Overall Rating:
Charting:
User-friendliness:
Platform Reliability:
Platform Functionality:
Customer support:
Withdrawal processing:

CMS Forex is rated by many as one of the leading Forex brokers. The brokerage firm was founded in 1999 by professional forex traders, software developers, and forex brokers. The firm strives to offer quality execution, competitive services, and dependable customer support to its clientele.

Based out of New York, CMS Forex and its affiliates have offices in London, Boston, Tokyo, Bermuda, Saint, Petersburg, and Shanghai. The firm intends to serve both the retail and institutional segment of the Forex community. It also provides the option of opening a free practice account so that new and hesitant users can experience the Forex market risk-free with VT Trader^TM 2.0.

CMS Forex is a registered Futures Commission Merchant, a Forex Dealer Member of the NFA (National Futures Association) and is registered with the CFTC (Commodities Futures Trading Commission), which is an agency of the United States government. CMS Forex has always been a strong proponent of Forex industry regulation and is a registered Futures Commission Merchant (FCM) and a Forex Dealer Member (FDM) of the National Futures Association (NFA) (Member ID: 0313199). CMS Forex is also registered with the Commodity Futures Trading Commission (CFTC) an agency of the U.S. government and the Financial Services Agency (FSA) of Japan, two prominent regulatory bodies.

The Forex firm offers Universal (trade mini and standard lots from same account) accounts and the minimum account size is $200 with spreads of 2 pips for EUR/USD and USD/JPY pairs. Investors can make use of the sophisticated and user-friendly trading software offered provided by the firm, which is known as VT Trader^TM. It offers customer support (24 Hrs Sun. 5:15pm - Fri. 4pm EDT) and the office is closed on weekends and on Christmas and New Years Day.

Pros:

1. Good chart system
2. High leverage
3. Hedge without additional margin
4. Great customer service
5. Fast wire transfers
6. Variable spreads as low as 1.4 pips
7. Real-time trade execution
8. Ability to trade micro lots
9. Low minimum deposit
10. Over 100 Technical Indicators
11. Access to Fundamental Analysis tools
12. Rollover interest
13. Up to 100:1 leverage
14. Quality customer service
15. Forex education
16. Market-maker
17. No commissions or fees on trades
18. Automatic close out upon insufficient margin
19. Futures trading via QST platform (fees apply)

Cons:

1. Weak server
2. No close stop/limit from current price
3. No proxy friendly software

ACCOUNTS

Micro Account

1. Initial deposits of between $25 and $499
2. Trade micro-lots of 1,000 units of the base currency.
3. Good for beginners.

Universal Standard Account

1. Initial deposits greater than $500
2. Lot sizes of 10K and 100K.

Demo Account

1. Free of charge
2. Full access to VT Trader Platform.
3. Practice trading before committing funds.

Leverage:

1. Maximum 100 to 1 for major currency pairs.
2. Maximum 25 to 1 for minor currency pairs.
3. Lower maximum margin requirements possible.

Current Bonuses:

1. Referral bonus of $50 to $2,000.
2. Sign-up bonus of $50 to $2,000.

Trading Hours

From 5:15 p.m. EST on Sunday until 4 p.m. EST on Friday.

Order Types

* Market orders
* Conditional orders
* Entry stop and entry limit orders

Withdrawals

* Online withdrawal forms require a username and password.
* Paper withdrawal forms can be sent by fax or e-mail.
* Withdrawal options do not include sending funds to credit card account.
* Withdraw funds by:

1. Check (U.S. and Canadian residents only)
2. Wire transfer ($25-$30 fee applies)
3. Withdrawal to a BPS account ($15 fee)

Platform

VT Trader Trading Platform offers commendable support through customizable interface, custom indicator support, risk management tools, custom market alerts, and forex Autopilot for automated trading.

Customer Support

The forex broker provides 24-hour multilingual customer support during forex trading hours from Sunday at 5:15pm to Friday at 4pm EDT via a U.S. Toll Free number, live chat, and e-mail.

Security of Funds

CMS Forex emphasizes on high security and all deposits are held with highly reputable financial institutions.

Regulatory Compliance

CMS Forex is registered as a Futures Commission Merchant or FCM and a Forex Dealer Member (FDM) of the National Futures Association or NFA with Member ID number 0313199. It is also registered with the Commodities Futures Trading Commission or CFTC in the United States and the Financial Services Agency (FSA) of Japan.

Auditing

Three annual audits for the company - one by an independent financial auditor, one by an independent auditor responsible for overseeing Anti Money Laundering procedures, and one by the NFA.

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