CMSFX – A Quick Review

While not the most popular of all, this broker definitely provides an excellent platform for you to trade foreign currencies. Despite its competitors outshining it in several aspects, this broker has reasonable requirements and, in exchange, gives you reasonably fair trading conditions. That, plus a few little extras here and there, completes quite a well-rounded and balanced offering from this broker.

Opening an account and setting up shop with this broker is quick and straightforward. Beginners and traders who just want to dip into the trading waters before wading in can try a Demo account first to get a feel of it. You can continue using this trial account even after you've begun live trading on the market with this broker. And while the minimum initial deposit of US$200 for the standard account is relatively high, it still falls within the normal range. You'll feel that this higher than usual requirement is somewhat justified when you consider the comprehensive package that this broker offers.

Although this broker skipped out on using the immensely popular Meta Trader 4 trading platform, it uses a substitute that's similarly manageable and easy to use. It gives a fair amount of data and information that, when used with all the trading tools available, can be a big help when it comes to deciding on a position.

Other notable traits of this broker include spreads that are about average for this business, as well as diverse trading options. Aside from just foreign currencies, you could also try your hand at buying and selling futures with this broker.

Basic Program Features:

Demo Trading: Yes; no time limits or expiration dates Rating:

Initial Investment: At least US$200 for Mini and regular accounts; the two are very similar, except that the latter offers you much more control over your finances and your transactions Rating:

Deposit/Withdrawal Options: Bank to bank transfer, credit card, PayPal or Broker Payment Services (BPS); available options vary depending on location and nationality of user Rating:

Spread: Ranges from 2 pips to 5 pips for major currency pairs Rating:

Leverage: Varies; maximum of 1:400 Rating:

Stop Point: No broker-defined guaranteed stop point. Users, however, can contact the broker directly and define a stop point for their individual accounts.

Interest: Varies

Regulation: Under the regulation of the United States Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) Rating:

User Tools

Customer/Technical Support: Customer support available 24/7 on a range of communication channels

Literature and Learning Materials: Advanced trading techniques from other financial analysts are available. Guides to trading foreign currency as well as a basic training course may also be accessed through the broker's website

Range of Tradable Currencies: 19 currency pairs; various futures are also available for trade with this broker

Language Support: Full support for 7 major languages

Freebies and Bonuses: Up to US$750 outright bonus; actual bonus amount awarded will vary depending on amount deposited into you account

Software Platform: VT Trader is can be downloaded from the broker's website; compatible with all machines running Windows XP or Windows Vista

User-Friendliness Rating:

VT Trader (the trading platform used by this broker) has all the functionality you'd need to do just about any kind of trading activity. At the same time, it packages all that punch into a neat package that's easy on the eyes and simple to navigate.

On top of that, it also includes extras like analysis and informational tools that give you little tidbits of information about positions and situations. They might seem very minor, but these are actually very crucial, especially when a big decision must be made right away. The platform definitely isn't the best by any means, but it sure does the job you need it to do – and fairly well at that.

Advantages

Regulation is easily one of the largest advantages that this broker has over many of its competitors. Even though there are other regulated brokers out there, few of them are connected to such names as the CFTC or NFA, two very big US-based financial bodies. This is a very comforting fact because the broker isn't likely to do shady deals or – even worse – disappear completely with your money in its pockets.

Analysis tools are one feature that's often overlooked, but this broker manages to offer it as part of the package as well. It gives a sufficiently wide range of tools to help you look at and consider a position, so you don't always have to keep guessing at what choice would be best in a particular situation. And for added practice in trading, there's even an option to trade in very small amounts after you play around with the Demo account. You won't be making any rash decisions with this broker.

In terms of platform, spread and leverage, this broker falls once more into the range of average. Many other competing brokers, however, would have had a shortcoming in at least one of those factors. What's good about this broker is that it's very well-rounded: it doesn't particularly shine in one area, but it manages to cover so many bases that it ends up offering a better package than the competition.

Disadvantages

It's been mentioned quite often that this broker is average – perhaps a little too much so. When you consider that you'll need at least US$200 to begin trading with this broker without any special or premium feature, it's enough to give you second thoughts about working with this broker. Other than that, though, you'll be hard-pressed to find significant disadvantages with this broker.

More advanced traders might not react to well to how this broker is always so average. It would come as no surprised if some veteran traders would rather sign up for a broker that would offer them even more competitive spreads or better leverages in lieu of things like analysis tools or help guides in trading.

Overall Rating: 4.5/5

Important Reminder: Please note that brokers are likely to change their trading platforms, programs, software and offers on a regular basis and without prior notice. As such, the platform version and program you eventually use may differ greatly from the one that we reviewed. Please check with the broker before signing up with any program to determine any inaccuracies in this review.