A Comprehensive CP Markets review showing if the broker is legit
CP Markets is Forex and CFDs broker that claims to have three years of experience on the Forex market and high-quality services. The broker offers trading services to the worldwide audience but targets Asian, and English speaking traders the most. At the same time, it does not have any authorization to provide trading services in many countries. This is not the only reason why CP Markets scam seems to be real. The broker makes claims on the website which are not quite true. This review will go into the details and discuss all the features of the broker closely.
Is CP markets legit?
Let’s get to know CP Markets Forex broker closer. The brokerage is operated by CP Markets limited which is registered in Saint Vincent and The Grenadines. The registration number is 24887 IBC 2018 that can be seen on the website. There is no mention about being licensed by the financial service authority of Saint Vincent and the Grenadines, needless to say, there is no license number displayed, meaning that the broker is not regulated even offshore.
As CP Markets is an offshore brokerage it does not have any legal rights to provide its financial and trading services to the residents of many countries in the world. However, the broker claims to be an international and does offer its services to multiple countries. There is a list of the countries, from where traders are restricted from creating an account with CP Markets. The list includes the United States, Afganistan, Botswana, Burma, Ghana, Gambia, Cuba, Cyprus, Niger, Nigeria, Senegal, South Africa, Serbia, Tajikistan, Togo, Turkmenistan, Iraq, Syria, Uzbekistan, Liberia, Libya, Mali, Egypt, The Democratic Republic of Congo, Yemen, and Zimbabwe.
Considering this list CP Markets FX brokerage does offer its services to the residents of EU member countries, Australia, and most of the Asian countries, where the broker is not authorized. The two available languages on the website are English, and Chinese. It is safe to assume that the broker targets English and Chinese speaking traders the most. According to the regulatory background of the company, you could already guess that the broker is not legit, let’s see the features of it.
Another thing to pay attention to is the website and social media pages of the broker. The website is made for one reason only – to make it look as legit as possible. It has a relatively modern design and works without any errors. However, one can understand that it is not made professionally, as there are a lot of stock pictures that make the webpage of the broker scammy and there is a lot of content absent. For example, there is no withdrawal policy mentioned anywhere, or FAQ section. The website lacks most of the content that is important on the website, instead of creating them, the broker has short descriptions on the front page. While making Coopermarkets.com review our team checked the social media pages of the broker. CP Markets has accounts on all of the major social media websites: Facebook, Twitter, Instagram, LinkedIn, Youtube, and Telegram. However, we were deeply dissatisfied with the results. On social media, the broker claims to be operating since 2016. however, the pages and website as well are created in 2018. There are no posts made on any of the accounts, all of them have zero followers and facebook page has only 4 likes. So can CP Markets be trusted when it claims to have 3 years of experience? Social media pages showed that no.
Trading with CP markets
Traders can trade currency pairs, commodities, and CFDs with CP Markets. As broker claims there are over 150 trading instruments available with the broker, the list includes commodities, precious metals, CFDs, and currency pairs. The full list of the trading instruments is not available on the website, but the front page features that the only available currencies are of the Asian countries, the full list is as follows: USD, RMB, RM, TBH, IDR, NTD, KHR, SGD. The fact that the broker offers only exotic currencies lowers CP Markets rating, as international brokerages should have a bigger and more diverse choice of trading instruments.
CP Markets website claims that there are three account types, Standard account, and Straight Through Processing (STP) / Electronic Communication Network (ECN) account. On both accounts the execution type is market execution, traders can use up to 1:200 leverage, and trade Forex, commodities, and equity indices on MT4 trading platform.
The minimum deposit for a standard account is 100 USD, for ECN/STP account is 3,000 USD, which is considerably higher than what other brokers offer.
As every broker, CP Markets also claims that the spreads are very low. However, spreads on the standard account start from 2.6 pips, which is very high. Spreads for ECN account starts from 0.8 pips, which is also high for ECN accounts. Moreover, there must be a commission for ECN account, but CP Markets does not provide any information about it.
CP markets withdrawal
There is no information about the commissions and fees that might be applied to the trading account for any reason. The broker does not provide information about the withdrawal as well. The website does not have a page for withdrawal information, and it is not described well in the legal documents. It makes us think about CP Markets scam since many scam brokers try to hide information about withdrawal and commissions.
CP Markets opinion
Summing up we can confidently say that CP Markets is not the broker one can trust. It lies about the year of establishment, to seem more competent. It is not regulated by the financial authority of any country and is registered offshore. The information about the service and the features of the broker is very limited on the website. There are no CP Markets reviews made by the customers that would show how the broker is really like. Based on it, it is not advisable to trade with such broker as you might end up being scammed by CP Markets.