CTX Prime Review 2023: CTX Prime scam or legit?
The unregulated broker CTX Prime provides investors trading in CFDs and forex. Their headquarters are in Dominica, a nation that is widely considered an offshore haven. Their parent company is RMD Developments LTD. Because of their conduct, the broker has received multiple warnings from financial regulators.
CTX Prime Receives Warnings from Prominent Financial Regulators
Identically to the broker AG Markets , CTX Prime has a warning from New Zealand’s FMA. The warning came in September 2020, alleging that traders could be falling for the CTX Prime scam. In addition to this warning, a statement from Spain’s CNMV similarly warns against doing business with the broker. The regulators clarify that the broker has no authorization to offer financial services, despite any claims otherwise.
Former Clients Have Many Complaints
The CTX Prime reviews from former clients are generally negative. Traders complain of losing large sums of money trading with the broker, alleging that the losses were no fault of their own. Clients say that they were unable to contact the broker over the phone to discuss issues with their accounts. One of the most prominent issues that former clients faced was the inability to process withdrawals.
Trading With CTX Prime
The broker has a vast selection of financial instruments, totaling over 380. Traders can leverage these assets up to 1:200, a staggeringly high ratio that would be illegal in European jurisdictions. Furthermore, traders can’t go with the tried and true MetaTrader 4. CTX Prime provides a custom platform. Up against MetaTrader 4, the platform just can’t compete. Getting started with this broker would require a minimum deposit of $250.
Unfounded Robo-Trading Claims
A recent trend in unregulated brokers is the promotion of alleged automated trading systems. These systems promise effort free returns with no substantial risk. CTX Prime advertises an account with this feature, promising inexperienced traders huge profits. However, these claims are massively inflated, and it is incredibly unlikely that the broker has the technology to offer effective and reliable automated trading.
Don’t Wait Till It’s Too Late
When most traders see warnings from financial regulators, they realize that the broker isn’t worth the trouble. Before these warnings come out, many traders could have already lost their money. If your money is being held by a broker and you can’t make a withdrawal, you should act now. Contact us today because every moment you wait reduces your chances of a successful refund.