CT Forex Forex scam broker review — Everything you need to know

CT Forex is the brand name and website name of the broker with the same name (CTForex LTD). It offers several trading account types and enables access to multiple trading assets. However, we have detected several serious red flags when it comes to safety and reliability.

Below is a brief review of the CT Forex broker, assessing its safety, accounts, trading costs, support, profit withdrawals, and more.

CT Forex Overview of the website

The CT Forex website is modern-looking yet simplistic. It has built-in media and gifs, enabling users to see what the broker has to offer right away. However, it feels slightly laggy even on good internet and a powerful computer, indicating that the broker needs to implement some improvements. The top menu bar enables users to check trading conditions and features.

When it comes to live chat, it is provided via an advanced plugin that is directly built into the website, which is flexible. The broker is not multilingual, and its live chat is only in English.

CT Forex Safety and Licenses

CT Forex has a significant flaw in terms of security, reliability, and licensing. The broker is registered in Saint Lucia and is not regulated there. On its website, it claims to be regulated by major reputable authorities such as the FCA, ASIC, and several others. However, it is not regulated by any of these entities, meaning the broker operates without regulation and may mislead its customers. This is a serious red flag. Not only is the broker unregulated, but claiming to be overseen by authorities when it is actually unregulated indicates that CT Forex is most likely a scam broker and can not be trusted.

As an unregulated broker, CT Forex does not keep trader funds in segregated accounts, which only adds to security red flags.

CT Forex Accounts Reviewed

CT Forex broker offers three trading accounts: Standard, Premium, and VIP. The standard and premium are for general trading purposes, while the VIP offers more competitive conditions. Let’s briefly review each of the accounts to evaluate how competitive the broker truly is.

CT Forex Standard Account

The standard trading account is a commission-free account designed for general trading purposes. Here is what it offers:

• Minimum deposit – 50 USD
• Maximum leverage – 1:500
• Spreads – From 0.2 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

CT Forex Premium Account

The premium account has the same spreads as the standard, but it also charges commissions on top of spreads and has even higher minimum deposit requirements. This only indicates that standard spreads are not from 0.2 pips, and the broker is misleading in this aspect as well.

• Minimum deposit – 2,500 USD
• Maximum leverage – 1:1000
• Spreads – From 0.2 pips
• Commissions – from 4 USD per lot
• Minimum lot size – 0.01 lots

CT Forex VIP Account

The VIP account is the highest-tier trading account. It has slightly lower spreads than the premium account, and commission is also lower, but the minimum deposit is the highest.

• Minimum deposit – 10,000 USD
• Maximum leverage – Negotiable
• Spreads – From 0.1 pips
• Commissions – From 3 USD per lot
• Minimum lot size – 0.01 lots

As we can see, the broker seems misleading and does not disclose exact spreads on its entry-level accounts. This is because higher-tier accounts have similar spreads but higher commissions while requiring higher deposits, which only makes sense if the spreads are much higher on lower-end trading accounts.

Deposit and withdrawal options at CT Forex

When it comes to payment methods supported, the broker accepts Bank transfer, credit/debit cards, e-wallets, and cryptocurrency options. Deposit fees aren’t clearly specified. Withdrawal fees may apply, but aren’t detailed on the site, either. When it comes to payment processing, Deposits are typically credited instantly after verification. Withdrawals are processed in 1–3 business days to verified methods.

Overall, the broker offers a mediocre experience when it comes to deposits and withdrawals.

CT Forex Assets — What can you trade?

CT Forex trading assets are diverse and include popular asset classes, such as forex pairs, commodities, and several indices. The lack of stocks and crypto pairs is a serious drawback. Trading conditions seem unrealistic, and traders should be very careful. There are binary options provided as well, which are usually offered by scam brokers.

Trading platforms of CT Forex

The broker offers two main trading platforms, MetaTrader 4 and MetaTrader 5. Both of them are very advanced software and support custom indicators and Expert Advisors (EAs). There is a web terminal as well, which is flexible. The broker allows mobile trading via MT4 and MT5 mobile apps, accessible on all mobile devices.

Education at CT Forex

The broker offers many educational resources, such as a trading academy, webinars, tutorials, e-books, and FAQs. There are also paid subscription education resources. These include Cautious, Balanced, and Dynamic subscriptions, where traders can learn strategies, and the broker also mentions AI, which seems to be just a marketing term.

CT Forex Customer Support

When it comes to customer support, CT Forex offers live chat, phone support, and email options. All these options are clearly provided on the website. The live chat plugin is directly built into the website and allows users to instantly access live chat support. The website, as well as support options.

CT Forex bonuses and promotions

CT Forex offers a 50% deposit bonus, up to 5,000 dollars. There is a 500 USD bonus available as well. These two bonuses come with requirements, and traders should be careful when applying for a bonus from unregulated brokers.

Is CT Forex your broker? Final verdict

CT Forex is an offshore broker that shows multiple red flags: no regulations, misleading license claims, unclear trading costs, and risky bonuses. The broker claims to be licensed when, in fact, it is not regulated by any authority, making it extremely risky and unreliable. We recommend that our readers stay away from this broker.

FAQs on CT Forex broker

Where is CT Forex based?

CT Forex is registered in Saint Lucia, which is an offshore jurisdiction, and the broker is also registered in Poland.

Can you withdraw from CT Forex?

Withdrawals are claimed to be processed within 1–3 business days, but the lack of regulation and unclear fees make successful withdrawals uncertain and risky.