Beware! CmdFunds is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
CmdFunds is your common FX investment scam. We can leave it at that, because all that we have to say about it has been said over and over again in past review. However, we will proceed with the review, because the truth of CmdFunds must be detailed. First of all, we have a website to review that is in no way inspiring or groundbreaking. All it is is a rehash of dozens of other similar fraudulent schemes, and the same can be said of everything else really. Please read the review before doing something that you will definitely regret later on.
We created an account is seconds and were quickly presented with a web trader, a something like a web trade, it really was a very bizarre mix. On it we found out that users can trade with the following categories of assets: cryptocurrencies, forex currency pairs, and stocks. The ones that were missing were commodities and indices.
There was no way to get a hold of any spread value, let alone a EUR/USD cost of trade. The web trader does no indicate any relevant value infarction.
From the website we learn nothing of a leverage cap. Not revealing your leverage is an indication that the broker is not operating very professionally.
The website of CmdFunds is accessible in English and no other language.
CMDFUNDS REGULATION AND SAFETY OF FUNDS
It’s becoming more and more popular for illicit brokers to remain completely and utterly anonymous. Neither the website nor the short legal documents reveal anything about this brokerage. There is no given address, no talk of a real license, no registration. Nothing! CmdFunds is completely off the grid!
And by real license we mean that there is no proof that the brokerage is regulated. It vaguely mentions once that it is the owner of CySEC license, but that ‘s it. Disclaimer: the broker is definitely not licensed by CySEC. It would be ridiculous.
The legal docs also mislead users by stating that the broker is available only to those users whose current jurisdiction allows them to access it. This way of conveying messages is typical for scammer brokers to do. It’s a very common move that serves the purpose of confusing the users.
As a verdict, CmdFunds is completely UNREGULATED and thus a risk to all investors. Moreover, any personal details you might have given its reps van be used against you!
Always go for FCA or CySEC regulated entities when you have the chance. On the other side of the spectrum, never invest in unregulated brokers, for they will take all your money and never return it. License issuers employ an array of rules and restrictions to keep all their brokers docile. Moreover, overseers are capable of penalizing brokers by applying a plethora of different fines. Moreover, some regulators, most notably the FCA and CySEC, offer compensation schemes applicable to users whose regulated brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
CMDFUNDS TRADING SOFTWARE
We present you with the web trader of CmdFunds . Note that “web trader” is far to good a description to give to this odd mess.
Notice the TradingView chart? Because of the presence of this graph, we have to say that this webs trader is in fact two separate softwares with ambiguous end results. The TradingView chart is not to be trusted, while the rest offers no trading options except for buying or selling which isn’t much. Overall, a very disappointing web terminal.
CMDFUNDS DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, the client can invest with credit or debit cards, bank transfers, and a crypto wallet. The minimum deposit is £100.
The sole thing we gathered from the withdrawal area was that withdrawals are processed through a crypto wallet, or a wire transfer, or a credit or debit card. All the rest of the withdrawal information we leave to the website.
According to the terms and conditions, the minimum withdrawal amount that a user can request to withdraw is 250 mBTC, which is currently around $8294. This is unheard of and completely absurd. The T/Cs also state that it takes up to 14 day for a withdrawal to arrive.
A processing fee of mBTC30 ($995) is applied if the user has not traded at least one time his/her deposit amount.
All we have revealed on the review is laughably ludicrous and gives to show just how scammer and unworthy CmdFunds is. Don’t waste your money and time with it!
How does the scam work?
The ironic thing about the scam is that it is very simple to deconstruct.
It all starts with users being persuaded by fake ads that lead to either a scammer broker site or an intermediary website.
Either source will require a phone number or email address by means of which the scammer will contact the user.
The other side of the line will be a representative of the unregulated broker/investment scam asking for a preliminary deposit, one that will open the user up for more investments in the future.
If the client deposits this first sum, then she has fallen into the trap, and will never see her money back.
What follows, is a second wave of much more persuasive scammers whose job is to charm their way through the users’ funds by asking for more deposits. They will promise you huge returns, and probably have proof of the client accumulating profit, but they will never encourage withdrawals.
Once the user wishes to withdraw the reps of the scam will do everything in their power not to allow the user to do so. The excuse/tactics are many: shutting the website, closing down the account, stalling, not answering the client, etc…
It’s only then that you will realize you have fallen victim to an investment scam.
What to do if scammed?
File for a chargeback! Unfortunately, this only applies to cases where a user has deposited via a credit or debit card. Do note that MasterCard and VISA have a chargeback period of 540 days.
If money was invested, and lost, through a wire transfer, then the user should change her user name and password on her bank account. Then the defrauded client should contact the bank and try to find a solution together to the problem.
As for funds lost through cryptocurrency-related deposits, well, they cannot be brought back, unless the scammers themselves decide to.
There remains another threat in the form of the so-called recovery agents who promise to return all lost funds in exchange for a service fee. This commission is, of course, non-refundable, and once it is paid, the user will never hear from these second-hand scammers ever again.