Crypto Trading Association Review – 5 things you should know about cta-capitals.com

Crypto Trading Association Review – 5 things you should know about cta-capitals.com

Rating: 1

Beware! Crypto Trading Association is an offshore broker! Your investment may be at risk.

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Crypto Trading Association is the perfect proof that the leopard cannot change its spots – no matter how many domains they switch. cta-capitals.com is the new domain of CTA-Capital.com – a broker we did a review on a few months ago. All that is written in that review is also true here – this is exactly the same shady broker with no considerable changes or improvements. If you have stumbled upon these scammers by any chance, ignore them at all costs – they are as fishy as they come and won’t help you make any profit. There is not one redeeming element about their whole presentation – read the review below to find out more.

Crypto Trading Association REGULATION AND SAFETY OF FUNDS

Crypto Trading Association is registered in St. Vincent and the Grenadines. This is a country adored by scammers for its lack of forex regulations – the local financial authority has stated on multiple occasions that they do not regulate forex brokers. And still, there are plenty of shady brokers that claim to be regulated – not just registered – in a country. If a broker tries to convince you that they are licensed in St. Vincent and the Grenadines they are without a doubt a scam. If they say that they are registered there and are not proven to be an offshore branch of a legitimate, established brokerage, you should still be extremely careful and preferably choose a more reliable company.

And the company behind Crypto Trading Association, Mia Group LLC, is definitely not reliable. In fact, the German regulator BaFin has issued a warning on the company months ago because they are in no way authorized to offer services to German citizens – or to anyone, for that matter.

Such a warning cements the fact that we are dealing with a scam scheme and should be more than enough to convince you to find a more reliable broker – preferably one that is licensed in the EU or the UK, or Australia. If you are working with such a broker, your deposits will be kept in segregated accounts – this means the broker cannot use your investment for anything because your money is separated from their own funds. Licensed companies should prove their financial stability and long-term vision by maintaining a certain minimum capital – €730 000 in the EU and the UK and A$1 million in Australia. Negative balance protection is ensured – so your losses could never be bigger than the amount of money you have in your account. Not to mention the fact that such brokers must document transactions thoroughly to ensure full transparency.

If you are opening an account with a broker with the hope to turn a profit – and you probably are – the only way to make sure that would be a possibility is to open an account with a legitimate, licensed company.

Crypto Trading Association TRADING SOFTWARE

Crypto Trading Association supposedly has some super innovative trading software up its sleeve – one that has both a web and a desktop version. However, the broker did not provide us with logging in details for the web platform. As for the desktop one, our computer warned us that there might be a virus lurking inside as Crypto Trading Association is not a secure provider. We decided to not give such scammers the benefit of the doubt.

Again, there legitimate brokers are a better option – most of them provide some version of the established MetaTrader software, either MetaTrader 4 or MetaTrader 5. Both of these platforms have become favorites to generations of traders because of the many great tools and features they provide – Expert Advisors that track the markets and trade automatically,  VPSs that keep trading bots operating even when your computer is not on, customizable signals you could set up for prices going up or down, a possibility to subscribe to other traders’ signals for a small fee, a huge markets for additional apps and indicators, and much more.

Crypto Trading Association TRADING CONDITIONS

The broker offers four account types – the minimum deposit for the most basic account, the Bronze one, is $250. This is not too expensive but this broker is extremely unreliable – invest with a legitimate broker offering affordable accounts instead.

Without access to a trading platform, we would have to trust the broker’s website about the spreads and leverage offered. The spreads on the Bronze account start from 2.8 pips – which is very a wide spread considering that most brokers try to keep their spreads under 1.5 pips. So trading with Crypto Trading Association might not have been very profitable even if they were not proven to be scammers.

The leverage on the Bronze account is 1:100 but could get up to 1:400 on more advanced account types. Although offshore brokers are not banned from offering such leverage rates, you should still be careful with your leverage settings – high leverage trading could lead to huge losses which is why many jurisdictions have imposed certain restrictions on the leverage brokers could offer to retail clients – up to 1:30 in the UK and the EU, for example.

Crypto Trading Association DEPOSIT/WITHDRAWAL METHODS AND FEES

The minimum withdrawal amount with Crypto Trading Association is $50. They supposedly accept payments with Visa and MasterCard which is great – it is the easiest to ask for a chargeback if you have deposited with a card.

The broker promises some unspecified bonuses but to withdraw those – or any profits made on account of them – you would have to reach a turnover of the bonus divided by four. But who could establish if the profits were made because of your deposit or the bonus – and sometimes, the broker might ban you from withdrawing profits altogether because of such questionable clauses.

HOW DOES THE SCAM WORK?

Such scams are rarely very elaborate so it is quite surprising that they manage to trick so many people. It seems that scam brokers are not going away any time soon so it would be good to know how to avoid them.

It all starts innocently enough – you see some impressive ad on the Internet promising to make you rich in a matter of months. And you would not have to do much – just invest a small amount of money with broker X. You are tempted so you provide the scammers with your email and phone numbers. After that, they won’t leave you alone before you deposit. Some scammers disappear right after you have transferred any sort of money but most of them are greedy – they will keep asking for more and more money. And you will be transferring because you will see that you are turning huge profits soon enough – it is very easy for scammers to manipulate platforms to make it look like you are doing great. Keep in mind that such people are well-versed in the arts of smooth-talking and convincing – they will charm you into transferring thousands before you know it.

But once you want to get access to all this money you have won, you will have trouble. The scammers will keep making up additional fees and clauses that prevent you from withdrawing – yet. At some point, they will just stop answering your calls and emails altogether.

WHAT TO DO WHEN SCAMMED?

Such stories rarely end well so prevention is key – always do your research, check registers of different regulators, and read Terms and Conditions carefully.

If you have already gotten scammed, there is still hope. Change any passwords you have provided the scammers with – that includes cases when you have given them remote access to your computer. Notify the responsible authorities and contact your bank or credit card provider to let them know you have been scammed. If you have used Visa or MasterCard to transfer money, you can try asking for a chargeback – this is possible within 540 days. Don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam and it would only lead to you losing more money.

Finally, sharing your story with others is important – this way, fewer people will fall into the same trap.

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