CTX Prime – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CTX Prime - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
CTX Prime offers the following types of trading accounts: Nuisance-Free Account, Auto Trading Account and Social Trading Account. The minimum deposit requirement is 250 Euros or GBP, the minimum trade size is 0.01 lots (a micro lot), and the maximum leverage offered is 1:500.
With the exception of the account names, none of this information is available on the main Account Types page; you have to check the FAQ section to get this information.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: www.ctxprime.com
Founded: 2020
Regulations: Unlicensed
Languages: English, German, Spanish
Deposit Methods: Visa, Maestro, MasterCard, Bank Wire
Minimum Deposit: €250 / £250
Free Demo Account: None Available
Number of Assets: 380+
Types of Assets: Currency Pairs, Shares, Indices,
Trading Accounts and Conditions
CTX Prime offers the following types of trading accounts: Nuisance-Free Account, Auto Trading Account and Social Trading Account. The minimum deposit requirement is 250 Euros or GBP, the minimum trade size is 0.01 lots (a micro lot), and the maximum leverage offered is 1:500.
With the exception of the account names, none of this information is available on the main Account Types page; you have to check the FAQ section to get this information.
CTX Prime – Advantages
There are no advantages to trading with CTX Prime. Therefore, we are leaving this segment of our review empty.
CTX Prime – Disadvantages
Here are the many disadvantages we found with this broker:
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Unregulated Offshore Broker
CTX Prime claims to be owned an operated by a company called RMD Developments, which is located in the Commonwealth of Dominica, which means that we are dealing with an offshore broker. The contact number given on this broker’s website is a UK-based number, rather than a Dominican one.
Dominica is a popular location for offshore brokers, and the problem is that this country’s financial authority does not offer regulatory oversight for forex brokers.
We also checked the UK’s FCA (Financial Conduct Authority) to see if this broker and their parent company were listed with them (because of the UK phone number mentioned on CTX Prime’s website). It was no surprise to find that this broker was not registered with the FCA.
What all of this means is that if you contract with CTX Prime, you will be dealing with an offshore broker that is in no way regulated. And dealing with an unregulated broker is a sure way to get scammed.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Confusing Information About Leverage Ratios
CTX Prime gives confusing information about their trading conditions. In their FAQ section, the broker states that the leverage ratio they offer is 1:200. But when you check the Trading Conditions page, they say that it is 1:100, and if you want a higher leverage, then it can be increased to 1:500 upon request.
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No Spreads Mentioned
We do not know what the spreads are. And since CTX Prime does not offer a free demo account, we couldn’t verify this information for ourselves.
For your information, a good spread ranges from 0.5 pips to 1.5 pips. Anything higher than this range is considered to be disadvantageous for the trader as it increases the cost of trading too much.
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Offers an Automated Trading Account
This is another red flag, since an automated trading account is another way of saying managed account. A managed account is where the broker manages your funds and trades on your behalf. And for the broker to do so becomes a conflict of interest.
Let us explain further. A broker is a market maker. This means that they make a profit when you make a loss on your trade. So, if the broker is managing your account, it is in their interest to ensure that you lose money. Their interests and yours are in conflict to each other, which is why a legitimate broker would never offer to manage your account for you. This is something that only a scam broker would do.
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MetaTrader Trading Platform Not Offered
If you decide to trade with CTX Prime, you will not get a chance to use the MetaTrader 4 or MetaTrader 5 trading platforms, which are the two most popular software in the world for forex trading.
These two platforms, developed by MetaQuotes, have simple interfaces, so even novice traders will find them easy to use. Furthermore, they offer great charting and market analysis tools for the more advanced traders, as well as automatic trading robots.
What you will get with CTX Prime is a web-based trading tool developed by PandaTS. This software has actually been designed for those who are new to the world of trading, so it is a very simple platform with few features. Basically, all you can actually do on this platform is carry out trades and nothing else.
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Offers Trading Bonuses
CTX Prime offers their clients trading bonuses, which is another red flag for us. The broker states that they may – from time to time – offer their clients promotional bonuses. And then they go on to state that if you wish to withdraw the money you have made using the bonuses, you need to have met a certain trading volume target. And if you don’t then they have the right to decline your withdrawal request. CTX Prime also states that they can change the bonus policy at any time at their sole discretion.
This is a tactic that is typically employed by scammers since it is a perfect way to trick unsuspecting traders into depositing money with them, and then using the terms of service to not allow them to withdraw their funds.
And when you try to get in touch with them either via phone calls or even emails, they will stop responding to you.
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Ask You to Download AnyDesk
Another huge sign that this broker is a scammer is that they ask you to download AnyDesk. This is a software that allows you to access your computer remotely from anywhere in the world. And if you download it from a third-party’s website (i.e., CTX Prime), they will be able to access all the information on your PC too. This means that your banking as well as personal information will be accessible to them.
Conclusion
CTX Prime is clearly a scammer and if you invest with them, then you will definitely lose your money. We strongly advise all traders to stay away from this broker.
CTX Prime
Pros
- None
Cons
- Unregulated Offshore Broker
- Confusing Information About Leverage Ratios
- No Spreads Mentioned
- Offers an Automated Trading Account
- MetaTrader Platform Not Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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