CMTPRO Review – A Brokerage You Can’t Rely on
Welcome to the CMTPRO Review, dear trader. Blinded by the fake shine of the fraudster’s corporate-looking website, with each passing moment you are tempted to invest. What you don’t know is that there is a vile scheme slithering like a snake underneath the green, futuristic facade.
Worry not, for we are here to warn you about the dangers and risks associated with this unscrupulous entity.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FSMA, Finanstilsynet, CNMV|
|Supported Platforms:||Web & Mobile|
|Cryptocurrencies:||Yes – Bitcoin, Ethereum, Litecoin & Ripple|
|Types of Assets:||Forex, Crypto, Indices, Commodities, Shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
How Safe Is The CMTPRO Broker?
Not safe at all! In case you haven’t noticed, the broker went full-anonymous mode on its website. Who’s behind the provider, where is it from, and what about a license? These are the questions one should be asking. Unfortunately, we’re afraid that CMTPRO has no answers.
Why Is Trading On a Licensed Broker’s Platform Preferable?
There’s no telling what could happen if you trust such a dubious broker with your funds. Instead, opt for providers that are formally and officially registered with top-tier regulators such as the FCA, BaFin, CySEC and ASIC.
These authorities make sure the provider has substantial operating capital (for example, the FCA requires GBP 730,000) as well as a hefty indemnification clause in case of bankruptcy. Also, your funds are stored in segregated accounts in Tier 1 banks in the respective country.
So Is CMTPRO a Decent Broker or a Scam?
CMTPRO is an unregulated and fraudulent broker that tries to cheat traders from Belgium, Germany, Spain, Portugal and the UK. There’s plenty of evidence to prove this provider is illicit.
Warnings From Financial Regulators As a Red Flag About Scam
Not only is CMTPRO dishonest and unlicensed but it has also been blacklisted by several well-known organizations such as the Financial Services and Markets Authority (FSMA), The National Securities Market Commission (CNMV), and the Financial Supervisory Authority of Norway, which oversees the financial markets. Uh oh, that’s a bad look. The broker got what it deserved if you ask us. Such fraudulent activity had to be sanctioned.
What Trading Software Does CMTPRO Offer?
CMTPRO claims to offer “the world’s most popular trading platform, MetaTrader.” Yet, it’s nowhere to be found. It seems the phony broker went way over its head on this one. MT is a phenomenal trading platform and we highly doubt that this scammer was able to obtain it. In reality, CMTPRO offers only a basic and unpolished WebTrader and a mobile version as well.
Although this platform can indeed be accessed on both Android and iOS mobile devices, we don’t recommend you trade on it. It’s still WebTrader and therefore, ineffective. In general, mobile platforms fail in comparison to PC ones, i. e. issues constantly keep popping up.
As for the controversial WebTrader, this browser-based platform is far from ideal. Compared to Meta Trader platforms, it’s primitive and lackluster. Advanced features such as automated trading and analytical tools are missing. Furthermore, without an official license, it’s regularly subjected to manipulation by scammers.
What Сan Be Traded?
According to CMTPRO’s website, the following instruments are available:
- Forex pairs – EUR/USD, GBP/AUD, CAD/USD…
- Commodities – gold, silver, crude oil…
- Indices – AU 200, BE 20, S&P 500, GER 30…
- Shares – Amazon, Apple, Google, Microsoft…
- Cryptocurrencies – Bitcoin, Ethereum, Litecoin & Ripple.
Not bad, we must add. While it may seem like an abundant offer, don’t forget that this financial swindler is unregulated. Thus, these assets only serve as bait in the grand scheme of things.
CMTPRO – Countries Of Service
From what we gathered, CMTPRO is a relatively new scam entity. Fortunately, Belgium’s FSMA was quick to strike a warning against the fraudster. After more research and review-reading, we came to the firm conclusion that this illicit broker targets traders from the following countries:
What Do We Know About CMTPRO Account Types?
CMTPRO was a bit unclear about the specificities of its account types. Apparently, it all boils down to what seems like a retail and professional trading account. However, the details about each type were not disclosed. See for yourself.
Can a Trader Open a Free Demo Account?
CMTPRO did not provide a free demo account. Thus, traders cannot see what they’re getting. It seems that the awful scheme knows no boundaries. Any legitimate broker is obliged to include a demo account.
About Leverage, Spreads, and Fees
As you may already know, CMTPRO promised an extremely favorable spread level of 0.0 pips. Yet, the realization was far from successful because we got 2.2 pips for EUR/USD on the trading platform. That’s as wide as a four-lane road and not competitive at all.
As for the leverage, it caps at 1:500. Outrageous! Bear in mind that each EU member state has to impose a leverage limit of 1:30 for retail clients. Our cyber fraudster exceeded that limit by a considerable mileage. As for commissions, which matter little now, here’s the table provided by CMTPRO.
High Minimum Deposit and Withdrawal Terms
As for the minimum deposit, CMTPRO says it requires traders to pay $250 to start. Also, the scammer alleges that every deposit and withdrawal is free of fee. There’s a discrepancy here – in the T&C, the broker claims the minimum deposit is $100. What’s the catch here? With all the ambiguity surrounding CMTPRO, you ought to avoid investing.
Choice Of Payment Methods
It’s clear that the fraudster stole the legal section. Nevertheless, from what we found, the acceptable payment methods include the classic – credit/debit cards, wire transfers and e-payments (it wasn’t specified which ones). The whole withdrawal process is rather vague.
Scammed by CMTPRO Broker? – Let Us Hear Your Story
If you fell into the trap of this bogus website, do not despair. It could’ve happened to anybody. We can try to make things better by revealing two ways you can get a refund. The chances might be slim but it’s definitely worth giving it a shot. Ever heard of a chargeback or a recall?
A Chargeback and a Recall?
- A chargeback is performed by the issuing bank within 540 days of the transaction.
- It is used to reverse credit/debit card transactions.
- In case of a wire transfer, you can request a recall at your bank.
- For it to work, the transaction must not have gone through.
What Is CMTPRO?
CMTPRO is an anonymous bogus provider that lied about offering trading services.
Is CMTPRO a Scam Broker?
CMTPRO is definitely a scam broker. It’s unregulated and blacklisted by several authorities.
Is CMTPRO Available in the United States or the UK?
CMTPRO is available in the United Kingdom but not in the United States.
Does CMTPRO Offer a Demo Account?
CMTPRO does not offer a free demo account on its website.