CMCM

Investigating CMCM: A Comprehensive Review

At the request of our readers, we present the CMCM review, a story about yet another scam broker offering clients access to the Forex and CFD markets. CMCM says many beautiful words about itself, attempting to convince users that trading on this platform is profitable and safe. However, the company has several problems, the main one being the 100% likelihood that traders will lose any money sent to its accounts. Want to see why? Check out our arguments below.

Key Takeaways

• The broker has neither official registration nor licenses in any jurisdiction.
• Most of the information provided is inaccurate.
• The platform uses a subpar terminal with numerous deficiencies.

Is CMCM Trustworthy?

The broker provides ample contact information, listing three office addresses (in the UK, Germany, and Australia) and British and Australian phone numbers. This is presumably to convince traders that the company is officially registered somewhere and possibly even licensed.

We checked registration and brokerage permissions in all these jurisdictions, and the findings were quite revealing.

In the UK Companies House database, we found four companies with names exactly matching the search query. However, none of these firms named CMCM are financial, let alone brokerage companies, and all of them ceased operations between 2015 and 2023. Needless to say, the “broker” does not have licenses from the local regulator, the FCA.

In the ASIC (Australian Securities and Investments Commission) registers, there was no company named CMCM. Naturally, there is no mention of any brokerage permissions. The same situation exists with the registration in Germany and licenses from European regulators.

The conclusions are straightforward: the platform operates without official registration in any jurisdiction, conducts business exclusively online, and does so illegally without licenses. The rights and interests of traders who send money to the broker’s accounts are not protected by anyone or anything. Moreover, the company shifts responsibility onto the users, stating that traders must ensure the platform’s services comply with the requirements of the regulator in their country of residence or citizenship before starting trading.

The sophisticated terms clients see on the Safety of Funds page are nothing but a fairy tale:

• The pseudo-company does not have segregated bank accounts where client funds are stored. No one would open such accounts for a firm without official registration documents.
• CMCM does not adhere to FCA-mandated protection measures. Why would they, as scammers risk nothing by openly violating them?
• Forget about participation in the Financial Services Compensation Scheme (FSCS) as per FCA and ASIC rules. While the naive might believe in compensation up to £85,000, realists already understand that there are no insurance funds or compensation payments, nor will there ever be.

Registration and licenses are not the only things CMCM deceives its users about. Although the broker does not mention its long history, it does include a start date of 2011 in the copyright. However, whois data reveals otherwise.

As we can see, the domain cmc-m.net was registered only on April 16, 2024, existing for less than three months at the time of this review. It turns out the project creators made a small mistake in the copyright by 13 years.

CMCM has other issues revealing its fraudulent nature:

• The platform creators did not bother to disclose information about available financial markets and the list of assets. All they said on this topic fits into one sentence in the FAQ.
• There is not even a deposit button in the user account. You can only deposit funds after contacting customer support. Can transparency be talked about after this?
• The broker does not show its payment details. The reason is simple — companies without official registration do not have corporate accounts and cards.

The list could go on. However, in our opinion, this is more than enough not to trust CMCM with even a cent of your money.

Exploring Fees and Charges

We mentioned some non-trading issues with the CMCM broker earlier. However, there is another significant problem — the company does not inform its clients about the size of trading and additional fees. These details cannot be found in the Terms & Conditions, FAQ, or legal documents. Based on the materials from the website and personal account, we can share some insights:

1. The project creators claim zero transaction fees but forget to mention that traders must cover the fees charged by payment systems for deposits and withdrawals. These fees can be quite substantial, especially for bank transfers (e.g., in the SWIFT system, it can be $20-60 in some cases) or crypto transfers, where the fee depends on network congestion.
2. The broker justifies the presence of trading commissions by stating that they offer ECN technology. We won’t dwell on the fact that this is false information (ECN networks do not connect brokers without official registration). However, the platform administration’s greed is astonishing — they set spreads at their discretion and charge a commission as if they were an ECN network. Quite fair, isn’t it?

How User-Friendly Is the Trading Platform?

Regarding its trading terminal, CMCM only managed to say that the software serves as a unified trading gateway to financial and digital markets. This is not surprising, as the software was not developed by the company but by Easy Technologies.

We are well acquainted with it and can list several serious shortcomings:

• An inconvenient market overview organization, making it difficult to quickly select the desired assets. This is critical during periods of high volatility or when using strategies that require minimal trader response time.
• A minimal set of graphical objects for conducting analysis.
• The inability to use technical indicators that are not included in the set and to connect advisors. This applies not only to the web version but also to the desktop version.
• Existing problems with connection stability to servers and long recovery times.

This is more than enough to understand that the broker has chosen far from the best software for trading. There is no comfort for users; they incur additional losses and are forced to revise their trading systems due to the program’s limited capabilities.

It should also be noted that CMCM does not offer a demo version. Traders will have to familiarize themselves with the terminal while executing real trades. This approach can hardly be called user-friendly.

What Do Clients Say?

The CMCM broker is so well-known and popular in the trading community that we could not find any reviews about it online. It is possible that they have only recently started real trading operations (despite the cmc-m.net domain being registered about three months ago).

In this case, traders should be particularly cautious — the pseudo-company’s specialists may begin actively attracting clients. They might receive calls with very enticing offers. However, a scam project will always remain a scam, and sending money to its accounts means taking unjustified risks of complete loss.

Final Thoughts: Can You Rely on CMCM?

It seems we have presented enough arguments in the CMCM review against cooperating with this fraudulent company. Operating without official registration and licenses, providing false information about its existence, an inconvenient terminal, and non-transparent non-trading operations: all of these should make every potential client of this scam platform think twice. We hope the decision will be the right one.

Strengths and Weaknesses