During our CMS review, we have found out the broker doesn’t offer anything special compared to other companies in the industry. The lowest spread available is 0.9 pips however the typical spread for EUR/USD for example is 2.1 pips, which is pretty high average. You have a choice of 50 currency pairs. The order types bring flexibility and risk management with limit orders, stop loss orders and other effective position presets to minimize the possible losses.
The maximum leverage is quite low compared to other forex brokers reviews. The best you can get is 50:1 on major currency pairs and only 20:1 on exotics.
The accounts can be opened in the following currencies: USD, EUR, AUD, NZD, CAD, GBP, CHF, JPY.
CMS Forex claims not to charge any commissions, however there might be fund withdrawal fees applied.
CMS might not accept traders from sanctioned countries or territories listed by U.S. Treasure Office of Foreign Assets Control.
All the client funds are held by Forex.com segregated accounts, protected by Financial Services Compensation Scheme (FSCS).
The minimum deposit amount I $250 or other currency equivalent. The minimum deposit to trade standard lots is $2,500.
The available payment options are very scarce with just Credit Cards and Wire Transfer options. There is a withdrawal fee for wire transfer of $15.
CMS Forex offers advanced Forex trading platform, VT Trader™ 2.0, with comprehensive charting options and intuitive interface. Below you can review all the features of the platform:
Chart Based Trading allows you to trade directly from the charts. You can visually see your positions, set stop/loss and other limits to minimize the risks and drop to change pending orders. At the same time, you can follow the technical analysis and control your strategies.
Customizable interface allows you to arrange the tabs, charts, and windows the way you want it to.
110+ Technical Indicators makes it easy to analyze the market and make rational decisions.
The 12 Minute Orientation to VT Trader 2.0 gives you 12-minute free educational video to get you up and running with the platform.
The most popular platform still is MetaTrader 4, with automated trading abilities, expert advisors and many other professional features, such as:
Expert Advisors (EAs) – open or close positions, drag or drop the stop and limit orders, zoom in or out to view overall trends. EAs are fantastic way to trade with the right tools.
Ability to Backtest – CMS Forex allows you to backtest your strategies and find the best options for your trading style.
The broker brings a set of online courses to help the newbies to get familiar with trading. Among the available lessons you can find topics related to the basics of forex and analysis of the market.
Customer support team is reachable via email, online and phone. Account related questions can be addressed directly to Forex.com, while platform related questions should be sent to Visual Trading System
The headquarters of the broker is in Empire State Building, 350 Fifth Avenue, Suite 6400, New York, NY 10118. The broker also operates in London and Saint Petersburg.