Online trading has brought many conveniences to modern society. However, it is also a breeding ground for fraudsters looking to scam unsuspecting investors. One such broker that has caught the attention of regulatory bodies and traders is COMEX. This article will provide an in-depth analysis of the company, its services, trading platforms, license, regulation, client feedback, and legal warnings.
Company Overview
| Broker Name | Comex |
| Website | https://www.cmegroup.com/company/comex.html |
| Location | Unspecified |
| Regulation | Not Regulated |
| Traders’ reviews | Negative |
Team
COMEX claims to have a team of experts with many years of experience in the finance industry. However, it does not provide information about the individuals who make up the team or their qualifications. This lack of transparency can be a red flag for traders looking to invest with a reputable broker.
Services and Products
COMEX offers trading services in the forex, stocks, indices, and commodities markets. The company provides its clients with access to various trading tools, including technical and fundamental analysis, market news, economic calendars, and trading signals.
Trading Platform
COMEX’s trading platform is available in web and mobile versions. It claims to be user-friendly, with advanced charting tools, technical indicators, and a range of customizations. The platform is compatible with various operating systems, including Windows, Mac, Android, and iOS. However, traders have complained about the platform’s slow execution speed and frequent downtime.
License and Regulation
License Status
COMEX claims to be licensed as a forex broker in the US by the National Futures Association (NFA) under the registration number 0540583. However, a search of the NFA’s database reveals that COMEX is not registered with the regulatory body.
Regulation Status
Regulatory bodies provide oversight and protection to traders against fraudulent activities. COMEX claims to be regulated in the US, but its regulatory status is unclear. It is not registered with the NFA or any other regulatory authority. This lack of regulation should be a red flag for traders looking to invest with the company.
Why Should Not You Trust An Unlicensed Broker?
Unlicensed brokers are not accountable to regulatory bodies, making it hard for traders to get legal redress in the case of fraudulent activities. They can engage in price manipulation, withholding clients’ funds, and other unethical behaviors. It is, therefore, essential to trade with a licensed and regulated broker.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Legal Warnings Against COMEX
The Arizona Corporation Commission (ACC) issued a warning against COMEX in October 2020, stating that the company was soliciting Arizona residents to invest in forex trading without being registered with the regulatory body. The ACC ordered the company to cease and desist from the illegal activities. This warning is an indication that the company is not operating within the confines of the law.
Client Feedback About COMEX
About Their Trading
Traders have reported difficulty in executing trades, with the platform experiencing frequent downtime. The company’s customer service department is also unresponsive and unhelpful in resolving any issues. These experiences are a cause for concern for those considering trading with COMEX.
About Their Customer Service
Good customer service is essential in any business, and the financial sector is no exception. COMEX’s customer service department has received negative feedback from clients who report unresponsiveness and incompetence in resolving issues. This lack of customer support can be a significant drawback to traders who may require assistance with their accounts.
How Can Reviewsadvice Help You If You Get Scammed?
Reviewsadvice is a website that provides traders with information about scam brokers and offers assistance to those who have been scammed. If you get scammed by this broker, you can contact us. We will provide you with a free consultation and service recommendations to help you fund the recovery process.
Final Thought
Investing in online trading requires caution and due diligence, especially when dealing with forex brokers. It is essential to research a broker’s license, regulations, and client feedback before investing any funds. COMEX’s license and regulation status is unclear, and the company has a negative reputation among its clients. It is, therefore, advisable for traders to avoid investing with the company and instead choose a licensed and regulated broker.
