader Review

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Overview

Company Information Cmstrader is one of the new names in the Forex trading business and is quickly gaining popularity among traders. Owners of the platform are the people from CMS… more

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Details

Broker CMS Trader
Website URL http://www.cmstrader.com/
Free Demo Account No
US Traders Allowed No

Full Review

Company Information

Cmstrader is one of the new names in the Forex trading business and is quickly gaining popularity among traders. Owners of the platform are the people from CMS Venture Limited, which was established in 2006. The company specializes in investment advice and personal wealth management. Being in the world of trade and finances CMS Venture Limited decided it’s time to expand by entering the industry of Forex online trading. The company started its online trading platform in 2013 and is growing in fame rapidly. Headquarters of the company are located in the UK, but they have offices in France, Hong Kong, Cyprus, and Bahrain. The company owning the platform is licensed by the New Zealand Financial Markets Authority. Despite the fact that the platform has under three years of history it has already won several awards.  The most valuable and reputable one was the “Best customer service” award in 2013.

 

Trading Information

The platform offers four types of user accounts (if we count the Demo account that will make them 5). The first one is the Mini account which offers personal training and more than 100 currencies available. Next one is the Silver account. You’ll need a substantial $5000 deposit but offers direct access the trading room. Also, you will have the chance to contact their research team for advice and place orders over the phone. Obtaining a Gold account will set you back with $50 000 but will give you unmatched flexibility in trading options and the feature to choose between fixed or variable spreads. Last but not least there’s the Islamic account. As the name suggests, this account is for clients with the Islamic religious belief. Everything is setup according to the Sharia law, and all Islamic clients will enjoy the benefits that other accounts have. CMStrader gives you the opportunity to trade with currencies, indices, gold, oil and commodities.  The minimum spread starts at three pips for EUR/USD. They charge a fixed spread. Other major spreads are GBP/USD 3 and USD/JPY 4. Maximum leverage is set to 200:1.

 

Trading Platforms

Trading platform chosen for the site is the Six Webtrader. It’s a well-known platform which is powered by Leverate and is developed continuously. It doesn’t need any downloads and offers the tools and features that every nowadays trader needs. You have the Stop order, Limit order, Market order, and many more tools available at your disposal. Mobile trading is also supported by people who like to stay in the trading business from their mobile devices. However, people who like to receive email and mobile alerts will be a bit disappointed to find out that these features are missing. Also, there are no OCO orders and trailing stop order options. For desktop users, the Six station is a downloadable alternative where you’ll have the perfect speed and usability.

 

Security and Customer Services

As we already mentioned in our review customer service is top notch at CMStrader. The site has support for five languages (Russian, English, Arabic, French and Italian).They have a 24/7 customer support team waiting for questions at all times. There are tons of ways to contact them. You can use live chat, email, contact form or telephone. The customer support offers an excellent 48 hour email response time. Arabic, English, and Russian-speaking representatives can help the traders from Mo-Th 9AM-5PM, FR 9AM-2PM. It’s easy to see how the company won their best customer service awards. With great attention to detail and excellent review all over the internet, CMStrader have their things worked out.

 

Deposits and Withdraws

Minimum deposit for CMStrader is $500 (which gives you the already mentioned starting Mini Account). You can deposit money via all major credit and debit cards. Bank transfer is also an option, but charges may apply, and it is much slower. For withdrawal CMStrader have set a minimum of $250 and a maximum of $10 000 per transaction. Processing time is a bit slow. It takes three days for the people at CMStrader to process the withdrawal permission and another 5-7 days for the money to be shown in your bank account. It’s not the slowest in the business, but people would like it much better if it was faster. Wire transfers will set you back with a $20 fee, and if the amount is below $500, you’ll be charged $25. Closing your account will not be followed by any charging fees.

 

Deposit Bonus and Loyalty Programs

CMStrader doesn’t have many flashy bonuses available like “first deposit welcoming bonus get it now!” or “percentage of deposit funds winnings”. But they have a very strong “Refer-a-friend” promotion. There is not much mentioned about the size of the bonus, but there is a very encouraging “No maximum limit” sign. Also, the online trader offers 100% confidentiality to your referrals. The bonus funds will be available in yours and your referral’s account once the referee funds his account.

 

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