Beware! CCTMarket is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
CCTMarket is a forex brokerage registered in Saint Vincent and the Grenadines. It provides a web-based trading platform, not the MetaTrader5 trading platform and has a clear-cut focus on crypto trading. The required minimum deposit is $500 which is twice the industry average and excessive in our view. Traders do have a wide range of trading options in crypto currencies.
CCTMarket regulation & safety of funds
On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name PHHLT Marketing LTD. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.
Readers are reminded that the government of SVG has had to publicly state quite a few times in the past that it does not regulate Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients.
Putting this aside, the brokerage does provide a web-based trading terminal and we were able to register for a demo account. Here is a screenshot:
As you can see for yourself, there are a lot of trading options which include crypto currencies vs USD, indices, commodities and stocks vs BTC, as well as assets vs USD. The charting could be worse but we could not discern what the extended leverage is. Furthermore, the required minimum deposit is quite high at $500 which is twice what brokerages usually offer in Forex trading. Putting this aside, the lack of regulation and the offshore location of the brokerage incline us to suspect that potential client’s funds may be at risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
CCTMarket deposit/withdrawal methods and fees
The brokerage has splattered a number of logos on its website giving the impression that clients may deposit or withdraw via a plethora of gateways, including popular e-wallets such as Skrill, Neteller, SOFORT, QIWI, Neosurf, Paysafecard, giroPay, iDeal, WebMoney and more. However, we are inclined to question this because in the terms of the brokerage we read that withdrawals are made only via wire transfer and credit cards.
While reading through the terms and conditions we did find some troubling provisions. Here is a screenshot:
The minimum withdrawal amount for wire transfers is $500 and $100 for credit cards. Furthermore, there are trading requirements for the bonus promotion. Here is another screenshot:
Traders need to achieve a trading volume of 25 times the initial deposit plus the bonus which simply means that no one will be withdrawing bonus money in the near future because such a requirement is almost impossible to meat.
This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or The bitcoin miner where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing achargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case of FxReino – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
Rarael
Hola he estado operando con CCTmarket.Com enpece con 250 euros y despues el broker me dijo que ingresada mil euros que el bitcoin iba ha subir mucho y que iba ha tener un gran beneficio
En 12 dias he pasado ha tener 16000 euros pero he dicho de hacer un retiro de dinero y me excije una comicion del 5% para en broket y un 7% para el seguro. Total 1770 euros que seria el 12% del total que tengo.
Lo que veo raro que yo solo quiero retirar 2000 euros y ellos me dicen que tengo transferir el 12% del total del dinero a un que solo quiera retirar esa cantidad de dinero..
Otra cosa que veo rara es que el numero de cuenta que me dan es de un banco de hungria llamado kereskedelmi es hitelbank ( beneficiario ritterium )
Me podriais ayudar para saber si esto es una estafa
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Hi, I’ve been working with CCTmarket.Com with 250 euros and then the broker told me that a thousand euros had been deposited that the bitcoin was going to go up a lot and that it would have a great benefit
In 12 days I have had 16,000 euros but I said to make a withdrawal and I am excited by a 5% commission in broket and 7% for insurance. Total 1770 euros that would be 12% of the total that I have.
What I find strange is that I only want to withdraw 2000 euros and they tell me that I have to transfer 12% of the total money to someone who only wants to withdraw that amount of money ..
Another thing that I find strange is that the account number they give me is from a bank in Hungary called kereskedelmi is hitelbank (beneficiary ritterium)
Can you help me to know if this is a scam
Afectado
No realices ningún pago anticipado pues CCTMARKET es un grupo de estafadores que tras pagar el concepto que te piden como comisión de broker y seguro (ese 12%), te pediran que anticipes el pago de impuestos, después buscarán otra excusa para solicitarte otro pago y así sucesivamente (llegan hasta argumentar que tienes que abrirte una cuenta en Las Bahamas porque tienen problemas con sus bancos por el bicoin y no pueden transferirte los fondos que dicen que has ganado).
Prepara un expediente con la historia que has tenido con ellos y preséntalo a la Policía Nacional (si eres español) o a la de tu país, denunciándolo como posible estafa y adjunta justificantes de los ingresos que has hecho. Es un poco de trabajo pero si nos unimos conseguiremos que lo cataloguen como chiringuito financiero y figure en el censo para que no permitan su plublicidad y la policía tenga más casos de denuncia. Yo ya los he denunciado.
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Do not make any advance payment because CCTMARKET is a group of scammers that after paying the concept that they ask you as broker commission and insurance (that 12%), they will ask you to anticipate the payment of taxes, then they will look for another excuse to request another payment and so on (they even argue that you have to open an account in The Bahamas because they have problems with their banks because of the bicoin and can not transfer the funds that they say you have won).
Prepare a file with the history you have had with them and present it to the National Police (if you are Spanish) or to your country, denouncing it as a possible scam and attach supporting documents of the income you have made. It is a bit of work but if we join together we will get it classified as a financial chiringuito and will be included in the census so that they do not allow their publicity and the police have more cases of denunciation. I have already denounced them.
