CM Traders

15/1/2014: Please read the latest comment at the end of this article.  I would advise Extreme caution in dealing with CM Traders

30/1/2014: WARNING. Read all comments before even remotely thinking about joining this company.  Do not believe anything CM Traders tell you. You will do your dough.

12/04/2014: Alert !  CommOptions , commoptions.com recently discovered. Looks like CM Traders all over again. Fair chance it’s the same people. Website menu the same, same broker, same packages even!  Be Warned, stay clear! (15/07/2014: it also seems that Sarcha Goulding who owns CM Traders also runs CommOptions, West Binary, West Digital and has been implicated in other scams like Intral

1/6/2014: Beware of ITZ Australia / ITZ International /International Traders Zurich who appear to have exactly the same MO as CM Traders

 

I’ve been meaning for a while to write something about the spate of binary option schemes out there. I recently went through the sales pitch from CM Traders, so this seems like a good place to start looking at binaries.

cmtraders.com.au , Woodybank Pty Ltd trading as CM Traders

CM Traders. They sell a package for investing in forex, commodity and index markets via binary trading. For those that don’t know, binary trading is a relatively new way to trade the markets, where you ‘bet’, effectively, on whether the price will finish higher or lower after the chosen time interval. So it doesn’t matter if you are successful or unsuccessful by one pip or a thousand pips,  the bet pays a fixed amount.  That fixed return is generally about 90% of your investment.

CM Traders spruik enticing returns of over 50 times your investment capital after just one year, and that is trading conservatively! ( and at their worst rate of return they reckon). That is based on winning 55% of the 2000 trades you get on the CM 2000 package and trying to win just 0.35% of your trading bank each time you have a successful trade. $1000 becomes $57,000!!

Trading is done by the Auto FX trading robot that handles all the trading for you, taking the trades decided on by their team of 30 traders ( no wait..now it’s 40 trading analysts with 1200 years of trading experience between them) and puts those trades into the market for you trading on your account with Binary.com.

All for the measly sum of $12,500, for  a year. Of course you can start lower ($7,900) or go right up to the high flyer packages  of over $50,000.

Ok, so what did I think about it all?   I was given a trial, where I get to choose any ten of the twenty or so commodities, indexes and forex pairs that they trade. Ten trades in a day. After one day I received a follow up call telling me I was smashing it, having won eight out of my ten trades…when would I like to sign up! I replied saying that I would like to see considerably more than just ten trades before making an investment decision of over ten thousand dollars !  Imagine basing that decision on tossing a coin ten times. You’d be mad to do it.  Ahh, but they say that they win so often because their team of analysts are so good. So could I have a longer trial , like at least 100 trades? Oh no…that would cost them too much money. Err..how exactly?  Ah, well, it’s because they have to send out the trades to about 500 people within a very precise time frame.  Ok, but that didn’t answer my question…where is the expence in that, and aren’t you jeopardising the clients trades by giving any trials at all then??

Later on, I was told that there was no point in having a longer trial as all the licences would be gone by then ( they were just trying to save one of the last packages for me ). I’m betting that there’s a fair chance they will still be offering licences next year….

They sent me some ‘client statements’, supposedly from one big player who has about $150,000 in his account. Out of the 153 trades listed there, there were 81 winners, or 52.9%. They told me that their worst case scenario was 55% winners and that they should really base their earning results on the 60 to 70% winners they usually get.  So how do you increase your bank 50 fold when the returns from each bet are around 90% but you only win 55% of the time? Answer is, you don’t. Unless you employ some loss chasing mechanism and hope that you recoup your losses on the next winner, before you go through your whole bank.  In the statements they sent me, at one stage the guy had four losses in a row and his next bet was over $6,000 trying to win just $300. It won, but if it had lost ( 48% chance) he would have been down $12,000 and I guess having to put about the same on the next bet trying to win it all back.  The profit for the whole period was $10,500, so just the one bet at nearly a 50/50 chance was the difference between a profit and a loss.  Of course, this guy was betting aggressively they tell me, because he has so much money and I could set my stop loss at any number of bets I like, or even don’t bother with recoupment at all.  Well, the way things work is that, if you can’t win at level stakes, no recoupment strategy will make that system win.

One strange thing about those statements was that there were a couple of entries that were half cut, as if the statement had somehow been edited….just saying….

