CMX Markets Review
CMX Markets Review
It seems that CMX Markets provides 2 account types, both of which are commission-free and offer micro lots for trade and comparatively high leverage levels. Nonetheless, the information about the spreads is not clearly presented.
In addition, this broker offers swap-free services to its clients of Islamic belief.
CMX Markets Advanatges:
– MT5 available
According to the information on the broker’s website, it offers trading on the renown MetaTrader 4 platform, however, if one clicks to download, the downloaded platform is actually MetaTrader 5. Although we find this inconsistency a bit troubling, both platforms are good.
MT4 is still the most popular trading platform, but lately its successor gains popularity among forex brokers, due to the number of enhancements made by their developer, MetaQuotes. MT5 has great charting, much like its predecessor, there are numerous indicators available, as well as Expert Advisors.
– Relatively competitive spreads
Although CMX Markets has not disclosed the spreads it offers on different account types, it claims to offer spreads atrting from 1.3 pips on its website, which is on the upper end of average for the market.
That being said, there are brokers offering significantly lower than this – for example, leading brokerage IG provides spreads averaged 0.6 pips on EUR/USD and charges no commission fees.
– High leverage levels offered
The maximum leverage provided by CMX Markets is up to 1:500, which is considered a high ratio, although many brokers offer similar or higher levels.
Keep in mind that leverage is a double-edged sword. It may both multiply your profits and your losses, so be careful when using high levels and be ready to lose more than you have deposited.
CMX Markets disdvantages:
– Poor presentation, unclear company background
As we have mentioned above, CMX Markets says it offers its services on MT4, but actually provides MT5. In our opinion, a decent forex brokerage must present its trading conditions and platforms clearly.
What is worse, we could not find any information about the company owning and operating CMX Markets on its website, which immediately raises a red flag. Because of the similar names and logos, we suppose that it is related to offshore brokerage TradeCMX.
– No functional demo account
Another thing that bothers us with regards to CMX Markets is that although it appears to offer demo accounts, they are actually not functional. We downloaded its MT5, but all trades were disabled.
We don’t recommend doing business with this broker, as it is unclear which is the company behind it. We suspect it is related with TradeCMX, which is registered offshore. Obviously, CMX Markets is not regulated and is not to be trusted.
You’d better choose a trusted and well-regulated broker instead, like those licensed by UK’s Financial Conduct Authority or another trustworthy financial regulator.
CMX Markets Review Conclusion
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