CXM Trading (Cxmtrading.com) is an appalling CFDs and Forex broker to hit the lucrative Forex trading world. According to the homepage, CXMTrading claims to offer state of the art MAM solution. This is not the only claim this scam broker offers to potential investors. Complaints received from members who lost money made us investigate this broker. Find out the whole truth regarding CXM Trading and avoid opening an account here.
CXM Trading comes off as a real broker to any newbie thanks to the user-friendly website they have. This website is appealing to the eye and that’s why CXMTrading has many users signed up. Too bad that our investigation revealed some damning facts about CXM Trading. Don’t simply trust a broker simply because of an appealing homepage. Usually, there’s more than meets the eye with some brokers.
Promises are one of the leading causes of newbie investors signing up with unverified brokers. CXM Trading is not different as they have used over the moon promises. Claims of being a B2B or broker to broker professional can be easily seen on their homepage. This broker claims to be the best broker for Gold trading as well. Other promises include deep liquidity, a wide selection of Crypto currencies and more.
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According to the disclaimer at the bottom of the homepage, CXM TRADING is owned by CXM Group of Companies. Business address is in Griffith Corporate Center, Saint Vincent and the Grenadines. By their own admission, it means we are dealing with an offshore broker. Offshore brokers are notoriously known for flaunting set trading rules and regulations. These scammers have added the company number 24912 to the listing.
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This is a huge problem since we don’t know who really owns this platform. Who are the real owners or members of CXM Group of companies? Problem we have with this broker is their level of anonymity when it comes to who actually owns it. A legit broker would leave details of people who actually own the platform. This makes it easy for verification purposes as well as creating a certain level of trust.
CXM Trading is not licensed or Regulated by any regulation institution anywhere on the face of the planet. Note that they have put up a regulation number 612233 at the footer of the homepage. What we did was contact the Financial Conduct Authority to find out the truth. They confirmed that they have never registered such a broker.
What this means is that we are dealing with a broker who is not authorized to carry out any Forex transactions. CXMTRADING is simply a fraud broker who is out to get as many people to sign up as possible. Other governments have banned this broker and many more will do so later on. This broker is trying to save face when claiming they don’t offer Forex services to other countries. Countries mentioned include USA, Canada, Syria, Iran and North Korea.
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CXM Trading has gone a step further by rigging the demo account in user’s favor. This is not new as we have seen other scammers use the same tactic. Don’t think that this is an advantage to users, it’s not. In fact, this is another trap set by these diabolical scammers. What they do is ensure that you make over 90% successful trades with the demo account. Once users see that they are making money, they will want to open a Real account.
And this is when you fall into their trap by opening a real account. A real account uses real money from your pockets and doesn’t work like a demo account. This account is different and we believe CXM Trading is in cahoots with other fake brokers. They are in the same league with other rogue brokers to ensure users lose money to them. CXM Trading takes a small percentage of your lost money. Stay away for this broker.
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According to their homepage, this broker is using a MT4 trading platform. A good platform should be compatible on all devices. These devices include Desktop, Mobile and Tablet.
Problem we noticed with this platform is that it could not download on any device. Download stalled at 51% and this is a red flag. A platform that does not download on any device simply means its unstable. An unstable platform is doom for any trader since it’s vulnerable to cyber-attacks. Hackers find unstable platforms as easy prey for stealing personal data. Worse still, hackers can steal credit card information with unstable platforms.
To be brutally honest, your funds are nowhere safe with CXM Trading. As we earlier mentioned, we are dealing with an offshore Forex broker. Another thing that we must mention is that we don’t know who actually owns this platform. This means that CXMTrading does not follow rules such as segregation of accounts. What this means is that users maybe depositing money straight to owner’s personal bank account.
Another red flag that we must mention is that CXM Trading does not participate in a compensatory scheme. This means that if you lose money, you are not covered by any insurance. As with legit brokers. A good example is if this broker goes bankrupt, all members will automatically lose money. This is not a broker that should be trusted with your money.
Take note that CXM Trading claims to be a fast-growing boutique FX broker. They claim to be focusing in B2B and institutional market segments. CXMTRADING was apparently founded by a global team of FX industry veterans. Who are some of these veterans that they fail to mention? They would have at least mentioned one veteran so that we could verify what they were claiming.
Sadly, this is what scams are all about, having a certain level of anonymity. These owners simply don’t want to be contacted by anyone. This means that we are dealing with a professional scam outfit that is out to get easy money. And this is why we are against anyone signing up with a fake broker such as CXMTrading.
CXM Trading is a scam that should be avoided at all cost. This broker has gone the extra mile to hide their true identity. Make sure you mark all their emails as Spam and don’t click to any links sent by them.
Due to the concrete evidence we have on our hands, we have no other option but to blacklist CXM Trading. We urge all Forex investors to simply stay away from this broker who has no regards for the law. Don’t say you haven’t been warned.
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