CTFX broker is all over social media, especially forums like Reddit, where victims share their negative experiences. Since we figured this is another unregulated offshore firm, we want to warn you and show you all the tricks this company uses to defraud its clients.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | ctfx.trade |
| Blacklisted as a Scam by: | N/A |
| Owned by: | Ebullience Group LLC |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Available |
| Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
What About CTFX Regulation?
CTFX is a brand of Ebullience Group LLC from Saint Vincent and the Grenadines. As discussed many times, this offshore island has no financial regulator, which is why scammers choose it for its headquarters.
Why Must A Broker Have a License?
Why do banks, insurance companies, and other financial institutions need a regulation? Since dealing with money is always risky, some standards have to be followed. Unregulated brokers can provide unregulated trading conditions and vanish with your money without being penalized. And tracking offshore firms can be quite tricky.
Brokers like CTFX are trying their best to hide, create fake shell firms as owners, and disappear once they have stolen enough or have been spotted by regulators. Don’t fall for this, and don’t be involved with offshore firms.
As well as to the foregoing, we highly urge you to avoid scam brokersBNBtgroup,EENmarket, andGetPrimeCrypto.
Traders Reviews About CTFX
As mentioned, CTFX is already on Reddit, Trustpilot, and other websites where you can leave a review. Clients describe their experience with this firm, including how they were robbed and prevented from submitting a withdrawal request.
“AVOID this company! Total scammers. Have you beliving your account manager is working hard and making you money. You watch your fund balance increase and get excited that it’s all worked. Only to be told you need to pay endless fees to withdraw anything, just another way of scamming the last bit of money out of you. My balance is over $20,000, I’m gonna spend the rest of my day losing it all. If I can’t have it, they certainly are not. Thieving b******s”
– Trustpilot Customer
What Platforms Does CTFX Offer? – Available Trade Software
CTFX offers a proprietary WebTrader, advertising it as a “preferred trading platform widely used as it caters to the needs of all investors.”
CTFX WebTrader
First of all, we wouldn’t call any WebTrader a preferred platform. In fact, many investors prefer reputable software such as MT4 or MT5. The WebTrader has fewer functions and doesn’t support EAs or social trading. Besides, it’s not available through a mobile app, only through a web browser.
All About CTFX Accounts
There are 4 CTFX account types to choose among.
Besides the fact we don’t understand the change in the currency of the initial deposit, accounts differ in commissions, spread, leverage, and other perks.
Does CTFX Have A Demo Account?
No, CTFX doesn’t have a Demo account, so you need to deposit the money if you want to test their system.
Countries Where CTFX Operate
CTFX mainly operates in:
- Italy
- Netherlands
- Spain
- Ireland
- UK
As you can tell, the European zone is the primary target, but there are victims worldwide.
CTFX Range of Trading Instruments & Markets
The CTFX investors can trade on the following markets:
- Currency pairs – EUR/USD, GBP/USD
- Commodities – gold, oil, natural gas
- Indices – NASDAQ, FTSE100
- Shares – Apple, Amazon, Facebook
- Cryptocurrencies – Bitcoin, Ripple
Also remember the names of theEuroTrades,Richmond SuperandIndigoCapitals trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
About CTFX Trading Conditions
CTFX offers a low spread, starting from 0.1 pips for the Starter account, and no commissions. The commission goes from 0.5 EUR per lot to 4 EUR per lot on higher accounts. While this may sound competitive, think about where the broker is making its profit. The answer is your deposit, fake fees, and any money you transfer to the company that you will never get back.
CTFX Leverage
The broker offers high leverage of up to 1:500 against all the regulatory rules.
High Leverage – Why Is It Dangerous?
The leverage can be a useful tool to increase your buying power but is very dangerous when you have no market experience. That’s why the EU, UK, and other regulators have set a limit to up to 1:50 for the Forex market and 1:2 for crypto. The leverage shows how many times you can potentially increase your profit but also losses. With the leverage of 1:500, you can earn 500 times more or lose 500 times more money than you invested.
CTFX Bonuses As A Way To Keep Your Funds
CTFX approves up to a 30% welcome bonus. However, the Terms and Conditions suggest that you must repay the initial deposit plus the bonus amount 25 times before being eligible for withdrawals.
Why Are Trading Bonuses Banned?
Since many unregulated brokers used bonuses and other incentives to prevent clients from withdrawals, regulators have banned this type of provision. Since CFTX has no license, it still provides bonuses and abuses this tool in its own favor.
CTFX Deposit, Withdrawal Methods, and Fees
Clients can deposit the funds using debit/credit cards and wire transfers. The broker charges some hefty fees of 50 units for wire transfer withdrawals and 25 units for card withdrawals. Furthermore, there’s an inactivity fee of 10% each month if the account is dormant for more than 6 months.
Are You Already Involved With CTFX? – Share Your Story With Us
If you are already involved with CTFX and have any issues, get in touch now. Our chargeback specialists may be able to assist with the refund.
But What Is A Chargeback?
This is a way for your bank to recover the funds from the merchant. Since the process is time-limited, let’s not waste more time. Take action and make the first step towards recovery.