CWG Markets (Cwg-markets.com) is a CFDs and Forex scam to hit the lucrative trading world. CWGMarkets is purporting to be the best online trading partner that investors should sign up with. CWG MARKETS is claiming to offer speedy execution with no requotation. Complaints have been sent to us my users who have lost money with this broker. And that’s why we conducted this thorough and honest CWG MARKETS Forex review.
With this broker boasting of having absolute technology and innovative trading analysis, we had to check them out. As it turns out, CWG Markets is another Forex scam that’s waiting to pounce on unsuspecting investors. What these scammers have done is create a website that easily entices the eye. Being Forex trading experts, we have an eye for spotting scams from afar. And this CWG MARKETS review is meant to expose the dirty tricks used by these fraudsters.
Claims and promises are a big selling point for any scammer who is looking to trick investors. CWG Markets is no different as they have used the same bag of tricks used to lure investors. Claims of having the most widely used trading strategy can be seen plastered all over their website. This platform claims to have the most comprehensive online financial instruments. These claims are simply tag lines to lure investors into signing up. Read to find out more.
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According to the disclaimer at the bottom of their homepage, CWG Markets Limited owns this platform. Disclaimer claims that CWG Markets LTD was registered in England and Wales and had a company number 08888720. Being in the industry for long, we can safely assume that this is just a random number. These scammers will do or say anything to make their platform appear legit. Make sure to stay away from this broker.
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There’s more damning evidence regarding ownership of this platform. Have you noticed that there’s no actual name of people running this brokerage firm? Who is the CEO or CFO of this company? Scammers may also register a brokerage firm and still commit fraud. And this is what these scammers have been doing. Lack of credible information regarding the real names of people running this platform leaves more questions than answers.
As we have said above, scammers will do or say anything to try and sign up investors. These scammers have simply registered their brokerage firm but their services are hoax. What these scammers have done is have their brokerage certified by the FCA simply to make legitimize the platform. And this is where the trap has been set by fraudsters. Once users see that this broker has been registered, they will definitely sign up.
Just because a broker is certified, doesn’t mean that it will give users proper services. Most of the complaints we have received have been from investors who lost money with this broker. Jack Davenport is one who signed up with this broker since he believed they were registered. Problem with this broker is that they will not conduct proper Forex transactions. And this is where we draw the line with this broker.
A red flag we discovered with this broker is their fake demo account. And this is where these scammers have gone a step further in their trap tactics. This demo account has been rigged in the favor of anyone who signs up. Scammers have made sure that with this demo account, win rates are over 90%.
Immediately unsuspecting investors see that they are making over 90% successful trades, they will open a real account. Problem with opening a real account with CWG Markets is that trades are almost all losses. There’s no user who has been able to make real profit with this broker. This is never going to happen with a real account.
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This broker offers users three different trading accounts to choose from. These accounts include Classic, Advanced, and Institutional account. Classic and Advanced accounts require a minimum trading deposit of $200. This is a small amount compared to what the industry has set, which is $250. These accounts don’t have any spreads apart from the classic account. Classic account has no commission while the other accounts offer commissions.
What we discovered with these accounts is that they have the same advantages or perks. Make sure to stay away from signing up with these accounts. Institutional account has the same advantage with the other two accounts. It should be noted that this account requires a minimum trading volume of $50,000. Stay clear from these accounts and never sign up with this broker.
It’s clear that this broker is hiding vital information from users in terms of safety of funds. Have you noticed that this broker does not segregate accounts? It means that CWG Markets is pooling funds in one account which is dangerous. In case of bankruptcy or insolvency, this broker will lose all funds at once. Make sure to stay clear from this broker.
Another disturbing detail with this broker is when it comes to banking procedure. Where does CWGMARKETS bank money deposited by users? It’s possible that users are depositing money straight to the owner’s personal bank account. That’s why users have been having hard time withdrawing money from this brokerage firm. This broker does not compensate users for any money lost. This is surely a broker who does not follow set regulations and rules.
According to the information given on their homepage, this broker uses MT4 trading platform. In order to test their trading platform, we decided to download their platform. This broker also used MT5 trading platform which would be awesome if these platforms worked. Immediately we started downloading, we faced our next hurdle with this platform. Download stalled at 20% which is bad news for traders.
A platform that does not download means only one thing, this is an unstable platform. Hackers find unstable platforms as easy breeding ground for personal data theft. These hackers will hack unstable platforms and steal credit card information. With credit card information, these hackers will purchase goods online with your credit card. That’s why you should stay clear from this broker.
Evidence clearly suggests that we are dealing with a professional scam outfit. From using unstable platforms to fake demo accounts, this is truly a scam. Make sure to stay away from this broker and mark all their emails as Spam. Warn your friends and relatives from signing up with this broker. This is the only way to ensure you are safe when dealing with Forex trading. Stay away from these broker and don’t sign up with them.
It’s clear that we are dealing with a scam broker who should be exposed. With these facts, we have no option but to add CWG Markets to our blacklist. After adding this broker, we hope that relevant authorities will look into this broker. This is a fake broker who will do or say anything to make investors sign up. Stay clear from this broker at once or else you lose all money deposited with this broker.
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Finally, we wish you all the best in your future trading experience.
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