RATING: 1 / 5
55CMT IS AN OFFSHORE BROKER. YOUR MONEY IS NOT SAFE.
55CMT is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides a web-based trading platform and has a clear-cut focus on crypto trading. Read the whole review to find out the advantages and disadvantages in dealing with the brokerage!
On the broker’s website, we read that the broker brand is owned and operated by an SVG-based company with the name PHHLT Marketing Limited. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.
We even read it is “regulated” by the local Financial Services Authority, however, this is quite misleading. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that the brokerage not regulated.
Not being regulated opens up a whole basket of risks for potential clients. Without regulation, we have no guarantee of the segregation of accounts i.e. the client’s funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Due diligence requires us to state this fact. Furthermore, besides the possibility of commingling, there is also no safety mechanism by which the client’s losses may be recovered in case the broker goes bankrupt. Regulatory agencies such as the NFA or Cysec offer all these assurances and more. We suggest interested traders play it safe and orient themselves to brokerages that can assure compliance with the highest regulatory standards. Here is a list of our recommended NFA-regulated forex brokers:
No MetaTrader 4 or 5 available
The brokerage does not provide the MetaTrader 4 trading platform which we always consider a dire disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 per cent of the traders in Forex. Instead, there is a web-based trading platform which isn’t all that bad and has crisp and accessible charting, however, it cannot match the MetaTrader 4. Here is a list of forex brokers that support the MT4 trading platform:
No information on leverage
We found no information regarding the leverage extended to traders on the website of the brokerage, usually, unregulated brokers offer generous leverage of more than 1:100 since they do not abide by any leverage caps. It must be said that higher leverage extends more freedom in the trader’s dealings, as well as the chance for higher profits. It does, however, also hide the risk of contingent heavy losses.
Withdrawal and bonus conditions
Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. In the case of 55CMT, we first come upon a minimum required withdrawal amount of $500 for bank wire which is quite excessive and we must highlight that such a provision is not included usually in the terms of a legitimate brokerage. Furthermore, even though the brokerage offers attractive bonus promotion it unsurprisingly ties them with dire trading turnover requirements. We read that traders have to achieve at least 25 times the bonus amount plus the initial deposit which is absurdly high and purposefully impossible. There aren’t any dormant account fees which are quite popular with SVG-registered brokers.
Limited payment methods
Even though the brokerage flaunts on its webpage numerous logos of supposedly available payment methods, upon closer inspection of the terms and conditions we actually discover that potential clients of the brokerage may deposit or withdraw only via the standard Visa and MasterCard, as well as bank wire.
Wide range of trading options
Through a demo account, we could see a wide variety of CFDs on cryptos, indices, stocks and currencies which is something we always consider advantageous for traders. The cryptomarkets is among the most exciting possibilities in the forex trading world and we highly recommend it to interested traders. Here is a list of our top Bitcoin forex brokers
55CMT is an unregulated brokerage in St. Vincent and the Grenadines which doesn’t offer favourable trading conditions.
unlogical and nasty bonus and withdrawal conditions and most importantly – the broker fall short when it comes to the safety of the client’s funds.
Without proper regulation and suitable access to funds, we can alert you not to get involved in a business that can’t confirm the security of the client’s funds and that is what most of all inclines us to recommend traders look into better trading options.
55CMT Trading Platform Is A Scam!
Protect Your Funds! Trade Responsibly!