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Is 55 CMT a scam broker?
55CMT is a crypto broker that offers its customers with a wide range of crypto-assets. According to the information provided, the crypto broker operates from St.Vincent & Grenadines. Having reviewed many forex brokers, the location provided is something we’ve seen where many shady brokerage firms operate from. But to know whether 55CMT is one of the shady brokerage firms that you need to be aware of, better read the entire article and decide for yourself.
About 55 CMT
Anyone looking to trade with a trusted broker will first look at its licensing information and the company that owns and operates it. But with 55CMT, we cannot find any information on its license or details about the company that runs it. We can only see a couple of addresses, one in St.Vincent & Grenadines and the other one in the UK.
To check the site’s offerings, we created a test account, and we were immediately taken to the user dashboard. One thing we notice is that there is no email confirmation for account creation. Even an eCommerce website sends you a verification email on account creation and only after you confirm, your new account will become active. But it is not the case with 55CMT as you can just about give any email address and your account will get created.
The user interface is neat and user-friendly with the top panel displaying details about your account, including Equity, M.Margin, Balance, Available, Profit/Loss and Margin Usage. The left panel has links to various other sections of the website including your pending orders, open trades, closed trades etc. There is also a live TV link that provides some live shows as well. The news section brings the latest happenings in the crypto industry and we can see topics being added daily. The Gainers & Losers sections display details about the instruments that are gaining in value along with instruments losing, which gives a quick idea of which instrument to buy and which instrument to sell.
Is 55CMT Legit or Scam?
Without having a proper license and being an unregulated firm, we confirm the safety of people’s money with 55CMT. There is also no information about the company that owns and operates 55CMT, which can pose a lot of questions on the minds of traders. Even though the website comes with a decent looking user interface and provides a wide range of crypto offerings, we always recommend our users to deal with only regulated brokers for their own good.