CMG is a forex and contract for difference (CFD) broker established on April 20, 2018, in the United Kingdom. The company primarily offers financial trading services for forex, commodities, metals, indices, stock CFDs, bonds, ETFs, and more. Its headquarters are located in St. Vincent and the Grenadines. The official website of this broker is https://cmgfx.com, and it primarily supports English and Arabic services.
Business Background and Regulatory Status:
The company registered in the UK is CAPITAL MARKETS GIANTS CMGFX LTD, with a registered address at House Of Sher Shopping Malls, 211 Wallace Street, 37, Glasgow, Scotland, G5 8NT, and a registration number of SC594976. According to information retrieved from Whois, the broker's official website domain was registered on April 12, 2018. CMG's official website does not disclose whether it is regulated by any supervisory authority. Upon investigation, it has been found that CMG is not authorized and regulated by the UK Financial Conduct Authority (FCA) or any other financial regulatory institution.
Account Types:
CMG offers real accounts and demo accounts, with two types of real trading accounts: Super Account and Standard Account. Both account types require a minimum deposit of 100 Australian dollars or equivalent currency. Market execution type for both is ECN pricing, and Islamic accounts are available for both account types. The difference lies in the spreads and commissions:
- Super Account has spreads starting from 0 pips and charges a commission of 2.5 USD per lot (excluding stock CFD commissions).
- Standard Account has spreads starting from 1 pip and does not charge trading commissions (excluding stock CFDs).
Trading Platform:
While CMG's website states that it offers the MT4/MT5 trading platform, its trading platform introduction page only provides an MT5 trading platform download button. However, the download button on the official website does not function, rendering it impossible to download MT5. Additionally, MT4/MT5 software does not list this broker.
Deposits and Withdrawals:
CMG does not publicly disclose its deposit and withdrawal methods, and it only provides a withdrawal request form.
Customer Support:
Users can contact CMG via phone at +44 7441448564 or email at support@CMGFXmarkets.com. Additionally, the broker offers online chat support in English, Korean, Vietnamese, Thai, Malay, Indonesian, and Chinese. However, the website's chat service option cannot be accessed.
Summary:
Traders should be cautious as CMG is an unregulated forex broker, and multiple services on its official website do not function. There is a potential risk of fraud, so investors are advised to choose reputable platforms with valid regulatory oversight to protect their financial assets. Currently, this broker is marked as "suspicion of fraud" on Traderknows.