They offer a 110% guarantee, if you have more losing trades than winning trades and if you don’t make a profit. One proviso though is that you are able to show that you funded each trade recommemnded, and another is that you stay within a ‘conserative’ framework. I think that they are two weak spots in the guarantee, open to interpretation.

I got to speak to someone who claimed to be a client, and a happy one at that, but couldn’t verify anything.

So how does it all add up?  They say they have only 1500 positions available ( with only the last few remaining..be quick!). Ok, so say they all start off with only $1000 banks, and after a year they are all at least up to $55,000. Let’s say 500 of them are on any one trade at any time, so they might be betting, combined, about $96,000 on that trade. The broker, Binary.com, I am told makes the market and takes on the bets. So they would have to be paying out on average, about $45,000 each trade, ten time a day, by three for the other thousand clients, that’s $1.35m every day. I wonder if any broker could handle that kind of consistent winning?

What else? So why was the sales person still working there? ( this person reckoned they had three licences and had been in three years)., At the returns they were quoting, I don’t think I’d be there on the phone every day….unless the good samaritan in me just wanted to help other people so much! They are also very good with an answer for every question, well thought out to sound convincing, or branch off onto talking about how succesful some client is. There’s also a  pitch that all the licences are being snapped up because everyone must be buying themselves a treat for christmas (!)  They said there’s plenty of good feedback on the web. I could only find a couple of blogs..both single post blogs, saying pretty much the same thing..sceptical at first but so glad they gave it a go..and just wanted to put out a public thanks. The only other mentions were articles posted about CM Traders on some article posting sites, by..I wonder who..

So, in my opinion only, I think it all sounds a bit too fanciful. I would definitely never base an investment decision of over $10,000 on the result of ten coin tosses. I wouldn’t rely on loss chasing (sorry..recoupment plan) to ensure my continued success. It all sounds far too good to be true.

I’ll also be checking in next year, to see how many licences they have left to sell….

If anyone has had experience buying into the program, we’d love to hear about your experiences..please leave a comment or email..

56 thoughts on “CM Traders

  1. Gabson

    I have traded with many brokers (CMTrading IS THE WORST, BIG SCAMMER, you better help your I have traded with my brokers (CMTrading IS THE WORST, BIG SCAMMER, you better help your emotions by running away from them by infininte distance)

    I opened an account with CMTrading after they seemed to be nice. I was influenced by their advertisement of no fee charged on deposit and withdrawal. On opening the account, I made a profit of $4.99 dollars within few days and no longer comfortable with trading during the week. I requested for my money and profit of $4.99

    On waiting for days for my refund to roll in, I found out I was charged $39 and was denied of my profit. What? I immediately contacted them and was told that when I made a deposit, they paid for the fee and now that I am making a withdrawal, I have to pay the fee. I called many times but all to no avail and even contacted them on facebook but the blocked me from further posting on their facebook page.

    Reply
  2. glen

    I naively joined cm traders to pay for IVF – stoopid me – they said they would hold my hand through the process. They took our money and ran. They lied. Is it possible at all to get our money back. Or do something at least.

    Reply
  3. Gary McDonald

    We copied their service with fx-autobinary and two years later in demo yet to see a profit binary is rubbish because it is controlled by the service and they can take your money when they please. You might be able to take legal action against binary.com they are the same service cmtraders set us all up with the 3 demo accounts to suck you in back in 2013 they were not called binary.com but it is the same company. Good luck

    Reply
  4. Jim

    Hello all,
    I am yet another culprit and have clearly lost my money as well. My story is much the same as above. I just wanted to add my details just in case a joint action is taken, and some money does come back our way.
    Big lesson learnt, and hopefully these deviates will come unstuck soon!

    Jim

    Reply
  5. christine

    My husband Steve & I have been scammed by CM Traders $16000.00 back in March 2013 We were spoken to by a very convincing young man called Andrew Maynard The address we were given was 56 High Street. Toowong Old. 4066 ABN 69 144 957 308 It seemed legit . More fool us. We are close to retirement. We may be interested in legal action

