Read our CMG Markets review carefully to see why we do NOT recommend this broker. Just to clear doubts, this is a cmgmarkets.co review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So CMG Markets is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
| Regulatory Body | Status |
|---|---|
| FCA (UK) | No record of authorization |
| ASIC (AU) | No record |
| CySEC (EU) | No record |
| SEC / CFTC (US) | No record |
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about CMG Markets in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
CMG Markets Review Conclusions
Making the CMG Markets review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our CMG Markets review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
This is a scam company. I invested USD4000 and got amazing profits. When my profits reached USD1200 I requested to withdraw USD1000 and was transferred to someone from their accounts who told me that I have to pay 15% being Agent fees and tax. Since I was about to get more than I was paying, and was happy with the profits I paid. As soon as I paid, CMGMarkets.io blocked my access to my account and Broker and Finance all have been ignoring me. I have been scammed by these evil thieves. They provide fake documents to make you believe they are legitimate and claim they are regulated by the FCA.
Do not show my email. For verification of documents they have my ID and passport and a fake compliance department
CMGMarkets.io need to be stopped.
This is a scam company. They are duing fraud with peopels. On 5 September, i received call from elvis christ and he convinaced me for deposit 500$ and start with it.
After our discussion on 5 September i deposited 500$ in my account that time he told me i can start trading with 500$ and you will trade using MT4 software.
That time he told me after making a deposit our financial analyst will call you and guide you to attach your account with MT4 software and he will take care of everything. After believing his words I had made a deposit in my account.
Then on 2nd day I had received a call from your financial analyst and he said you can’t start trading with 500$ . It’s a very small account.
You have to start at least with 2000$ but after this we will do manual trade for you..he said if you want to use robot trading using MT4 then you need to deposit
5000$ after long discussion with a financial analyst i analise Mr elvis christ misguide me just for his commission and now financial analyst telling me different thing and he is not agree to start work on it.
After that i decide to withdrawal of my orignal money. i put the request for widthdrwal but request is still pending. now no one is replying me on email and not whatsapp. This is fake company and just make money from peoples they are not doing Good.
CMGMarkets.io need to be stopped.
This is a scam company
This is a scam company. They are duing fraud with peopels. On 5 September, i received call from elvis christ and he convinaced me for deposit 500$ and start with it.
After our discussion on 5 September i deposited 500$ in my account that time he told me i can start trading with 500$ and you will trade using MT4 software.
That time he told me after making a deposit our financial analyst will call you and guide you to attach your account with MT4 software and he will take care of
everything. After believing his words I had made a deposit in my account.
Then on 2nd day I had received a call from your financial analyst and he said you can’t start trading with 500$ . It’s a very small account.
You have to start at least with 2000$ but after this we will do manual trade for you..he said if you want to use robot trading using MT4 then you need to deposit
5000$ after long discussion with a financial analyst i analise Mr elvis christ misguide me just for his commission and now financial analyst telling me
different thing and he is not agree to start work on it.
After that i decide to withdrawal of my orignal money. i put the request for widthdrwal but request is still pending. now no one is replying me on email and not
whatsapp. This is fake company and just make money from peoples they are not doing Good.
CMGMarkets.io need to be stopped.
CMG MARKETS, IS A BIG SCAM COMPANY,
Frank Dore
I deposited €250 with CMG Markets on the16/09/2020 and a week later deposited another €1000 for a total investment of 1250. They try from the outset to get you to deposit more money and I am afraid I fell for it. Trading went well from the start and in the past week it has grown to €15088.77 if you believe what you see on the screens. I have requested withdrawal of €250 on the 01/10/2020 and it never happened, in fact my request was cancelled. Again on the 18/10/2020, I put in a request to withdraw €1000 and the same result not processed but cancelled. I have requested a further withdrawal on the 30/10/2020 of €1876.06 and it is currently showing pending. I have been contacted by assigned trader and informs that I can’t withdraw that amount and I would have to liquidate the whole lot and pay tax and broker fees. In order to proceed with this total withdrawal, I would first have to send them fees due and then they would release my funds. I questioned him on this and I stated that nowhere on their webpage is this scenario documented. I will not be sending any fees to them because it is another attempt in taking more of ones money. This company I firmly believe is a scam company and I would strongly advise any other potential investors to stay well clear of them. I would also lay some blame with Facebook for allowing scammers to promote and advertise what they offer. with the aim of getting them to invest.
This is a Scam company , please watch out people.. they tend to be kind at the start and teach you all techniques and plans.. they will keep pushing you to invest and get more money in. want to check yourself that they are a scam , call back any number they give you , they are all online numbers and not real. let them share there company CR , they will not.. try a video call , they will never do and all names are fake.. please be careful we already lost good investment and never been able to withdraw and now they blocked our accounts.. ask for legal documents and ID cards and check them out , all fake. they even sent us fake proof of funds from HSBC .. please take care and stay safe..
https://www.fca.org.uk/
Go to the website and make sure to check out the background of this trading company before putting your fund into the risk, they are scammers who will steal all your fund. Things are too good to be true. So Watch out…
This is a Scam company
By Aug 2020, I have received a call from one of marketing company which doing marketing for CMG Markets. They have promised me with good investment with just depositing $250. Within 7 trading day there is profit with 12% ($30) with 0% drawdown and all trades closed in profits. After 10 days my Account Manager (Mohd Al Hashemi) advised me to deposit more for higher profits, I have deposited $739.43 by Bitcoin. After 1 month from starting the account I tried to ask for withdrawal $251.47 to me Bitcoin wallet, the transfer was succeeded within 1 week (too late but fine)
By that time, my capital was only $737.96, and within 1st week of Dec 2020 my profits reached $6202.04 (850%). Then I have received a call from their Risk and Support Risk Management Room (Mr. Yousif & Mr. Mohd Salah) telling that they are going to closing all clients accounts for Auditing purposes and all client shall withdraw their funds with profits.
