CMS Prime (Cmsprime.com) is another Forex scam broker to hit the lucrative Forex trading world. CMSPrime is purporting provide direct pricing from top tier liquidity providers from over 100 top tier banking institutions. CMS PRIME claims to be experienced, fair, and transparent and that’s why we had to investigate. Complains have been sent to us by users who lost funds with CMSPRIME. Read this entire detailed review of CMS Prime.
What this broker is purporting to provide is a chance for users to trade online Forex, shares, and equities. Claims of providing the best trading conditions with low tight spreads can be seen all over. What these scammers have done is to create a website that’s enticing to the eye. With moving images and shouting banners, this website looks good at first glance. Warning to readers is that there’s more than meets the eye.
Claims and promises are another bag of tricks that scammers use to entice newbie investors. Users who sign up with CMSPRIME are promised to trade with leverage of up to 1:500 and no commissions. Stay away from unsuspecting Forex brokers who promise heaven only to deliver hell. Complaints received by users are growing by the day and that’s why we have to expose this broker. Read this entire review and find out the tricks used by these fraudsters.
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According to the disclaimer at the bottom of the homepage, Capital Markets Solution Inc owns CMSPRIME. What we found odd with this brokerage firm is the level of anonymity involved. Have you noticed that there’s no real name mentioned about the actual people who run this platform? Anonymity is a dangerous character to associate yourself with. CMS Prime is filled with anonymity which is a dangerous broker.
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Who is the CEO or CFO of this company? Lack of this vital information is proof enough that we are dealing with a scam. They also claim that the mother company is regulated in St. Vincent and the Grenadines. With this statement, this broker clearly reveals that they are offshore based. Offshore brokers are notoriously known to flaunt set regulations and rules. This means that partnering with them will lead to financial losses.
What we found disturbing with this broker is using fake credentials. If you look at the disclaimer at the bottom of the homepage, you will see a certain number. 24495 IBC 2018 is supposedly the licensing and regulation number they use. A random number has been used to seduce investors into believing this is a legit broker.
There’s no regulatory body or institution that has come forward and backed licensing CMSPRIME. What this means is that anyone who signs up with this broker is at risk of losing funds. Offshore brokers will close down shop at any given time without issuing any notice to users.
Another disturbing detail that we feel must be exposed is the use of a fake demo account. These scammers have rigged the demo account in favor of users. Now, one might think that this is a good thing, it’s not. Let’s us explain why these scammers rig their demo account. Signing up with a demo account will reveal that trades are over 90% successful. And this is where the scammers will set the trap.
Any newbie traders who see that they are making over 90% successful trades will want to mirror the results. And this is where they make the mistake of signing up with a real account. As soon as users deposit money with this broker, that’s when they lose money. Signing up with CMS Prime is a horrible decision.
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And this is probably what the scammers got right. Depository channels available include MasterCard, Neteller, Skrill, and Visa. And this is exactly what these scammers are after. They want users to have no excuse when asked to deposit. And this is where the problem starts; withdrawing money becomes a huge problem.
Most of the complaints we received had one thing in common, no means of withdrawing. When users want to withdraw money, they receive one excuse. And this is why no trader should sign up with this broker.
With all the negative feedback on the web, our investigation reveals that funds are not safe with CMS Prime. There are a lot of discrepancies that come with security of funds. Have you noticed that there’s no information regarding their banking partner? Where do they bank money deposited by users? It’s highly possible that users are depositing money straight to owner’s personal bank account.
When it comes to segregation of accounts, CMSPrime is not following the required protocol. What this means is that CMS Prime is pooling funds in one account. In case of bankruptcy or insolvency, this broker will lose your funds without warning.
A broker who claims to have the best trading conditions and robust technology, live chat is unresponsive. . How can this broker fail to offer live chat support? What we found disturbing with this broker is the fact that they are harvesting data. Leaving your email address gives them data to send their marketing propaganda offsite, beware!
According to their platform page, this broker has an online trading platform. Users can also download the platform on desktop as well as mobile. And this is what we did to test their platform. Download stalled at 40% which spells doom for all users. This means that users are dealing with an unstable platform. Stay clear from this broker.
Without a shadow of doubt, CMS Prime is a scam that’s waiting to pounce on newbie traders. From the level of anonymity to using fake credentials, this is surely a scam. Make sure to warn your friends and relatives from signing up with this broker. Mark all their emails as Spam and never click on any links sent. With this is mind, resist any attempts or calls to sign up with their affiliate programs.
Only one option left is to add CMSPRIME to our scam blacklist. Authorities are asked to look into this broker and shut their operations down. This is the only way to make sure this broker does not steal from traders.
Why not sign up with Authentic and Genuine Forex brokers who will earn you real money? Start making the right decisions by partnering with Tested Forex brokers. Make sure to use credible Forex brokers at all times.
Finally, we wish you all the best in your Forex trading experience.
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