Beware! Ctrust 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.
The only real thing that stands out on Ctrust’s website is its color. Aside from that, there seems to be nothing special. It even seems limited in its services and information. However, these are our first impressions. At times like these, we hope that our first impressions do not last. Read the review to see what happens.
The registration process was simple and there was nothing really to it. After we entered our credentials, we were presented with a trading platform, a browser-based one which acted as the main page of the user area. Usually, not many legitimate brokers proceed like this, because it is sort of intruding to immediately display a trading software. This is why we associate these kinds of moves as being a part of an unregulated broker.
The terminal disclosed a EUR/USD cost of trade of 0.4 pips, which is too good to be true. Yet, we saw no sign of any commission. However, seeing as this broker is probably unregulated, this spread might be a hoax altogether. The leverage amount was maxed out at 1:500. According to the platform, the tradeable assets are commodities, forex currency pairs, cryptocurrencies, ETFs, and indices.
The languages of the website are English, Russian, Spanish, German, French, Italian, and Chinese.
CTRUST REGULATION AND SAFETY OF FUNDS
The footer of the website reveals some very courageous statements. The first of them is that the broker is regulated by CySEC and located in Cyprus. The second point made is that Ctrust is also licensed by the International Financial Services Commission in Belize. And last but not least, Ctrus is also legitimized by the Financial Services Commission of Mauritius.
All of these regulators have their online registries of regulated firms, where each broker is regulated by the respectful watchdog. We checked each of these databases of Ctrust’s name and found no mention of it anywhere. Thi tells s that the broker is not regulated by any of the listed agencies. And seeing that there is no other mention that the firm is licensed, therefore Ctrust is NOT IN POSSESSION OF A LICENSE, making it a risk to all investments.
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
CTRUST DEPOSIT/WITHDRAW METHODS AND FEES
Both depositing methods, as gather from the user portal area, are based on cryptocurrencies. Both are essentially bitcoin buying sources. With the first BTC wallet, there was no minimum deposit. The second one, called MidexPay, has a minimum deposit requirement of 2000 RUB or around $26. So users are lied to: there is no way to deposit, only to buy bitcoin from a shady source.
Withdrawals cannot be made before a user attaches KYC documents. This is unfair and indicative of the scammer nature of the broker because to deposit you are not asked for these ID documents. We believe that if you give these away, the company will use them against you in the future. One way to stop that from happening is to never deposit in this fraudulent broker!
The withdrawal area revealed that withdrawals are made only through Bitcoin. There is a 320 satoshi commission, which is around $0.056. These bitcoin transactions should be processed within 24 working hours.
To conclude, Ctrust cannot be trusted. Kind of ironic when considering the broker’s name. All things aside, this firm is a scam, and will steal your investments!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.