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Contract reading

What CMTrading legally published, but does not want you to read

Every clause below is published by CMTrading itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: GCMT Limited

sole discretionhidden feeprofit voidingwithdrawalsbonus lockdormancyforum waiveroffshorecounterpartydeemed acceptance

CMTrading's deposit page promises zero hidden fees. Its contracts price a 2.5% exit fee, a 4% fee for withdrawing without trading, and 4% off the exchange rate both ways. An untouched account costs $50 a month, and once the balance falls below the fee, the fee becomes your balance. The July 2026 contract added a rule making any trade you close inside two minutes abusive.

Back to CMTrading

Contract risk

Money at risk
8.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
12
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
24
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
20
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
10

How the 24 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical12
Warning9
Notice3

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical2.5%Fee you were not shown. Jump to the clause this comes from.Four withdrawal fees the deposit page does not nameCritical$50Fee on an unused account. Jump to the clause this comes from.Fifty dollars a month, then your whole balanceCritical50%Profit at risk. Jump to the clause this comes from.Half your profit, by the broker's own exampleCritical2 working daysTime to complain. Jump to the clause this comes from.Two business days to challenge a trade

What the documents say

24 clauses worth knowing about, worst first, each quoted from CMTrading's own files

01

Taking your money out and closing the account costs you 2.5% of it. Withdrawing without having traded costs 4%, a local wire costs $10 and an international wire costs $25. CMTrading's deposit and withdrawal page names none of these, and says deposits and withdrawals carry zero hidden fees.

Why this matters

You will read the page CMTrading sends you to, see the promise of no hidden fees, and still lose $250 on a $10,000 exit. The four charges sit in clause 7.1.5 of a 92 page agreement, and the page that discusses withdrawals is silent on every one of them.

Exhibit 1CriticalHarder than usual2.5%

a 2.5 % fee on full withdrawal of the total amount within your account after trading and account is being closed.
Clause 7.1.5 in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.25
Downloaded from the broker's site on Open the reference

What it costsWithdraw $10,000 and close the account and the 2.5% fee takes $250. Send it by international wire and the $25 flat fee takes the total to $275.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose all costs and charges to a retail client before that client trades, in a form the client can find. CMTrading puts its withdrawal charges in clause 7.1.5 of the agreement and leaves them off the page that explains deposits and withdrawals.

CMTrading is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 7The same untraded withdrawal is priced at 4% in one clause and 10% in another, so the contract gives you no single exit cost.
  • Worse together with Exhibit 2The percentage fee is charged on top of the 4% taken off the exchange rate, so one withdrawal can be hit twice.
02

CMTrading adds 4% to the market rate when you put money in and takes 4% off it when you take money out. The Seychelles agreement sets out both sides, the South African agreement sets out the withdrawal side, and the deposit page marks all eleven payment methods as no fees.

Why this matters

Deposit in one currency and withdraw in another and roughly 8% of your money goes to the exchange rate alone, before a single trade and before the separate withdrawal fee. CMTrading also keeps the right to pay you out at the rate from your deposit date, minus the same 4%, whenever it decides that is appropriate.

Exhibit 2CriticalRarely seen4%

GCMT LIMITED will charge the going market rate plus 4% with respect to all deposits and market rate less 4 % with respect to all withdrawals processed by bank wire.
Clause 5. COSTS, PAYMENTS AND CHARGES in GCMT LIMITED Trading as CMTRADING CLIENT SERVICE AGREEMENT, p.8
Read from the broker's site on Open the reference

What it costsDeposit $10,000 in a currency that needs converting and about $400 goes before you trade. Withdraw the balance later and another 4% goes on the way out.

Our readingBrokers commonly convert at their own rate and keep an undisclosed margin. Printing a fixed 4% markup on deposits and a 4% markdown on withdrawals in the contract, while the public page marks every deposit method as free, is different: the number exists, it is large, and it is kept off the page where funding is explained.

03

Leave your account alone for 60 days and CMTrading calls it inactive. From the third month it charges you $50 every month. Once your balance drops below $50, the fee stops being $50 and becomes whatever is left in the account.

In plain words

Dormancy means an account left unused.

Why this matters

A $300 balance you stop trading is gone in six months, and the last charge is sized to take the remainder rather than to cover a cost. CMTrading can also apply the fee retroactively for months it was entitled to charge and did not.

Exhibit 3CriticalRarely seen$50

Inactive Accounts will be subject to a monthly charge of $50 (Fifty) / €50 (Fifty) - depending on the account currency
Clause 13.1.2 in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.32
Downloaded from the broker's site on Open the reference

What it costsStop trading with $300 in the account. Months three, four and five take $150, and the sixth month takes the last $150 because the fee equals the remaining balance.

