CTFX Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Very unhappy with them!! This company still refuses to refund me or honour my withdrawal request. I guess their tactic is to keep on stalling me until they have taken all the funds. This is not right at all!!
CTFX, an offshore forex broker, has garnered significant attention in the trading community, particularly due to its unregulated status and numerous negative user experiences. This review aims to provide a comprehensive analysis of CTFX, highlighting key features, user experiences, and expert opinions. It is crucial to note that CTFX operates across different regions, which may affect its regulatory status and user experiences. The information presented here is based on multiple sources to ensure fairness and accuracy.
CTFX has been broadly criticized for its lack of regulation and questionable business practices, with many users reporting issues with withdrawals and hidden fees. The platform offers a proprietary web trader but lacks the advanced features found in more reputable platforms like MT4 or MT5. Overall, CTFX appears to be a risky choice for traders seeking a reliable trading environment.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
How We Score Brokers: Our ratings are based on comprehensive research, including user reviews, expert opinions, and factual data about the broker's offerings.
CTFX, operated by Ebullience Group LLC, was established in 2021 and is based in Saint Vincent and the Grenadines. The broker is not regulated by any major financial authority, raising significant concerns about the safety of client funds. CTFX offers a proprietary web trading platform that lacks the advanced functionalities of industry-standard platforms like MT4 or MT5. The broker provides access to a range of assets, including forex, commodities, indices, shares, and cryptocurrencies.
Regulated Geographical Areas: CTFX is primarily unregulated and operates in regions that do not have stringent financial oversight. This lack of regulation means that traders have limited recourse in the event of disputes or issues with withdrawals.
Deposit/Withdrawal Currencies/Cryptocurrencies: CTFX accepts deposits through credit/debit cards and wire transfers. However, users have reported high withdrawal fees, including $50 for wire transfers and $25 for card transactions. Additionally, the broker imposes a 10% inactivity fee on dormant accounts.
Minimum Deposit: The minimum deposit requirement is set at $250, which is relatively standard among brokers but can be seen as high given the lack of regulatory oversight and negative user experiences.
Bonuses/Promotions: CTFX offers bonuses, but these come with stringent conditions that make it difficult for traders to withdraw their funds. Many users have reported that they were unable to access their profits due to these bonus conditions.
Tradeable Asset Classes: CTFX allows trading in various asset classes, including major currency pairs, commodities like gold and oil, indices, shares, and cryptocurrencies such as Bitcoin and Ripple.
Costs (Spreads, Fees, Commissions): Users have reported spreads starting at 0.1 pips for the starter account, but many experienced traders have noted that these spreads can be misleading. Additionally, the broker's fee structure includes significant withdrawal fees, which are common among unregulated brokers.
Leverage: CTFX offers high leverage of up to 1:500, which is significantly above the limits set by most regulatory bodies. This high leverage can lead to substantial losses, particularly for inexperienced traders.
Allowed Trading Platforms: CTFX only provides access to its proprietary web trader, which lacks the advanced features and reliability of established platforms like MT4 or MT5. This limitation can hinder traders' ability to execute strategies effectively.
Restricted Regions: Although CTFX claims to accept clients from various countries, its unregulated status raises concerns for traders in more regulated jurisdictions.
Available Customer Support Languages: CTFX offers limited customer support, which has been a significant point of contention among users. Many have reported difficulties in reaching customer service, leading to frustration when attempting to resolve issues.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions: The account types offered by CTFX, including starter, pro, business, and luxury accounts, come with varying spreads and commissions. However, the lack of a demo account limits traders' ability to test the platform before committing funds.
Tools and Resources: CTFX's proprietary web trader lacks essential tools and resources that traders typically expect from a reputable broker, such as advanced charting tools and automated trading capabilities.
Customer Service and Support: The customer service experience has been widely criticized, with many users reporting long response times and unhelpful support staff.
Trading Setup (Experience): The trading experience on CTFX is hampered by the limited functionality of the web trader, making it difficult for traders to implement their strategies effectively.
Trustworthiness: CTFX is considered highly untrustworthy due to its unregulated status and numerous reports of withdrawal issues and hidden fees.
User Experience: Overall, user experiences have been overwhelmingly negative, with many traders reporting that they were unable to withdraw their funds after depositing.
In conclusion, CTFX presents a high-risk trading environment characterized by a lack of regulation, high fees, and negative user experiences. Traders are strongly advised to conduct thorough research and consider more reputable brokers to ensure the safety of their investments. The information provided in this review aims to be comprehensive and informative, helping traders make informed decisions regarding their trading activities.
