Trading on the foreign exchange market, which is also known as the forex market, has become more popular than ever. Whether you’ve been trading on the forex market for some time – or would like to start doing so – one of the first decisions you’ll have to make is which forex broker to use. There are many different options, and selecting an experienced and reputable broker is vital. In this review, we will take a closer look at one of the most well-known forex brokers today: Capital Market Services, LLC – or CMS Forex.
About CMS Forex
When it was founded back in 1999, CMS Forex was a rather humble operation. The combined efforts of a group of software developers, currency trade brokers and professional traders, CMS Forex was built from the ground up. Slowly but steadily, it began to build up its reputation in the industry and began growing by leaps and bounds over the following ten years. Today, CMS Forex is recognized as one of the most reputable forex traders in the world; its main headquarters are located in the Empire State Building in New York City, New York, and much of its reputation revolves around its signature trading software, VT Trader.
In addition to its New York headquarters, CMS Forex has several branches that span the globe, allowing it to better serve the private, retail and institutional clients that it has developed around the world during the more than ten years that it’s been in business. CMS Forex’s locations include CMS Forex UK in London, CMS Forex Japan in Tokyo, Capital Market Services International in Bermuda and additional locations in Boston, Saint Petersburg and Shanghai.
CMS Forex is registered with the:
- National Futures Association (NFA)
- Futures Commission Merchant (FCM)
- Financial Services Agency (FSA) of Japan
- Commodities Futures Trading Commission (CFTC) of the United States
Contact Information At A Glance
Should you choose to do business with CMS Forex, you’ll want to keep all of its relevant contact information handy in case issues, concerns or questions arise. The basics are as follows:
- Toll-Free Phone Number: 1 (866) 51-CMSFX or 1 (866) 512-6739
- Local Phone Number: 1 (212) 563-2100
- Fax Number: 1 (212) 563-4994
- Direct Dealing Desk: 1 (212) 563-6454 or 1 (212) 563-5151
- Email Support: firstname.lastname@example.org
- Online Support/Live Chat: www.cmsfx.com/en/about-cms/contact-us
Vital Trading Information About CMS Forex
CMS Forex’s operations revolve around its signature trading software, which is known as VT Trader. VT Trader is a user friendly and intuitive program that allows beginners and more experienced forex traders alike to get involved with ease. The software can be downloaded from the CMS Forex website, and is available as a mobile app as well. With a customizable interface, chart-based trading, a bevy of risk management tools, custom alerts, 100+ technical indicators and many other key features, CMS Forex’s VT Trader trading software simplifies the experience of successfully trading on the foreign exchange market.
There are many other important things to know about trading on the forex market with CMS Forex. These points are highlighted below for your convenience.
Minimum Deposit Amounts
At $25, CMS Forex’s minimum deposit amount for opening an account is competitively low. This greatly reduces the uncertainty that many people have about getting involved in foreign exchange trading and makes the forex market accessible to a much larger range of people.
The process of opening up an account with CMS Forex is streamlined and easy. An online application form can be filled out and submitted in minutes; from there, it generally takes a short period of time to get approved. Upon approval, you will receive an email from CMS Forex customer support which will prompt you to complete the process.
Like many other large, reputable forex brokers, CMS Forex allows interested persons to open up a demo or practice account. The only difference between using a practice account and a real account with CMS Forex is that with a practice account, you aren’t trading with real capital. Instead, you can learn the ropes of the VT Trader software and familiarize yourself with CMS Forex without any risk whatsoever. Links on the main website allow you to sign up for a practice account.
CMS Forex boasts a topnotch dealing desk that always works with customers’ best interests at heart. For instance, should the market move against you, the CMS Forex dealing desk will often execute your order at your original price. With phone-based and online accessibility, the CMS Forex dealing desk can meet the needs of virtually any foreign exchange market trader, creating a more robust and strategic experience.
Leverage limits vary from forex broker to forex broker. In the case of CMS Forex, a leverage limit of 100 to 1 is used. For example, in order to take on a $200,000 contract or lot, a minimum margin of $2,000 is necessary. For major currency pairs – like USD/JPY and EUR/USD – a 1% margin is used for a maximum leverage of 100:1; for minor currency pairs – like USD/HKD and ZAR/JPY – a 4% margin is used for a maximum leverage of 25:1.
CMS Forex offers trailing stops to its traders as a part of its suite of risk management tools.
No commissions are charged by CMS Forex. Instead, it makes much of its revenues from Bid/Ask spreads. For the most popular currency pairs – USD/JPY and EUR/USD – CMS Forex offers 2 Pip fixed spreads. Fixed spreads are also used for other popular currency pairs; for instance, USD/CHF has a 5 Pip fixed spread, while NZD/USD has a 4 Pip fixed spread.
Variable spreads are available on non-major currency pairs. EUR/CHF, for example, has spreads as low as three.
The Bottom Line
The conventional wisdom seems to be that CMS Forex is a reputable and reliable forex broker. Some rumblings that this broker trades against its customers are largely overshadowed by the glowing and positive reviews that can be found online. For its easy-to-use software, topnotch customer support and trader-friendly features, CMS Forex is one of the best foreign exchange brokers around.