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The WikiFX Score of this broker is reduced because of too many complaints!

CME GROUP

China|1-2 years|
Suspicious Scope of Business|High potential risk|

https://www.cmemaxclub.com/

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https://www.cmemaxclub.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Company Name

CME GROUP

Abbreviation

CME GROUP

Platform registered country and region

China

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-07-14
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 12 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

CME GROUP · WikiFX Survey

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Unable to Withdraw

CME Group sent an email saying

CME Group sent an email saying they had shut down the affiliate platform. I invested over 1 million RMB in the affiliate platform and made all payments as requested by the agent. Now I find out they cheated me and took my money. The platform is no longer authorized to continue trading. I just hope CME can help all of us who have been scammed. CME. I just want my money back!

2024-05-08 08:28
Unable to Withdraw

The person chatted with me on ig, and then we become more and more familiar. He said that he felt that I worked hard and did not make a lot of money

The person chatted with me on ig, and then we become more and more familiar. He said that he felt that I worked hard and did not make a lot of money, so he took me to invest in gold. At the beginning, the amount was small. And later he asked me how about buying more so that the profit would be more. That's why I invested more money, and the person put his funds into my ace. So I don't doubt him. He taught me to buy USTD from merchants on Binance. Then contact customer service to deposit funds to CME and then make a transaction. Withdrawal is the same way. In the previous few times, I did sometimes get money. Later, I think that if I keep the funds, I will earn more in the next transaction. I have accumulated a certain amount of funds so far, so I want to withdraw them. As a result, the customer service could not be contacted, and the loss was about 2222 US dollars. It's just the principal.

2023-07-31 11:25
Unable to Withdraw

https://coinme-y.com/dist/#/ This website requires a deposit to withdraw

This platform was introduced by a Malaysian friend to trade together. When my assets reached 500,000 US dollars, I was notified that my account had money laundering concerns and I needed to pay a 10% deposit of 500,000 assets before withdrawing. The deadline is 8/10. I can still trade although I haven’t paid, but I can’t withdraw. My principal is 120,000 US dollars plus that friend’s deposit of 200,000. Now that person says that he is bankrupt and can’t find it!

2023-08-16 13:04
Unable to Withdraw

Fake CME website, investment cannot be withdrawn

I met a self-proclaimed Malaysian overseas Chinese on IG, and we had a great conversation. During the chat, he kept mentioning ways to make money every day, and told me not to tell others, saying that most people have a hatred of the rich. After being encouraged to invest together, I participated in receiving benefits for newcomers, and later said that I would help them reach the threshold for benefits for newcomers. Later, it started to happen that he was unable to successfully deposit money and was blocked. He asked me to find a solution together. He started asking me to use my credit card for cash, house mortgage, and credit loan, and even taught me to embezzle public funds. Taught me how to convert money into USTD and transfer it to a fake account on their CME website. A total of NT$3.3 million was transferred out. Later, I received benefits for newbies, but I couldn’t withdraw the money. I knew the chance of getting the money back was slim. It’s been a month. , there is no way to call the police for help, but I still see that the IG account (damkp58) continues to deceive others, and I hope no one will be fooled again.

2023-11-03 22:55

    CME GROUP · Company Summary

    CME GROUP Basic Information
    Company Name CME GROUP
    Founded 2023
    Headquarters China
    Regulations Not regulated
    Tradable Assets Energy Metals, Currency, Foreign Currency, Precious Metals
    Account Types Standard Account, Firm Account
    Minimum Deposit $50 (Standard Account)
    Maximum Leverage Not specified
    Spreads Not specified
    Commission Not specified
    Deposit Methods Bank Card, Digital Addresses (Cryptocurrency)
    Trading Platforms Not specified
    Customer Support Live chat (Real-time support)
    Education Resources Not specified
    Bonus Offerings None

    Overview of CME GROUP

    CME GROUP, founded in 2023 and headquartered in China, is a relatively new player in the brokerage industry. However, it operates as an unregulated broker, which raises certain concerns about its legitimacy and transparency. As an unregulated entity, CME GROUP is not subject to oversight by recognized financial regulatory authorities, leaving traders without the typical safeguards offered by regulated brokers.

