CMS Forex Review
Capital Market Services (CMS) Home Page
What’s The Attraction?
I’ll admit that the very first thing about CMS that had me hooked was the ability to trade automatically. The platform utilized by CMS allows the user to create their own buy and sell signals along with their own custom indicators and have the software automatically trade their system according to the system’s rules. But, it’s not easy, and we think that while CMS has taken a step in the right direction, it could be some time before this platform is user-friendly.
Live & Demo Differences
As with other platforms we found no difference between the demo and live accounts.
What We Liked About CMS:
Several things I liked about CMS included the payment of interest on mini positions!
I also liked the live Reuters data feed for their news service - this is a major plus when trading as some large moves made in the forex market are due to unexpected news events, and the best way to find out what has happened is to look at live news (even if they are just headings).
The charting package by CMS is also very good allowing many different time frames, indicators, and even the ability to download the data.
Another benefit of CMS is the ability to have accounts denominated in other currencies besides USD, these include: AUD, NZD, EUR, JPY, GBP, CAD & CHF and the minimum balances
needed for each currency are extremely low (~300).
What We Didn’t Like About CMS:
Unfortunately the trading system aspect to the platform has a lot to be desired, however, learning how to write code isn’t too difficult (similar to MetaStock in a way).
Due to the fact that their platform is fairly intensive it is prone to bugs and fixes, therefore every month it seems CMS update their platform. So be sure to log onto the platform early on Monday’s in case they have conducted some upgrades over the weekend.
While learning how to write the code needed to programme your ideas isn’t too difficult be prepared to spend about a month learning it if you’ve never programmed before in your life. It isn’t impossible, just tedious.
In summary then…
CMS PROS:
- Excellent news & charting platforms
- Can trade a system automatically (if you can programme it)
- Accounts can be denominated in any major currency
- 100:1 leverage
- Customer support good
- Interest payable on positions held after 5pm NY EST (no matter what the size of the position!)
CMS CONS:
- The system development aspect of the platform needs further work, before I would allow the platform software to automatically trade my funds
- As they are constantly updating their platform expect more downtimes than any other provider
CMS Rating
CMS is definitely heading in the right direction. While they might take a few more months (possibly years) to get to where they would like to be I’d keep an eye on them and possibly even open an account.
If you would like to add a comment about CMS just click the “Leave a Comment” below
Tags: Forex Broker, CMS Forex
April 27th, 2006 at 9:43 am
I have traded with CMS since 2003 and started trading really seriously late in 2005. For the first time it really mattered what happened to the account because I started trading with larger positions than small mini amounts I previously traded with and so nasty little bugs previously overlooked because when i was trading negligible little dollar amounts were suddenly large problems because mistakes cost large amounts of money.
If it is possible to judge a platform by the support of the people behind the trading platform then CMS is a complete and dismall failure, in fact, CMS is a seriously dangerous failure.
Almost immediatgely after depositing a real investment sized amount of money to begin trading in earnest during late 2005 I experienced a chronic string of failures to execute orders, stops and limits properly and soon after an upgrade of their systems early in April a sudden string of connection failures occurred at precisely the same time that market volatility would pick up.
This problem went on for 2 solid weeks and their chat site operators refused to acknowledge that they even had a problem and finally, after losing large sums of capital directly as a result of 20 connection failures in the space of only 15 minutes which left me unable to enter stops and do the usual things one would do during a volatile trading session, I was forced to attempt speaking to them telephonically.
Well, what a mistake, they made it absolutely obvious that they did not appreciate being approached with problems by their clients and instead of resolving the issues, they did everything they possibly could to get rid of me.
I have worn the losses and withdrew my remaining funds and transferred to a Swiss bank where the platform is not as good, but the service is really proffessional.
Advice: if you’re trading with real money, stay away from CMS, you WILL experience problems and CMS staff will NOT help you.
I have reported the issues to NFA and CFTC and was told that I am not the first person to complain.
CMS is a great platform if you’re trading phoney greenbacks as a hobby or to kill boredom, but if you’re trading real money - STAY AWAY!
May 25th, 2006 at 9:19 pm
Indeed CMS sucks.. I Have recently tested the platform and noticed anomolies in the formation of candles.. I called CMS and got passed from one desk to another.. Not one of them good clear english. To be located in N.Y. N.Y. I did not expect every employee to have a 3rd world accent??
