Scammed by CMS Trader (Pandorx Ventures)

Investment ForumCategory: Broker QuestionsScammed by CMS Trader (Pandorx Ventures)
Derrick asked 5 years ago
Do you have any information on CMS Trader (Pandorx Ventures Ltd)?

I have been scammed by CMS Trader (Pandorx Ventures). CMS Trader offers managed accounts where they help clients to trade.

Cameel Swan, my accounts manager from CMS Trader, pestering me to top up my account so that they could start trading and help me earn profits. I started with an amount of US$5,000. As Cameel Swan did well, and after much persuasion from him, I increased my invested money with them. He would ask me to top up my account whenever he made good trades. One tactic he used was to offer a VIP status, which he said he had lowered the entry requirements for me. This cycle repeated itself until I had invested a total of US$90,000.

Things started going downhill when I refused to top-up anymore and started withdrawing some money. My account then had about US$160,000. So I had “gained” a profit of $70,000 after 6 months. Cameel Swan started to place large trades which lost a lot of money, and they started to eat into my starting capital.

I finally had enough of them and told them to stop all trading because I wanted to take back all my money. Benjamin Broun, who is Cameel Swan’s boss, promised to return me all my money within 4 business days. On the 4th business day, this is when this scam broker showed his true colours. Cameel used my account to perform copy trade on the SIRIX platform without my permission. This cost more losses to my invested capital. But the worst was yet to come. On the same day, Cameel Swan fraudulently opened a silver trade worth US$1.5 million which immediately margin called my account! This act wiped out my account, the loss was US$108k, and brought my account into negative!

When I found out what he did, I gave him a call immediately. Cameel placed the blame onto me. He raised his voice at me at me, saying “I TOLD YOU NOT TO DO COPY TRADE!”. But I had uncopied all other traders, as I wanted to take back all my money. The silver trade that loss US$108K is not a copy trade (social trade).

Bejamin Broun from CMS Trader emailed me saying that they will investigate this issue and asked me to wait patiently.

Now what I am left with is an empty pocket, a vague promise and a horrible experience. I hope that others can learn from my painful and expensive lesson, and only engage with reputable brokers.


3 Answers
Moderator Staff answered 4 years ago
FCA UK Warned About CMSTrader, see here:
The current corporate name of CMSTrader is Safe Side Consulting Ltd.

cmstrader_scamvictim answered 5 years ago

the Ontario Securities Commissioner had also issued a warning about CMS Ventures Ltd / Pandorx Ventures on its warning list.
Please stay away from this scam company. They are there to rob your money.
CMS Trader is scam company that not regulated to trade on forex market. They hide behind other bogus companies like Mefora Limited, Andaria Ltd.
CMS Trader associated itself with IDT Financial Services Ltd, the only company that is regulated to act as its shield. Dont be fooled by its appearance, CMS Trader is day-light robber.  

bha answered 3 years ago
Prepare to lose all your money if you are using CMS trader.

I am UK based trader who started trading with CMStrader as a fresh trader who don’t have experience and worse part is that person from Investing website rang me to suggest their name when i was searching for reliable broker. CMS trader initially introduce myself as FCA approved UK broker. (1st lie which i found out after 6 months)
In 4-5 months, i have invested 25K. Again, i was given trade who are on losing side and been advice to add more so that trade can sustain and CMS trader added credit on each top up i perform. saying that i have told them not to give me credit because i read that once company give you bonus they will tie you with them and will not allow withdrawal. Stephan Hill (my account manager said that it is credit not bonus so you will not have this issue). Sadly, i trusted his word and not get this in written email.

Things were going ok up until, i have substantial  amount of profit in account and want to take some money out and guess what i found their true colour. They said that i can’t withdraw any money because i have been given credit and money i have made is due to credit money which was given. After reminding them about what Stephan said initially, they agree that i can withdraw money after 6 month if i will perform 10 trade a month. i did that for 6 months. After time period, i have again asked to withdraw and i got same story of credit and now they are saying that all of the money is companies and will not allow to withdraw money. Current profit in account is 105K.

After above incident, i have used Google and here are finding,
CMS trader is not FCA approved and got few flags in UK.
CMS trader are register as safe trading ltd in UK (as per thier website)
I have searched them in companies house SAFE SIDE CONSULTING LTD – Filing history (free information from Companies House)
As per above they are dormant (inactive) company from 2016 till now, however, they have been showing on their website that they are doing trade of millions every day. so this is potential fraud with UK government.

I have lost 25K and lot of time with them. I will take legal action with them but I thought this will help other people.

Please beware with them and use only approved broken not fraud broker.
Please share it everywhere so that this will benefit everyone.