    Reply
  6. Jamie

    I noticed on RipOff Report our friend Sarcha Goulding is the one behind West Binary which has previously been mentioned on this site. I too have been scammed by her. I feel like an idiot because she got me twice. Once with one of her horse racing scams of days gone by and also with CM Traders. Ive been busy doing my research and this is what I have found. As per the report on ripoff report from a disgruntled employee she didnt pay (http://www.ripoffreport.com/r/Sarcha-Goulding/nationwide/Sarcha-Goulding-Steals-your-money-and-does-not-pay-her-workers-Southport-Nationwide-1216495) I can confirm her phone number is 0424 297768. I even went to the lengths to employ someone to follow her from her office to her personal residence. She lives at 39 East Quay Drive in Biggera Waters on the Gold Coast. I also paid off one of her employees a rather large sum of money to plant a bug in her office. The conversations I have recorded are nothing short of astounding. That surveillance was carried out over a month period and has since been completed with all traces now removed. All of this has been forwarded on the Queensland Police who have confirmed to me they are already watching her very closely. I don’t think a class action is worth the time as from what I have been told she is not far away from being arrested and charged.

    Reply
    1. Luke

      I can confirm some of those details but I hope everyone holds out on approaching her for any reason because she is a cornered animal and will run at the first whiff of trouble. Unfortunately I didn’t have the resources to pay someone I had to get the information using my own feet and phone.

      We all want the samething. Justice.

      Reply
  7. Chris

    It looks like Commoptions has disappeared. The website is not found and the phone rings through to some other company. Those scamming scum bags. Has anyone else noticed this ?

    Reply
    1. Martin

      Their new site is called binaryoptions.com.au . It was registered on the same day they registered commoptions.com which was the site they made to take over from CM Traders. They will always have 2 or 3 backup site registered ready to go to be able to quickly change the format. This trick has been used for years. It is rather easy to track their new registrations each time.

      Reply
  8. Sharon

    This is very true. You cannot pick a person by how they talk to you on the phone, they can sound like God if they want to. BEWARE

    Reply
  9. Denise

    I, too, have been duped by CM Traders and as a single parent in WA, was scammed into spending $7250 in May 2013. Having recently tried to lodge a small claim case against them and having the Bailiff serve the papers, it seems the address on their website doesn’t exist. Spoke to ASIC (at the request of the Bailiff) who recommended I pay $9 to have a company search conducted to find out who the Directors are to serve the papers to. Sarcha Jean Goulding is the only Director and if you do a google search, her name appears on another scam (this time to do with racing). The address given via ASIC is currently up for rent as far as I can see. I am really interested in joining those who are interested in any legal action!

    Reply
    1. Mike & Mary

      Hi we have been the victims of cm traders as well.
      They appeared very professional at the outset. Only to extract $13000, from ourselves. Then dissapear.
      We have lost our money.
      It seems like another gold coast scam operation was at play here. we are not in a position to lose this money. And it was a large decision to participate. If it hadn’t been for the slick sales lies. We would never had done so.
      If you would like for us to participate in any possible class action . We can confirm that we are willing to do so.

      Mike and Mary

      Reply
      1. Travis

        Don’t know if you have had any luck or replies re CM TRADERS/COMMOPTIONS but have just seen yours plus numerous others all saying the same about this company so if you are still looking to do something about this person / company please get back to me have listed my email as is also want to take action against them

        Reply
  10. PAT

    Diane. I went to coomera Police station and laid a complaint about cmtraders after being scammed The only way to get any action on cmtraders is for everybody to lodge complaints with the Police and get bank accounts for cmtraders and woodybank frozen.No action= no results.

    Reply
    1. Chris

      Hi Guys,
      Im a Commoptions member, ive been trading for a few months now. I know what you’s are talking about with the whole scam and trying to get ur money back, i cant see that happening, if u still have access to the CM trading site u could try a different strategy that i thought of, if they are losing more trades then they are winning u can see what the next trade is and see which way they are going to predict and trade against it. Ie if they predict USD/AUD will fall, u put a manual trade on with Binary.com for USD/AUD to rise with the same time period and start time. U may have a better chance of getting some money back. U can also use the recoup strategy and control it better. What sort of percentages were u guys trading at ? They only expect u to trade about 0.085%-0.25%. 0.085 should let u recoup about 9 times and 0.25 about 6-7 times. I only set my winstop at 3 and loss stop about 8. I have lost a few thousand so far due to 6 and 7 losses in a row but if i was trading lower i wouldnt of lost a cent cause i could of recouped more times. I know u feel ripped off and its a horrible feeling when u lose ur money but my advice is to either trade super low or trade against them. Use what time u have left on ur package to win some money back.

