In relation to the morning news item, when it was officially announced that CWM FX’s website was taken down, various speculations arose. In light of recent event, when it got reported that the London Police fraud squad raided the London Heron Tower, CWM FX has been placed at the center of attention of the dreadful situation. Together with today’s website disturbance, more questions were posed on the firm’s potential involvement with FX Fraud.
It was not until recently that CWM FX clarified on the issue of a non-functioning website, as the firm explains that it has to do with the termination of a working agreement with platform provider Leverate. Consequently, CWM FX pulled their forex trading function from the corporate website. This decision is in alignment with the respective rules of UK’s watchdog, since the brokerage is licensed and authorized by this regulatory body.
More in depth, under the FCA regulations the London based brokerage is mandatory to take down their forex trading functions from the website, until another new platform provider is in place. Therefore, CWM FX's website still not functional until further notice. Reasonings, why the corporate website is still displaying the contact details of the firm, along with the simple and brief apology: “We are sorry for the inconvenience”
Reportedly, CWM FX’s clients were warned about this situation in advance, hence they were eligible to withdraw their money prior the forex trading functions were officially taken down from the website. Nevertheless, this clarification still does not erase or convince the public opinion upon CWM FX’s struggles differently. As the brokerage could have find a suitable replacement of Leverate, in a timely matter for a smooth transition, whilst not affecting the clients and taking down the website.
As mentioned earlier on, all those distracting glitters are really not gold, as the firm recently signed a 3 year partnership deal with premier league giants, Chelsea FC, advocating a strong and healthy position within the market. One would expect such a firm to be spotless in its activities.