Beware! GlobalCTB 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.
GlobalCTB is a broker which shows very strange behaviour! First of all, they advertise themselves as Forex providers, but you can actually trade only cryptopairs. There are a lot of discrepancies to be found, and we are going to show you some of these, which should make you reconsider before making any investments with them. Beware, it is an offshore broker!
GlobalCTB REGULATION AND SAFETY OF FUNDS
GlobalCTB is an entity which declares to be presented in Switzerland, UK, Sweden, Netherlands and Singapore. However, there is no information about this Forex broker in any European financial authority which means that they are not authorized to provide financial services or product on the territory of EU or UK.
In GlobalCTB’s Terms and conditions, though, we found that the website is owned and operated by Amethyst International Ltd., which is said to be a company registered in Dominica. It is a lower income island in the Caribbean Sea, which is regarded as an offshore zone with an attractive low-tax regime. However, we didn’t find neither the broker nor the company to be registered by FSU, the financial regulator of Dominica. GlobalCTB is an unlicensed, unauthorized and unregulated offshore broker.
Your funds are not in safety there, avoid GlobalCTB! The offshore brokers are entities which might disappear before you know it, because do not comply to any rules and regulations! There is no security provided, and such offshore entities might start acting strangely, because there is no one who will supervise them.
A Forex broker which is regulated really makes the difference! The two prominent watchdogs in Europe, for example, are FCA in Britain and CySEC in Cyprus, the Forex brokers licensed and authorized by these regulators can operate throughout the whole EU. Both financial authorities implement stringent rules and regulations which aim to ensure an appropriate degree of protection for the traders. Forex brokers under their supervision are forced to hold the trader’s funds in segregated accounts and cannot in any way use them for operational expenses. Also, they have to provide protections that guarantee a client cannot lose more than the sum deposited. If you trust an offshore broker you might end up in debt!
GlobalCTB TRADING SOFTWARE
GlobalCTB offers only crypto accounts, if you want a standard USD account it is not the broker for you! There isn’t a single true Forex broker who would not offer dollar accounts, the greenback is the world’s reserve currency! Beware!
There aren’t standard MT4 or MT5 accounts available with GlobalCTB, instead they maintain only their own trading platform, but it isn’t something special. It is not user friendly or technologically advanced, as we were assured during the phone discussion we had with one of their representatives!
In fact, GlobalCTB does not offer standard Forex trading instruments such as EUR/USD or GBP/USD. You can only trade cryptopairs, such as BTC/ETH, BTC/USDT, or other asset paired with crypto. We have to clarify that USDT has nothing to do with the american dollar, it is a controversial crypto called Tether which was linked with financial cover-ups, money laundering and price manipulation, also in the past they claimed to be USD backed. Assets evaluated in cryptos are prone to price manipulation and you should never trade any such instrument!
There is no information about the leverage levels, whatsoever, you are supposed to trade without knowing it! In fact, after a prolonged conversation with a lady who contacted us upon registration, we found out that we will be guided by a senior account manager who is going to operate our trading account. It was said that trading robots, who are never wrong, will execute trades for us! If there were such robots the scammers would use them for themselves, beware and to not believe in prospects that sounds too good to be true!
The spread on the default chart was more than 20 pips, which is way too big a difference between bid and ask quotes!
Demo accounts are not available.
GlobalCTB DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit listed on the website is said to be 500 USD.
The minimum withdrawal stands at $100 and there is no commission to be payed. However, withdrawals will be processed only if a client is compliant with their KYC rules, but we didn’t find such a document! It usually takes up to 8 business days to be completed, up to 3 days for the request processing and additional up to 5 days for transfer.
The only way you can fund your account is through a wallet called Praxis, and there are crypto payments involved, in order to complete the process.
No fees are specified, dormant account policy including charges is also missing.
GlobalCTB offers generous bonuses, but they depend on the representative and the account manager who are going to contact you. The first they will do is to assure you that a bonus is secured for you, but if you see their bonus policy you will reject the offer. In order to withdraw funds you will have to reach 12.5 points, and if you hear such a nonsense for the first time have a look at an example, provided by them!
HOW DOES THE SCAM WORK
The scam itself is a hunting game, the scammers are trying to hunt down investors. They will usually present expectations that are unrealistic, but by exploiting the typical human traits, such as greed or credulity, they will try to make the victim believe that everything promised is truly feasible, and not to be missed. The traders who fell pray will start to act upon the instructions from the scammer, and will end up with a deposit. But this wouldn’t be enough for the scammer, later, depending on the scam model, the scammer will ask for more money, either to increase the profits, or to cover some losses. The final chapter of the story is always the same, swindled traders and investor who where robbed of their money, with almost no chances to recover the losses.
It’s a scam sign if a Forex broker accept only cryptos as funding method and that should be remembered. They are doing it for a reason, the cryptos are perfectly unregulated, there isn’t a single authority in the world to deal with cryptos, and also the payments are totally anonymous. Once you deposit cryptos with scammers, it’s virtually impossible to get a refund! Stay away from brokers who does not accept the traditional funding methods, there is something fishy going on.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Stay away from Bitextrader, they show too many scam signs!