CP Markets review to read before opening an account with the broker
New brokerages that claim to be the most reputable brokers with tens of awards of being the best broker are established on a daily basis. Sometimes, it is hard to bring the wrongdoing of the broker on the daylight, but often scam broker is very easy to read. CP Markets Forex broker is one of that kind. Established in 2018, the broker claims to be one of the best brokerages one can find. However, the service, features and generally the background of the company prove the other way around.
CP Markets offers Forex and CFDs trading to the residents of English speaking countries and traders from Asia. the minimum deposit with the broker is 100 USD and the traders can use leverage up to 1:200. The broker shows a lot of payment methods on the website and claims that deposit and withdrawal are free from additional charges. There are some signs that would make even beginner traders suspicious about the broker. This CP Markets review will provide the information you need to know before you open an account with CP Markets.
Can CP Markets be trusted?
One of the most important aspects of the brokerage is regulations that ensure us that the broker is legit and customers are protected from any wrongdoing from the side of the broker. Unfortunately, traders who are trading with CP Markets are not protected from the CP Markets fraud, as the broker does not have any regulations. The company that is operating the brokerage is CP Markets Limited. It is registered in Saint Vincent and The Grenadines. Getting regulated in offshore countries is very easy since the requirement are not strict and the license is very cheap. Despite this, the broker does not have a license from the local financial regulator.
This does not stop CP Markets from providing its financial services in the countries, where local regulation is a must. The broker provides its service to most of the European and all Asian countries, however, it excludes African countries, Some of the middle east, and South American countries, the US, and several European countries from the list, such as Cyprus, and Serbia. The full list of restricted countries can be found on the website of the broker. The main target of the brokerage seems to be Asian traders. The website is available only in English, and Chinese and the currencies available for trading belong to Asian countries.
One of the signs that indicate that the CP Markets scam might be possible is the fact that the brokerage is spreading misleading information about itself via social media channels. The broker can be found on Facebook, Twitter, Instagram, Linkedin, Youtube, and Pinterest. According to the BIO of the brokerage on these social media platforms, it was established in 2016 and is growing on the international market since then. However, t is worth mentioning that the website of the broker dates back to 2018, all social media accounts are created in 2018 and even the company registration number states the date 2018. It means the broker is simply lying to seem more experienced and reputable.
The fact that there are no CP Markets reviews made by the customers available on the internet is highly disturbing. If as the broker claims it has been operating for three years already there should be plenty of opinions and reviews made by the customers. The absence of them indicates that the brokerage is newly established and fortunately not many people have fallen into the broker’s trap.
What does the broker offer
You could already guess that there’s nothing much to expect from CP Markets. Truly, the broker has poorly designed services. The minimum deposit is not very low and not very high either, traders can open an account with 100 USD. Leverage is higher than it is allowed in the EU member countries, all traders are allowed to use leverage up to 1:200. CP Markets FX brokerage showcases spread from 0.8 pip that sounds good, however, it is for the ECN accounts only, where brokers take their money from the commissions and not spread. Hence, one can see much lower spread with other ECN brokerages. For standard accounts spread starts from 2.6 pip that is much higher than an average. At the same time, one needs to consider that usually, the brokers show the lowest spread, meaning that spread for different currency pairs is much higher.
CP Markets claims to have over 150 trading instruments available including currency pairs. precious metals, commodities, and CFDs. There is no full list of the trading instruments, meaning that trader will not be able to get full information about the trading instruments and spread for those until opening an account and depositing at least 100 USD. The absence of such information might also be part of CP Markets scam. The website informs traders about the currencies that can be traded with the broker, these currencies are USD, TBH, IDR, NTD, KHR RMB, and RM. The broker claims that more currencies are “coming soon” that leaves the impression that these are the only currency pairs available with the broker. It does not have a good effect on the CP Markets rating since an international broker should be providing more diverse trading instruments.
CP Markets withdrawal and commissions
Unfortunately, the broker does not provide details about withdrawal on the website. The information in terms and condition is also very limited. Traders are not able to know how to request the withdrawal, what time does it take for the broker to process and confirm the request, how long does it take to receive funds on the bank account. Due to this, one cannot decide if CP Markets withdrawal is acceptable for him or not.
The broker lists multiple payment methods such as credit/debit card, wire transfer, Bitcoin, Tether, Neteller, Skrill, American Express, UnionPay, FasaPay, Perfect Money, and Qube Pay. Using all these payment methods is subject to a commission, and the broker must provide information about the additional fees and times that are required for withdrawals when using these methods. However, CP Markets does not have this information on the website.
CP Markets customer support
When the information about the service and features of the brokerage is so limited on its website, one cannot avoid constant communication with customer support. Unfortunately, it might not be able with CP Markets. Let’s start from basics, the broker does not have a FAQ section at all. In the best case scenario, a trader should not need to visit the FAQ page, and everything should be well explained on the relevant pages of the website. If the information is not fully provided on the webpage it must be given on the page dedicated to frequently asked questions. While making this Coopermarkets.com review I found that the broker lacks both of them.
Another reason for concern is that the broker does not have a live chat, that is the most comfortable way to communicate with the representative of the broker. There are three ways to contact the support team. One can send an email to the support team or send the message from the message form on the website (where you need to provide with your email address), and to call on the number from Saint Vincent and The Grenadines. As you can see, you cannot contact the broker directly and once you send an email or message you need to wait until the broker decides to reply.
CP Markets opinion
CP Markets opinion is non-surprisingly very negative. The only good thing we can say about CP Markets is that the broker has a relatively modern design on its website, and offers to trade on MT4 trading platform. Otherwise, the broker has a very poor quality service, it does not provide necessary information to the traders, has limited trading instruments to offer, and does not provide with any kind of customer. Most importantly, CP Markets is an offshore broker that provides false information about the company and claims to have more experience than it actually has. Based on the information we found out when making CP Markets review we can confidently say that the broker should be avoided at all cost, as it is leading a scam scheme.