CRM Trade is a forex scam website established in Australia on October 23, 2006. It primarily offers forex, commodity, stock CFDs, and index CFD investment trading services to investors. The company is headquartered in Burswood, Australia, with a branch in Moscow, Russia. The official website of this broker is https://crmtrade.online/, and it supports both English and Russian languages. CRM Trade does not operate in several countries, including Australia, Bonaire, East Timor, Guinea-Bissau, Canada, Curacao, Liberia, Micronesia, Saipan, Northern Mariana Islands, Saint Eustatius, the United States, Tahiti, Turkey, Svalbard, and Jan Mayen Islands. There are also restrictions in place in countries like South Sudan and Japan.
Background and Regulatory Status:
According to information publicly available on its website, CRM Trade is a subsidiary of PSB PTY LTD and Promsvyazbank. The broker was registered with ASIC on November 23, 2006, and with the Russian Federation on July 11, 2016. Its ASIC registration number is 1223222221, and it holds a financial license number 045-14023-020000 issued by the Central Bank of the Russian Federation. Additionally, the company is a member of the International Capital Markets Association (ICMA) and the International Swaps and Derivatives Association (ISDA). With the support of its international partner PSB PTY LTD, CRM Trade became the eighth company to receive central bank permission to engage in off-exchange activities in the Russian Federation and foreign exchange markets. According to the new Foreign Exchange Law, CRMTrade, LLC joined the Forex Association-Trading on May 15, 2017.
However, after verifying the information, it was found that the entity associated with the Russian financial license number 045-14023-020000 is PSB-Forex LLC, which obtained the license on April 7, 2017, but it was revoked on December 22, 2020. Moreover, the company's claim of being a subsidiary of PSB PTY LTD does not align with the available information. PSB PTY LTD, registered with ASIC on October 23, 2006, does not hold a financial license from ASIC and is not under its regulation. There is also no information regarding PSB PTY LTD in the membership lists of the International Capital Markets Association (ICMA) and the International Swaps and Derivatives Association (ISDA). CRM Trade LTD, as claimed by the broker, cannot be found in these organizations either. The broker's privacy policy document on its website mentions its entity as ACCESS CAPITAL MARKETS LIMITED.
Market Instruments:
CRM Trade offers trading in various instruments, including:
Forex: Involves buying and selling currencies from different countries in the global forex market.
Commodity CFDs: Commodity markets are significant drivers of the global economy and represent a highly volatile asset class. Traders can use CFDs to diversify their portfolios.
Stock CFDs: Investors can trade CFDs on stocks of different companies through CRM Trade. This allows them to go long or short on stock prices without owning the actual shares.
Index CFDs: Indices are used to measure the performance of a specific industry or a collection of stocks from well-known and widely recognized companies.
Account Types:
CRM Trade offers three different account types:
- Test Account: Primarily for forex trading, with a minimum deposit of $150, starting from 3 pips spread, a minimum trading lot of 0.01, and a maximum leverage of up to 1:100 for forex. Maximum leverage for commodities is 1:50, and for stocks, it is 1:20. It also includes services like a customer manager, platform introduction, and basic financial market analysis.
- Minimal Account: Offers over 75 assets for investment, with a minimum deposit of $1500, starting from 3 pips spread, a minimum trading lot of 0.01, and a maximum leverage of up to 1:500 for forex. Maximum leverage for commodities is 1:50, and for stocks, it is 1:20. Additional services include a 24/5 dedicated customer manager, technical and fundamental analysis, one-on-one courses, and risk management.
- Standard Account: Provides access to all asset classes, with a minimum deposit requirement of $5000, starting from 0.7 pips spread, a minimum trading lot of 0.1, and a maximum leverage of up to 1:50 for forex. Maximum leverage for commodities is 1:25, and for stocks, it is 1:10. It includes services like a 24/5 dedicated customer manager, all basic and standard account benefits, advanced customer manager, daily market briefings, and expert private webinars.
- Progressive Account: Offers access to all asset classes, with a minimum deposit requirement of $25,000, floating spreads, a minimum trading lot of 0.1, a maximum leverage of up to 1:10 for forex, maximum leverage of 1:5 for commodities, and 1:2 for stocks. It also includes priority service, all basic, standard, and PRO account benefits, market experts, one-on-one market education, one-on-one risk assessment and management, and up to 70% insurance.
Trading Platform:
The broker provides its own web-based trading platform for user convenience.
Customer Support:
Users can contact the broker via phone at +442885459001 or email at SUPPORT@CRMTrade.ORG. For further assistance or inquiries, investors can use the "Contact Us" option on the broker's official website.
In Summary:
CRM Trade is a low-tier forex trading scam website that impersonates multiple companies. Traderknows advises investors to steer clear of this platform and choose reputable, regulated platforms for trading to avoid financial losses. Currently, this broker is marked as a "Ponzi scheme" on Traderknows.
