The offshore FX broker namely 55CMT is addressed in Sant Vincent and the Grenadines. It focuses on trade with cryptocurrencies and features some unproven web-based trading terminal. Traders are advised to follow this review intensely to know more about this broker.
The SVG based organization called PHHL Marketing Limited is the owner of the trademark 55CMT. It is evident that Saint Vincent and the Grenadines is the major fortress of many scam brokers. The 55CMT website claims that it is regulated and licensed by a local financial body. This fact is worrying because the officials of SVG denied several times the legitimacy of such forex brokers. Hence, it can be said that this broker lacks licensing and regulation. Being nonregulated means the broker has an upper hand to use a trader’s investments in any manner and intimidating traders to the scam.
This broker features some unproven web-based trading terminal and misses on MetaTrader. This is not a genuine issue but fails to gain a trader’s trust and beliefs. The website of 55CMT does not feature any information on leverages provided. However, we can assume that leverages provided are higher than anticipated 1:100 as 55CMT being an unregulated broker. Those higher leverages are associated with heavy losses.
Being a genuine reviewer we always thoroughly analyze the terms and conditions section of any broker. While analyzing it we came across several commissions and hidden charges associated with this broker. The first of which is the minimum amount required to do a wire transfer and this came to be $500. Quite high though. Also, the bonuses provided are attached to unrealistic and unachievable strings. Traders need to reach a trading volume of 25 times the bonus and also in accordance with the initial deposit. Surprisingly enough we failed to find any inactivity charges or dormant fees for this broker. The website also features several logos of popular e-wallets and money transfer agents. But in reality, it offers payment and withdrawal only with cards and bank transfer.
However, apart from the above-mentioned problems, there are some nice things about 55CMT. While testing its web-based terminal we came across efficient spreads. Dollar fifty spread was available on BTC/USD. This level of spread is favorably low and profit-making. The 55CMT offers a variety of trading instruments like CFDs on cryptocurrencies, indexes, shares, and many currencies which is highly recommended to cover all types of traders.
Is 55CMT scam or legit?
First of all, 55CMT is unregulated and also unlicensed but provides an agreeable trading environment. Sadly it is associated with unreachable conditions on bonus withdrawal. Also, it does not mention anything about the security of investments. Considering its offshore nature we must treat 55CMT as a potential scam broker. As a precautionary measure treaders must avoid this potential scam broker.
Don’t give up. You can fight back and get your money refunded. Start by filling the form above and we will get in touch with you and provide you with information on how to start the process.