CMS Trader, beware of this company.

[264501]

You may also want to join the FCA warning Aug.2016 for your complaints

https://www.fca.org.uk/news/warnings/cms-trader

I had already complained to FCA in July last year on CMS Trader.

 

[Pharaoh]

Hi Pharaoh, I have already get the filed, could you check is I did it correctly?

I don't see a case from you. If you get it filed from the link here:

https://www.forexpeacearmy.com/community/pages/traders-court/

You'll then be able to view it, reply to questions in it, etc. here:

https://www.forexpeacearmy.com/community/forums/court-case-preparation-folder.145/

 

[idedwards]

I have started this thread to warn others about this fraudulent broker, and to seek assistance in recovering my money.

CMS Trader claims to be a investment advisory company that helps its clients to manage account and to help them trade on the Sirix platform. In the beginning I have invested an amount of US$5,000. I started putting in more money as they were producing good results, and Cameel Swan my accounts manager had placed much pressure on them to put in more money.

I have invested in total of US$90,000. Now I have nothing.

Trouble started when I send in withdrawal requests. They would delay making withdrawal, not heeding withdrawal requests and sending in less than what I requested. Also, they had open bad trades and I have lost my profits.

As I had enough of them, I sent them an email stating that I wanted to close my account and take out all my money. I instructed them to cease all trading on my account. They promised payment but they came up with many excuses to delay withdrawal.

On 29/06/2016, they opened more losing positions to wipeout my account. One of those trade was for silver, worth about US$1 million. This trade was opened on 29/06/2016 at 2:57:23PM and was closed immediately on 2:57:23PM. This resulted in a huge loss of US$108 thousand which wiped out my account and put me into negative

I called Cameel Swan,and they blamed me for doing more social trades. I told them I did not do social trades anymore, I had uncopied every trader, I just wanted the rest of my money back. When I checked my account, somehow my account were copying more traders. From the trade logs I saw that there were some bad trades which were copied from other traders. But most of my losses came from trades which were not copied, which was the US$1 million silver trade.

Currently I am unable to contact Cameel at all. But I emailed Benjamin Broun who was Cameel's boss, Benjamin said that they are currently investigating the matter. But it is plainly obvious that this company is a scam. I will advise everyone to not put in money into CMS Trader.

Right now I just want to get back all my money and I regret being involved with this company.

The thing about this company, and others like them who have scammed me, is they appear very plausible at first. However, they trouser your deposit on day one and type dummy figures equal to that deposit value on the demo system they operate - so it looks like you have real money and they are making real trades for you. Things are fine until your want to make a Withdrawal. Some will allow a little bit of Withdrawal to keep reeling you in but only so much. After that they argue you are nuts to Withdraw as a) the account is doing well and they want to make you even richer, or, b) the account is doing badly and they are fighting for you. When the crunch comes and you put your foot down they just put the big losing trades on and Margin call your account down to nothing to spite you. TIX FX are a classic for this fraud; so are IceTrader (now defunct I think), ATOS, Swiss Royal Banc, CMB, and Allday Options - they have all stung me as I tried some Managed Account service providers last year. Generally speaking I would avoid any Managed service provider who did not offer at least these things to you: a) You can visit their office that is physically located in your own country b) They are regulated in your country and the regulator confirms that c) They do not provide credit to your account (so they can over trade at your cost) d) They permit Withdrawals while live trades are still running e) They understand you want an Income - not a Growth account - until you have withdrawals equal to or greater than your original deposit f) They run Stop Losses on every trade that do not allow greater than 0.5 % loss g) they have a proven track record of 70 or 80 percent wins to losses h) You have the name and relationship of the Trader's manager as well as the actual trader managing your account on a daily basis and the trader's CV. Anything short of this is inviting trouble. Why? Because trading is gambling and as you know gambling attracts a certain kind of individual into the industry who knows just how to mislead a retail gambler and earn a living from it. All they need is a fake company name, fake website, fake phone system, faked credentials, a crooked finance house fronting for them, and an illegal copy of a trading platform set up on their mate's server in the garage at the back of their flat, and they are in business making a living the way they like to using fake names and running several fake companies simultaneously. As soon as one scam enterprise is rumbled and too hot to continue they take it down and raise up a fresh one they've been developing after hours in a virtuous cycle. I am probably being too kind about them. They are always a step ahead of regulators (who police regulated firms) and police force fraud teams who do not have the resources to police the unregulated firms. Avoid these bad guys is the best answer.

 

[264501]

Looks like someone beat me to posting the link. Go ahead and get a case filed.

Hi Pharaoh, I would like to proceed my case to Traders Court, please advise how could I submit my case to Trader Court?

 

[264501]

Looks like someone beat me to posting the link. Go ahead and get a case filed.

Hi Pharaoh, I would like to proceed my case to Traders Court, please advise how could I submit my case to Trader Court?

 

[264501]

CMS Trader, this company only worth 1 GBP and 1 share. This company is set up to scam your money. Please refer to the attachment on the Company annual report.

 

[264501]

On 29th June 2016, when CMS Trader opened many big unauthorized trades with no stop loss level and eventually wiped out my account. The way that these trades were being carried out was nothing less than fraudulent and intentional underhanded method to generate losses.

On 29th June 2016, CMS Trader kept executing fraudulent unauthorized trades one after another one until the account is wiped out, when I saw these fraudulent unauthorized trades on my mobile phone application I immediately closed it in order to limit the losses. But CMS Trader abused their power and kept on executing additional unauthorized trades, a total of 23 fraudulent trades were executed by CMS Trader on that day till the account is wiped out.

The most obvious was the trade shown in the subsequent figure. The trade on Sell 90,000 units of XAGUSD (Silver), position size of more than US$1.5 million where the opening and closing of the trade in the same second (Opened and Closed on 29/06/2016 14:57:23), on this trade, the loss is US$108,000 and finally wiped out the account.

My account was totally wiped off by CMS Trader within 2 hours on 29 June 2016.

 

[264501]

Hi Pharaoh, I would like to proceed my case to Traders Court, please advise how could I submit my case to Trader Court?

I have posted, but I can't find my post on the "Scam Alerts Folder" or "Review Database"
.

 

[quinnthom]

CMS Trader has also scammed me and i almost took my life because it was my savings, but when i met with one of the many fund recovery Agents i finally got almost all my money back, i'm ot surprised about them scamming you my friend.

 

[FxMaster]

Hi Pharaoh, I would like to proceed my case to Traders Court, please advise how could I submit my case to Trader Court?

Follow the suggested steps here https://www.forexpeacearmy.com/community/pages/traders-court/ to open an FPA traders court case.