Beware! CTL Markets 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.
CTL Markets is one of the fake brokers that doesn’t even know its name. Or, it could simply make so many mistakes to mislead people. In any case, though, CTL Markets is a scam, and we are going to prove it in the following review.
CTL Markets REGULATION AND SAFETY OF FUNDS
CTL Markets claims to be headquartered in Bulgaria, so it needs a license to call itself legit. Well, it doesn’t have one. Instantly, we understood there is something wrong with the broker because it delivers bonuses and 1:500 leverage- both of which Bulgarian brokers can’t do. Therefore, CTL Markets is seemingly an illegal broker offering Forex services on strictly regulated markets without authorisation.
However, that’s not the worst in this case. First of all, we found it calling itself Triton Capital Markets numerous times- the latter is an officially exposed scam (FCA warning). Then, out of a sudden, it turned out that the CTL Markets’ clients should sign an agreement with FXCT Investments– another broker that was officially exposed as a scam, this time by the Belgian regulator FSMA. Well, you won’t actually sign any documents because scammers won’t ask you to do so, but the bottom line is that CTL Markets is a scam scheme, so your funds will be stolen if you deposit.
Note that even if we didn’t expose CTL Markets as fraudulent, we would still advise against dealing with it because of the absence of regulation. Unlicensed brokers are held responsible by no one, so they can do anything with your funds- most usually send the deposits offshore where it’s impossible to track the money down. That’s why we endorse regulated companies only, which are bound to follow many customer protection rules and keep deposits in segregated bank accounts. The segregation is beneficial in numerous ways, but above all, if the licensed broker goes bust, clients’ money won’t be lost but returned to their owners.
Now, check the high-rated EU brokers and British brokers on our lists. These companies keep deposits segregated and are further secured by the European deposit insurance funds laid down to make the environment even safer. Namely, CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000- another layer of security that actually makes the European companies a preferred choice for seasoned traders and investors. Think about it.
CTL Markets TRADING SOFTWARE
CTL Markets comes with a Webtrader that’s miles behind MetaTrader- the leading platform when it comes to Forex trading. And, as we already know that the broker reviewed is a scam, we’d like to offer the MetaTrader4 brokers and MetaTrader5 brokers topping both lists instead. We recommend the MTs because the platforms are market leaders packed with advanced indicators, excellent charting tools and sophisticated features such as algorithmic trading- great devices that can help you accumulate profits in the long run.
The EUR/USD spread delivered by the CTL Markets’ platform is seemingly good- 0.7 pips, meaning that trading isn’t costly in general ($7 per lot traded). However, the seemingly affordable service isn’t relevant in this case- we are still talking about a scam.
As to leverage, we are not sure about the actual level because the platform doesn’t reveal it, and on top of that, CTL Markets give inconsistent pieces of information- it’s either 1:150 or 1:500. Whatever the case, though, Bulgarian and other EU licensed companies can’t offer these ratios, which alone proves that the broker reviewed is illegal.
In fact, leverage is so dangerous that it’s been regulated for quite some time by many reputable authorities. In particular, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. In contrast, most of the high-leverage brokers are unregulated, so you should be very careful with them.
CTL Markets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, but weirdly enough, it’s $10 000 according to the Account Type page, as you can see below. The funding methods are allegedly Credit/Debit cards and Wire Transfers, but since that’s a scam, you shouldn’t send these fraudsters any sum whatsoever. Nevertheless, in terms of safety, bank card funding is viewed as a safer option as it allows chargebacks for up to 540 days- bear this in mind, regardless of your broker.
Anyway, while talking about funding, we’d like to offer high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system.
The minimum withdrawal is said to be $100, but that’s a fraudulent piece of information- CTL Markets won’t pay anything back. Anyway, each transaction allegedly costs 5% for Credit/Debit cards and up to $25 for Wire Transfers. Too expensive nonetheless.
However, inactivity is even more expensive. According to the clause, a client must pay $100 per month if he hasn’t opened at least 3 trades for 30 days. That’s a scam!
HOW DOES THE SCAM WORK
In this review, we exposed CTL Markets as a scam, so you should avoid dealing with it. Below, we’ll briefly describe how scams typically happen, and we truly believe that CTL Markets deploys the same or very similar tricks to con people.
Scammers won’t let go once they get your phone number and will constantly keep you on the line. If you fall into the trap and deposit, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits in your account. You’ll probably believe that’s true and may ask to take the funds out. However, scammers will skillfully manipulate you to deposit again, promising even greater profits. In the worst case, you’ll do, as they say, hoping to make even more money. Well, that’s not going to happen, but those crooks will carry on asking for more, which will inevitably raise your suspicions. You’ll insist on getting your funds back, and then they’ll announce that you should pay a hefty tax if you want to withdraw your funds. At this point, the scam is apparent, and as soon as the fraudsters understand they can’t get more money out of you, they’ll simply stop answering your calls and e-mails.
WHAT TO DO WHEN SCAMMED
Getting scammed may have long-lasting consequences. If you fall victim to fraud, you need to look for help and reduce further possible risks. Deactivate your bank card immediately and call your bank to inform them what happened.
Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!
Then, it would be best if you didn’t act hastily because swindling funds recovery agencies and individuals are waiting to scam victims once again.
Finally, please share your experience; it’s important to protect others, too. Be responsible!