Our readingInactivity fees are ordinary and $50 a month is at the harsh end. What is unusual is the sizing rule: where the balance is smaller than the fee, the fee is defined as the balance. That turns a fixed charge into a sweep of whatever remains, so the account cannot run down to a small residue, only to zero.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 60No trade, no position opened or closed and no deposit for 60 calendar days, and CMTrading classes the account as inactive.13.1.1
Month 3A $50 monthly charge starts and repeats every further inactive month.13.1.4
Balance under $50The monthly fee becomes the entire remaining balance instead of $50.13.1.3
Month 12The account becomes dormant and a maintenance charge of up to $100 applies.13.2.2
Balance under $100The dormancy charge becomes the entire remaining balance instead of $100.13.2.5
  • Worse together with Exhibit 7An account you funded but never traded pays a monthly charge to sit still and a discretionary 10% to leave.
04

A rule added to the Seychelles agreement in July 2026 says any position you open and close in under two minutes counts as abusive trading. Trades identified that way may be revoked. The same revision added a matching definition of scalping covering manual trades as well as automated ones.

Why this matters

Your fastest and often most profitable trades become the ones CMTrading can cancel after the fact, and nothing in the clause requires it to show you gained from an error. The clause does say that holding for two minutes or longer is not scalping on that basis alone, so the clock is the whole test. The March 2025 version, still on CMTrading's site, contains no such rule.

Exhibit 4CriticalRarely seenNew

For the purposes of this Agreement, any position that is opened and closed within a period of less than two (2) minutes (120 seconds) shall be classified as Scalping and shall be treated as abusive trading under this Agreement. Positions held open for two (2) minutes or longer shall not, on that basis alone, be classified as Scalping.
Clause 12. Improper or Abusive Trading in GCMT LIMITED Trading as CMTRADING CLIENT SERVICE AGREEMENT, p.17
Read from the broker's site on Open the reference

Our readingBrokers routinely reserve the right to cancel trades that exploit a bad price. Defining abuse by holding time instead converts an anti abuse clause into a minimum holding period that no public page mentions, and it catches ordinary short term trading that has nothing to do with a misquoted price.

  • Worse together with Exhibit 5An automated strategy that closes quickly trips the two minute rule and the suspicion of using an Expert Advisor, so trades can be revoked and profits deducted.
  • Worse together with Exhibit 11A revoked trade is a trade you have two business days to object to before the confirmation becomes conclusive and binding.
05

The newest bonus terms let CMTrading deduct all of your profits if it suspects you used an Expert Advisor, automated trading software or a trading robot. Suspicion is the whole test. Your deposit comes back and you are barred from trading further.

Why this matters

MetaTrader exists to run Expert Advisors, CMTrading promotes them, and a whole clause of its client agreement is devoted to them. Under the July 2026 bonus terms the same software can cost you every profit you made. The older Seychelles bonus terms, published beside them, list only external hedging.

Exhibit 5CriticalRarely seenNew

The Company reserves the right to deduct all the profits in the case of abuse of the bonus or if the Company suspects that the Client is making use of Expert Advisors (EAs), automated trading software, trading robots, or external hedging.
Clause 7.2 in GCMT SA PTY LTD TERMS & CONDITIONS FOR BONUS AND AWARDS, p.4
Read from the broker's site on Open the reference

Our readingBonus terms usually void profits for arbitrage, hedging between accounts or exploiting a price error, all of which describe conduct. Naming a category of software instead means the trigger is a tool the broker supplies and advertises, not something you did with it.

  • Same clause as Exhibit 9Clause 7 of the bonus terms carries both the proportional deduction and the total deduction, so one page holds two routes to your profit.
06

CMTrading's Islamic account is sold as carrying no swap and no overnight interest. Its policy obliges you to close every position within 10 calendar days, and from day ten charges each open position a sum it values at between $10 and $60. Swap free also does not apply to exotic pairs, crypto or stocks, which the marketing page says are included.

Why this matters

You chose this account for religious reasons and the charge that replaces swap arrives on day ten under a different name, on every position you hold. The instruments the page tells you are covered are the ones the policy excludes, and those can be charged swap daily.

Exhibit 6CriticalRarely seen10 days

Clients with a Swap Free account is obligated to close any open CFD position within 10 (Ten) calendar days of opening the position. In the event of your failure to do so, the Company shall charge every open position, as of day 10 (Ten) onward, with Spread to avoid closure of any position and sustain your positions.
Clause 8 in GCMT LIMITED Trading as CMTRADING ISLAMIC ACCOUNT POLICY, p.5
Read from the broker's site on Open the reference
Our own capture of cmtrading.com, taken on Oct 1, 2026The claim, on Sharia-compliant trading accounts section of the Islamic Account pageVisit this page on the broker's siteDownload the full size image file

What it costsHold three positions open for a fortnight and from day ten each starts drawing a charge of $10 to $60. At the top of that range, three positions cost $180 for one day.

Our readingSwap free accounts commonly carry an administration charge after a grace period. Setting the charge as a range the broker picks within, $10 to $60 per position, and pairing it with a duty to close every position inside ten days, means the product cannot hold a position at all without paying something that works like swap.

