A CNMV Warning: Beware of Unregulated FX Brokers and CMX Markets

　　CMX Markets is an unauthorized broker based in the Republic of Moldova. The website claims to be an ECN/STP broker, giving traders a diverse selection of trading assets such as FX pairs and CFDs. It lists its benefits: top technology, first-rate customer service, worldwide market financial instruments, and attractive promotions. Looking at the general idea, the platform seems appealing. However, it just attempts to deceive investors into believing it is legitimate, while in reality, all of these criteria are symptoms of a scam.

　　What about its licensing and regulation？

　　One of the most significant considerations in regulation when dealing with any sort of Forex. It should be remembered that CMX Markets is not governed by any financial regulatory body.

　　CMX Markets claims to be regulated and controlled by the National Bank of Moldova, as well as by BC Moldova Agroindbank SA.

　　However, according to the information we have, Moldova lacks the power to grant Forex trading licenses or control Forex activity.

　　CNMV has issued a warning.

　　Furthermore, we discover a warning record from the Spanish financial regulator, CNMV.

　　On the CNMV last year, a warning record equaled CMX Markets. The watchdog informed the public in the update that the business is not approved by it and is targeting individuals in Spain.

　　How secure are your investments with CMX Markets？

　　The first step in protecting yourself against unscrupulous internet brokers is to do extensive due diligence on the firms and entities to whom you want to transmit payments. In all likelihood, you should consider its payment options as well as its withdrawal terms.

　　The site provides no information on the deposit or withdrawal methods accepted by CMX Markets. You can just see the names of payment options, with no information regarding fees, currency rates, or terms and conditions.

　　All legitimate forex brokers accept credit cards, debit cards, and other online payment methods and will provide detailed information on these options. That is, it looks like CMX Markets is not a reliable broker.

　　How can you avoid registering with an unlicensed broker？

　　Forex trading has become one of the most unconventional methods to generate money, and it has become even more popular since the epidemic. Many people are now putting their money at risk to try their luck at making more money via forex trading. As a result, many brokers are now operating in the forex market, either with or without a license or as unregulated brokers.

　　A trustworthy software for providing broker information has been developed, with the primary purpose of guiding consumers in their search for the finest broker to invest with. The WikiFX App lists over 38,000 brokers, both legal and unregistered. They have been working diligently with 30 financial authorities to put an end to the illicit operations of a certain Forex broker.

　　Investing with a certified broker is the most secure approach to protecting your money. A licensed broker is authorized to do business in the forex market and is overseen by regulatory agencies. As a result, searching for the correct broker to invest with requires first examining their regulatory status, and it must be registered.

　　Based on the evidence shown above, we can infer that CMX Markets is a hoax. If you are unsure how to locate a licensed broker, you may use our website to look for broker information.

　　Stay tuned for more scam news.

　　Download the WikiFX App from the App Store or on Google Play Store.