CapitalMarketPoint

CapitalMarketPoint (CMP24) has a slick design, and an interface that is as smooth as it is blinding to the fact that the broker is shady at best. Read on to find out why.

In order for a broker to acquire a shady status it needs only to be unregulated. CMP24, even though stylish and full with content, is one such broker. A hint of a possible license is found in the T/C:

The broker may be registered in the Marshall Islands, but the matter of the fact is that this island nation has no financial regulator.

Furthermore, in the FAQ there is a section that states that CMP24 is regulated by the The International Financial Services Commission (IFSC) in Belize. In order to get a license in Belize one needs a minimum capital of $500k.

As you can see, the registration number is a total sham, which clearly renders CapitalMarketPoint as an UNREGULATED broker.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The leverage maximum is 1:100. This is quite average, opening opportunities to players without exposing them sizable risks.

The EUR/USD spread is 2 pips, which is above the industry standard and quite unappealing, yet lower than 3 pips which is a common spread with unregulated brokers.

The tradable options are sufficient to please: Forex pairs, Stocks, Commodities, Crypto, and Indices.

CMP24 LOGIN

The trader makes it clear that two platforms are available: MT4 and Trading Room.

TRADING ROOM

This one is by now a familiar trader used by suspicious brokers. It has a limited amount of features and options, making it quite impractical. We were given Live access to the trader upon registration, without needing to present any ID or other docs. This is a similar episode as with InvestTeck and TDS Capital Group, with both unlicensed broker using the same platform.

The EUR/USD pread is 2 pips, and the leverage goes as high as 1:100.

Users of this trader will be charged with a Profit Clearance fee of $1.50 per $250 traded.

The trader is solely web based. We are yet to see a desktop version of this one. There is an Android app, that is actual.

METATRADER 4

Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including drag and drop charts, user friendly accessibility and pending order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
Nevertheless, upon registration we were able to open the trader, but unable to start trading with it, for we didn’t receive an email with an ID and Password. For this reason we cannot give you an accurate spread.

The leverage is 1:100 max.

We were able to open (but not trade) a desktop version of the platform. As for a browser and mobile trader, we weren’t able to find.

CMP24 MINIMUM DEPOSIT

The minimum deposit is $100.

Payment methods as indicated in the Payment Page are: Credit/Debit Card, Bank Transfer, Skrill and Neteller. However, once registered, the Deposit portal offers very different options: VoguePay, Bitcoin and Credit/Debit Card:

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advice to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

CMP24 WITHDRAWAL TIME AND FEES

The minimum withdrawal amount is $50. This is unusually high but expected from an unlicensed broker. For Wire Transfer it’s $100.

Processing times are between 3-5 days upon submitting a request.

Platinum and Black account holders are charged with a 3.5% charge that is activated upon a second withdrawal using one of the two accounts. In case the percentage amount turns out to be under $30, the trader will be issued a fee of $30. This exacts same commissions structure is found at OmegaFX

The dormant fee is also questionable. If an account has been inactive for over 60 days then a fee of $50 will be charged. $50 is a huge leap from the typical $30 (maximum) fee.

There is also a monthly maintenance fee of $20. Charges like this are nowhere to be found with regulated forex brokers. This is a clear sign of a fraudulent brokerage.

Renewal fees are common with all brokers, yet only unregulated brokers will allow themselves to charge such a fee directly from a users credit card. CMP24 is one such broker.

ADDITIONAL FEES AND TAXES

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. This one for example, has included a ton of fees that most traders will consider normal. And seeing that every day there are many who fall victim to their plans, one must realize that these scammers are smart and fully capable of manipulating the mass of novice traders, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

The most important thing to note is that a fraudulent broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advice is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

The disguise that CapitalMarketPoint adorns almost fooled us, if it weren’t for the sloppy concealment of their lack of license. And this is what matters most, never mind the countless hidden fees and other small but crucial details. CMP24 is UNREGULATED and thus should be avoided at all cost.