Four separate routes to taking profit you have already made

CMTrading added a rule in July 2026 making any trade closed inside two minutes abusive, and such trades may be revoked. Its newest bonus terms deduct all profits if it merely suspects you used a trading robot. The bonus terms also let it take the bonus share of your profit, 50% in its own example. The Islamic account policy goes furthest and allows every trade in every account to be nullified.

Profit voiding2 clauses flagged

If CMTrading detects what it calls interest or cash back arbitrage on a swap free account, it can close all of your accounts, nullify every trade you carried out and cancel all profits. It can also go back and recover all the swap it waived while the account was swap free.

Why this matters

The clause reaches your whole trading history, not the trades it objects to, and it applies to an account you asked for on religious grounds. A year of waived swap can be charged back to you at the same time as the profits are cancelled.

Exhibit 8CriticalRarely seen

to close all trading accounts of such Client with the Company, nullify all trades carried out in such Client's trading accounts with the Company and to cancel all profits or losses garnered in such Client's trading account(s) with the Company.
Clause 12.3 in GCMT LIMITED Trading as CMTRADING ISLAMIC ACCOUNT POLICY, p.6
Read from the broker's site on Open the reference

Our readingVoiding the trades connected with an abuse is normal. Nullifying all trades in all of the client's accounts and cancelling all profits and losses is a far wider remedy, written as available on detection rather than after any process you can take part in.

Take a bonus and CMTrading can deduct the bonus share of whatever you earn. Its own worked example takes 50% of a $1,000 profit. An earlier clause in the same document tells you the opposite, that you may withdraw any profit the bonus helped generate.

Why this matters

You will read clause 2.2, see that your profit is yours, and find in clause 7.1 that the broker may take the bonus proportion of it. CMTrading wrote the example itself: deposit $1,000, accept a $1,000 bonus, earn $1,000, and $500 can be deducted.

Exhibit 9CriticalHarder than usual50%

i.e if the Client deposited $1000 and was awarded a credit bonus of $1000 and the profit made from the Clients’ trading activity is $1000, the Company reserves the right to deduct 50% of the profit ($500).
Clause 7.1 in GCMT LIMITED Trading as CMTRADING TERMS & CONDITIONS FOR BONUS AND AWARDS, p.4
Read from the broker's site on Archived copyOpen the reference

What it costsDeposit $1,000, accept a $1,000 credit bonus and make $1,000. The bonus is half the trading capital, so $500 of the profit can be deducted and you keep $500.

Two business days to object, and a bonus that waives your right to

A CMTrading trade confirmation becomes conclusive and binding two business days after it is issued unless you object in writing. Statement errors allow three business days and trade disputes five, counted from the day the trade happened. Accepting any bonus is treated as releasing and waiving every claim against CMTrading and its officers, and bonus disputes are decided by CMTrading, whose decision is final.

Challenging a trade2 clauses flagged

On receiving a bonus you are declared to have released and waived any right to pursue any claim, demand or proceeding against CMTrading, its affiliates, shareholders, directors, employees and agents. A separate clause makes the company the judge of any bonus dispute, with its decision final and binding.

Why this matters

The $100 welcome bonus advertised on the Basic account is the thing that signs away your route to challenge anything connected with it. You accept a bonus by placing a trade, so nobody has to show you agreed to the waiver separately.

Exhibit 10CriticalRarely seen

The Customer hereby declares and confirms, in good faith, that upon receipt of the relevant Bonus, the Customer releases, discharges and waives any right to pursue any claims, demands, proceedings, sums, actions or otherwise, against the Company and any related party within the company, its affiliates, shareholders, directors, subsidiaries, employees, officers or agents, in connection with the respective Benefit.
Clause 8.10 in GCMT LIMITED Trading as CMTRADING TERMS & CONDITIONS FOR BONUS AND AWARDS, p.5
Read from the broker's site on Archived copyOpen the reference

Our readingBonus terms normally let a broker cancel the bonus and the profits it generated. A blanket release of all claims against the company and its officers, triggered by receiving a promotional credit, is a general litigation waiver bought with the promotion.

You get two business days to object in writing to a trade confirmation. After that it is conclusive and binding on you. Statement errors give you three business days and trade disputes five, counted from the day the trade happened rather than the day you noticed.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Two business days is a long weekend. Miss it and the confirmation stands even if the price was wrong, and CMTrading will not entertain the query at all unless you can give the exact time and date. The Seychelles agreement allows five business days for the same thing, so your deadline depends on which entity you signed with.

Exhibit 11CriticalHarder than usual2 working days

Each confirmation will, in the absence of a Manifest Error (as defined in clause 19.1), be conclusive and binding on you, unless we receive any objection from you in writing within two Business Days of the date of the relevant confirmation or we notify you of an error in the confirmation within the same period.
Clause 17.4 in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.40
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must let a retail client complain for years after the event and must not treat silence as agreement to a disputed transaction. CMTrading treats a confirmation as conclusive and binding after two business days.

