Welcome to our CG Trade Review, in which we investigate the website currently found at cgtrade.com.
Recently one of our partners received the following complaint from a Ghana person who claims to have lost $220:
CG Trade took my money on the very first day of registration. I haven’t received any money back.
So is CG Trade a SCAM?
The domain cgtrade.com was registered on November 11, 2022, through NameSilo, LLC, and unless renewed it will expire on November 22, 2023. It is protected by Cloudflare.
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The registrant contact is SONGGEN CHEN of Cgtrade LLC from First Floor, First St. Vincent Bank Ltd, James Street, Kingstown P.O. Box 1574, VC0100, 28150, VC.
This address appears to be the location of the First St. Vincent Bank Ltd, situated on the first floor, of James Street, Kingstown. The provided P.O. Box number is 1574. The city is Kingstown, the state is VC0100, and the postal code is 28150. The country abbreviation VC stands for Saint Vincent and the Grenadines.
Telephone number: +1.441212883112. There’s a typo here and it should be +441212883112.
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According to SimilarWeb, cgtrade.com is ranked 20,016,873 globally and 353,889 in South Africa. In March 2023, it received only 141 visits.
Based on their homepage, CGTrade offers a reliable and safe online trading platform for various financial instruments, such as Forex, Energies, Precious Metals, Indices, Stocks, and Cryptocurrency.
They provide three types of live accounts (Standard, ECN, and VIP) with different features, allowing traders to choose the one that suits their needs:
- The Standard Account allows access to global markets with a minimum deposit of $100, spreads from 0.9 pips, maximum leverage of 1:1000, and a 30% stop-out level.
- The ECN Account, with a minimum deposit of $100, provides tight spreads from 0 pips, competitive commissions, maximum leverage of 1:500, and a 100% stop-out level.
- Lastly, the VIP Account, requiring a minimum deposit of $10,000, offers ultra-low spreads from 0 pips, maximum leverage of 1:500, and a 100% stop-out level for an enhanced trading experience.
The platform offers advanced charting, analytical tools, and sophisticated order management tools, making it suitable for traders of all levels.
To start trading, users must register, fund their accounts, and download the trading platform.
Their app is available for download from mql5.com (for Windows), from cgtrade.com (for Android), and from the Apple App Store. The app however is not related to CGTrade; it’s the popular MetaTrader 4 app. Strangely, the AppStore page appears in Chinese and so does the text in their live chat widget. This suggests that the people behind this website are from China.
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CGTrade is allegedly regulated by the Mauritius Financial Services Commission, however, a quick Google search reveals that the CGTrade that is authorized and regulated by the Financial Services Commission (FSC) of Mauritius with the regulatory license number C118023669 is cgtprime.com (CGTrade Prime) and not CG Trade (cgtrade.com).
But perhaps both sites belong to the same company?
The domain cgtprime.com was registered on November 14, 2019, through NameSilo, LLC, and is set to expire on November 13, 2023. It is protected by Cloudflare and ranked 20,645,933, according to SimilarWeb, and 1,385,396 in India.
Who is behind CG Trade?
Address: First Floor, First St. Vincent Bank Ltd, James Street, Kingstown, P.O. Box 1574, VC0100, St. Vincent and the Grenadines.
Telephone: +44 12 1288 3112 (UK) & +852 8120 7502 (Hong Kong).
There’s a Facebook page for CGTrade which has 1.9K likes and 2K followers. It provides the +852 telephone number and links to cgtrade.com. Posts on this page are written in Chinese.
CGTrade.com also has a Twitter page in Chinese with 179 followers as well as a Weibo page, a Chinese social media platform that is often referred to as the “Twitter of China.”
The CGTrade website is operated by CGTrade (Mauritius) Limited, which is registered in the Republic of Mauritius at The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebene.
Address: C/O ABC Global Management Services Ltd 3rd Floor Standard Chartered Tower Cybercity Ebene
Telephone: +44 (0) 203 943 2801
Both sites may be associated with this LinkedIn page, titled CGTrade Prime, but the LinkedIn page links to the latter, and mentions this US telephone number: +1 306-952-5583.
According to cgtprime.com, CGTrade Prime aims to provide clients with tailored liquidity and market-leading technology for improved trade execution. They access top-tier liquidity from various sources, including ECNs, banks, MTFs, and non-bank market makers. CGTrade uses advanced third-party technology and offers post-trade transparency to help clients analyze their executions.
They are known as CGTrade (Mauritius) Limited and are a company registered in Mauritius with their registered office at ABC Global Management Services Ltd, 3rd Floor Standard Chartered Tower, Cybercity, Ebene.
CG Trade Reviews
To be honest, both websites, cgtrade.com, and cgtprime.com appear to be suspicious. And we do not know yet if the same people are behind them. Let’s check out some user reviews to see what other insights can be gleaned about them.
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One post in Russian accuses CG Trade of being a scam, claiming that they swindle naive internet users under the pretext of forex trading. It points out that CG Trade is registered offshore, which provides anonymity and offshore legal jurisdiction. The post alleges that CG Trade’s website is poorly designed, with broken buttons and poor translation, and that they have minimal presence on social media. It claims that CG Trade’s leaders prefer anonymity to avoid legal consequences and that their contact information is limited. The author, Amy Pond, advises readers to avoid cooperating with CG Trade and to share their experiences to prevent others from falling victim to the alleged scam.
According to forexbrokerz.com, CGTrade is an offshore forex and CFD broker with a rating of 1.90/5. CGTrade has been blacklisted by the Mauritius FSC for falsely claiming to be regulated by them and uploading a forged license on their website. In summary, CGTrade operates with questionable trading conditions and lacks transparency, making them an unreliable trading partner.
Indeed, according to an investor alert issued by the Financial Services Commission (FSC) of Mauritius, an entity by the name of CG TRADE at cgtrade.com falsely claimed to hold a Retail Forex Licence bearing license number C118023669, purportedly issued by the FSC on 23 July 2019. The FSC has informed the public that CG TRADE and/or any other individuals or representatives operating under this license are not and have not at any time been licensed by the FSC.
User reviews indicate that the company offers attractive trading terms but is unregulated and registered in Saint Vincent and the Grenadines, making it unsafe. Customer support is unprofessional and unhelpful. Issues with the website prevent users from creating demo or real accounts. The company’s promotions seem misleading, as users report not receiving promised bonuses and having profits withheld. The platform has been accused of being a scam, with multiple users experiencing difficulty withdrawing funds, and some even reporting calling the police. Overall, the reviews suggest that this broker is not reliable and may be fraudulent.
Unfortunately, there are no mentions of cgtprime.com, positive or negative.
The lack of negative reviews for this domain, which has been around for around 3 years, suggests that either it is not a scam or it is very unpopular and has a minimal user base.
CG Trade Review – Bottom Line
In conclusion, our investigation into CG Trade and CGT Prime raises several red flags.
CG Trade, in particular, is unregulated, and falsely claims to be registered in Saint Vincent and the Grenadines, and has been blacklisted by the Mauritius FSC for falsely claiming to be regulated.
The company’s website is poorly designed, its customer support is unhelpful, and users report issues with creating accounts and withdrawing funds.
While CGT Prime does not have any negative reviews, its connection to CG Trade and the lack of information available about the company makes it difficult to determine its legitimacy.
We recommend exercising caution and conducting thorough research before investing with either of these companies and feel safe to say that CGTrade.com is a SCAM!
If you are a victim of these scammers, please let us know by commenting below and if you have lost a significant amount of money to online scams, do not lose hope. We can help you recover your funds!