CMSTrader trader is an offshore broker that offers its clients several account types depending on their initial investment amount. The account types offer commission-free trading and fixed spreads such as Micro tradeable lots which only offered on the Mini account. However, this account is only offered on the web-based platform and the CMS Credit Card is not available.
The gold and silver account holders get some extras usually such as the Personal account manager and Risk management plan. Also, the broker offers Islamic (swap-free) accounts with no swap or rollover interest on the overnight positions to investors from some of the Islamic countries. As you can see from our CMS Trader review, with the minimum initial deposit of $500 required by the CMSTrader trader is not really usual for the forex market since it is too high for a non-regulated brokerage. The spreads of 3 pips for the EUR/USD pair are wide and most of the brokers provide spreads in the range of 1.0 and 1.5 pips. The broker also uses the market maker model since it only offers fixed spreads and ECN trading environment.
Origins and Latest Developments
The company was established in 2013 is a UK-based broker that offers online trading in more than 120 currency pairs, indices, stock CFDs and commodities as well as precious metals on their Sirix platform. The company has offices in Australia, Bahrain, UK Dominica, and Singapore. There are also multiple companies mentioned on the broker’s website that are functioning as the company’s founders such as the IDT Financial Services, Pandorx Ventures, and Side Side Trading LTD.
- IDT Financial Services is regulated by the Gibraltar Financial Services Commission. It is important to note that the company is not licensed by the GFSC. IDT Financial Services LTD specializes in European Prepaid Financial Services which issues CMS Trader Card. On their website, you can read their terms and conditions section which becomes clear that the clients of the broker are actually in contract with the Side Side Trading LTD.
CMSTrader trader is despite the controversies regarding the legality and legitimacy, is an authorized broker in the forex market which gives a great opportunity to invest your money and trade currency pairs. The CMSTrader trader Review crew is formed from multiple best financial experts and traders who are willing to teach you how to trade.