CMTrading is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Guaranteed interest and a loss buffer the documents do not support

CMTrading's VIP tier advertises 9% Annual Interest Guaranteed while both its client agreements say no interest accrues on any cash balance and none is payable. Four of five tiers still advertise the Protected Stage, whose published terms expired on 31 December 2025. CMTrading's own affiliate contract forbids its partners from promising any trading gain or profit.

Promise against contract2 clauses flagged

The VIP Club tier on CMTrading's account types page advertises 9% Annual Interest Guaranteed. Both client agreements say no interest will accrue on any cash balance in your account, and that CMTrading will not be liable to pay you any. The Seychelles agreement adds that it keeps the bank interest earned on client balances.

Why this matters

A guaranteed annual return is the strongest claim on that page, and it sits beside a $250,000 minimum deposit. The contract says the opposite, and the clause CMTrading would rely on to pay you says the interest on your balance goes to its own administration costs.

Exhibit 12CriticalRarely seen9%

Unless otherwise agreed, you acknowledge and agree that no interest will accrue on any cash balance in your Account and that GCMT LIMITED will not be liable to pay you any such interest.
Clause 5. No interest in GCMT LIMITED Trading as CMTRADING CLIENT SERVICE AGREEMENT, p.8
Read from the broker's site on Open the reference

What it costsAt the $250,000 VIP minimum, 9% a year is $22,500. The contract says no interest accrues on that balance.

Our readingBrokers advertise rebates and cashback. Advertising a guaranteed annual interest rate on a CFD trading account is unusual, and CMTrading's own affiliate agreement forbids its partners from offering any promise or guarantee of trading gain or profit to a client.

Four of CMTrading's five account tiers still advertise a Protected Stage. The terms for that product say the tool was valid until 31 December 2025, nine months ago. Both the Seychelles and South African versions say the same thing.

Why this matters

You may choose a tier, or deposit more to reach one, for a loss buffer whose published rules have expired. The terms also let CMTrading withdraw or restrict the protection at any time without notice, and take back cashback it has already credited if it decides you abused the tool.

Exhibit 21Warning

The FPS tool is valid until 31 December, 2025.
Clause 9 in GCMT LIMITED Trading as CMTRADING TERMS & CONDITIONS FOR FIRST PROTECTIVE STAGE, p.2
Read from the broker's site on Open the reference

The page that promises zero hidden fees is missing five of them

CMTrading prices a 2.5% exit fee, a 4% fee for withdrawing without trading, a $10 local wire fee and a $25 international one, and names none of them on the page where it explains withdrawals. On top of that it adds 4% to the market rate on deposits and takes 4% off on withdrawals. The same untraded withdrawal is priced at 4% in one clause of the South African agreement and at 10% in another.

Cost disclosure1 clause flagged

Withdrawing without having traded costs 4% under clause 7.1.5 and 10% under clause 13.1.9 of the same agreement. Trading less than three full lots triggers the 10% too. Both versions are at CMTrading's discretion, and the Seychelles agreement prices the same situation at a flat $50.

Why this matters

You cannot work out what leaving costs you, because CMTrading's own contract gives two answers and its other contract gives a third. Three lots is a real threshold: deposit, trade lightly, change your mind, and a tenth of your money can go on the way out.

Exhibit 7CriticalRarely seen10%

Any withdrawal (WD) made without any trading transaction after the funds were deposited, can be subject to a WD fee of 10% at the Company’s discretion.
Clause 13.1.9 in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.33
Downloaded from the broker's site on Open the reference

What it costsDeposit $5,000, trade two lots, then withdraw. At 10% the exit costs $500. At the 4% in clause 7.1.5 it costs $200.

Our readingA penalty for withdrawing untraded funds is common, because brokers carry the card processing cost. A 10% charge is many times that cost, and publishing it alongside a 4% version of the same charge in the same document leaves you no way to know which applies.

Three published answers to how much you may withdraw

The Seychelles agreement requires you to leave at least twice your used margin in the account, the public page sets the test at 80% of margin, and the South African agreement just says withdrawals are subject to the company's margin requirements. CMTrading can also require more documents before releasing funds, and a bonus whose volume requirement is unmet is debited when you ask to withdraw.

Getting paid2 clauses flagged

The Seychelles agreement says you must leave at least twice your used margin in the account before a withdrawal goes through. The public page says a withdrawal with open positions needs margin above 80%. The South African agreement only says withdrawals are subject to the company's margin requirements.

Why this matters

With open trades you cannot tell how much of your own money you may take out, because CMTrading publishes three different answers. If you have not met the bonus trading requirement, the bonus is also debited from your account when you ask to withdraw.

Exhibit 14WarningHarder than usual

In order to process your withdrawal request please ensure that the funds remaining on your account following your withdrawal is at least twice of your used margin. If you have not met the necessary, bonus trading requirements at the time you make a withdrawal request the bonus will be debited from your trading account.
Clause 13. Withdrawals in GCMT LIMITED Trading as CMTRADING CLIENT SERVICE AGREEMENT, p.23
Read from the broker's site on Open the reference

If nothing moves in your balance for five years, CMTrading can stop treating the money as client money. It must write to your last known address first and give you 28 days to claim it, and it undertakes to honour any valid claim made afterwards.

