Forex trading in South Africa is becoming more widespread than ever, with several Forex brokers competing for your attention. CM Trading is a South African Forex broker and offer a lot of benefits to South African traders. The company has been around since 2012 and many of South Africans are using it. Let’s look at CM Trading in a bit more detail.
History of CM Trading
CM Trading was founded by South African traders and combines years of experience to create a one-stop destination for online trading. As an online Forex broker, CM Trading specialises in Forex, Index, and Commodity trading. CM Trading is the largest Forex broker in South Africa. GCMT SA who own and run the brand CM Trading is a Juristic representative of Blackstone Futures who are fully regulated by the Financial Services Board (FSB). Funds are held in segregated accounts to ensure maximum security and peace of mind.
Is CM Trading Regulated in South Africa?
Headquartered in Johannesburg, South Africa, with an operating satellite office in Victoria, Mahe, Seychelles, CM Trading is in fact one of the few South African brokerage firms.
South Africa abide to strict regulatory guidelines from the UK and Europe. The Financial Services Board (FSB) has authorised CM Trading under FAIS License Number 38782. With CMTrading being regulated in South Africa, it means that your deposits are safe and accounts a segregated similar to that of Tier-1 banks and all major forex brokers. All your personal and transaction data are encrypted, using the latest in SSL technology. This makes CM Trading a very safe choice for South African Forex traders.
Among the few disadvantages, the minimum deposit requirement for CMTrading is $250 (R3200 to R3700) equivalent (at the time of writing) This may be an issue with traders who can’t afford to start trading with more equity.
Exclusive 20% Bonus is offered for all new client registrations.
Methods of Payment
Deposit methods follow the industry standard with credit/debit cards, bank wire transfers, CashU, and Skrill (Moneybookers). Withdrawal requests are all handled quickly. CM Trading issues its own prepaid debitcards to its clients.
Opening an account is easy and you have several options available. There are 4 types of accounts you can choose from:
- Mini: $200 to $999
- Standard: $1000 to $4,999
- Executive: $5,000 to $24,999
- Gold: $25,000+
CM Trading Demo Account
A demo account is available where you’ll be able to try out all the major features. However, the higher your deposits the more benefits you will be able to access, and better spreads too. If your deposit is over $500 you’re also going to receive a MasterCard prepaid card can use for purchases and instant withdrawals.
Deposits and Withdrawals
Withdrawal is easy and is processed in 24 hours, and if you use the MasterCard they gave you it’s going to be even quicker. CM Trading accepts several options including all major debit and credit cards as well as bank transfers, Skrill and CashU. Provided all the details you provided are correct and up to date, withdrawal will be quick.
A frequent complaint with some Forex brokers is they make it easy for you to deposit money but make it very hard to withdraw your money. With CM Trading, withdrawing your takes only 24 hours or 3 days at most.
CM Trading provides a vast array of options and charting tools for forex traders. There are tools, guides and resources for beginners, and advanced users will also find several charts and utilities to enhance trading.
Apart from the essential forex tools, CM Trading also provides resources for other money markets, indexes, stocks and commodities. Regardless whether you opt for forex or other financial instruments, CM Trading will provide the latest news and updates so you’ll be able to plan your trades accordingly.
If you’re new to Forex trading in South Africa, CM Trading provides a lot of resources to help you out. You can also avail of one on one training and the free demo.
CM Trading provides support for MetaTrader 4 and Sirix, two of the most widely platforms for Forex trading. Compatibility won’t be a concern either since you access this on any device that runs on the Internet.
Apart from MetaTrader 4, CM Trading also has CopyKat for social and mirror trading, and it also comes with a Guardian Angel which will notify you of any events that will affect the South African Forex market or other money markets.
While CM Trading comes with a lot of features, the way they’re been arranged here makes it easy to figure which is which. Especially useful is its Flexi Analysis as it places all the trade signals and analysis in one location.
If you are wondering whether to use MT4 or Sirix, the choice is up to you. A lot of South African forex traders are familiar with MT4, so if you’re in that category feel free to use that platform. But if you don’t want too to download MT4 and you’re always on the move, Sirix is the better option.
Regardless of the platform you choose you won’t be lacking in options as the supported platforms are well designed and keeps you updated on the latest developments. Forex traders will be updated on the latest trends and signals so you can be guided accordingly in your trades.
CM Trading provides customer support regardless which account you open. You can send them an email, call them or avail of avail of live chat. You can also get in touch with their bilingual assistants and ask for assistance during weekdays. CM Trading also has several international phone lines you can contact.
Apart from the customer support, CM Trading also provides a lot of help via its resources and educational materials. Even if you are new to Forex trading, the materials on the site provide the necessary information so you will know exactly what you are getting into.
Security and Safety
CM Trading provides the strictest security for your deposit. Client accounts are segregated for safety, and it uses SSL encryption technology to keep your financial transactions and personal data secure.
It is understandable for a first-time Forex trader to be apprehensive when it comes to depositing money and putting it into an account on the web. But as we have shown here, CM Trading only uses the highest form of 256 SSL security to prevent hacking and ensure your privacy is protected.
Leverage and Spread
The leverage options are pretty good (200:1 depending on what account you’ll open). The 50:1 leverage is available for CFDs, giving you a lot of options when it comes to trading. For Standard and Mini deposits, the spread for the top pairs are 2 to 3 pips.
That is in line with the typical spread on other online Forex brokers, but the Executive and Gold accounts entitle you to a 1 pip discount. As mentioned above, the leverage for the Mini account is 400:1 and 200:1 for the other accounts.
- South African Regulated Broker (FSB)
- Very Easy to Sign-Up
- Withdraw your Profits Quickly!
- High-End Security is a Major Plus!
- Support for MetaTrader 4 – The go-to fx platform.
- Website design is a little confusing
- Spreads are average
Forex Trading in South Africa is growing at a rapid rate, and the number of people that have profited from it have increased significantly. It is not surprising therefore demand for quality forex brokers has jumped up. We’re happy to report that CM Trading lives up to the expectations and does what it should. Currency trading in South Africa is easier with CM Trading because it provides all the essential features and more.