Beware! CorsairControl is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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CorsairControl Investment claims to set itself apart with its commitment to transparency and efficiency. But this website actually sets itself apart from other forex brokers by not actually being one. It is an online scam posing as a forex broker. In this review, we will present you with the evidence that CorsairControl is not what it claims to be and provide you with credible alternatives.
CorsairControl Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
CorsairControl is completely anonymous. Even the text of the legal documents does not name a company or an applicable jurisdiction. Email is the only method of contact.
Because of this, we do not know exactly who we are dealing with, nor what terms we are agreeing to when we register an account. The only thing that is certain is that CorsairControl is not a legally authorised broker. This has been confirmed by the German financial regulator BaFin, which is investigating CorsairControl for unlicensed activity.
If you have decided to invest in financial instruments you have a choice of much more trustworthy options.
Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent.
These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
CorsairControl Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
CorsairControl promises the industry’s most popular trading platform, MetaTrader 5 (MT5). But after registering an account, we get access to a pretty basic web trading platform that is not MT5 and doesn’t feature extensive customization options or advanced functionality.
We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.
You could always use the services of a regulated broker, the vast majority of which offer clients MT5 or the still very popular MT4. This will enable you to use the advanced features of these platforms without fear of being scammed. These platforms are preferred by the majority of brokers around the world because of their powerful automated trading capabilities, including Expert Advisor bots and customised scripts for backtesting trading strategies.
CorsairControl Trading instruments
CorsairControl advertises trading in stocks, forex, indices and commodities, but only two currency pairs are included in the trading platform.
CorsairControl Spreads and cost of trading
In the trading platform we see a zero spread, which suggests that the broker is charging some kind of trade commission. But CorsairControl does not provide information about the price paid by the trader.
CorsairControl Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
CorsairControl offers leverage up to 1:200. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses.
Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
CorsairControl Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Crypto||24 hours||24 hours||Fee depends on crypto|
CorsairControl allows the deposit of funds only through cryptocurrencies.
This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.
CorsairControl Minimum deposit
CorsairControl specifies a minimum deposit of 250 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.
CorsairControl Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|CorsairControl||Bonus x25||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
If the account has used a bonus, it can withdraw funds only after it has met the minimum traded volume requirements – 25 times the bonus amount plus the deposit. Scammers use such clauses to block any withdrawal requests. Most financial regulators prohibit brokers from offering bonuses, promotions and prize games.