Why this matters

The notice goes to the address CMTrading has on file, so an old email or a house you have moved out of is the only warning you get. Both agreements carry the same clause and both promise to make good a valid claim later.

Exhibit 24NoticeStandard wording28 days

We have written to you at your last known address informing you of our intention of no longer treating that balance as client money, giving you 28 days to make a claim, provided we shall make and retain records of all balances released from your client bank accounts; and undertake to make good any valid claims against any released balances.
Clause 12.3.2 in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.31
Downloaded from the broker's site on Open the reference

CMTrading can reprice the account by posting a notice on its website

CMTrading reserves the right to change its fee structure at any time by website notice and without further notice to you, and keeping up with it is your responsibility under the agreement. Four policies the agreement binds you to are not published at all, including the Deposits and Withdrawals Policy that sets your fees. The only list of banned countries appears in the contract it signs with affiliates.

What can change4 clauses flagged

CMTrading can change its fee structure at any time by posting a notice on its website and without telling you further. A separate clause lets it charge monthly fees on any account with no trading activity for 30 calendar days, which is half the 60 days its inactivity clause uses.

Why this matters

Checking the website for a new fee schedule is your job, not CMTrading's, and the agreement says so. The 30 day trigger means a data fee can start a month before the account is even classed as inactive. The Seychelles agreement promises ten business days of written notice for a material change, so clients of the two entities get very different warning.

Exhibit 15WarningHarder than usual

CMTrading reserves the right to change its fee structure and/or parameters at any time by notification posted on its website and without further notice to you.
Clause 7.2 in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.25
Downloaded from the broker's site on Open the reference

You can lose more than the margin you put up, and in certain circumstances your losses may be unlimited. The margin call sits at 100% whatever leverage you use. Changing the leverage on an account that already holds trades can close those trades out immediately.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

Without negative balance protection, a gap in the market can leave you owing CMTrading money rather than simply losing your deposit. Default leverage is set at 1:200 when the account opens, so a small move against you reaches the margin call quickly.

Exhibit 17WarningStandard wording100%

you can lose more than your Initial Margin and in certain circumstances your losses may be unlimited
Clause 3.2.1 in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.20
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA, CySEC or any regulator applying the ESMA measures must give retail clients negative balance protection, so a client can never lose more than the money in the account. CMTrading's agreement says losses may be unlimited.

CMTrading is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The client service agreement binds you to four documents that are not on CMTrading's legal page: the Deposits and Withdrawals Policy, the Conflicts of Interest Policy, the Order Execution Policy and the Trading Handbook. The Seychelles entity also publishes no money laundering policy and no risk disclosure notice of its own.

Why this matters

The missing Deposits and Withdrawals Policy governs what your withdrawals cost, so the document that sets your fees is the one you cannot read. The only risk disclosure and the only money laundering policy on the site belong to the South African entity, while the Seychelles agreement tells you to read a risk disclosure that is not there.

Exhibit 20WarningHarder than usual4

The Client agrees all funds in and out of the Account are subject to CMTrading’ s Deposits and Withdrawals Policy that is available on our website.
Clause 7.1.5 in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.25
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 1The fees in clause 7.1.5 are said to come from a policy nobody can find, so there is no document to check them against.

CMTrading names 11 banned jurisdictions, and the only place it publishes them is the agreement it signs with its marketing partners. The list includes Seychelles itself, where its licence is held, along with Belgium, Canada, France, Israel, the United States and Venezuela. It can add to the list at its discretion.

Why this matters

The deposit page says CMTrading does not accept deposits from restricted countries without naming them, so you have to open an affiliate contract to learn whether you qualify. Venezuela is on the list while CMTrading runs a Spanish language site for Latin America.

Exhibit 22NoticeHarder than usual11

Banned Jurisdictions means, Belgium, Canada, Democratic Republic of Korea, France, Iran Israel, North Korea, Seychelles, Somalia, United States of America, Venezuela and any such other jurisdiction as the Company may from time to time at its discretion designate as a “Banned Jurisdiction” by a written notice to the BR.
Clause 3. INTERPETATION in BUSINESS REFERRAL AGREEMENT, p.3
Read from the broker's site on Open the reference

Seychelles courts bind you and leave CMTrading free to sue anywhere

Seychelles law governs the agreement most CMTrading clients sign, and Seychelles courts settle disputes. You waive any objection to the venue and agree not to call it an inconvenient forum, while CMTrading keeps the right to bring an action in any other jurisdiction. It may also transfer the contract and everything it holds about you to another company without notice or consent.

Where you would sue1 clause flagged

Seychelles law governs the agreement and Seychelles courts settle disputes. You waive any objection to the venue and agree not to argue it is an inconvenient forum. CMTrading keeps the right to bring an action in the courts of any other jurisdiction.

Why this matters

Suing CMTrading means travelling to Mahe and hiring Seychelles lawyers, while it can come to your local court. The same agreement also lets CMTrading transfer the whole contract, and everything it knows about you, to another company without notice and without your consent.

