CMSTrader Review (2023)

Is CMSTrader a scam or a legit broker?

We advise our readers, do not use CMSTrader as it is an offshore entity. CMSTrader is owned by Safe Side Trading Ltd., which is an offshore company registered in St. Vincent and the Grenadine.

St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

CMSTrader is a Forex and CFD broker owned and operated by the Safe Side Trading Ltd, a company based in the St Vincent and the Grenadines.

The broker claims to have offices in the UK, Switzerland, Bahrain and Australia, but it doesn’t seem to be regulated in any of these countries.

Also, Safe Side Trading Ltd owns another offshore broker (12trader) that was blacklisted in EU.

We recommend to avoid offshore brokers and invest with companies licensed in UK or Australia, where regulation is strict and there are certain client protection rules.

In order to get a license from Australian Securities and Investments Commission (ASIC), the broker needs to have 1 million AUD capital and physical office in Australia. Here you can check the list of the ASIC-regulated brokers.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

Yet, it is always great to hear your personal opinion about CMSTrader. So you may share your experience or thoughts or discuss them below or ask us for additional information.