      Reply
      1. Admin

        Thanks for your thoughts Chris. I don’t think that would be successful in the long run. Statistically, if it’s a losing system, it’s a losing sstem no matter what kind of recoupment strategy you have, unless you have unlimited funds (and then you wouldn’t be worried about the ‘small’ sum invested anyway!).
        An alternative tactic would be to trade against the trade in order to hedge you bets, so you survive until the end of the trial.
        But I think you should just go after them NOW. Get legal advice. Persue them for a breach of Consumer Law..Product not doing what they said it would do. Go after them while they are still around.

        Reply
  11. huskymale

    From: BICKEY Cynthia [mailto:Cynthia.Bickey@justice.qld.gov.au]
    Sent: Tuesday, 18 March 2014 1:59 PM
    To: ‘admin@pacificwide.com.au’
    Subject: COMPLAINT LODGED AGAINST WOODYBANK PTY LTD-C-2014-01957

    Dear Mr Mcrae,

    Thank you for your recent correspondence dated 17 February 2014 against Woodybank Pty Ltd.

    Representations were made on your behalf to Woodybank Pty Ltd in an effort to resolve the matter.

    The OFT have emailed a covering letter and copy of your complaint and made telephone calls to the trader. Despite these efforts the trader has not responded to either the email or telephone calls. Therefore at this stage the OFT does not have any response to forward you regarding what action the trader intends to take in an attempt to rectify the matter.

    Your complaint will still be monitored and should a response from the trader be received it will be forwarded to you for your attention.

    While the OFT took up this matter to assist you, it does not have the authority to adjudicate in marketplace disputes, nor can it direct a trader to take a particular course of action. Contractual disputes between consumers and traders may be brought before an appropriate court or tribunal where matters can be independently determined.

    In this regard, you may wish to lodge a claim with the Queensland Civil and Administrative Tribunal (QCAT) where matters in dispute between consumers and traders, for amounts up to $25000, can be heard. QCAT can be contacted by telephoning 1300 753 228 in Brisbane or your local courthouse. Alternatively, you may wish to seek independent legal advice about the options available to you.

    There are a number of ways to obtain legal advice. You can contact:

    · the Legal Aid Queensland Call Centre, on telephone number 1300 651 188 for information and referral for legal advice; or
    · the Queensland Law Society, on (07) 3842 5888 and ask them for the names of legal firms in your area which specialise in your particular type of legal problem.

    I hope this information is of assistance to you.

    Thank you for bringing this matter to our attention.

    Yours sincerely

    Cynthia Bickey
    Service Delivery Officer

    Office of Fair Trading Mackay
    Department of Justice and Attorney-General
    Level 5, 44 Nelson Street, Mackay, Qld. 4740
    PO Box 2022, Mackay QLD 4740
    Ph:(07) 4967 0990
    Fax: (07 4967 0988
    Email: cynthia.bickey@justice.qld.gov.au

    Reply
  12. Lloyd

    Yes , put me in the line up as well. my entry $3650 and loss in trading on binary.com about $3,000 .
    No return of phone calls or emails. We probably do not have a lot of chance to get money back , but it would be some recompense to have the scamsters charged and dealt with , as difficult as that is

    Reply
  13. Jan

    Today I have found that I cannot access the website. “You don’t have permission to access / on this server.Additionally, a 403 Forbidden error was encountered while trying to use an Error Document to handle the request.” comes up on the screen.
    I was able to access it yesterday.
    After some searching I find that it could be a problem with the cache and other computer jargon but disturbingly a few people have answered questions for other people with a similar problem, on other sites, saying that the website may have blocked them.
    If this has happened to me then my trades will continue without any input from me.
    I have not been able to get a reply from CM Traders by phone or email.

    Reply
  14. Sharon

    Oh I wish the hell this was here before too. I would also be interested in a group legal action against these scammers. Yes I feel like an idiot getting suckered into the whole year deal with their “nice phone manner” it sounded good. I ended up placing my own trades in Binary.com and found more success so who the hell are these experts that cant pick trades, probably one person. Option trading is not good but CM Traders need to pursued by us as a group. Im interested.
    Sharon

    Reply
    1. Sharon

      Although I do not figure I will get my money back or any of it through legal action, I certainly think that all of us should pursue this to at least not let them get away with it.