Exhibit 18WarningHarder than usual

agrees for our benefit that the courts of Seychelles shall have jurisdiction to settle any suit, action or other proceedings relating to this Agreement (“Proceedings”) and irrevocably submits to the jurisdiction of such courts (if this shall not prevent us from bringing an action in the courts of any other jurisdiction)
Clause 24. GOVERNING LAW AND JURISDICTION in GCMT LIMITED Trading as CMTRADING CLIENT SERVICE AGREEMENT, p.39
Read from the broker's site on Open the reference

Exercising a data right lets CMTrading close your account

CMTrading's privacy policy says that if you instruct it to stop processing your personal data it may terminate your services immediately. The address it gives for a data request is support@smtrading.com, which is not a CMTrading address. The Arabic version is older and harsher: objecting there withdraws your information and the related services, and allows 40 days and a charge.

Data and documents1 clause flagged

Tell CMTrading to stop using or processing your personal data and it may terminate your services immediately. The same policy gives the address for a data request as support@smtrading.com, which is not a CMTrading address.

Why this matters

The choice the privacy policy offers you is to leave your data alone or lose access to your trading account, and the address it tells you to write to does not reach the company. The Arabic version goes further: objecting there withdraws your information and the services with it, and gives CMTrading 40 days to answer at your cost.

Exhibit 19WarningHarder than usual

If you instruct CMTrading to cease using or processing your personal data, CMTrading has the right to terminate any existing services to you immediately (or within a reasonable time, as determined by CMTrading).
Clause Your Legal Rights in Forex Trading Privacy Policy | CMTrading
Downloaded from the broker's site on Open the reference

CMTrading is always the counterparty and quotes the price itself

CMTrading states in its risk disclosure that it is always the counterparty to client trades and that they can only be closed with it. The prices include a mark up it applies, it may act as market maker and broker at once, and it owes no fiduciary duty. When its price feeds are unavailable it may set prices at its own discretion, and it need not disclose a conflict that would breach a duty owed elsewhere.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Who you trade against1 clause flagged

CMTrading is always the counterparty to your trades, and they can only be closed with it. It adds a mark up to the spread it quotes you, may act as market maker and broker at once, and owes you no fiduciary duty. When its price feeds are unavailable it may set prices at its own discretion.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

Your loss is CMTrading's gain on every trade, and the price you traded at came from CMTrading. It is also not obliged to tell you about a conflict that would breach a duty it owes someone else, and the Conflicts of Interest Policy its agreement points you to is not on the legal documentation page.

Exhibit 16WarningHarder than usual

this means that GCMT is always the counterparty to the client trades and CFD trades entered with the Company can only be closed with us.
Clause Prices, Commissions and Cost in RISK DISCLOSURE NOTICE GCMT SA PTY LTD, p.4
Read from the broker's site on Open the reference

GCMT Limited in Seychelles is the counterparty on every route in

GCMT Limited of Seychelles issues the CFD and is the principal to client trades, including for South African clients whose own agreement names it as the issuer. The South African company holds no licence itself: it is a juristic representative and agent of Blackstone Marketing under FSP 38782. The dealing desk and card processor sit at one Limassol address, and a UAE company added this year arranges and advises only.

Who holds your money2 clauses flagged

GCMT Limited of Seychelles issues the CFD and takes the other side of your trade. The South African company is a juristic representative and agent of another firm, Blackstone Marketing, and its own agreement says it acts as agent for GCMT Limited. The dealing desk and the card processor are both in Limassol, Cyprus.

Why this matters

The regulator named on the page you arrived through may not be the regulator of the company holding your money. CMTrading tells South African clients in its own agreement that contracting with the Seychelles company may require them to use their foreign investment allowance, which is the clearest sign of where the money goes.

Exhibit 13WarningHarder than usual

South African clients should take note that entering contractual arrangements with GCMT Limited in the Seychelles may require the utilisation of foreign investment allowances as regulated by the Financial Surveillance Department of the South African Reserve Bank.
Clause Preamble in GCMT SA PTY LTD CLIENT SERVICE AGREEMENT, p.2
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money in segregated accounts and belong to a compensation scheme that pays out if the firm fails. The Seychelles agreement never uses the word segregated, says client money may be held outside Seychelles, and names no compensation scheme.

CMTrading is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Only applies after Exhibit 18Because the counterparty is the Seychelles company, the courts you agreed to are Seychelles courts.

Since March 2026 CMTrading has added a UAE company, CM Global Financial, to the licences listed on its Arabic pages. Its licence from the Emirates regulator covers arranging and advising only. CMTrading's own footnote says that company holds no client money, executes nothing, provides no custody and manages no portfolios.

Why this matters

A reader in the Emirates sees a local regulator on a page headed CMTrading Group licences and may reasonably think a UAE regulator stands behind the account. The money, the execution and the account itself sit with the Seychelles company, and CMTrading says so in the small print on the same page.

