CMG is a trading name of AxiTrader Limited, which is incorporated in St Vincent and the Grenadines. This means that this company is not licensed and regulated by any major financial authority and you should be careful if you are about to work with it.
CMG offers for online trading CFDs on currency pairs, metals (gold and silver), WTI and Brent oil, and 11 global indices. The minimum initial deposit required to open a live CMG account is USD250.
The company provides its services through the MetaTrader 4 (MT4) terminal. MetaTrader 4 is one of the most regarded trading platforms over the world. It is suitable for all types of traders. MetaTrader 4 offers a user-friendly interface with the latest technical analysis tools and the possibility of automated trading through expert advisers (EAs). The terminal can be downloaded for PC and MAC machines, or you can run it on a web browser. You can download the mobile application on AppStore or Google Play.
CMG offers a variety of deposit methods such as bank transfer, credit or debit card, Neteller, Skrill and UnionPay.
OMG offers various types of partnership programs, including the ability to be an affiliate, introducing broker (IB), white-label agent, or to obtain market liquidity through the Financial Information Exchange (FIX) protocol, which is a messaging standard designed especially for the real-time electronic exchange of global trading transactions.
The FAQ section on the website shows that CMG uses a Straight Through Processing (STP) model of order fulfillment. That means that all client orders are passed through the company liquidity providers and they become the counterparty to the customer’s trade. The same section explains that during higher market volatility a requote may occur. That means you will be offered a new price quote and you must accept it to place the trade. However, the Product Disclosure Statement document reveals that OMG can also act as a market maker, which may result in a conflict between the interest of CMG and those of its clients. In addition, the company states that stop loss orders are not guaranteed and the execution price may be different than the one you set initially. Moreover, keep in mind that OMG does not provide negative balance protection. The document warns that your losses are not limited and may be far greater than any money deposited. In that case, you will be liable to pay a far greater sum than your initial investment, with losses being higher than all the funds you have deposited.
In conclusion, CMG is a typical unregulated offshore company. No matter what the trading conditions are, you will have a relationship with a market maker that does not offer negative balance protection. In addition, your money is not protected by any compensation fund. Therefore, it may not be possible to withdraw money from this brokerage firm. We recommend finding another firm that is strictly regulated.