Curious. Also I have experienced many connection losses with a dedicated high speed connection with 2 other platforms running at the same time to verify connectivity! Trader be Wary until CMS get’s on the ball.
June 9th, 2006 at 2:25 pm
I noticed in your comments you said CMS are you speaking of CMC?
June 11th, 2006 at 6:21 pm
Hi Annette!
Everyone here is referring to CMS not CMC.
June 21st, 2006 at 10:09 am
UPDATE:
An official from CFTC got back to me yesterday with a few queries and he also gave me some answers to a few of my own questions.
Seems there have been a string of complaints about CMS to all the regulating bodies. I also found out that CMS is definitely USA registered but it is not run by good old fashioned home grown staff, instead, most of the staff are either rag heads or workers from ex commie eastern european countries. They don’t seem to like Americans much at CMS, so if you don’t mind being treated like an eastern european peasant with no first world rights, and if you don’t mind investing your money in a company which has NO interest in providing a proper service, then CMS is definitely the right place to throw your money away.
I am amazed that this company even has a licence to trade on USA soil, especially since the Swiss company which I have been using since April is so efficient and well organised in comparison. I hate the idea of having to invest through a foreign dealer because I can’t find a local firm able to provide the professional service you need to safeguard your investments. Very scary.
Just beware of CMS, use the platform as a demo or as a tool for charting, but if you invest real money and ever need to query anything you will be treated VERY rudely, VERY unprofessionally and your account will suddenly experience continuous strings of connection problems, especially when volatility rises, so be warned.
July 13th, 2006 at 7:14 pm
I have been trading thru CMS since Oct ‘05.
I don’t want to move as I am a BIG fan of their charting software - especially the ability to download price history. However I have found the platform too unstable to trade unattended.
I have even had a position closed that I had not even entered - by the time I got thru to cust support (live person), and they “looked into it” the market had moved about 20-30 points against me.
They would not re-instate my position at the price they closed it at, but did ‘generously’ offer to get me back in at the current market price!
As I had several hedged positions open at the time, and couldn’t figure out exactly which hedge had been lifted in the heat of the moment, I just told them I would eat my loss and close my other leg.
The hedging ability is a feature I use all the time - I just need to start locking in profits rather than loses!
I have yet to find charting software I like better than VTTrader, I just wish it was more stable. It has got so unstable recently that I have all my positions locked in hedges and I am on the sidelines while looking at alternatives. I like Oanda for stability and their spreads, but their charts are so limited.
July 14th, 2006 at 12:03 pm
After testing 12+ broker demos, I thought I had made up my mind to go with CMS because of the uniquely designed platform and trading system implimentation. That is until I decided to look up reviews…
I have to thank everyone here for the invaluable heads up on what sounds like horrible customer service, and some severe execution/connection problems.
Thanks!
August 8th, 2006 at 1:09 pm
After testing their Demo software for a while, I called them and inquired if their trading server is more stable than the demo, as I had continious connection problems. They assured me that their trading servers are “rock solid”. So I opened a trading account.
Big mistake! Their trading servers are actually worse! Absolutely useless in fast markets! The software will misteriously lock up, and I cannot access my accounts. I lost a ton of money because of it (I do think what I am doing, I trade for a living). I called them and they admitted that they had a problem, but nothing more can be done.
On 08 Aug, 5 minutes before the FOMC meeting decision, I had a stop loss in cable at 1.9085. All of a sudden, there was a spike to, you guessed it 1.9085 and I was taken out. I have 2 other systems here, Metatrader and Oanda, neither one showing this spike! I bet they are manipulating quotes, as they are either before or after (by about 2 seconds) everyone else.
I will report this to the NFA and CFTC.
September 8th, 2006 at 6:45 pm
Beg to differ!!! I have traded live accounts with other brokers and CMS is way more stable than others in fast markets. They have just about the best charting and execution software and they give you the hedging and autotrade option. BTW they also pay intrest on opened positions.
It is true that The software can be buggy for autotrading so I have not done autotrading on live accounts. As far as the conection dropping it has only happened very few times and I keep my software running non-stop all week. They might not be perfect but you get the most bang for your spread at CMS.
