CMX Markets is an illegitimate broker operating in Republic of Moldova and the website claims it is an ECN/STP broker, offering traders a wide range of trading assets including forex pairs and CFDs. It states its advantages - top technologies, a top-notch customer service, global market financial instruments and nice promotions. Looking at the overall theme, the platform does look enticing. However, it just tries to mislead investors into thinking it is legit, while in fact, all of these conditions are just signs of a scam.
How about its regulation and license?
When you are dealing with any type of Forex, one of the most important factor is regulation. It should be noted that CMX Markets is NOT regulated by any financial authority.
CMX Markets self-claims to be supervised by the National Bank of Moldova and under banking regulation and supervision of BC Moldova Agroindbank SA.
However, as per the information we hold, Moldova does not have any authority to issue licenses for forex trading or regulate forex activities.
A warning from CNMV
What's more, we find a warning record from Spanish financial authority - CNMV.
Last year, a warning record matched with CMX Markets on the CNMV. According to the update, the watchdog warned the public that the entity is not authorised by it and is targeting people in Spain.
How safe are your funds with CMX Markets?
The first step to protecting yourself from fraudulent brokers online is to do thorough due diligence on the companies and entities that you are planning to send the funds to. In all probability, you should take care of its payment methods as well as the withdraw conditions.
The platform does not show any details of deposit/withdrawal methods CMX Markets accepts. You can just see the name of payment methods, but no clues about fees, exchange rate and conditions.
Actually, all legit forex brokers accept payments from credit cards and debit cards or other online methods and also will detail comprehensive information of these methods. That is to say, It appears that CMX Markets is not a trustworthy broker.
Based on the above information, we can conclude that CMX Markets is a scam. If you are not sure how to find a licensed broker, you can search on our website to check brokers' details.
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