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Cmsfx.com Review

Updated: Nov 30, 2018
2.598 · 108 REVIEWS
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2.598 · 108 REVIEWS
Forex Peace Army

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

May 23, 2011,

NFA issues complaint against CMS Forex:
Feb 3, 2011,

I opened a $300 live account with CMS and quickly discovered I needed alot more demo trading before I traded live. My account sat with $285 in it for a long time. CMS sent $135 to forex.com when the buyout occurred and kept the rest for themselves for an 'inactivity fee' for accounts with less than $1000.
It cost them nothing to hold my money.
They took more than half my account.
I never made any withdrawals, so I don't have any info on that.
I do like VT Trader platform.
Dec 17, 2010,

Good platform, but they stole my money. I lost money for doing nothing.

Stay away from them
Nov 18, 2010,

I had been using VT Trader and CMS for over 5 years. I really enjoyed it.
I also got my account bumped into Forex.com since CMS was bought out.... I don't like it as much.
Nov 12, 2010,

VT is the only platform id ever use and now it is going to work on forex.com. great spreads and i bet there are less service outages now. cant wait for vt is really start working again.
New York,
Oct 28, 2010,

Been pretty pissed for 2 weeks that I was only given a few days notice to find another broker that offers VT Trader after cms tells me they are selling my account to forex.com. Then i find out no other broker offers vt trader and i can only use it for demo trading. damn!

I will miss trading on vt trader.
Jyotiprakash Pal,
Jul 28, 2010,

They give me 50$ account .. (thank god .. they give me.!)
Good Point:
Coustmer Care is helpful..
Vtrader is very cool , autochartist is inbuilt there .
Stop Loss and Stop Limit setting is bit confusing.but still ok.

Bad Point :

Today i position closed due to margin! i opened a 2K lot of GBP/USD. and find my trade is closed after taken 8$(40pips stop loss set at 70 Pips) loss .. due to margin ..!!! wow i am suprised! !!! i still have 32$ left in my account .. and my position closed due to margin!!! Man !thank god this is not my money!now . after launching the complaint in the profile page.. i am not able to login in the platform ... showing version check unable to connect ..!awesome!!!!
Brest, Belarus,
Jul 20, 2010,

SCAM. Avoid at all costs. They have complete access to your trading platform 24 hours a day. They are able to open and close orders at their discretion . They have also many other cunnings to steal your money. The software is designed against you.
Jun 10, 2010,

Worst broker. It's almost 14days and i still have not received my withdrawal amount. Emailed their accounts department numerous times but none was replied. online chat is even worst. They don't answer your questions. All they say is withdrawal takes 2-3 business days to credit. Useless broker. Pls stay away
South Africa,
Jun 9, 2010,

I get an e-mail from CMSFX (I assume at some stage I probably tried their demo, hence they had my e-mail address) stating that they have just opened a Micro Account feature, and if I apply before the end of June, I get a $50 account for free with no need for a deposit.

I reckon this is cool. I can build up the $50 into a useful amount and if they end up being ok as brokers, perhaps at a later stage open a standard account.

I get a response email after the application that states the following.
" 1. Submit a copy of your government-issued Photo ID (unless you have authorized CMS Forex to conduct a credit check). All applicants must submit a copy of a government issued photo ID such as a passport or driver's license with their account application. If your government issued identification does not confirm the home address you indicated in the application, please also submit a utility bill (gas, telephone, cable) or a bank statement as proof of residence."

So I go to the url mentioned in the email where I can upload my documents. Since my countries Identity Document does not have the residential address, I need to upload 2 documents.

However on the site, it appears that there is only an option to upload 1 document.

So I go to the live chat customer service to find out how I can upload both documents.

I speak with a person called Lee. He tells me that I can upload both on the same site after I click the upload option, yet as I finish the chat, I notice that he stated that a utility bill or a bank statement is required for proof of address, NOT a certified document (which is what I have).

By the time I noticed this, I had already said goodbye and the chat was closed.

So to clarrify wether or not Lee's statement meant that ONLY utility bills or bank statements were acceptable, I entered a new chat with a person named Kevin.

Kevin told me that my government document which is certified by a commisioner of oaths is not valid since it needs to be no older than 30 days.

Kevin also stated that I have to offer a copy of my bank statement to prove that I have a bank account. (Like if you wire money to or from it doesn't constitute proof.)

So here already there are 2 discrepancies between the stated word written on the site and in the e-mail (as pasted above) and the expert assistance from the help desk.

Nowhere does it state a time period for proof of address on the site or in the email.

Nowhere does it state that one HAS to have a utility bill AND a bank statement. (Which is what Kevin stated.)

I stated to Kevin that I live in a rural part of South Africa, and that our Electricity is done via a prepaid card system. Meaning the only documentation I get is when I top up my card value is a cash receipt. There is no land line phomes in my area, and my Mobile is also on a Prepaid Card System. My Bank Account is held in a branch which is just short of 1000 miles away from where I currently stay, and I (by choice since there is no postal service where I live) opted to not receive posted Bank Statements.

Remember that the document section pasted above mentions a bank statement as a means of proof of address, not as Kevin was insisting that I need to offer the statement as proof that I have a bank account.

So I asked Kevin to clearly state that CMS accepts a utility bill or a bank statement but a government document certified by a commisioner of oaths which, as I mentioned to Kevin means that if I lied about my address under oath, I could be arrested and go to jail for perjury, has to be no older than 30 days.

Bear also in mind, that my Identity document was issued in 2003.

If my country DID state residential address in the Identity Document, then the ID would be valid.

I finished off my conversation with Kevin stating that I am quite content to NOT open an account with CMS and their free $50 micro Account, and I will stay with my 2 brokers, MB Trading and GoMarketsAus who DO accept certified documents as proof.

Unfortunately, I am not capable of cutting and pasting my two chats with them, since they do not email a transcript of the text.

I will not say they are a scam, but as far as I am concerned there should bew a ZERO star option for reviews which is what I would have chosen.