September 20th, 2006 at 2:09 pm
I beg to differ with you Charles. Either you or your mommy must work for CMS.
I trade for a living and have extensive experience with CMS. I’ve also read more than a hundred reviews at various web sites regarding CMS, their platform, and their poor customer service. You stated that, “CMS is way more stable than others in fast markets.” I have never, ever, ever read where anyone has made the erroneous claim that the CMS platform is stable. You should be ashamed of yourself for lying to innocent people. That is clearly a false and ludicrous claim. The CMS platform is one of the most unstable platforms in the industry. Anyone wishing to verify this simply needs to open a cash account and watch their money disappear.
I too traded the demo account at CMS before opening a regular cash account. I did have numerous connection problems. Customer service assured me that their live accounts server was far more robust, reliable, and had the most reliable connection in the industry. I took their word for it and proceeded to open a cash or live account. My connection problems actually increased. My live account connection was even worse than with my demo account. I lost a lot of money because I was unable to manage my accounts properly. I would not recommend anyone do business with CMS. They will not admit problems with their system. They will not try to help you if you’ve experienced difficulty with their platform. And they do not care to hear from customers experiencing difficulties with their platform.
The CMS staff or platform will relentlessly disconnect customers from their accounts at critical times; therefore, making it difficult if not impossible to manage your money properly. I’ve been disconnected as many as 25 times in a half hour.
As far as comments regarding all the foreigners working at CMS; I’m for immigrants moving to America to live and work, but CMS does have many foreign employees who do not speak English well or communicate in a professional manner. I have personally experienced difficulty communicating with their trading desk. Just yesterday I could hardly understand a man from India who was working at their trading desk. He could not even tell me his name in a legible manner. Eventually he transferred me to a qualified employee.
March 29th, 2007 at 8:09 pm
now i am confused about all this comments. i t is soo difficult just to find honest forex broker.
August 3rd, 2007 at 1:24 am
When you call them, if you do not have a person’s name to contact, you end up in a general mailbox and have to wait for a return call. There is no option to contact the dealing desk. How can a trader put up with such poor service. I love the charting. I have had 32 charts running simultaneously in 8 monitors. Terrific set of indicators and trading systems.
August 4th, 2007 at 11:30 am
[…] And they have constant connection loss and poor customer service. Read the user comment here: Currency Secrets Blog Archive CMS Forex Review CMS Reviews | CMS Ratings | Forex Trading Broker So i highly recommend doing research before […]
August 25th, 2007 at 7:13 am
I have read the reviews on this site with some considerable relief.
I hope many more people are forewarned about CMS BEFORE they lose all their money.
On August 23rd 2007 a few of my clients were trading on CMS when the JPY tanked in a spectacular spike in the GBP/JPY. Every client of mine who trades with CMS (against my strongest objections) was caught with a suspicious “technical fault” which lasted 9 hours, exactly the amount of time for the spike to retrace back to the price it was at when the CMS platform dived. Each client actually telephoned the CMS dealing desk to close their positions, they were all assured that their positions would be closed BUT - you guessed it, when the platform came back up they were all wiped out.
Not a single one of my clients was able to raise a single staff member of CMS to sort the problems out, and, eventually, when their chief dealer was finally traced (ext 633 name: Richard Kichenama) he seemed to think there was “nothing extraordinary about the entire fiasco and declined to refund one red cent!
If you trade CMS and survived the “technical fault” on August 23rd you are LUCKY, but, I can confidently tell you that sooner or later CMS will scam you too - it’s inevitable and it WILL happen.
Don’t be fooled by their pretty graphs and flashy websites, these guys are SERIOUS confidence tricksters straight out of the Moscow ganglands. I dare ANYBODY to tell me about a single GOOD experience with these guys.
Thanks Roger Martins and David and others above for the fabulous warning to many other clients of mine who closed their CMS accounts and took my advice to trade at more reputable firms - just in time too because EVERYONE who was still trading with CMS on Aug 23rd is now completely wiped out of their funds.
CMS sucks BIG TIME!! If you don’t believe me, I’ll wait for your turn to arrive and then we can compare notes and see who was defrauded out of the most money.
B Howard
PS can somebody please convince CMS to sue me, I’d love the chance to rip into those Commie bastards.