Manuel Armijo
Yo llevo realizadas en su plataforma varias solicitudes de retirada de dinero. Te llaman y te dan una excusa distinta cada vez. Llevo más de 3 meses intentando recuperar el dinero. Me encantaría tener delante a uno de ellos.
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I have several withdrawal requests made on your platform. They call you and give you a different excuse each time. I have been trying to recover the money for more than 3 months. I’d love to have one of them in front of me.
Curious
Hi. This is a horrible scam. I’m really sorry. I’ve been absolutely crushed by them. I have lost thousands to them paid their stupid fees and nothing. I am trying to use charge back companies. My chargeback have a good success rate.
Alexis
Hola. A mi me está ocurriendo algo parecido con CCTMARKET. Se metieron en mi con otra empresa KONTOF (así que CUIDADO CON ESTA OTRA EMPRESA), pero después con la misma historia, a mi ni fondo ta directamente me pedían 1000 y 2000 euros de ingreso que hay que aprovecha la subida del bitcoin. Con 3500€ ingresado se veía que habían ganado 4 bitcoin y algo unos 24.000 euros.Voy a retirar 8.000 € porque lo necesitaba el 21 de mayo, y no daban señal de vida hasta después de provocarlos me contesta un tal Gustaf de finanzas
haciendo cuenta y que tenia que pagar un 11% de comisión+ otro 11% de seguro temporal del banco 2200€. al día siguiente que el banco de Inglaterra pagar los impuestos 22% 3.115@ pagué también al día siguiente me lo ingresaban. Por supuesto no lo ingresaron porque el banco de Inglaterra pedía por el cambio de bitcoin a euros es decir, 2.841€. le he dicho de todo hasta timo y estafa y ellos que son serios y no hacen nada. Por cierto, ninguna factura, recibos ni ningún justificante.
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Hi. Something similar is happening to me with CCTMARKET. They got in me with another KONTOF company (so BEWARE OF THIS OTHER COMPANY), but then with the same story, my background did not directly ask me for 1000 and 2000 euros of income that takes advantage of the rise of bitcoin. With € 3500 entered it was seen that they had won 4 bitcoin and something about 24,000 euros. I’m going to withdraw € 8,000 because I needed it on May 21, and they gave no sign of life until after provoking them, a Gustaf of finance answered me
making an account and that he had to pay 11% commission + another 11% temporary insurance from the bank € 2200. the next day that the bank of England pay taxes 22% 3.115 @ I also paid the next day I was paid. Of course they did not enter it because the bank of England asked for the change from bitcoin to euros, that is, € 2,841. I have told him everything to scam and swindle and they who are serious and do nothing. By the way, no invoice, receipts or any proof.
Manuel Armijo
Hola, Alexis. A mí me contactaron del mismo modo. Las excusas para no transferirte dinero son de lo más absurdas. No entiendo cómo no ha ido la Justicia ya a por ellos
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Hello Alexis. They contacted me in the same way. The excuses not to transfer money are the most absurd. I do not understand how Justice has not already gone for them
Manuel Armijo
Cuidado con los que se anuncian como recuperadores del dinero. Te cuentan una trola sobre contratar un servidor forense para recuperar tu dinero en CCTMARKET o la que sea.
Te piden que transfieras 400 € o una cantidad similar por adelantado a un banco, y que el plazo para recuperarel dinero es de 20 días. Si les pides antes detalles de su actividad laboral, te dicen que no pueden porque deben guardar secreto para no ser descubiertos.
La factura proforma o presupuesto que te hacen es una plantilla de Office modificada, sin referencias ni datos de empresa, no tiene valor mercantil alguno. Te dan un número de móvil,para hablar con ellos por WhatsApp, pero no te dan ni una sola prueba irrefutable de que son honrados.
En este tipo de portales se registra una tal Kim White, que hace publicidad de esta gente, diciendo en diferentes comentarios que le recuperaron su dinero de diferentes empresas (en cada comentario, una empresa distinta).
Si alguien ha podido recuperar su dinero de CCTMARKET, que diga cómo, yo sigo intentándolo.
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Beware of those who advertise themselves as money retrievers. They tell you a trick about hiring a forensic server to recover your money in CCTMARKET or whatever.
They ask you to transfer € 400 or a similar amount in advance to a bank, and the deadline to recover the money is 20 days. If you ask them beforehand for details of their work activity, they tell you that they can not because they must keep a secret so as not to be discovered.
The proforma invoice or budget that you make is a modified Office template, without references or company data, it has no commercial value. They give you a mobile number, to talk to them on WhatsApp, but they do not give you a single irrefutable proof that they are honest.
In this type of portals there is one Kim White, who advertises these people, saying in different comments that they recovered their money from different companies (in each comment, a different company).
If someone has been able to get back their money from CCTMARKET, that says how, I keep trying.