CTsolutions review – 5 things you should know about ctsolutions.uk

CTsolutions review – 5 things you should know about ctsolutions.uk

Rating: 1

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

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CTsolutions does not give us any good reason to believe the claims that it is an “industry leading forex broker” that will help us tap into the future of online trading. This is an anonymous website that exhibits absolutely all the symptoms of a typical financial scam. You need to stay away from the CTsolutions if you don’t want to end up scammed.

CTSOLUTIONS REGULATION AND SAFETY OF FUNDS

The first clear sign that this is not a legitimate broker is the fact that the CTsolutions is completely anonymous. The website lacks the information required of licensed financial services providers regarding the company owner and regulatory oversight. There is not even a contact address.

The Terms and Conditions and other legal documentation also do not mention a legal entity by name. It’s not a good idea to put your money on the line if you don’t know who you’re dealing with.

The website domain suggests that this is a UK-based company, but the Terms and Conditions specifically mention another jurisdiction – Estonia. Neither the United Kingdom nor a member state of the European Union would allow an anonymous website to offer financial services. We were not surprised to find nothing about “CTsolutions” in the records of the UK Financial Conduct Authority (FCA) and the Estonian Financial Supervision Authority (EFSA).

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like FCA or Cyprus Securities and Exchange Commission (CySEC. As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

CTSOLUTIONS TRADING SOFTWARE

CTsolutions promises state-of-the-art platform, but after registering an account we get access only to a fairly basic web-based platform, which we are not sure is not just an imitation. For example, the current asset price chart is not integrated with the buy and sell menu.

But even if CTsolutions had a more convincing platform, that would not make this website credible. Fake brokers use trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

CTSOLUTIONS TRADING CONDITIONS

CTsolutions claims to offer trading in more than 1,000  “top-class assets”, but does not provide any specific information about this trade. The only parameter specified in the description of the trading account types is the minimum deposit of 250 USD. For a much lower amount, you could open a micro account with a genuine, regulated broker.

In the questionable trading platform we see a spread of 0 pips. Many licensed brokers offer trading with a raw spread close to zero, but they go with a fixed commission per lot traded. CTsolutions does not provide any information on commissions.

In the platform we also see a leverage of 1:200 – a level that is not allowed to regulated brokers. This is a further clue that CTsolutions could not be a legitimate broker operating in Estonia or the UK. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. EU and UK regulators limit leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets

Another such clue is that CTsolutions promises generous bonuses. All leading financial regulators prohibit brokers from offering bonuses, promotions and prize games.

CTSOLUTIONS DEPOSIT/WITHDRAW METHODS AND FEES

Although CTsolutions are anonymous, they require the customer to authenticate their identity before being given access to the deposit menu. The legal documentation states that CTsolutions accept credit card and wire transfer transactions.

But there’s one big problem with these Terms and Conditions – identical text has been used by dozens of scam websites we’ve encountered. RockFordFX, METAfmi, Wise 4X and WBIinvest are just some of the more recent examples.

These standard-issue scammers terms include many traps. The most brazen is a clause according to which “A levy of 10% of the withdrawal amount will be charged to any withdrawal from an account that has not executed more than 200 in turnover and/or from accounts that have not been verified”. Such vaguely worded and impossible to meet clauses are intended to block any requests to withdraw money.

If the account has received a bonus, another requirement is added for withdrawing money – a minimum traded volume of 30 times the bonus plus the deposit.  Another 10% levy is charged on accounts that are not active. In the legal documentation we see two different statements after what period of inactivity this clause is triggered – 3 months or 6 months.

HOW DOES THE SCAM WORK

Many people are looking for ways to make money passively, but do not have the necessary knowledge to invest in the financial markets themselves. This makes them a target for the many online scammers posing as brokers. If you come across some of them and give them your contacts, you will be contacted by skilled scam artists who will assure you that they can take on the incomprehensible aspects of investing for you. You will only be required to invest and take profits.

But when you try to collect even just a fraction of your money, it will turn out to be impossible. Your supposed profits will suddenly evaporate, or you’ll find that you have to meet impossible traded volume requirements first. Fraudsters often insert huge withdrawal fees into client agreements amounting to 10%, 20% or even more. You won’t be able to hold scammers accountable because they hide behind fake names and shell-companies offshore. Scammers also typically use non-refundable payment methods.

WHAT TO DO WHEN SCAMMED

First of all, you should be very careful not to fall straight into the clutches of other scammers. Another common scam is to promise money recoveries from fake brokers for an upfront fee.

If you used a credit or debit card for the transactions, you can charge a chargeback. Visa and MasterCard have a long period in which they allow such requests – 540 days. But keep in mind that fraudsters can dispute if you have provided them with a copy of your ID and proof of address. It would also be helpful if you alerted the authorities in your country and other people online to the activities of the scammers.

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