      Sharon

      Reply
  15. Jan

    Just found this site and realise that I’m not alone with my dissatisfaction of CM Traders.
    I was sucked in by a very good saleslady, Jana, who made it sound so easy and virtually foolproof.
    The 110% guarantee made me think that I couldn’t lose. Silly me.
    I bought a 2000 trades licence in November not really expecting to get to the $57,000 carrot but even getting $20,000 would make me happy.
    I notice that they now advertise that a $10,000 bank will get that figure. I only started with $1000. I had no hope from the start.
    I made a small profit the first day using the recouping strategy with a very conservative stake as recommended by the consultant.
    After that I have been going steadily backwards
    Like Brian I have not been able to access to site for the past two days and have been told that the techs don’t know why and think it might be my browser but to keep refreshing.
    The comments by most of the above replies I can relate to.
    Trying to speak to someone is hopeless as the phone is never answered; but I was able to speak to three or four people when they wanted by money.
    Jamie has raised the question of the guaranteed refund which I hung my hat on if things didn’t go well.
    Jana told me that they had never had to pay out on that, inferring that every one was successful. Now I know why they don’t payout – they fiddle around with the wording. If you have less than 50% of successful trades then they have to pay out so long as you prove that you made those trades. A simply copy of your Binary statement should prove how many trades were unsuccessful.
    How can we know if the trades we pick will win as we don’t even know which way the experts are going to go. We have to rely on them. There is no other way.
    I have noticed that if a particular stock is performing poorly they get rid of it and introduce another with a better history……… interesting.
    I should have steered clear of this once I realised it was based in Queensland. Many scams come out of that state.

    Reply
  16. Brian

    I also purchased a package in Nov13. Started a bank of $2000. Was going well till a problem with their software and binarys and I missed some proposed trades for the day. This caused me to lose most of the $2000. Have now got the account back up to just over $2000. Now am unable to log in to the website today and have had no email or phone response to my enquiries.
    Also interested in any legal action if we as a group go ahead.
    Brian

    Reply
  17. David

    **Update**
    I spoke to these theives mid January regarding mis informed information they have provided and requested a refund to which they told me they will look into it and will take 28 days to process, this 28 days has lapsed and surprise suprise, I have not heard from them, I have sent 2 emails to call me and have called but no answer.

    I had originally spoke to fair trading prior to requesting a refund and now the next step is lodge a formal complaint and then further action, there looks to be a fair number of us for fair trading to have a serious look at these people.

    THESE PEOPLE SHOULD NOT BE IN BUSINESS!