    CME GROUP offers a range of tradable assets, including energy metals, cryptocurrencies, foreign currencies, and precious metals. While this diversity in assets can be appealing to traders, the lack of specific information regarding maximum leverage, spreads, commissions, deposit methods, trading platforms, educational resources, and bonus offerings makes it challenging for potential clients to assess the broker's suitability for their needs.

    Traders considering CME GROUP should exercise caution and thoroughly research the broker's terms, conditions, and reputation, given the absence of regulatory oversight. Additionally, it's essential to weigh the potential benefits of the offered assets against the risks associated with trading with an unregulated broker like CME GROUP.

    basic-info

    Is CME GROUP Legit?

    CME GROUP is not regulated by any recognized financial regulatory authority. As an unregulated broker, it operates without oversight from regulatory bodies that are responsible for ensuring compliance with industry standards and protecting the interests of traders. This lack of regulation raises concerns about the safety and security of funds, as well as the transparency of the broker's business practices.

    Trading with an unregulated broker like CME GROUP carries inherent risks. Without regulatory supervision, there may be limited avenues for dispute resolution, and traders may face challenges in seeking recourse in case of any issues or disputes. Additionally, unregulated brokers may not be subject to stringent financial and operational standards, potentially leading to inadequate client fund protection and unfair trading practices.

    regulation

    Pros and Cons

    CME GROUP has both advantages and disadvantages. On the positive side, it offers a wide range of tradable assets, including energy metals, cryptocurrencies, foreign currencies, and precious metals. The accessibility of a standard account with a low minimum deposit of $50 is also a plus. However, the biggest drawback is the lack of regulation, which raises concerns about fund safety and transparency. Moreover, there's limited information available on important aspects like maximum leverage, spreads, commissions, deposit methods, trading platforms, educational resources, and bonuses. CME GROUP also offers only two types of accounts, which may not suit all traders' needs. In summary, while it has some appealing features, its unregulated status and lack of transparency may deter potential traders.

    Pros Cons
    1. Diverse Range of Tradable Assets 1. Lack of Regulation
    2. Accessibility with Low Minimum Deposit 2. Incomplete Information
    3. Limited Account Types

    Trading Instruments

    CME Group offers a wide variety of trading instruments in different asset classes:

    Energy Metals: This category includes contracts for commodities like palladium (PA), crude oil (CL), heating oil (HO), e-mini crude oil (QM), gasoline (RB), natural gas (NG), and potentially a New England electricity market load index (NEPLAO).

    Currency: CME Group provides cryptocurrency pairs such as ADA/USDT, QTUM/USDT, VET/USDT, XRPUSD/USDT, and more, allowing traders to speculate on cryptocurrency exchange rates.

    Foreign Currency: Futures contracts on major global currencies like AUDCAD, USDCHF, EURJPY, GBPJPY, and others are available for currency traders.

    Precious Metals: This category includes contracts for precious metals like gold (AU), platinum (AP), silver (AG), palladium (PD), and others, traded in various locations, including Hong Kong and Taiwan.

    products

    Here is a comparison table of trading instruments offered by different brokers:

    Broker Forex Metals Crypto CFD Indices Stock ETF
    CME Group Yes Yes Yes No No No No
    RoboForex Yes Yes Yes Yes Yes Yes Yes
    IC Markets Yes Yes Yes Yes Yes Yes No
    Exness Yes Yes Yes Yes Yes Yes No

    Account Types

    CME Group offers two main types of trading accounts:

    Standard Account: This account type is accessible with a low initial deposit requirement of at least $50. Deposits are processed quickly, and withdrawals typically take one working day.

    Firm Account: This account is used for mock trading or practice. It allows users to simulate trading without using real money, making it ideal for learning and improving trading skills.

    How to Open an Account

    To open an account with CME GROUP, follow these steps.

    1. Visit the CME GROUP website. Look for the “Login/Register” button on the homepage and click on it.

      open-account
    2. Sign up on websites registration page with your email or mobile number

      open-account
    3. Log in

    4. Proceed to deposit funds to your account

    5. Download the platform and start trading

    Leverage

    CME Group primarily operates as a derivatives exchange, and it doesn't directly offer leverage to traders in the same way that some retail forex or cryptocurrency brokers might. The leverage for trading on CME Group's exchanges is typically determined by the specific futures or options contracts being traded.

