CTOption Review: Shedding Light on the Truth Behind the Brokerage
If you are wondering what could go wrong for a broker’s domain to be on sale, read our CTOption review which will uncover the dark operations of the brokerage and how it scams people. Join us in exposing yet another scam brokerage for who they are so you can avoid them and similar brokers in the future.
Their website is not accessible anymore, however, many complaints throughout the web can be found regarding the broker’s dirty tricks. Stay informed at all times so you can avoid the possibility of getting scammed. Additionally, read our ForbesTrader review for more unreliable brokers you should avoid.
Who Is CTOption? All About Ctoption.com
CTOption binary options broker is headquartered in the Caribbean island community of Saint Vincent and The Grenadines, with companion offices in London, the UK. It’s pretty known that St. Vincent is the headquarters of scammers since a license is not required to operate from there. However, a license is important, especially if you are from the US or the UK, which makes CTOption unreliable because they accept US clients.
The broker was established a long time ago, in 2013, and since then complaints about the company and its operations just kept rising. The fact that the broker doesn’t hold a valid license and the domain it’s using is for sale now, serious questions are raised and it’s advised to avoid CTOption.
|CTOption||Reliable Broker Must Have|
|Legal name||CTOption||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in||Kingstown, St. Vincent and the Grenadines||Your country or the country whose license applies in your legal jurisdiction|
|Established||2013||The older the domain – the higher the possibility the company is trustworthy|
|Website||ctoption.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
|Contacts||Data is hidden||Phone, email, social media, web form|
|If a withdrawal is possible||Highly unlikely||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
The broker is not regulated by any financial authority, and even though a license is not required in St. Vincent and the Grenadines, we still encourage choosing reliable brokers that are regulated by reputable financial authorities. Since the broker accepts US clients, they should be regulated by the Securities Exchange Commission (SEC), however, no valid license has been found.
Additionally, the domain is no longer active, which could suggest the possibility that it was shut down by financial authorities. The websites of unregulated or non-compliant brokers may occasionally be suspended or shut down as a result of regulatory authorities’ actions.
In addition to accepting US clients, the broker also operates from the UK and Germany. It’s important to note that the Financial Conduct Authority must regulate all entities who wish to operate from the UK and BaFin should also oversee brokers who operate from Germany.
The FCA even published a warning against CTOption, as it is aiming at UK traders:
Overall, the lack of regulation should be enough for you to change your mind but keep reading our CTOption review for more red flags so you can learn how to recognize and avoid them.
CTOption Broker Profile
Information regarding leverage and spreads is hidden, as well as their contact information. The broker is using a web trader from Panda Trading Systems LTD and offers trading in binary options, forex, stocks, crypto, indices, and commodities. CTOption app for mobiles is available with the platform as well as a demo account, however, only $5,000 virtual funds are given with it.
CTOption online trading is no longer possible due to the domain being shut down. Brokers like this often operate under different names, especially if the domain is no longer active, so traders are advised to proceed with caution and research the brokers they want to use.
|Trading Platform||Panda Trading Systems web trader|
|Account Types||Mini, Standard, Executive|
|Financial Instruments On Offer||
|Education or Extra tools||Coaching sessions, “extra tools,” trading signals, economic calendar, glossary|
Is CTOption Safe To Trade With?
Considering the broker is out of business probably due to regulatory issues, CTOption is not safe to trade with. When you add a lack of transparency, hidden fees, and reported issues on top of it, it makes it unsafe just to consider them, let alone trade with them. CTOption is equally unsafe as Leadtradesfx, so make sure you avoid both of them. To make it worse than it already is, the CTOption apk file for mobiles was reported as suspicious, so who knows what you may download without even knowing.
Don’t believe everything you hear on the phone before doing prior research. By taking a deep look into the broker’s operations and reviews, you can recognize the scam and avoid it. However, if you have been scammed by CTOption or any other broker, don’t stress. Reach out immediately and we can get your money back.
CTOption Review: Traders’ Thoughts and Opinions
Reviews about CTOption being a scam circle around and there are a lot of them. With an overall score of 2.7 on Trustpilot, 6 reviewers expressed their frustration. Although the number of reviews may appear small, multiple forums complain about the CTOption scam.
A couple of reviews caught our attention, saying:
“The only history I have of binary option trading is that it’s a scam. I lost all my hard-earned money trading with CToptions, with no replies from the company concerning my withdrawal requests. “
“No Doubt. It is a scam website that allows USA traders to use binary options.
And that website/broker claims it is regulated by IFSC which is NOT true.”
Overall, people are talking and the company is more and more looking like a scam. The best thing you could do is to avoid brokers like CTOption and HighTrustCapital. Instead, reach out to us for more reliable options and we can find a broker suitable for your preferences.
How Is the Scam Carried Out?
The scam starts as soon as you pick up the phone. They will make you place your initial deposit by telling you lies of high returns and profits and after you request for a withdrawal, they will ask for more and more money before you put a stop to it. Don’t even think for a second that you can’t be scammed because the brokers who are cold-calling you can be very persuasive and sometimes, they will even offer proof of their profitable traders.
Additionally, your ‘personal’ account manager will trade instead of you while manipulating the platform so it can seem you are earning money when in reality, you are losing it. The nations affected by this scam are the United States, Canada, the UK, and Germany.
Deposits and Withdrawal Methods
Although CTOption offers standard deposit options, such as utilizing bank wire transfers or credit or debit cards, they also excel at providing a wide range of non-traditional payment options. The following companies are only a few examples of those on this list: Ideal, Sporopay, Nordea Nettbank, LaCaixa Linea Abierta, MisterCash, EuTeller, Boleto, Poli, BPay, and UnappliedTx.
As long as the internationally required personal identity information is on file and accurate, withdrawals are processed within 24 hours. Initial withdrawals are free. You can never know what to expect from unregulated brokers, so it’s best to avoid depositing your money.
CTOption Pros and Cons
Long Story Short – CTOption
To summarize this CTOption review, don’t believe everything you hear without checking it first. Make sure you know what you want when it comes to trading, and always choose regulated brokers. Brokers with bad reviews and hidden information and fees should be avoided, especially the ones like CTOption. The CTOption future is still unknown, so be on the lookout if they reappear under a different name.
Lack of regulation and transparency is very common nowadays with brokers, so make sure you check every license and fee structure so you can avoid getting scammed. Of course, while it does sound easy, it can be challenging to locate a reliable broker that will suit both you and your preferences, so reach out to us and we will do the work for you. The best thing about it all, reaching out carries no obligation.
What Is CTOption?
CTOption is an unreliable brokerage based in St. Vincent and the Grenadines.
Is CTOption Regulated?
While a license is not required in St. Vincent and the Grenadines, we still encourage choosing regulated brokers. CTOption is not regulated and is considered unreliable.
What is CTOption’s Website?
The CTOption for sale domain is ctoption.com, however, brokers like this are well-known for operating under different names and domains.