CMS Prime Details
Table of contents
CMS Prime has that authentic look that most brokers aim for with a responsive interface, and a general good vibe about it. Yet, the moment we snooped a bit more, the true face of it all snapped in front of us.
There isn’t much in the way of a proper regulation. The footer and the T/C claim that the broker is owned by Capital Markets Solutions that is licensed and regulated by St. Vincent and the Grenadines.
And yes, “by” and not “in”, as if the state of St. Vincent and the Grenadines is in itself a forex regulator. Nevertheless, by now it is well known that the country does not regulate Forex and CFD brokers. So a license from there cannot be acquired.
Furthermore, the Conflict of Interest Policy document claims otherwise.If a broker is registered in Belize it should fall directly under the International Financial Services Commission (IFSC), which in recent years has become the number one offshore license issuer by tightened its grip around legit brokers, and has taken a more serious approach towards license issuing. For one, it requires proof of at least $500 k capital before granting a license to anyone. Needless to say, neither CMS Prime nor Capital Markets Solutions Inc. were in the IFSC register.
Adding further insult to injury are the T/C that give away a completely fake address that is even misspelledIt’s no surprise then that our conclusion is that CMS Prime is UNREGULATED and should not be invested in.
As good as the IFSC is, it cannot match the severity and austerity of the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but 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 spread we got from the demo trading account for the EUR/USD pair was 1.3-1.4 pips, which is pretty standard. As for the leverage, it’s maximized at 1:100 on the trading platform.
Nevertheless, the demo platform only gave us access to forex pairs and gold as the some commodity.
The languages that are made available are English, Arabic, and Chinese.
CMS PRIME LOGIN
The everlasting MT4 is here to make things a little better.
This platform holds the popularity title for many a reason: charting tools, custom indicators, practical chart management, expert advisors and more. MT4’s VPS allow for seamless automated trading at all times, uninterrupted by computer failures, sudden power cuts or connectivity issues. You can even access multiple MT4 accounts at the same time using MT4 MultiTerminal.
The demo trader gave us a cost of trading for EUR/USD of 1.6-1.7 pips. The leverage is 1:100, which is a perfect value in practice since it lowers on the risk factor.
The platform is made available via Apple/Android devices. It has also a desktop counterpart.
CMS PRIME MINIMUM DEPOSIT
The minimum deposit is $1000. This is far to high when compared to legit brokers, and a step in the right direction when compared to extreme cases such as Dividendcare (min. $10 000).
The exact same principal can be applied to the funding methods. On the one hand we’ve got the following depositing ways:
And on the other, again in the T/C, there is an inconsistency that bothers us, mainly due to the ambiguity of the whole ordeal.
As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
CMS PRIME WITHDRAWAL TIME AND FEES
We could not find a minimum withdrawal amount.
The processing time for withdrawals is 2 days. Where Bank Transfer is concerned that time shifts to 1-5 working days.
The broker does not charge for withdrawal fees, but separate payment systems might.
ADDITIONAL FEES AND TAXES
One of the most ridiculous clauses is found in the CMS Prime Terms and Conditions. It claims that if a client has less that $100 (technically the initial deposit) in his/her account the company is entitled to close said account, in addition to taxing him/her with an appropriate fee.
The dormant account fee is activated after a year of inactivity, after which the client will be charged with a hidden fee.These types of cryptic charges are always a clear sign of an unregulated brokerage. Furthermore, they will try to keep you invested for as long as possible in order to drain all that you have. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal.
Be on your guard when giving away an ID and a proof of address, because the broker will use these details against you once you file for a charge back. With these in their possession the broker can easily refute any claims you might have against them.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The best advise 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
The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.
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!
We have to overlook the stylish nature of CMS Prime, and conclude that any investment is not worth making. The lack of regulation proves it. Best stay away from this one.
CMS Prime compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines