CMCbits Review – Who Is Cmcbits.com And Should You Invest With It?
CMCbits is an online Forex and CFD trading provider that tried hard to stay anonymous. The brand has never listed an owner, headquarters, or other relevant information. Yet, the Terms and Conditions suggest that the governing law is the law of Saint Vincent and the Grenadines, indicating the scheme might be based on this offshore island.
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|Saint Vincent and the Grenadines
|Types of Assets:
|FX, commodities, indices, shares, cryptocurrencies
|Free Demo Account:
|Accepts US clients:
What About CMCbits Regulation?
Since CMCbits never provided any details about the firm behind the scenes, we cannot discuss regulations. Usually, scam firms will do their best to hide and vanish once they have stolen enough funds. Even if the company is really in SVG, this Caribbean island has no financial regulator, so the firm would still be unlicensed.
Why Must a Broker Have a License?
A broker has to have a license and follow some basic rules related to financial institutions. Only then can you be sure that your funds are appropriately handled and kept in segregated accounts in reputable banks. Upon checking, we have determined that CMCbits is not regulated by the FCA, ASIC, BaFin, or any other Tier1 regulatory body. Be quite careful and don’t fall for their scam.
Traders Reviews About CMCbits Scam
Well, this firm certainly tried to fake the reviews and show itself as a reputable investment opportunity. Some brokers do that to attract more clients and steal more funds. Yet, having a better Trustpilot score than regulated firms indicates that something is suspicious regarding the CMCbits rating.
Here’s one genuine review.
“Do not invest with them there is no robot that trades for you and your invest money is gone when you trade with them.”– Trustpilot Customer
Supported Trading Platforms – Available Trading Software
CMCbits provides only basic WebTrader, the same as many other scam firms, including BigBitMarket and BSTrade.
This platform is nothing but a basic TradingView chart without EAs, social trading, or even copy trading. While the company advertises automated trading, you should know it’s not enabled.
Which Platform Is Safer For Trading?
MetaTrader has many more trading tools and is much more advanced and secure than any WebTrader. If you want to start investing, look for brokers providing this software.
Everything About CMCbits Accounts
CMCbits offers 6 account types.
- Self Managed – $250
- Basic – $5,000
- Gold – $10,000
- Platinum – $25,000
- Diamond – $50,000
- Libra – invitation only
Accounts differ in leverage, spread, bonuses, and support from the company.
Countries Where CMCbits Scam Is Active
Most CMCbits complaints come from Australia and the Netherlands. However, this broker has very few restricted areas, including the US, Cuba, North Korea, Iran, and Syria. Every other country can be a target, so be careful when applying for online trading, especially through fraudulent crypto ads like Bitcoin Revolution and Bitcoin Profit.
CMCbits Range of Trading Instruments & Markets
CMCbits allows investors to trade on:
- Currency pairs
Like many offshore firms, CMCbits provides unregulated leverage as well. Offshore authorities are not as firm in regulation and don’t have a strict limit of 1:30 or 1:50 as it’s mandatory in the EU or the UK. For example, this firm offers up to 1:500, exposing your funds to tremendous risks.
Scam Bonus Policy
CMCbits has one of the worst bonus policies from all we’ve seen. The company requires you to repay the bonus plus the initial deposit 50,000 times before being able to make a withdrawal. For a $100 bonus on the minimum deposit, you will have to have a turnover of $17.5 million.
CMCbits Deposit and Withdrawal Methods
The company accepts the following payment methods:
- Credit card
- Bank wire
- Bitcoin transfer
All methods are available for both deposits and withdrawals, but you have to request funds back the same way you deposited them. The minimum deposit is $250, while the minimum withdrawal amount is $100, with a minimum withdrawal fee of $30 and a maximum of $300.
Depositing with your credit card is usually the safest, as you have up to 540 days to request a chargeback.
Scammed by CMCbits Broker? – Let Us Hear Your Story
If you were scammed by the CMCbits broker, let us know. Our chargeback specialists may be able to help you recover your funds.
But What Is A Chargeback?
Within up to 540 days, you can request your funds back if you can submit evidence that you have been scammed. Contact us via online chat to book a free consultation, and let’s get your money back before this scammer vanishes like many others.
What Is CMCbits?
CMCbits is an online Forex and CFD trading provider without a license.
Is CMCbits a Scam Broker?
CMCbits is a scheme firm without a listed owner or headquarters under the governing law of Saint Vincent and the Grenadines.
Is CMCbits Available in the United States or the UK?
The broker operates in the UK but doesn’t provide its services in the US.
Does CMCbits Offer a Demo Account?
CMCbits doesn’t offer a Demo account, only Live types.