Fair disclosure: I currently work for company that develops web based Forex trading software as well.
A few days ago I received a PR piece about CMS FX releasing a web based version of its VT Trader Forex trading platform. I took a look at their platform a year ago and left unimpressed so I was reluctant to give it another try. One night I had a little time to spare and I decided to give a shot, putting my prior experience aside for a fresh look anyway.
Having read scrolled through their 913 pages ”War and Peace” User Manual, downloaded the client version and tested the web one my first impression was – WOW. The client platform, which is much more advanced than the web one, feels like a combination of MT4, ACT, FXCM’s client and ACM’s web versions.
It looks like their R&D team which on Linkedin counts about 15 developers made a good job reviewing other platforms and integrating the best graphic and technical features in their own software. You can find currency pairs in clickable boxes, advanced customizable charts with 100+ technical indicators and even programming language (just like MT4’s) for strategies and indicators. What I didn’t immediately find was trailing stops losses (they appear in the indicator section) and an events calendar. As mentioned earlier, the web based version is much simpler and offers only their basic and most used features – which can be a good starting place for a novice trader.
Having seen all this FX firepower, I asked myself: how come this broker hasn’t become one of the leading Forex brokers in the world?
After googling for CMS FX broker reviews I may have found the answer: 5 out of 5 broker review websites call CMS scammers and point out that their dealing desk trades against you., They go on to write that customer support is terrible and that the platform’s order execution mechanism is slow – sometimes it takes 10-15 seconds to have an order executed. Again, in the fairness category, some of these reviewers call FXCM and FXDD and other big names scammers too and there is no way in knowing who’s honest and who’s a troll. In these cases I try to receive a general impression from several sources and CMS’s case it wasn’t a favorable one.
Having thoroughly reviewed CMS’s and Visual Trading Systems’ websites it struck me that one of CMS’s biggest mistakes is keeping the technology close to its chest: it might have an API but it doesn’t offer the software as a stand alone product. In order to use its software as a broker your only option is taking a White Label which leaves you dependent on CMS’s dealing desk and execution.
To sum this up:
In order for CMS to really grow, if it’s not too late already, they should make sure their service is fair – after all, fair companies make more money in the long run. They also must make sure their execution is up to speed with a fast market like Forex and, if technologically possible, they should allow licensing of their software as an off the shelf product to other brokers – profiting from their success as well. This way, everyone wins with their platform.