CMS Forex Broker Review

Online Forex Broker Rating: ★★★★★★★★☆☆

Year Founded: 1999
Location: London, New York, Tokyo
Average Spread: 2 pips
Minimum Account Size: $25 USD
Leverage: 100:1
Accepts US Clients: Yes
Regulated By: CFTC, FSA
Dealing Desk: Yes

Broker Overview

In 1999, Capital Market Services (CMS) Forex was created by a consortium of software developers, currency traders and experienced brokers. Over the years, it has gained a solid reputation for providing high-quality service, good customer support and a top-notch proprietary software trading platform, called “VT Trader,” licensed by Visual Trading Systems. CMS has major offices in London, New York and Tokyo with Capital Market Services International in Bermuda, Institutional Clients Services out of Boston and additional offices in Saint Petersburg and Shanghai.

CMS serves more than 6,000 clients (individual traders, money managers, corporations, and financial institutions) in more than 165 countries around the world. Its VT Trader software has become very popular. CMS makes opening an account very easy – an online application can be filled out in minutes. No commissions are charged; fees are generated from bid/ask spreads.

Trading Conditions

CMS has a direct dealing desk with phone and online access for its customers. Spreads vary on the 40 currency pairs available for trading, but there is an average spread of 2 pips on the most popular currency pairs -EUR/USD and USD/JPY. The typical leverage is 100:1. CMS permits trailing stops for currency traders. Customers can deposit funds via check, online payment services, credit cards or wire transfers. CMS provides basic Forex currency trading services (translating quotations, documenting positions and charting results) with variable spreads as low as 1.4 pips in a retail Forex trading environment. The signature trading product for CMS is the intuitive, user-friendly “VT Trader.” CMS permits customers to use VT trader on the Web site, downloaded onto a computer (Mac or PC) or as a mobile application. VT Trader is a “top-of-the-line” powerful, flexible and reliable, fully customizable interface with more than 100 technical indicators, charts, and risk management tools. The most sophisticated features include chart pattern recognition, risk management tools and Forex Autopilot.

CMS has the following account types: demo, individual, joint, trust, managed, company and universal (this allows for trading mini and standard lots). Potential customers can use the demo (practice account) to test their currency trading skills without risking any real money. Institutional clients (brokers, professional asset money managers, and banks) are offered another trading platform, “FXTradePort,” alongside the VT Trader. White Labeling and Strategic Partnerships are also offered to these institutional customers.

Education

CMS is tailored to traders from all different experience levels; thus, it has provided a plethora of different educational tools to help customers learn what they need about Forex currency trading. Its Web site includes “Multimedia” and “News & Commentary” sections from world-renowned markets experts that keeps customers aware of the latest market trends. A “Forex Capsule” discusses the week’s most important stories.

The CMS Web site has a list of common Forex trading terms, along with an explanation of basic trading principles for beginners in a document written by a trading expert. Free online “Webinars” offer continued education to customers, as well as, an online Forex course. Advanced coursework includes technical analysis articles and a bibliography of recommended books to read about foreign exchange currency trading. More specific video demonstrations discuss how to use the “VT Trader” software effectively.

Customer Support

CMS provides customer support via phone, chat, e-mail and online for 24 hours during market hours; it is closed on weekends and during holidays. Customers can call 1-866-51-CMSFX begin_of_the_skype_highlighting              1-866-51-CMSFX      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-866-51-CMSFX      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-866-51-CMSFX      end_of_the_skype_highlighting or 1-866-512-6739 for customer service. There is e-mail support at “customersupport@cmsfx.com”. The Web site supports Arabic, Chinese (Cantonese and Mandarin), English, Japanese, Russian and Spanish languages. The company also has staff that provide translation services for customers who speak the following languages – French, German, Italian, Korean, Polish, Portuguese and Chinese (Taiwanese).

Customer reviews have praised the VT Trader software as being very sophisticated with superior charts. But the complexity of the software generally requires higher broadband speeds. A common complaint is that the currency spreads are a bit too high compared to other Forex traders. Some clients expecting immediate customer support responses, have been disappointed, especially during high-intensity news periods. All in all, reviewers believe that CMS is one of the best Forex trading Web sites for new traders.

Safety

CMS is well-known, professional, reliable and reputable. In 2006, “Inc. Magazine,” listed CMS as the fastest growing Forex dealer in America. It is located at the following well-known address:

Empire State Building
350 Fifth Avenue
Suite 6400
New York City, NY 10118

CMS is registered with these government regulatory bodies:

  • Futures Commission Merchant (FCM)
  • Japanese Finanial Services Agency (FSA)
  • National Futures Association (NFA) ID # 0313199
  • United States Commodities Futures Trading Commission (CFTC)