CMARKETCAP: Customer reviews on the company’s performance in 2023.
Do not risk: caution when choosing a broker
Many beginners dream of earning money in the financial markets, but only a few succeed. More often than not, inexperienced traders encounter financial scammers, losing significant amounts of money in the process. This discourages many from further engaging in trading and risking their capital. One of such scammers is MARKET BY CMARKETCAP. Our review will reveal why you should be wary of this company by providing key facts and real user reviews.
What you need to know about this broker
MARKET BY CMARKETCAP is presented with a multitude of inconsistencies in its backstory. The main page claims the following statistics:
- 110 thousand open accounts,
- 385 thousand daily trades,
- $50 million daily trade turnover.
It is claimed that these impressive results were achieved by the brokerage organization in 11 years of existence. However, checking the registration date of the cmarketcap.com domain in 2019, we found that this does not align with their backstory. Furthermore, the web archive indicates that in November 2021, the site was put up for sale.
Apparently, scammers bought the platform cheaply and repurposed it for their own agenda. The latest update to the website is dated at the end of 2022, which likely corresponds to the start of MARKET BY CMARKETCAP’s operations. It is not surprising that the first reviews appeared in January 2023.
The only contact information available is an address in London (which turned out to be fake). Their only communication channels are email and a feedback form. These scammers could use them to obtain users’ personal data for subsequent resale on the dark web.
Evidence in the legal field
MARKET BY CMARKETCAP claims to be registered in London but does not provide any supporting documents. There is no record of such an organization in the Companies House registry.
They also claim to be licensed by:
- Cyprus Securities and Exchange Commission,
- Financial Services Commission of Mauritius,
- Financial Sector Conduct Authority (FSCA).
However, upon verification, we discovered that the company is providing services illegally. Users in their reviews note that regulatory bodies do not want to help combat this fake company when financial problems arise.
Russian-speaking users (from the Russian Federation, Kazakhstan, Belarus) also need to be cautious. MARKET BY CMARKETCAP promotes its services in the CIS countries but does not have the necessary licenses to do so. It is absent from the list of licensees of local regulators because it was launched only at the end of December last year.
Trading opportunities and bait
MARKET BY CMARKETCAP uses a demo account with 10,000 virtual dollars as bait. Users note that during training, they are only shown profitable trades, which encourages them to move on to real trading. Considering that scammers have control over the terminal, falsifying quotes is easy for them.
There are several tariff plans with various features on the platform:
- 150+ instruments (Forex currencies, stocks, metals, indices, cryptocurrencies, commodities),
- minimum deposit – $1,000,
- leverage – from 1:5 to 1:20,
- instant trade execution,
- some account types offer trading in metals, cryptocurrencies, PAMM services, insurance, and no swap.
We could not find information on available payment methods, payout schedules, and commissions. Users note that the platform is solely designed to attract capital.
Reviews: user opinions
We have gathered the opinions of real users about MARKET BY CMARKETCAP. Not a single positive review was found! Investors recount that they lost significant sums due to fraud on this platform and had to seek legal assistance.
Fraud scheme
MARKET BY CMARKETCAP sets a high entry threshold, which may deter novices. However, cunning scammers pre-process each potential victim before separating them from their money. By simulating successful trades on the demo account, they persuade users that with the support of professionals, anyone can earn.
Tempted by success, the user deposits from $1,000 (the minimum amount) and soon discovers that they cannot access their account. The scammers claim that suspicious activity has been detected and a lockout is imminent – a firm decision. However, there will be no money returned.
Appealing to regulators is futile. The scammers have no license and therefore have nothing to lose. They will continue to operate until MARKET BY CMARKETCAP is blacklisted and blocked by Roskomnadzor.
In conclusion
If you have registered and deposited money on the MARKET BY CMARKETCAP platform, be prepared to lose your funds. This is a fraudulent company aimed at deceiving those who invest money. Collaborating with them will bring no benefit but will entail a high risk of losing your capital. Losses could amount to no less than $1,000. Scammers will do everything possible to steal as much money as they can. Be vigilant and warn others to avoid contact with this suspicious broker!