CMCOPTIONS.com trading platform is %100 a scam, we give this broker a rating of 0 and all we can say is that if you want to loose your money then go ahead and start trading with this broker, although we do not recommend it at all!
Opening an account with an online broker? It is an exciting prospect because it means that you will be able to explore the opportunities in the financial markets and get a chance to make high returns via trading. Many people have made their fortunes this way and you can do the same, but it also depends on several factors. Yes, your skill, experience and even your luck can make a difference, as can the online broker you choose. It is a decision that can have lasting consequences and this CMCOPTIONS review tells you that you need to be careful.
The internet is not without its risks, as there are a lot of shady and criminal characters operating and they can use numerous tactics to con you. As a matter of fact, fraudulent brokerages are one of the top tricks they use and they have proven to be quite effective, as there are countless people who have lost their money to these scammers. Hence, you have to be careful if you do not want to experience the same and look for a dependable and trustworthy broker.
The problem is that the sheer number of platforms can make it extremely confusing. Most importantly, the fraudulent companies are also quite accomplished at hiding their true nature. Nevertheless, you should remember that while they can try to hide it, they cannot keep it fully under wraps. As long as you make some effort, you will be able to get to the truth because there are some worrying aspects that will give it away. The same is true in the case of CMCOPTIONS that comes off as a top-notch brokerage that has been offering its services to traders for over 17 years.
It is presented as a Swiss company, which is a good choice for both casual as well as active traders and investors and is offering access to a host of trading instruments. Some of the other attractive features of CMCOPTIONS include minimum fees, great analysis tools and a user-friendly interface. As appealing as all of this sounds, you will find some worrying aspects about CMCOPTIONS when you take a closer look. You can go through some of them below:
Licensing and regulation
You should always look into the licensing and regulation of an online broker first because this will tell you if the company you are considering is truly committed to providing trading services or not. A genuine one will always have a license from the regulatory body in the jurisdiction it is based in. It will have no problem in making the effort required for getting this license because it understands that it adds to its credibility and can help it in building trust and its reputation.
Where does CMCOPTIONS stand in this aspect? As mentioned earlier, it claims to be a Swiss brokerage and Switzerland is one of the top regulated markets in the world. But, the problem is that you can go through the entire website of CMCOPTIONS and not once does it mention being regulated by the Swiss Financial Market Supervisory Authority (FINMA). This is not really surprising, given that when you check FINMA’s register, you will not find it listed.
This is a big problem because all brokerages that are operating in Switzerland have to have a license to provide its services and there is an address on the CMCOPTIONS website that puts it in Bern, Switzerland. But, this does not mean that the address is really associated with the broker because it does not have a license, so you cannot verify it in any way.
Perhaps, the most vital feature that you use when you open an account with an online broker is the trading platform they have to offer to you. This software connects you to the financial markets and you execute your trades with it, as well as use analysis tools and more. You want to have access to the best platform in the market, but you are going to be disappointed with what CMCOPTIONS has to offer.
It has a web-based platform, which is usually limited in terms of functionality and features and the same applies to what you are given at CMCOPTIONS. It does not offer you the same range of trading tools and features that are provided by some of the best trading platforms in the market, such as the MT4, or the MT5. The platform you are given is very basic and primitive that is quite common amongst scam brokerages.
Checking the trading conditions that you are provided by a broker is important because your profitability depends on them. You want to have flexibility during trading and enjoy the process and this is what CMCOPTIONS also promises. But, you should be worried when you check out the leverage ratios that are promised here because they go as high as 1:400.
This is a problem because the fact that CMCOPTIONS is based in Switzerland means that it should not be offering such high leverage ratios. Swiss brokers are not permitted to offer leverage of more than 1:30 to retail traders and CMCOPTIONS is breaking the rules. This is evidence that it is not regulated and cannot be trusted.
You have to make deposits and withdrawals with a broker during the trading process, which means you need to check the payment methods supported. This is a must because you not only want to make your payments quickly and securely, you also want to ensure that you can get a refund, if needed. When you check out the payment methods supported at CMCOPTIONS, you will find yet another worrying aspect of this company.
This is because it only allows deposits in bitcoins and this is a problem because crypto payments are not eligible for chargebacks. It means that once you make your deposit with CMCOPTIONS, it will be final and you will not be able to get it in case of a problem.
These worrying aspects of CMCOPTIONS show that you should look for a different online broker instead of falling in its trap.