    Leverage in futures and options trading on CME Group usually varies depending on the contract and can be quite different from the leverage offered in the retail trading world. It's essential for traders to understand the specific terms and margin requirements for the particular contracts they are trading on CME Group's platforms.

    Here is a comparison table of maximum leverage offered by different brokers:

    Spreads and Commissions

    Spreads: CME Group offers various futures and options contracts on commodities, financial instruments, and other assets. The spreads in these contracts represent the difference between the buying (bid) and selling (ask) prices. The size of the spread can vary significantly depending on the specific contract and market conditions. Generally, more liquid contracts tend to have narrower spreads, while less liquid ones may have wider spreads. Traders should pay attention to the spread when entering and exiting positions, as it affects their overall trading costs.

    Commissions: In addition to spreads, traders on CME Group may also incur commission fees. These fees are typically charged on a per-contract basis and can vary depending on factors such as the type of contract, trading volume, and the trader's membership status on the exchange. Active traders and members of the exchange may receive discounts on commission fees, making it more cost-effective for high-frequency or large-volume trading.

    It's important to note that the specific spreads and commission rates can change over time, so traders should check the most up-to-date information on the CME Group website or contact their customer support for the latest details on trading costs and fees. Additionally, different brokerage firms may offer their own pricing structures and commission rates when trading CME Group products, so traders should also consider their choice of broker when evaluating overall trading costs.

    Deposit & Withdraw MethodsDeposit Methods:

    - Bank Card: Deposits can be made using a bank card. The funds from deposits made through this method are usually credited to the trading account within 1 minute. A minimum initial deposit of $100 is required, and subsequent single deposits must be $1,000 or more.

    - Digital Addresses: Digital addresses, likely referring to cryptocurrency addresses, may also be used for deposits, although the details of this method are not provided on the website.

    Withdrawal Methods:

    - Bank Card: To withdraw funds, users can click on the “Withdraw” option in the personal center of the official website. Before the first withdrawal, users are required to provide a photo of their ID card and withdrawal bank card for identity verification.

    - Withdrawal Fees: Under normal circumstances, withdrawal procedures are free of charge. However, the platform charges fees for withdrawals in specific situations, such as for withdrawals less than $100, withdrawals less than 50% of the top-up amount, and multiple withdrawals within 24 hours.

    - Processing Time: Withdrawals are processed within 2 hours during the platform's specified hours, which are Monday to Friday from 9:00 AM to 4:30 PM. The exact arrival time of the withdrawal in the user's bank account may vary depending on the bank's processing speed.

    - Withdrawal Currency: The currency for withdrawals is typically the local currency of the user's country or region.

    Customer Support

    CME Group provides a live chat feature on its website. This allows users to engage with customer support representatives in real-time through text-based messaging. Traders can use live chat to seek assistance with various inquiries, including account-related questions, trading issues, technical support, and general information about CME Group's products and services. Live chat is often a convenient and efficient way for traders to get quick responses to their queries without the need for phone calls or emails.

    customer-support

    Conclusion

    In conclusion, CME GROUP presents a mixed picture for potential traders. On the positive side, it offers a diverse range of tradable assets and a low minimum deposit requirement for a standard account. However, its lack of regulation raises significant concerns regarding fund safety and transparency, making it a risky choice for traders. Additionally, the scarcity of information on crucial aspects such as maximum leverage, spreads, commissions, deposit methods, trading platforms, educational resources, and bonuses can hinder informed decision-making. With only two types of accounts available, it may not cater to the varied needs of all traders. Thus, while it has some appealing features, the overall risk associated with its unregulated status may deter many prospective traders.

    FAQs

    Q: Is CME GROUP a regulated broker?

    A: No, CME GROUP is not regulated by any recognized financial regulatory authority.

    Q: How many types of accounts does CME GROUP offer?

    A: CME GROUP offers two main types of trading accounts: a Standard Account and a Firm Account.

    Q: What is the minimum deposit required for a Standard Account with CME GROUP?

    A: The minimum deposit for a Standard Account is $50.

    Q: What assets can I trade with CME GROUP?

    A: CME GROUP offers a wide range of tradable assets, including energy metals, cryptocurrencies, foreign currencies, and precious metals.

    Q: How can I contact customer support at CME GROUP?

    A: You can contact CME GROUP's customer support through their live chat feature on their website for real-time assistance.

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