    Reply
  18. Andrew

    So here is a concern I have that I have not seen anyone bring up on this blog yet. Sorry it is so long, but I just want people to know that Woodybank Pty Ltd trading as CMtraders are falsely advertising.
    There is also the biggest problem with the system that when you purchase a package you are given a certain amount of trades in a certain time frame. The package I purchased was for fifteen thousand (15,000) trades in four (4) years (which I had been told by Woodybank Pty Ltd’s salesman that amount of purchases is normally used up in two (2) years) but after reading through the Woodybank Pty Ltd’s web page I discovered that there is no way possible that fifteen thousand (15,000) trades could be used up in the four (4) year period!
    I have now discovered that you are only allowed to have ten (10) trades in any twenty four (24) hour period. Trades can only happen during Woodybank Pty Ltd trading hours which is from 11am Monday to 7pm Fridays. That is three (3) full days (Tuesdays, Wednesdays and Thursdays) that makes seventy two (72) hours, from 11:00am Monday till 12:00am Tuesday morning, thirteen (13) hours and then from 12:00am Friday morning till 7:00pm Friday evening which is nineteen (19) hours. So that is a total of one hundred and four hours (104) per week. So you can have the full ten trades done on the Tuesdays, Wednesdays and Thursdays but because Mondays and Fridays are not full twenty four (24) hours you will be short. Now it is hard to say if the trades you wanted to place in those two short days would fall in Woodybank Pty Ltd time allocation or not (it could work out that some, all or even none fell into the trading hours) so to keep things simple here I will average it out. There will be one hundred and four (104) hours total in a full week (not allowing for public holidays) divide by twenty four (24) hour periods and that equals forty three point three (43.3) remembering there is ten (10) trades maximum per day. Now Woodybank Pty Ltd shuts down for a couple of weeks over the Christmas, New Year period and I am sure they would also not trade during Easter and other national public holidays, so let’s say there would be a total of forty eight weeks of trading per year.
    43.3 average trades per week x 48 weeks per year = 2078.4 trades per year.
    Now for my example I have four years to use my fifteen thousand (15,000) trades.
    So 2078.4 trades a year x 4 years = 8313.6 trades I would at best be able to place in that four year
    Membership period which is nowhere near the 15,000 that I paid for! Nearly half! And that is if every
    day I was available to get onto a working computer no internet problems or anything else wrong or
    down, not sick etc, so if there was a couple of days here and there throughout the year at no fault of
    my own would I be able to place trades on a particular day, or hey I might not like or agree on more
    than ten (10) or even all of the twenty trades I get to pick from that useless Woodybank Pty Ltd
    Traders list. So does that mean I have to pick even if my instinct is that most or all of those trades on
    the day will not win but lose, do I have to still place ten (10) trades knowing that those trades have a
    high possibility of losing? I think (hope) you are getting what I am saying? So taking all that into
    consideration I think that getting just half the trades placed for that time period would be good
    going. So that brings me to where I have paid for fifteen thousand (15,000) trades but would only be
    getting about half of what I am paying for! I would call that false advertising wouldn’t you???
    I did this calculation for most of Woodybank Pty Ltd’s packages and I think all are the same except
    maybe the cheapest one.
    So while all this was happening and now finding it a lot more confusing and time consuming that
    what I was informed of from the Woodybank Pty Ltd salesman. I was trying to contact them to see
    what could be done to rectify these problems? I rang numbers without getting answered and I
    would leave messages but return phone calls, was rare and not at all helpful. There would be an
    email every now and again as I was pointing out the problems. Woodybank Pty Ltd are very hard to
    get a hold of and they do not like responding back, but I guess they have my money now! At one
    stage I was emailed and informed that the four year period was not actually a four year time limit
    but was in fact just a guide. But that is not at all what it stated on the Woodybank Pty Ltd web page.
    I have all these emails and pictures from the web site for evidence. All I wanted was my money
    refunded but I was told this was not possible. I was then informed that you can split the account so I
    can be trading two accounts at one time with the fifteen thousand (15,000) trades, which I first
    asked about while in discussions with the salesman and he told me that cannot be done, it needs to
    be done as one account. You can only have one name or identity trading through the broker which they use (Binary.com)
    While I am now being told that I can split the account (after first lying to me about the time limit just being a guide, Woodybank Pty Ltd is now changing their story, funny that!) and do two lots of trading but under two identities I was trying to inform Woodybank Pty Ltd training personnel (Anthony) that this would be illegal as the money I have used to purchase the trades is my self managed super funds money and not personal money. Woodybank Pty Ltd training person Anthony kept telling me I can trade one under my self managed super fund and the other under my personal name, but I was trying to inform him that you are NOT allowed to use your own self managed super funds money to help you personally gain from it. Anthony wanted me to just now use my personal money to trade with but an argument occurred and then Anthony hung up. I have tried numerous times to contact Woodybank Pty Ltd with no success.
    Anthony said that there are a lot of people that are using the two identities (one being personal) from their self managed super funds which I find hard to believe, but if Woodybank Pty Ltd is informing people to make personal gains from their own self managed super funds shouldn’t some government agency be doing something about that if it is illegal?
    I have not placed one trade as I have not been happy with what I was able to find out after I had to sign up and pay them first. If I had of placed trades and then decided I did not like it because I was losing more than winning and just wanted my money back because of the losing I could understand that I used Woodybank Pty Ltd service, but not placing one trade and just working it out after they gave me training I could see that this was not right. They need to disclose and running training before you sign and pay up! And Woodybank Pty Ltd should not be allowed to falsely advertise like they do!

    Reply
  19. Andrew

    I have also been done and wish this blog page was here late last year.
    I am writing up a letter now to send to the Department of Fair Trading and also to the ATO as it is my super money and I am sure they will want to know where my super money has gone.

    Reply
  20. Josh

    Hi all,
    Has any one comenced any legal action here in Aust?
    I got stung with the $12000 pack and they are a complete fraud.
    Will not answer phone calls, return emails and so on.
    The software they use is third rate at best.
    I would like to here from others as we stand a better chance as a group at getting our moneys back

    Reply
    1. Steve

      Hi josh
      I too joined CM Traders(worst mistake) lost most of my bank over the next 6 weeks . Tried ringing ,emailing for a number of weeks ,we live in Brisbane went to see them no such known at the address given. Would definately be interested in legal action to recover my money.