Exhibit 23NoticeNew

لا تحتفظ CM Global Financial بأموال العملاء، ولا تقوم بتنفيذ المعاملات، أو تقديم خدمات الحفظ، أو إدارة محافظ العملاء. يتم توفير وإدارة جميع حسابات التداول وخدمات التنفيذ وأموال العملاء حصريًا من قبل GCMT Limited، وذلك وفقًا لشروطها والأطر التنظيمية المعمول بها.
Clause Footer in https://ar.cmtrading.com/legal-documentation/
Read from the broker's site on Archived copyOpen the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page that explains withdrawals promises no hidden fees and never mentions the 2.5% exit fee set out in the agreement.

Said in public, in English

All deposits and withdrawals are processed with zero hidden fees.

Deposit and Withdrawal Methods page, paragraph below the methods tables

In the contract · clause 7.1.5

a 2.5 % fee on full withdrawal of the total amount within your account after trading and account is being closed.

02

The page admits a fee may be imposed on an untraded withdrawal but never says it reaches 10%.

Said in public, in English

The company has the right to investigate, cancel, and/ or impose fees/ charges (dependent on payment method) on any withdrawal request originating from a trading account with no trading activity.

General rules for depositing and withdrawing funds, on the same page as the zero hidden fees promise

In the contract · clause 13.1.9

Any withdrawal (WD) made without any trading transaction after the funds were deposited, can be subject to a WD fee of 10% at the Company’s discretion.

03

The page concedes conversion fees exist but never states the 4% CMTrading adds on deposits and takes off withdrawals.

Said in public, in English

No fees are imposed on clients who deposit in the same currency as the base trading account currency. If the deposit currency is different conversion fees are applicable.

General rules for depositing and withdrawing funds, beneath a table listing eleven deposit methods as no fees

In the contract · clause 5. COSTS, PAYMENTS AND CHARGES

GCMT LIMITED will charge the going market rate plus 4% with respect to all deposits and market rate less 4 % with respect to all withdrawals processed by bank wire.

04

The top account tier advertises a guaranteed 9% a year while the contract says no interest accrues and none is payable.

Said in public, in English

9% Annual Interest Guaranteed

VIP Club tier on the Account Types comparison table, beside a $250,000 minimum deposit

In the contract · clause 5. No interest

Unless otherwise agreed, you acknowledge and agree that no interest will accrue on any cash balance in your Account and that GCMT LIMITED will not be liable to pay you any such interest.

05

The page promises no charge for holding a position overnight while the policy charges every position held past day ten.

Said in public, in English

These swap-free accounts carry no swap charges or rollover interest on positions that are held overnight.

Sharia-compliant trading accounts section of the Islamic Account page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cmtrading.com

In the contract · clause 8

In the event of your failure to do so, the Company shall charge every open position, as of day 10 (Ten) onward, with Spread to avoid closure of any position and sustain your positions.

06

The instruments the page says are covered by swap-free trading are the instruments the policy excludes from it.

Said in public, in English

Exotic currency pairs, cryptocurrencies, and stocks are also included and can be traded under our swap-free Islamic accounts.

Sharia-compliant trading accounts section of the Islamic Account page

In the contract · clause 7

Swap-free privileges do not apply to Crypto- and Stocks CFD trading instruments with high interest rates like all exotic currency pairs and all ECN DMA types of Accounts.

07

Three account tiers still advertise the Protected Stage although its published terms expired on 31 December 2025.

Said in public, in English

Protected Stage or Capital Insurance

Benefit listed on the Trader, Gold and Premium tiers of the Account Types comparison table

In the contract · clause 9

The FPS tool is valid until 31 December, 2025.

08

The Spanish page sells South African regulation to Spanish speakers, while the South African agreement makes you warrant that you are a South African citizen or resident.

Said in public, in Spanish

Estamos orgullosos de ser intermediario aprobado por la FSCA desde 2012 y aspiramos proveer a nuestros clientes con un ambiente de comercialización seguro.

Word for word in English: We are proud to be an intermediary approved by the FSCA since 2012 and we aim to provide our clients with a secure trading environment.

FSCA section of the Spanish language regulations page, which leads the page ahead of the Seychelles licence

In the contract · clause 24.1.4

you are a South African citizen or are resident in South Africa;

09

The Arabic licences page presents a UAE regulator as one of CMTrading's own licences, while the footnote on the Arabic legal page says that UAE company does none of the things a broker does.

Said in public, in Arabic

سي إم تريدينج هي وسيط مُرخص ومُنظم بالكامل. ونسعى جاهدين لتقديم منصة تداول آمنة توفر الشفافية والأمان لجميع المتداولين لدينا.

Word for word in English: CMTrading is a fully licensed and regulated broker. We strive to provide a secure trading platform that offers transparency and security to all our traders.

Opening paragraph of the Arabic licences page, under the heading CMTrading Group licences and above the UAE block

In the contract · clause Footer

لا تحتفظ CM Global Financial بأموال العملاء، ولا تقوم بتنفيذ المعاملات، أو تقديم خدمات الحفظ، أو إدارة محافظ العملاء.