I have made withdrawal request for total equity $6,940 and has been accepted by the same day. Then they telling the money has been transferred to HSBC bank and I have received and email for the same bank with real domain [email protected] with a letter head “Proof of Funds” and later the bank called me asking for Tax payment 20% of the amount. I refused and Risk Room said they will help me to cover this issue but I have to pay only 10% for administration fees. I transferred them part of the fees amount by Bitcoin with only $547 and they will complete the remaining from their side which will be deducted from my total funds later.
When I submitted the $547, this amount went to my trading account, I was surprised why it came to the trading account which the account supposed to be closed?!! I told them and they said it is a staff mistake and I shall deposit another $250 and they will refund the all amounts back to me.
I transferred the $250 to them by Bitcoin which came again to my trading account!! I was so angry, and they said, let’s try to receive the amount by your Credit Card. We started transferring the amount over call, I gave them my card number with CCV and the received OTP, they deduct $1,000 and it came to my account again. They said let’s try again, then they deduct $500 went to my account. Then another staff call me he said let’s do it correctly and they deduct $250 and went again to my account for the third time
I told them, no more money that is enough. They send me withdrawal form to fill with all deposited funds and I have filled, signed, then submitted
Total Capital DEPOSITS:
$250.00 Credit Card
$739.43 Bitcoin
$546.95 Bitcoin
$1,000.00 Credit Card
$500.00 Credit Card
$250.00 Credit Card
(=$3,286.38)
Total Capital Withdrawals:
-$251.47 Bitcoin
(My total loss is 3,286.38 – $251.47 = “$3,034.91”)
Today is Friday 18/12/2020 they closed their offices and promised to continue my refund by next week.
Actually, I’m planning to contact my back to refund/chargeback my Credit Card deposits and considering this actions are “Fraud”
27/11/2020, 4:49 pm – ME: Ok will i be able to withdraw the profit monthly?
27/11/2020, 4:49 pm – Sarah ROBINSON (CMG MARKETS) : First you have to understand that we work as a Hedge Funds. First of all your account is always open to withdrawals, BUT we work on plan. Every 4 weeks or Quarter . Withdrawals are recommended when the balance is already huge or after agreed prior time. which allows us to reach our target and goals without interaction and reduced equity. In the first 4 weeks of active trading we withdraw 10% if needed. We are an investment firm and this means long term investment and high returns
Right now we are working on contract meaning that we are guaranteeing you a base return with a possibility to yield more return on investments. Due to this we advice a quarterly target with a 5% liquidation of profit every 4 weeks, until target point is achieved at the end of the quarter .
Hey DUDes,
YOU WILL NEVER GET YOUR INVESTMENT FUND BACK BECAUSE THEY ARE THE SCAMMER.
CHECK THEM OUT
https://www.fca.org.uk/
THEY ARE BLACK LISTED!!
This is a scame company.
we deposite with my husband 6600 euros, for three months, i was withdraw the money for christmas and don t get it.
I was full that i didn t see this before.
I am very angry, because i am onkoligie pacient and we did try get some a little bit of money.
Crooks… They issued me a document for payment of $13,000. I have to pay $500 myself… After the payment, I find out that the document is a fake. I haven’t heard from anyone since… I can’t even log in at my expense.
CMG MARKETS, IS A BIG SCAM COMPANY,
This is a scam company They are duing fraud with peopels
They provide fake documents to make you believe they are legitimate and claim they are regulated by the FCA even they using MT4 software.
This is a scam company. I invested muy money from 26.07.2020 and untel new I paid USD 26400 my balance now USD 302653 AND I CANT GOT USD 1 FROM THIS BALANCE
I requested to withdraw and they told me that I have to deposit my credit line Cash because its not deductible from the account balance after I pay it
after I py the credit they delay the process for too long with the intention of not refunding my money
other one take my account file and call me and told me that before withdrowing I have to deposit first 7% Cash as tax because its not deductible from the account balance after I pay it
after I py the tax they delay the process Again for too long with the intention of not refunding my money
other one takefrom finance dept. call me and told me that before withdrowing I have to deposit first another USD 500 Cash as BANK TRANSFER FEES COZ its not deductible from the account balance.
after I pay usd 500 they delay the process Again for too long with the intention of not refunding my money
some one call me and told me that he call me from HSBC BANK and told me that there is prolem in transfer to my bank account and I have two option (1- pay another USD 3000 OR create Blockchain Account to transfer the mony through
after I open Blockchain account and buying BETCOIN to activate it and send to them the acc information
after I pay and activate the account they delay the process Again for too long with the intention of not refunding my money
Since I was about to get more than I was paying, and was happy with the profits I paid.all have been ignoring and block me
Scam company. We all have to send our histories to the responsible Police cyber criminal department in London to be arrested all involved. If you know corresponding address please send on this site.
This area is fully covered by criminal as the Broker’s companies and after that as companies who offer you to to charge back. Everyone who request money from you in advance is scammer also.
hello,
i was tricked also. but where or how can i report and recovere at least my money. could you please help with some information?
My name is Harun. I had been scammed by
Paul Anderson of CMG Markets amounting
MYR5000 withdrawal fees and USD7950/.
deposit + profits..I tried to call him and sent
email but both line had been cancelled.
In the beginning everything went smoothly.
He even sent me the withdrawal form and The statement on ny profits. But never new he is a crook. I sent several email to his colleuges but all the email did not get through. I hope you can help me to recover
my money. Thank you.