CMARKETCAP – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CMARKETCAP - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://cmarketcap.com
Founded: 2011-2023
Regulations: Not Regulated
Languages: English, German, French, Russian
Deposit Methods: Cryptocurrencies
Minimum Deposit: $1,000
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currencies, Metals, Stocks, Products, Indices, Cryptocurrencies
Trading Accounts and Conditions
Cmarketcap offers their clients the following trading accounts:
- Gold: The minimum deposit is $1,000. The leverage is 1:5, and execution is instant.
- Platinum: The minimum deposit is $25,000. The leverage is 1:10, and execution is instant.
- Diamond: The minimum deposit is $50,000. The leverage is 1:20, and the execution is instant.
Another difference between these accounts is the types of assets you are allowed to trade with. No spreads are mentioned anywhere on their website.
CMaretcap – Advantages
There are no advantages to trading with CMarketcap.
CMarketcap – Disadvantages
Listed below are all the issues we have found that tell us that CMarketcap is a scammer:
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Lies About Regulation
The first issue we noticed was this broker’s lies about their regulation status. CMarketcap claims to be based in the UK. The broker also claims that they are regulated by multiple authorities – FCA (Financial Conduct Authority, UK), CySEC (Cyprus Securities and Exchange Commission), Financial Sector Conduct Authority (FSCA, South Africa) and the Commission for Financial Services of the Republic of Mauritius. The broker also provides license and dealership numbers for all these licenses.
There are several red flags here. First, the broker does not mention any company name – their corporate information is missing. Second, in their legal documents, the broker mentions an entirely different legal jurisdiction – the Republic of Vanuatu.
Added to these gaps, we also checked the online registers of all the authorities mentioned by this broker. We did not find any record of CMarketcap with any of them.
This means that this broker has lied about being regulated. In fact, CMarketcap is not only not regulated they are actually operating anonymously. This makes them a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Non-Functional Trading Platform
On their website, CMarketcap claims to offer an advanced trading software. They omit to mention which software they provide. There was no other information given. So, we registered for an account to check out their software for ourselves.
After we registered, we found out what this broker was hiding. CMarketcap has a fake trading platform. It does not function at all! This so-called platform does not even display basic buy and sell prices.
Regulated brokers go out of their way to offer their clients the best trading platforms available in the market. This means offering their clients the use of the MetaTrader 4 and 5 platforms.
When a broker skimps on their trading platform – one of the main reasons why any trader would do business with them, it means that they are a scam operation.
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Issues with Trading Conditions
Another clear indication that a broker is scamming you is their poor trading conditions. Legitimate brokers ensure that their trading conditions are fair – advantageous to you and profitable to them. Scammers, on the other hand, have unfair trading conditions – and they are usually incomplete.
With CMarketcap, we see that the minimum deposit they demand is $1,000. The market average ranges from $100 to $250, and there are a growing number of regulated brokers that will allow you to open an account with them for as little as $10. So, that $1,000 sum is much too high.
Their leverage is too low to be realistic. Regulated markets such as the UK market allow you a maximum leverage of 1:30. It is the same in Cyprus (which is a part of the European Union). Therefore, a maximum leverage of 1:20 is just not acceptable for any broker.
Other trading conditions are simply missing. We do not know what spreads this broker offers. We also do not know the order execution methods, the commissions, and the fees that they charge.
This kind of incomplete and skewed information is a clear sign that the broker is a scammer.
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Single Payment Method
The only way that you can transact with this broker is by using cryptocurrencies – Bitcoin, to be exact. This is a huge red flag.
First, legitimate brokers offer their clients as many payment options as possible.
Second, cryptocurrency transactions are all permanent and anonymous. This means that you do not know who has your money or where it has gone. There is also no way to reverse a cryptocurrency transaction.
This is the reason why cryptocurrencies are the favored payment option for scammers.
We strongly advise all traders to use a safer payment method if they are dealing with a broker for the first time – even if that broker is regulated. The best option is a credit card payment, since there is an option to file for a chargeback in case you get scammed by that broker.
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Unknown Withdrawal Policy
Another important piece of information that is completely missing from this broker’s website is their withdrawal policy. We do not know what the minimum withdrawal amount is. We do not know if there are fees attached to withdrawals. We do not know how long the broker takes to process withdrawal requests. We do not know if there are any other conditions attached to you being able to withdraw your funds.
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No Legal Documents on Website
While we have pointed out that there is no withdrawal policy in place, we need to also state that CMarketcap has not bothered with any legal documents on their website. You need to go to the registration page and click on the Conditions link to access their legal documents.
Regulated brokers are required to present their legal documents clearly on their website so that they are easily accessible. The fact that this broker does not do so is another sign that they are not following the law and are therefore scammers.
Conclusion
CMarketcap is a scammer, therefore they are not to be trusted.
CMARKETCAP
Pros
- None
Cons
- Lies About Regulation
- Non-Functional Trading Platform
- Issues with Trading Conditions
- Single Payment Method
- Unknown Withdrawal Policy
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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