10

The public page sets the withdrawal test at 80% of margin while the agreement requires you to leave twice your used margin behind.

Said in public, in English

Withdrawal on an account with open positions can only be executed above 80% margin requirement

General rules for depositing and withdrawing funds

In the contract · clause 13. Withdrawals

In order to process your withdrawal request please ensure that the funds remaining on your account following your withdrawal is at least twice of your used margin.

What changed quietly

This is our first reading of CMTrading, so there is no earlier version of this page to compare it against.

  • ADDEDClause 12. Improper or Abusive Trading · 2025/03 to 2026/07

    The July 2026 Seychelles agreement added a two minute rule that turns any quickly closed trade into abusive trading. The March 2025 version, still on the site, never mentions scalping.

    For the purposes of this Agreement, any position that is opened and closed within a period of less than two (2) minutes (120 seconds) shall be classified as Scalping and shall be treated as abusive trading under this Agreement.

  • ADDEDClause 1. INTERPRETATION · 2025/03 to 2026/07

    A matching definition of scalping entered the definitions section in July 2026, covering manual trades as well as automated ones.

    "Scalping" means the opening and closing of a position within a period of less than two (2) minutes (120 seconds), whether executed manually or through an Expert Advisor, which the Company shall treat as abusive trading in accordance with Clause 18 (Market Obligations & Market Abuse)

  • ADDEDClause 11. Inactive and Dormant Account · 2025/03 to 2026/07

    A $50 discretionary fee for withdrawing without trading was added to the Seychelles agreement in July 2026 and appears nowhere in the March 2025 version.

    Any withdrawal (WD) made without any trading transaction after the funds deposit can be subject to WD fee of 50$ at the company’s discretion.

  • REWRITTENClause 7.2 · FSA bonus terms 2026/03 to FSCA bonus terms 2026/07

    The newest bonus terms widened the profit deduction trigger from external hedging alone to any use of an Expert Advisor, automated software or trading robot.

    The Company reserves the right to deduct all the profits in the case of abuse of the bonus or if the Company suspects that the Client is making use of Expert Advisors (EAs), automated trading software, trading robots, or external hedging.

  • ADDEDClause Footer · 2026-03-13 (archived) to 2026-10-01

    The UAE company and its licence were added to the Arabic legal page between March and October 2026, together with the note that it holds no client money.

    شركة CM Global Financial L.L.C S.O.C مرخّصة وخاضعة لرقابة هيئة سوق المال في دولة الإمارات العربية المتحدة (CMA) ضمن الفئة الخامسة – الترتيب وتقديم المشورة، بموجب الترخيص رقم 20200000478.

The documents this reading is based on

20 files, all published by CMTrading. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording CMTrading publishes.

How this reading was done

Every clause above was read out of a document CMTrading publishes itself

This reading was published on .

Documents
15 of 20downloaded from the broker's site, and 15 read in full
Pages opened
26pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
AR vs EN vs ESthe language it advertises in, against the language it contracts in

Who the contract is with

GCMT Limited

GCMT Limited of Seychelles takes the other side of your trades. Its agreement opens by saying it provides the services, its own definitions make it the principal, and its licence is Seychelles FSA number SD070. South African clients sign with GCMT SOUTH AFRICA (PTY) LTD, which holds no licence of its own: it is a juristic representative and agent of Blackstone Marketing SA (PTY) Ltd under FSP number 38782, and the same agreement names GCMT Limited as the principal and CFD issuer. The dealing desk and the card processor both sit at one Limassol address in Cyprus under CMT Processing Limited. A UAE company, CM Global Financial L.L.C S.O.C, appears on the Arabic pages and arranges and advises only.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

The legal shelf is complete and dated. Every file carries its upload month in the address, so you can tell which version you are reading. CMTrading also publishes the $50 inactivity fee in its public help centre, not only in the contract. The Seychelles agreement gives you 14 days to cancel and promises at least ten business days of written notice before any material change. South African clients can take a complaint to the FAIS Ombud, and the agreement names that route and the email address for it. Withdrawals are promised in three business days on the public page and in the contract alike, and the two match.

The Seychelles client service agreement and both Islamic account policies would not open for us. We read all three from CMTrading's own published files instead, and every quotation credited to them comes from there. The South African client service agreement runs to 92 pages and we read about three quarters of it, including all of the fee, inactivity, complaint and conflict clauses. Its inactivity fee figures did not come through legibly, so we read clause 13 from the published file and the amounts quoted here are the ones printed there. We read the first four pages of the eight page refer a friend bonus terms, and no more. There is no Arabic cookie policy to read: that link now sends you to a forex sales page. No earlier copy of the South African agreement exists, so our comparison runs against the March 2025 Seychelles agreement, which CMTrading still hosts alongside the current one.

How to check any of this yourself

Every quote above links to the CMTrading file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document CMTrading publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge CMTrading on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 1, 2026.

If you represent CMTrading and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on CMTrading. Whether its licence is real and current is a separate check on the broker profile.

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