Caution Investors cgma-trade – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
Cgma-trade is a forex and CFD broker that claims to offer trading on various assets, such as currencies, commodities, indices, stocks, and cryptocurrencies. However, cgma-trade is not authorized or regulated by any reputable financial authority. The Financial Services Authority (FSA) of Seychelles has issued a warning against cgma-trade, stating that it is operating illegally and fraudulently in the country. The FSA also advises the public to avoid any business or transactions with cgma-trade.
Regulation and Compliance:
Regulation and compliance are essential factors to consider when choosing a broker. They ensure that the broker follows the rules and standards of the industry, protects the interests and funds of the clients, and provides a fair and transparent trading environment. However, cgma-trade is not regulated or compliant with any authority. It does not have a valid license or registration to operate as a broker. It does not adhere to any anti-money laundering or customer verification policies. It does not segregate the clients’ funds from its own or participate in any compensation scheme. It does not disclose any information about its ownership, management, or legal status. It does not provide any terms and conditions, privacy policy, or risk disclosure on its website.
Customer Reviews:
Customer reviews are another important factor to consider when choosing a broker. They can give an insight into the quality and reliability of the broker’s services, products, and support. However, cgma-trade has very few and mostly negative customers reviews online. Most of the reviews accuse cgma-trade of being a scam, a fraud, or a Ponzi scheme. They claim that cgma-trade does not process withdrawals, manipulates prices, closes accounts without notice, ignores complaints, and harasses clients for more deposits. They also warn other traders to stay away from cgma-trade and report it to the authorities.
Products and Services:
Products and services are also essential factors to consider when choosing a broker. They determine the variety and suitability of the trading options available to the clients. However, cgma-trade has very limited and dubious products and services. It claims to offer trading on forex and CFDs, but it does not specify the trading conditions, such as spreads, leverage, commissions, fees, or execution types. It also claims to offer trading on cryptocurrencies, but it does not provide any details about the platforms, wallets, security, or regulation of these assets. It also claims to offer educational resources, market analysis, trading signals, and bonuses, but these are likely to be misleading or deceptive.
Location:
Location is another important factor to consider when choosing a broker. It affects the jurisdiction and regulation of the broker, as well as the accessibility and convenience of the clients. However, cgma-trade has a very unclear and suspicious location. It claims to be based in Seychelles, but it does not provide any physical address or contact details on its website. It also uses a generic domain name (.com) that does not indicate its country of origin or operation. Moreover, it has been warned by the FSA of Seychelles for operating illegally and fraudulently in the country.
Customer Service:
Customer service is another important factor to consider when choosing a broker. It reflects the professionalism and responsiveness of the broker to the needs and issues of the clients. However,
cgma-trade has very poor and untrustworthy customer service. It does not provide any phone number or email address for customer support on its website. It only offers a live chat option that is often offline or unresponsive. It also does not have any social media presence or online reputation. Furthermore, it has been reported by many customers that cgma-trade does not answer their queries, resolve their problems, or honor their requests.
Is Your Money Safe in an Unregulated Company?
The answer is no. Your money is not safe in an unregulated company like cgma-trade. Unregulated brokers are not bound by any rules or standards that protect your interests and funds. They can do whatever they want with your money without any accountability or recourse. They can use your money for their purposes, such as paying other clients’ withdrawals or funding their operations. They can also refuse to pay you back your money when you want to withdraw it or close your account without notice or explanation. They can also manipulate the prices or execution of your trades to make you lose money or prevent you from making profits.
Defensive Measures Against Fraudulent Brokers:
If you have been scammed by a fraudulent broker like cgma-trade, there are some defensive measures you can take to try to recover your money or prevent further losses. Some of these measures are:
– Contact your bank or credit card company and request a chargeback or a reversal of the transaction. Explain that you have been a victim of fraud and provide any evidence or documentation you have.
– Report the broker to the relevant authorities in your country or region, such as the financial regulator, the consumer protection agency, or the police. Provide them with any information or evidence you have about the broker and its activities.
– Warn other traders and investors about the broker and share your experience and review online. Use reputable websites, forums, blogs, or social media platforms that are dedicated to exposing scams and frauds in the industry.
– Seek professional help from a lawyer or a recovery agency that specializes in dealing with cases of online fraud and scams. They may be able to help you pursue legal action or negotiate with the broker on your behalf.
Conclusion:
Cgma-trade is a forex and CFD broker that is not authorized or regulated by any reputable financial authority. It has been warned by the FSA of Seychelles for operating illegally and fraudulently in the country. It has very limited and dubious products and services, very unclear and suspicious locations, very poor and untrustworthy customer service, and very few and mostly negative customer reviews. It poses a high risk of scam and fraud to anyone who deals with it. Therefore, we advise you to avoid cgma-trade at all costs and choose a regulated and reliable broker instead.
