CMSTrader Review

Is CMSTrader Scam or Legit Broker?

We advise our readers, not to use CMSTrader as it is an offshore entity. CMSTrader is owned by Safe Side Trading Ltd., which is an offshore company registered in St. Vincent and the Grenadine.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CMSTrader?

CMSTrader is a Forex and CFD broker owned and operated by Safe Side Trading Ltd, a company based in St Vincent and the Grenadines.

The broker claims to have offices in the UK, Switzerland, Bahrain, and Australia, but it doesn’t seem to be regulated in any of these countries.

Also, Safe Side Trading Ltd owns another offshore broker (12trader) that was blacklisted in the EU.

• We recommend avoiding offshore brokers and investing with companies licensed in UK or Australia, where regulation is strict and there are certain client protection rules.
• In order to get a license from the Australian Securities and Investments Commission (ASIC), the broker needs to have 1 million AUD capital and a physical office in Australia. Here you can check the list of ASIC-regulated brokers.

CMSTrader Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

• Overall ranking and experience for CMSTrader is Negative

CMSTrader Update

We found the CMSTrader website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.