      Reply
      1. Josh

        HI Steve, I have a section in the private forum. Please contact me there and we may be able to discuss this a bit more in depth

        Reply
          1. Rhiannon

            I would like to see what you have found out about them as well. Seems my partner (as I strongily suggested not to invest our money in this venture) too has been scammed.
            Rhiannon

            Reply
        1. Amal

          Hi Josh,

          I too have been scammed. I would like to join a Legal Action. Has something been arranged? I live in NSW.

          Reply
    2. Bridget

      I would be very interested in looking to see what we can all do to get our moneys back, Like all on this page we stupidly invested $12k after listening to what sounded like a win win investment in November 2013. So wrong. We have submitted all our facts to CM traders and are awaiting the 28 days. Surely we must have some legal rights if so many of us are saying the same story??? I like everyone else are feeling totally ripped off and WANT my money back.

      Reply
  21. Jamie

    Hi,

    PLEASE READ THIS IF YOU ARE CONSIDERING JOINING CM TRADERS!!!!! I too at one stage received the random phone call from CM Traders offering me a what seems like a something too good to be true that could essentially put me into retirement with how much it can offer.

    I was skeptical off course thinking this was a scam and didn’t want anything to do with it. But I took their free trial and wanted to see what it could offer. After the first three days it was at something like a measly 35% accuracy for trades. But the salesman there at CM Traders assured me that this can happen but as the month goes on they will get up the usual 70-80% mark.

    I managed to squeeze my trial period to 10 days being a hard customer for the salesrep. It seemed to rise a bit at that time to around 45% which falsely gave me hope that what the salesman told me was true. All along him reminding me of that “GUARANTEE”. After a long time and many phone conversations I subscribed to the lowest CM Traders Pack which cost me $6000 at the time. WORST DECISION EVER.

    First off CM Traders almost never hit the 70% claimed percentage rate and in fact are mostly ALWAYS under 50%. It is essentially “BETTING” this is not “TRADING” like they have most likely told everyone. After all this I thought that this would end up being just an experience especially with how incredible the 110% “GUARANTEE” is. My package end up finishing at 45% which ended up in a loss for me with the trade money but thinking I would get my subscription back. After having my phone calls repeatedly screened and painstakingly trying to call them day after day leaving voicemails and emails they finally got back to me where I had to submit my statements to be analysed and them trying to sell me the next package on the phone.

    I received an email later on after hassling them more about getting my guarantee back telling me that I DID NOT QUALIFY for the guarantee. This was reasoned because although my account had less than 50% rate the total CM Traders percentage for that time period was over 50%. Which is total load of bullshit because they show the trades on the website and that never would have happened.

    Dont do something foolish like me and take a risk on such a fairy tale go and invest your money into something worthwhile. Almost anything would have been better than this.

    In summary DO NOT JOIN CM TRADERS!!!! Waste of your time and Money.

    Hope this helped.

    Thanks Jamie

    Reply
    1. Krisp

      Thanks for such excellent advice Jamie!

      I too was drawn in by the glib talking and yes! At that time the high percentage of wins.
      The first 4 weeks I almost doubled my money, BUT then the rot set in…
      CM Traders blamed unusual market conditions…. maybe their expert analysts jumped ship, whatever the reason their percentage daily wins plummeted!
      Of the last 15 trading days (29 Jan 2014) CM Traders wins per day were…..
      33% 42% 31% 44% 61% 60% 38% 31% 44% 53% 50%
      9% 50% 46% 33%
      Only 2 days were the wins as high as 60%, there is no way you could win money with that record of failure!

      Lessons learned

      1. You cannot trade to a timetable
      2. Only trade when the market is right
      3. If you pay for advice from expert analysts, make sure they are expert analysts
      4. 20 minute trades are generally too long for scalping and too short to take a position
      5. Beware of people using flaky software…When it fails YOU lose.
      6. Beware of companies gaining entrance to Binary.com by the use of backdoor hackers

      My subscription to CM Traders has now expired with 272 trades unused….Unused because of their poor strike performance. Even should I convince them that my subscription be extended….How could I possibly spend my unusable trades?

