August 7, 2020

55CMT Review

Overview:

55CMT is an overseas forex broker that is situated in Saint Vincent and the Grenadines. The broker has a web-based trading platform with expertise in cryptocurrencies. However, no trading accounts and conditions are mentioned on the official website. The problem with this broker is it’s no regulation. In this 55CMT review, we will provide you with a detailed analysis of this broker. Make sure to read it till the very end to know what 55CMT holds.

About 55CMT:

To make our reviews unbiased, we always try to mention the positives and negatives of any broker. Here we will discuss the positives of the broker 55CMT. The provided web-based trading platform gave us a chance to look into the spreads offered by this broker. We saw spreads on BTC/USD at $50 that is low and acceptable according to the market average. The low spread is favourable to traders, and with these low spreads, the cost of trading is lower. Another positive of 55CTM can be it’s provided trading assets. The trading assets include CFDs on a variety of cryptocurrencies, indices, stocks, and fx pairs.

In this part of the review, we will talk about the negatives of 55CMT. The major negative of this broker is its nonregulation. The company called PHHLT Marketing LTD situated on Saint Vincent and the Grenadines manages 55CMT. The broker’s website claims to be regulated by the local Financial Services Authority. However, the domestic financial authority of SVG does not oversee the operations of the brokers. Hence, it is evident that the broker is not regulated, and investments in it possess high scam risk. We remind our readers to deal with regulated brokers only. 

The broker provides some web-based trading platforms instead of MetaTrader. The MetaTrader has many advanced features like EA and auto bots. Many traders also trust it. As mentioned above, the broker refuses to share information on the provided leverages. Generally, a 1:100 leverage level is acceptable. The broker also offers trading bonuses. These bonuses required minimum trading volume trade before eligible for withdrawal. Nevertheless, the minimum withdrawal is capped at $500. The broker 55CMT has a limited number of payment options. These include credit card and bank wire only.

Is 55CMT scam or legit?

The broker is situated on SVG territory that is the hub of many scams broker. The 55CMT is unregulated, with no information on trading conditions. In our view, the broker is a potential Australian scam broker.