CLMarkets Review: clmforex.com an Unregulated Offshore Forex Broker

Every day we see the rise of new companies in the Forex space. Most of them are shady and untrustworthy. They are only in the market to scam people. Luckily, there are companies that have been around longer and offer better services.CLMarkets is a company that has been around from the year 2013.

CLMarkets provides brokerage services for forex and derivatives. They promise to stay committed to customer satisfaction. However, this company has some worrying features that render them untrustworthy. You should invest in this company.

A quick look at the company, and you may think they are legitimate. They want to convince everyone that they are the best in the market. However, a deeper look into them, and you will realize they are not fully transparent.

While the company may be legit, they still have a few things they need to improve. In the meantime, you can invest in companies that already have an impressive reputation. Only use the top forex brokerage companies that exist in the market. Only such companies can help you protect and grow your money.

Moreover, always ensure you do enough research before investing. This is the best way to avoid fraudulent companies.

CLMarkets Review

CLMarkets promises to provide the best trading platform in the market. Luckily, they operate an MT4 trading platform. This is very refreshing to see. This is because MT4 is one of the most popular trading platforms. It offers one-click transactions and instant executions. This ensures that users do not miss on trade opportunities.

Further, the company provides some resources to help traders in their operations. They provide some expert tools and educational materials. These include Economic Calendar, Trader’s Edge, ForexAnalytix, and DupliTrade. These are very helpful to novice traders. They help traders get oriented to the trading sector. Moreover, it helps all traders make better trading decisions.

However, the value of these tools and education comes to question. This is because we have no idea who is providing them. Only information from seasoned traders is helpful. You do not want to get trading advice from people who have no experience in the space. It would be better if the company introduced the people behind these resources.

On a good note, though, the company offers ample customer support. The website has a live chat option that is active. Additionally, they provide a phone contact to reach them. Clients can call the company on +44 2 035 146 538. You can also email them or direct message them on various social media platforms.

Account Types

CLMarkets does not have a lot of options when it comes to account types. There are only two account types to choose from. These include the Standard account and the ECN account. These accounts vary depending on the deposit a client makes.

The Standard account requires a minimum deposit of $100. This account gives traders forex spreads starting from 1.3 pips. Additionally, clients get maximum leverage of 1:500. Further, you get access to 54 currency pairs and six cryptocurrencies. There is no commission per side on this account type.

On the other hand, the ECN account requires a minimum deposit of $500. It offers clients forex spreads starting from 0.0 pips. Additionally, clients get maximum leverage of 1:500. Account holders receive the same amount of currency pairs and cryptocurrencies. However, there is a commission of $3.5 per side.

The biggest advantage of the ECN account is the forex spreads offered. Otherwise, it is identical to the Standard account. Moreover, the ECN account requires a $3.5 commission per side.

CLMarkets Deposit and Withdrawal

Luckily, CLMarket supports a lot of reliable deposit methods. Users can deposit using credit cards, e-wallets, bank wire transfers, and Bitcoin deposits. However, Bitcoin deposits are not very reliable. You should avoid this payment option with shady forex brokers. Only use this payment method with trusted forex brokers.

This is because Bitcoin deposits present a lot of risks. It is impossible to trace or recover your funds with this payment option. You can easily lose your money to mysterious people on the Internet.

The other payment options are very reliable. You can make a chargeback in case of an issue. The processing time for deposits depends on the payment option you use. It is instant for bank cards and e-wallets. On the other hand, bank wire transfers may take two to five business days to process.

These are the same payment options on withdrawals. The minimum withdrawal for bank cards and e-wallets is $50. Online payments take up to 24 hours to process. However, card payments take between three to five business days.

Bank withdrawals take between three to five business days. There’s a bank fee of $15. Additionally, the minimum withdrawal is $100. Further, there are conditions on where you can withdraw your profits. This is an unnecessary condition. It only serves to frustrate customers during withdrawals.

Founders and Physical Location

The founders of this company operate under full anonymity. It is impossible to tell what kind of people are behind the operations. Transparency is key when it comes to companies offering financial services.

There are a lot of risks in investing in mysterious people on the Internet. It is a common characteristic of fraudulent companies. Most legitimate companies do not conceal the identity of team members. This is because it helps build the trust of clients.

Even worse, the company operates from a very shady jurisdiction. It operates from the islands of St. Vincent and the Grenadines. This is a location with very lax laws. Anyone can register and run a company without ever stepping foot in the region. Therefore, this location is nothing to get excited about.

CLMarkets Regulation and Fund Safety

The biggest red flag about this company is its regulatory status. The website does not provide any evidence that this company is a regulated entity. There is no relevant body that oversees its operations. Therefore, the company is free to do what it likes. This is a recipe for disaster. You should never invest in an unregulated company.

Such companies cannot assure you of your funds’ safety. They can easily take off with your funds. Moreover, they may not meet regulatory requirements. The company may store your funds in shady banks.

Furthermore, CLMarkets does not tell us the protection mechanisms they use on the platform. This means that your funds are at risk of getting stolen by hackers. They can easily break into the platform and steal your investment. Additionally, they can steal your personally identifiable data.

Final Verdict

CLMarkets is not a trustworthy company. They operate a very shady platform. For starters, we do not know the people behind this company. Further, the company operates from a very shady jurisdiction. Even worse, the company has no regulation. Therefore, they cannot assure you of your funds’ safety.

Clmforex.com is not a safe platform. The design of its operations is not ideal for investment. On clmforex.com, it is easier to lose your money than it is to make any returns.

You are better off investing in more reputable companies. Only invest with the top forex brokerage companies in the market. They will offer you the safest environment to grow your account.

 

Tags: CLMarkets Review, clmforex.com Scam Review