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CMG

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Operating status: SCAM

Website: https://www.cmgau.com/

Broker violations and abnormal records
  • 2025-02-19 BrokersView has reviewed that CMG is an unregulated broker

    CMG seems to have copied the registration and licensing information of a legitimate broker, Axi, to appear genuine. Our close comparison suggests that CMG only replaced the branding name with their own when copying such information. 

    In addition, while we found a CMG AUSTRALIA PTY LTD on the register of the Australian Securities and Investments Commission (ASIC), a representative authorized by Axi, the appointment was ceased in 2019.

    We suspect this is a case of identity theft. Investors should exercise extreme caution.

    CMG seems to have copied the registration and licensing information of a legitimate broker, Axi, to appear genuine. Our close comparison suggests that CMG only replaced the branding name with their own when copying such information. In addition, while we found a CMG AUSTRALIA PTY LTD on the register of the Australian Securities and Investments Commission (ASIC), a representative authorized by Axi, the appointment was ceased in 2019. We suspect this is a case of identity theft. Investors should exercise extreme caution.

Related Complaints

Q&A

I am wondering whether CMG is a regulated platform or not. Could you review this broker?

Lonwabo
France
2021-11-01
ANSWER CMG (Trading name of AxiTrader Limited) is a registered brokerage in Financial Services Authority St. Vincent and the Grenadines (SVG FSA) that provides retail and institutional Foreign Exchange services to investors trading Forex, CFDs, and other tradable instruments as part of their investment portfolio. However, the SVG FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. For more details about this broker, you can check our full CMG review. We keep on remind the trader to be wary of offshore brokers as they don't provide any funds protection as well as withdrawals guarantee. If you are looking for brokers to deal with, we would recommend brokers regulated by top-tier regulators like FCA, NFA, ASIC, etc.
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3 comments

eisa almasry
I'm having a bad experience with them. I invested with CMG company earlier this year. They assigned to a financial advisor to help me . After three months and by middle of May He had told me that he will transfer my profits by the end of the month.. I still didn't receive anything. I'm trying to contact him for more than six weeks now but I could not find him on any of the contact numbers he had given to me. I start to think that it was just a way to get money from people by promissing them with profits.
2023-06-24
Reply
John
CMGAU is one of tens (possibly hundreds) of brokers operating in Australia, and that's why it makes no sense to choose CMGAU as a broker where you trade before you compare it with competitors.
2023-06-23
Reply
Ellis Carr
Because the broker is regulated by the ASIC, there is a high chance that it is not a scam. With that being said, it still does not mean that CMGAU is the best option, as there are also hundreds of other regulated brokers with similar or even better trading conditions.
2023-06-23
Reply
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