CTXPrime Review – 5 things you should know about Ctxprime.com

CTXPrime Review – 5 things you should know about Ctxprime.com

Beware! CTXPrime is an offshore broker! Your investment may be at risk.

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CTXPrime is a Forex brokerage  registered in the Dominican Republic. Traders are provided both with a web-based platform, as well as a wide range of trading products. The required minimum deposit is the industry average at $250, however, further trading conditions remain undisclosed.

CTXPrime regulation & safety of funds

According to the website of the brokerage the company behind it is registered in the Dominican Republic by the name RMD Developments Ltd with an address 8 Copthall, Roseau Valley, 00152, Commonwealth of Dominica. Going through the terms and conditions of the brokerage we find no mention of a regulatory oversight and this shouldn’t come as a surprises since the Dominican Republic is not known for its strict regulatory standards.  We can safely conclude that EXM Solution Ltd does not fall under any regulatory oversight. The lack of regulation brings with it a whole hornets nest of troubles, most important of which is the lack of authorities to which to turn in case of fraud. Furthermore, we come upon an UK phone number. We remind readers that brokerages operating on the territory of either country have to abide by strict rules imposed by the Financial Conduct Authority. Upon running a check through the online registry of the FCA we did not find any relevant information regarding the broker brand on the website of the British financial watchdog. Having in mind all that was mentioned we are inclined to believe that the safety of the clients funds may be compromised.

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 Financial Conduct Authority 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. The FCA compensates traders up to 85 000 pounds where as CySEC guarantees up to 20 000 euro per person.

CTXPrime trading software

The MetaTrader 4 trading platform is not supported which is something we always consider a disadvantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Instead, there is supposedly a web-based trading terminal available, however, upon opening it we come across a dashboard which leaves us lacking in any relevant information regarding the potential trading conditions. Furthermore, the website in question does not provide any mention of the spread offered by the brokerage which is the most crucial aspect of Forex trading. We only learn that the minimum deposit is the industry average of $250. All this further supports our view that CTXPrime is involved in foul play and we always recommend to readers not to risk it and steer clear from such offers.

CTXPrime deposit/withdrawal methods and fees

Going through the website we are unable to discern what the available payment methods for clients are. Usually in Forex trading clients may deposit or withdraw via Visa, MasterCard and e-wallets such as Skrill or Neteller.

We did not find any stated withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds.  There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve a certain trading volume in order to be eligible for withdrawal which is purposefully excessive in order to impede any trader from actually receiving his money.Legitimate brokerages which are regulated in Europe do not offer such promotions and even if they do, the information regarding potential withdrawal requirements is always presented straight-forward on the website, not hidden away in the terms and conditions.

Such website are also the reason we advise traders 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?

One of the reasons regulation has such value in the trading world is because scamming is quite common and it acts as a sort of guarantee that such a thing would not happen. Nevertheless, here is how a typical scam would go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as CashlessPay Group or Crypto Revolt 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 a chargeback 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 Axe invest – 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!

Rich Snippet Data
Review Date
Reviewed Broker
CTXPrime
Broker Rating
1.11star1stargraygraygray

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6 Comments

  1. Hola me siento estafada, inverti 2000 euros con ctxprime, y llavo 15 dias podiendo que me devuelvan, y cada vez que me contacta me dicen que tengo que esperar 3 dias, una semana otra semana.. No se que hacer.. Quiero recuperar mi dinero.
    ———————-
    Hello, I feel scammed, I invested 2000 euros with ctxprime, and it took 15 days to get it back, and every time she contacts me they tell me that I have to wait 3 days, one week another week .. I don’t know what to do .. I want to get my money back. money.

  2. I have been scammed by CTXprime. My manager John Hannapatz (if that is his real name) cleaned out my bank account. He was so so sweet until I tried to withdraw some funds and then I saw his Dr Jekyll side and he refused to talk to me anymore. I was assigned a new manager And he is sorry for what happened but he cannot help me. No one is accountable at CTXprime if a manager is doing the wrong thing by the client. They are the most vicious and callous people on earth.

    1. hey ,i invested there 1130euro in September.with profit i had 1.650 until 16-10-2020.Then they wrote to me that i got another account manager .From 19-10 im still losing my money .I ask this guy what is happening and he tell me that it happens !!!.Isaid i want to close my account asap from 20-10 ,still waiting .Today y 10-11 account balance is 700euro .I have already lost half of it.What should i do and how can i get my deposit back..Can you help me ????

  3. At CTXprime, I opened an account for € 250.00 for the transaction in August 2020, as I rated the company as serious after initial telephone contacts and initial initiation.