      Reply
  22. Maxxy

    I am sorry to say, but by the time your “half year” guarantee comes up they will be long gone. They wont answer their phones, they wont be at their stated address…vanished. Seen it all before and will continue to see it. If someone cold calls you selling you a plan to make thousands per week just hang up the phone and get on with your life. People dont just give away $’s. If it were so easy then why would the sales rep be on the phone when they could be making millions? Treat them as you would bible bashers. i.e. completely ignore them or go out of your way to tell them where to go. It amazes me that people part ways with their hard earned in this manner. I am terribly sorry if you have “invested” in this bogus scheme. I hope you can get your money back but you are in for a hard time.

    Reply
    1. Admin

      Thanks Maxxy for your thoughts. I agree, the girl I spoke to said she had three accounts with about 150k in them. By her reports on earnings she should be worth a million. Why would she be working the phones??

      Reply
  23. Jonathan

    Great work on the informative article. I’m taking my 10 grand down to the casino to pick red all night on the roulette. The odds are similar enough for me./

    Reply
  24. David

    I wish this article was posted about 6 weeks ago!

    I have made the stupid mistake of signing up and handed over the money, how stupid was I and am now regretting it in a big way.

    I thought I had done enough investigating into the compant and found it was legit etc, however I was done over by a fast talking salesman that sounds alot like the one that you have mentioned in your article.

    You mentioned the free account that you can only use once “as it cost so much to have it running” (yeah I got the same speil) well it turns out oafter you have signed up, that free account is there and to use whenver, however often and is “encouraged to use it before placing real trade strategies”.

    all the promises the salesman had have not come to fruition as so happily outlined, so far the money I invested in my account has halved, yes halved, not doubled.

    once you get though all the crap about this and that it all really comes down to the flip of a coin whether you win on each trade and alot of luck to get a winning streak to remain in the green as it cost more to place the bet that you win, so for example 2 wins and 2 losses would see you in the red with a negative value.

    I guess my only hope is that the gaurantee magically kicks in and I can get some Ive my money back, but I cant see that happeening.

    Reply
    1. Admin

      Very sorry to hear that David. I guess you still have a few months to go until your first half-year part of the guarantee comes in to effect?

      Reply
      1. David

        Maybe a long shot, but do you think there would be any way of getting my money back through fair trading or similiar based on the false and mis-leading info they have provided??

        Reply
        1. Admin

          Fair chance and worth pursuing. The Office of Fair Trading sounds like they handle that kind of non-supply/performance of goods.
          Yeah, I’m sorry too that I hadn’t got this article out earlier!

          Reply
        2. Trevor

          Hi DAvid

          Would be very interested in hearing how you are getting on. Cause I to fell into the same stupid hole as well almost the same time as you. Not only have we lost almost everything I have been trying to contact them constantly regarding the stressful system and refunding

          Trevor

          Reply
        3. Bryan

          I’d also be keen to hear of any progress. I’m another who fell for the quick talking sales guy and now watching my $’s flush down the drain :(

          Reply
  25. Mark

    Totally agree with the above articles. I have even went to their registered office as per their website. Couldn’t find anyone in relation to CM TRADERS or WOODYBANK PTY LTD. On asking the sales agent about this, got a reply that only traders sits their and they are not allowed to see anyone. Moreover, the place is registered under some private name which cant be disclosed. And they would never agree to see any client as they are really busy. As per the sales person, they would do the business only on phone, not sure who would be ready to throw away $10,000 without performing due diligence.

    Its too good to be true.

    Reply
    1. Diane

      Hi, We also got stung. We invested $24,500.oo from our Super Fund back in October and once they took our we didn’t here from them again. They wouldn’t answer my phone calls until one day at the begining of Feb when they said they were very sorry as WE MUST HAVE FELL THROUGH THE CRACKS, They said someone would get back to me which they did, but then gave me the spool that wasn’t what we had signed up for. I then requsted a refund and he said he would get back to me. The last I heard from them. I kept ringing and getting no answer , until last week when I rang and left a nasty message and also emailed them the same message that i was going to contact Fair Trading and they emailed me back saying for me to forward a detailed list of the alleged breaches by CM Traders of the terms and conditions, copies of broker statements and any other relevent information/evidence i wish to submit for assessment. So I assume I wont be getting my money back I to will be very interested to join a legal battle. Please let me know if this is to go ahead.

      Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

14 + eleven =

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>