October 27th, 2007 at 7:31 am
WTF im just pissed off how do u find the truth about opening up an account i wonder what kind of bonus u get if you work for such and such forex broker u turn in all the bs about how good its been trading w/ the firm u work for all just bs im pissed i love trading but who the hell do u trust out here confussed
November 27th, 2007 at 3:29 am
With all the negative reviews for this platform. Does anyone have any suggestions for a better platform?
December 27th, 2007 at 11:58 am
I can verify all the negative points that is said about CMS.
I also signed up a live trading account only to experience the stop-hunting spike up to the exact price point and the server disconnections despite the assurance that the live server is very stable before I opened the account.
I had naively bought their excuses and sent money a second time only to lose them all again with the same things happening.
It’s no longer a question of whether CMS is a scam or not. The question is, what are they doing in the US and why are they still operating, and why isn’t anybody taking them down hard? They are using the US name to give themselves credibility and everybody’s just feeding these criminals with their own money and letting them grow bigger and more powerful.
January 21st, 2008 at 2:30 am
Another issue is that CMS in its history was likely to do changes in the trading rules, without prior notifications of the clients. Surely they had some reasons for that, but when you are in the middle of the trade - this can make you problems.
March 4th, 2008 at 7:01 am
Yeah well, I *unfortunately* can confirm everyone’s horrible experience with CMS; particularly with platform and Richard Kichenama.
I wish I had read this previous to opening an account and referring all my clients to them.
We’re all going back to Oanda where no such problems exist and the customer service is impeccable.
March 14th, 2008 at 2:17 pm
I have traded with CMS for nearly a year now. I agree there is multiple disconnects, even when not busy with news. But I haven’t been able to test whether my wireless connection is lost or it is their software. I do suspect their platform however. I have had one good thing with them. I had a trade close on me and when I called to see what was up,(indeed a foreign speaking man) put me back into a profitable trade. I don’t know what to do, cause as a few have mentioned before, I have read bad reviews on every trade firm I investigate. Who can tell me which one has zero?
March 22nd, 2008 at 11:44 am
I would like to thank everyone for your reviews. I have a demo account with CMS and a beginning trader and have been debating whether I should open an account with CMS and now I am positive I will not open an account with CMS.
April 12th, 2008 at 9:33 pm
TO Roger Martins
I find it very amusing you speak of losing money. Only because you are obviously a racist and in my eyes deserve it. Here are a few facts for you. America has the most forex brokers so why cant you find a good service if americans are so much better than rag heads as you call them or eastern europeans??? I think it is your in-ability to trade that is the big issue. That shows in your posts thru your personality!!!! Few more facts. America has more obese people than any other country. America has more mentally ill people than any other country. America also has more cancer and nuclear weapons than any other country. So go figure you are the fatest, most unstable mentally challenged cancer ridden nation ever known to man and someone thought it was sensible to put you in charge of nuclear weapons???? What gives you the right to put down people from other nations when statistically your nation has so many problems??? Also a slight observation but last time I looked at a map switzerland was eastern european???? You complain but your still with a broker that is in the east of europe. LOL
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July 27th, 2008 at 3:07 am
Wow. I was just filling out the new acct app online because I really like the platform and in the app the spreads that they were asking me to accept were all 1 pip larger than what I saw on the site. So I closed the app and started looking around again and here you are. Did I almost step into it or what.
So where can I find a broker with a comperable platform and fair win/win relationship with traders. A little kindness would be nice as well?
Is anyone happy with their broker? I saw some Swiss brokers but the acct open was a little steep with wide spreads. Any referals?
Thanks for the warnings!!!
August 4th, 2008 at 8:51 am
Hello. I think you are eactly thinking like Sukrat. I really loved the post.
August 6th, 2008 at 8:39 am
Basically the same here, TJ. I opened an account today but have not funded it yet. Yikes! But I love the platform. Could they really be that bad?
August 10th, 2008 at 10:48 pm
I opened a live account with CMS and experienced all the “connection lost” problem during peak hour. I funded my account more than 5 times.
Eventually lost all of my hard eaned money because of connection lost problem.
Initially, I thought connection problem happened because I was connected from Malaysia, but now it is clear now.
Thanks.
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