CMIndex Review: Cmindex.com an Absurd Broker

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CMIndex Review
  • Regulation
  • Fund Safety
  • Customer Support
0.5

Summary

CMIndex is an offshore broker. This does not necessarily mean that they are scammers. However, they operate in the Saint Vincent and the Grenadines (SVG). This region is notorious for harboring unregulated scam brokers. What’s worse, the financial services in SVG have explicitly stated that they do not issue licenses to forex trading brokers.

This is an offshore broker. There is nothing inherently wrong with operating in an offshore jurisdiction. However, most offshore brokers operate in areas where laws and regulations are lax. Thus, they can easily get away with scamming traders. To avoid these uncertainties, register with honest and transparent crypto brokers.

CMIndex Review, CMIndex Company

There are many online trading brokers today; it’s hard to tell who is legit and who isn’t. One way to identify a scammer is that their deals are usually too good to be true. Some have attractive offers such as welcome and referral bonuses.

Once you make a deposit, however, withdrawing profits becomes a significant challenge. Some scam brokers use cryptocurrencies in their transactions because they know they are impossible to trace and reverse.

About Cmindex.com

This firm calls itself the “People’s broker.” This is meant to give the impression that the broker is customer-centric. However, nothing could be further from the truth. You can trade currencies, spot metals and energies. They have three different account types, each with its unique conditions. We also noted that they promise traders between 20% and 100% welcome bonus.

Such promises are what attract many novice traders. Ultimately, however, the broker’s goal is to profit, and they will even use lies to get it. We could not find evidence of people who received the 20% lifetime bonus they purported to give.

Contact Details

Contact details are an essential component of any broker. Without a reliable way of reaching the broker, it can become very challenging in case one has an emergency. CMIndex has provided an email and physical location as part of their contact details.

Cmindex.com Review, Cmindex.com Features

They also have social media accounts on Instagram, Facebook and Telegram. When we checked their Facebook account, it was active, but many people did not engage with it. It was, therefore, hard to get customer reviews from here.

CMIndex Regulation Status

As already mentioned, CMIndex is an offshore broker. This does not necessarily mean that they are scammers. However, they operate in the Saint Vincent and the Grenadines (SVG). This region is notorious for harboring unregulated scam brokers. What’s worse, the financial services in SVG have explicitly stated that they do not issue licenses to forex trading brokers.

With an offshore broker, there are no guaranteed funds or a segregated account. Therefore, in case the firm goes bankrupt, it will not have any money to refund its customers. When dealing with an offshore broker, the government will only assist you if the broker is licensed. The unregulated broker can also manipulate the market to give you the false impression that you are winning. Once you deposit more money, however, you lose.

CMIndex Trading Conditions

The broker’s leverage is at a staggering 1:2000 for the Standard STP account. You can wipe out your entire account within seconds with such a ridiculously high leverage. Many regulators allow a maximum of 1:50 leverage. Although higher leverage may be appealing, in the end, it is destructive. The spread is between 0.1 pips and 1 pip.

Deposit and Withdrawal Conditions

The broker accepts international and local bank transfers, credit cards, Skrill, Neteller and cryptocurrencies. They have also stated that deposits and withdrawals are free of charge. If one opens an account and it becomes dormant, the broker charges $10, and the amount may increase depending on the period of inactivity.

When a client requests chargeback, they must pay $150 for research. If the chargeback is unsuccessful, they must pay an additional $150 as an administrative fee. This broker is out to scam people. Such charges are unnecessary, and regulated brokers don’t have them.

Final Verdict

After our review, we can conclusively say that CMIndex is an unregulated offshore broker. It is thus risky to work with them because your money won’t be safe. When working with any broker, you need a guarantee that they have your best interests in mind. Unfortunately, with this broker, you cannot have that. The firm has questionable conditions and charges too much money unnecessarily.

Avoid this sham broker and invest with reliable, honest and transparent brokers. These will ensure your money is safe, and in case of any queries, they’ll ensure you can easily reach them. It is also wise to open accounts with multiple brokers to compare their pros and cons.

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