    In further endless telephone contacts in questions about actions and processes, I already had doubts that were further confirmed.
    Browser settings / copies of personal documents, passport / credit card and security question, password etc. were sent in writing and via Whatapp.
    The supervisor assigned to me turned out to be incompetent, so I tried to undo everything immediately via WhatsApp and mail.
    Now ctxprime Serviceupport started constantly calls with different country codes. I took the first calls and always read the note that I am no longer interested and that the account can be canceled. Unfortunately, this has still not happened so far.
    Weeks have now passed and constant calls from ctxprime are repeatedly questioned with the request to trade / trade?
    I keep expressing the disinterest and the closure of the account, unfortunately without previous success.

    Let’s see how that continues to develop. VG

    —————————————

    Bei CTXprime hatte ich im August2020 ein Konto 250,00€ zur Transaktion eröffnet, da ich das Unternehmen als seriös nach ersten telefonischen Kontakten und ersten Anbahnungen einschätzte.

    In weiteren unendlichen telefonischen Kontakten in Rückfragen zum Handeln und Abläufen kamen mir bereits Zweifel, die sich weiter bestätigten.
    Browser Einstellungen / Kopien der persönlichen Dokumente,Pass/Kreditkarte und Sicherheitsabfrage , Kennwort etc wurden versendet schriftlich und per Whatapp.
    Der mir zugeteilte Betreuer erwies sich als nicht kompetent, so dass ich versuchte über Whatsapp und Schriftverkehre mail umgehend alles rückgängig machte.
    Jetzt wurden ständig Anrufe mit verschiedensten Vorwahl Ländercodes seitens ctxprime Servicesupport gestartet.Die ersten Anrufe nahm ich noch entgegen und lies immer vermerken das ich kein Interesse mehr habe und das Konto bitte aufgelöst werden könne. Leider ist das bisherig immer noch nicht geschehen.
    Jetzt sind bereits Wochen vergangen und immerwährende Anrufe seitens ctxprime werden immer wieder mit der Aufforderung zum Traden/Handel hinterfragt?
    Ich bekunde immer wieder das Nichtinteresse und die Auflösung des Kontos, leider ohne bisherigen Erfolg.

    Mal sehen wie sich das weiterhin entwickelt. VG

  4. PLEASE PLEASE READ and dont waste money with ctxprime.

    I got scammed very big time. I opened an account with all the account opening procedures and transferred 250 Euros from my credit card. The account was opened, brokers call and spend lot of time on phone. They asked to give access to the computer which I was not comfortable. I saw my account performing pretty well, like 2-3 Euroes profit per day. I tried to withdraw and the withdraw was not automatic. The broker or the scammer will contact you and will give reasons why you should not withdraw. Anyways, I deposited another 250 Euros and they organised withdrawal of around 100 Euros in Credit card and another 100 Euroes in bitcoin.
    I got confidence and the broker Eryk (must be fraud name) pushed me put more so I can get a return of around 150 Euros in profit if I invested 25,000 Euros. I did that and I could see profits in that range. Next I was introduced to Allan another broker apparently returned from wall street and he said I can get real returns if they could trade in Crypto Futures. They needed a minimum funds of 50,000 Euros and I was overwhelmed with current weekly returns of around 1000 Euros. I organised additional funds and made it to 50,000 Euros and my account was performing like 2000 Euros a week. The broker Allan and Eryk used to send me messages on whatsapp and also would call couple of days weekly to give update and make feel comfortable.
    I could see that my account earned around 10000 Euroes in a month and I told the broker that I need to withdraw 5000 Euros and he said he would do it on the following day as he is on leave and need to check with the finance team once he is back.
    That night, the balance on the account was updated to (-)48,000 and Allan called me to say that the market crashed and all the funds are gone. He said he and the team are working hard to bring the account back. It was like a heart attack to me. Following days, they called and asked if I can invest bit more like 5000 so that they will be able to recover the funds.

    I am from Melbourne, Australia and they called me from different numbers in Australia. Also whatsapp from an Australian number. I was planning to refer few of my friends once my 5000 withrawal was processed. Luckily that did not happen.

    My humble request, PLEASE, PLEASE do not open any account and transfer any funds to ctx prime. I regret for not trusting the reviews and trusted the scammer brokers.

    I am trying to contact FBI/Interpol to file cases to see if funds can be recovered, which at this point of yime do not look possible. But at least hope some of the new people joining do not end up in my situation.

  5. Hi bro, sorry to hear what happend with you. I have also got scammed by these mohterfuckers.
    I am trying nowto get my 8000 euro back. If I manage to get them back I can text you, how you can do it. I am in touch with some companies now regarding this.
    Kind regards
    Jamal

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