In the past, very few people entered the world of trading and investing. This happened because there was very limited information about it. With the advent of the information age, people easily began to look up for specific investment options. These options let people the chance to increase their amount of savings.
As a result, the huge interest in investing and trading has led to the creation of numerous apps and online brokerage companies that are said to help people with their investment needs.
One such online brokerage company that people trusted when this became a trend was CMSTrader. However, after a thorough investigation, it’s better to call it CMSTrader scam. Read on to find out why.
Table of Contents
What Is Forex Trading
This type of trading uses foreign currency, with the term forex (also: FX) as a shortened version of foreign exchange. Much like any other investment, when you engage in forex trading, you are essentially hoping to buy certain currencies at a low rate and sell them at a higher rate in order to make a profit.
In forex trading, you are using currency as your tool for making money. In addition, FX trading uses world events and is traded online. This isn’t like the traditional stock market that opens and closes during specific times of the day. Forex trading basically runs all day due to the many markets worldwide that you can trade this in. FX trading only stops during the weekends since these are the only days that international markets are closed.
FX trading works according to pairs – with one currency type paired with another. For instance, USD/EUR or JPY/USD. The timing to buy or sell depends on these pairs’ movements which you have to keep your eyes on. Your goal is to buy low and sell high. That’s how you make yourself a profit.
Online Forex Trading Scams
There are lots of online forex trading companies. Some of them are legitimate but there are also many scams that you should avoid.
How can you tell if you’re dealing with a scam broker when you’re interested in making money with forex trading? What red signs should you look for when it comes to trading scams?
Does The FX Trading Broker Have A License?
Before you begin trading, you have to ensure that your money will be safe in the broker’s hands. One action you can take is by checking whether the trading broker has a license or not. This is relevant not just for forex trading but also for every kind of investment you’re interested in. The license is a kind of signature that confirms that the broker is permitted to operate in the country that granted the license.
Note that, CMSTrader broker is registered in St Vincent and the Grenadines but not in any of the countries it serves. These countries include, for example, the UK, Australia, Switzerland, and Bahrain.
Read Other CMSTrader Customers Reviews
Aside from checking if the trading broker you are planning to work with is legitimately operating in your country, you should also check for online reviews about it. A forex broker review can alert you to any unscrupulous acts that this online broker is responsible to. For example, searching the web for a ‘CMSTrader review‘, will reveal many reviews that warn against using this broker.
A further search of terms like ‘CMSTrader broker scam‘ and ‘forex broker scams CMSTrader’ would show you that many people have complained about this broker.
Check For Financial Regulatory Body Warnings
Another sign that tells you to avoid such online brokerage companies can be found in the news. For instance, FCA in the UK has warned people against trusting CMSTrader. Similar warnings were also published regarding other brokers due to reports of scams. The news further reports that the CMSTrader scam is not new and lots of people have fallen victim to such fraudulent practices.
We began our investigation on CMSTrader.com website.
Safe Side Trading Ltd
According to the website, Safe Side Trading Ltd company owns and operates CMSTrader. When searching this company on Google, the first result shows that it has significant control over a company called Pandorx Ventures Ltd.
Pandorx Ventures Ltd
Pandorx Ventures Ltd company is located in the UK and its previous name was CMS Ventures Ltd.
Its past and present officers are Alma Nallely Alcibar Rodriguez, Douglas Duncan, Nicandro Gomez, Steven David Hutton, and Razi Salih. Also, It’s known that many scams owners are Israelis. So, unsurprisingly, one of these officers is an Israeli – Razi Salih.
G.O.M. (Golden Online Marketing) Ltd
During the investigation, we also looked for reviews about CMSTrader scam. There are many over the internet. However, the following review from trustpilot.com website caught our eyes:
It reveals one more company that is related to this scam – G.O.M. (Golden Online Marketing) Ltd which is located in Israel. Therefore, we were assisted by an Israeli private investigator. He found out that this company is owned by Fawzi Salih. In addition, he found a lawsuit that Fawzi Salih was on the defendants’ side together with Razi Salih and G.O.M. company.
CMSTrader Scam – Cut The Crap
|Safe Side Trading Ltd||Suite 305, Griffith Corporate Centre Kingstown 1510 Saint Vincent and the Grenadines|
|Pandorx Ventures Ltd||71-75 Shelton Street, Covent Garden, London, England, WC2H 9JQ|
|G.O.M. (Golden Online Marketing) Ltd||58 Harakevet Street, Tel Aviv, Israel|
|Alma Nallely Alcibar Rodriguez||Officer at Pandorx Ventures Ltd|
|Douglas Duncan||Officer at Pandorx Ventures Ltd|
|Nicandro Gomez||Officer at Pandorx Ventures Ltd|
|Steven David Hutton||Officer at Pandorx Ventures Ltd|
|Razi Salih||Officer at Pandorx Ventures Ltd||March 1986|
|Fawzi Salih||Founder of G.O.M.|
Got Scammed? How To Get Your Money Back?
We know the frustration you feel after being scammed. At a certain point, you feel lost, and you have no idea what to do next. It’s a traumatic experience. What you’re feeling is valid and understandable. However, you don’t have to dwell in that dark place for a long time.
All hope is not lost as there are various ways to get your stolen money back. Yes, you read that right. If you have been scammed, you can apply these tips to increase your chances to retrieve your money from those shameless scammers.
If you paid using a credit card, you can use chargeback to request a refund from your bank card provider. In addition, you can also use chargeback if you paid using a debit card. A word of caution, though, there are requirements before this applies, so know them first.
You can also file a complaint about the PSP (Payment service provider) and demand for reimbursement. If you’ve been scammed and the banks involved are not doing what they are supposed to do, you should be refunded after the fraud happens.
But if nothing still works at your advantage, and you need further assistance, you can contact us through our email, [email protected]. We will help you in any way we can. Don’t worry. We’ve got you covered!