CPTMarkets (Cptmarketsmy.com) is a Forex Brokerage firm from Belize out to steal your money. What this means is that this is an offshore broker who is most likely not regulated. We have received numerous complaints from investors who have lost money with CPT Markets. Visiting the cptmarkets.com, we noticed that this is part of an international fraud cartel. CPT Markets is under an International company calling itself TGIL Group.
We decided to carry out a thorough investigation to reveal the scammers behind this forex platform. Our evidence will shock you and thus, we urge you to read this review. If you are a seasonal trader, you will notice that the name coincides with a Ukrainian Binary Options Broker. Yes, CPT Markets has used a similar trading name to make itself look genuine. They have used this name to mimic CPT Trading which deals with binary options.
They claim to be based in the UK under Citypoint Trading Ltd. They also have an overseas platform under Tahoe Group International Ltd. What they claim to offer the Forex world are CFDs and FX markets. They offer all these services under their CPT banner. This is an all in one Forex shop according to the broker’s website.
Both CPT Markets and CPT Markets UK offer sophisticated trading platforms that help users hedge their risks. They claim to have a combined 15 years’ experience in Forex trading. CPTMarkets claims to have a team of respectable forex professionals. Their main target is the Asian market and the Asian-Pacific region. Chinese-speaking customers are targeted by CPT Markets.
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According to their website, they claim to be registered. This couldn’t be further from the truth. Being a company under an international body, we had to contact international regulatory bodies. Yes, we contacted the International Financial Services Commission (IFSC) to get the truth. This body bluntly said they have never heard of CPT Markets. Not yet satisfied, we contacted the Financial Conduct Authority. They too claimed to have never registered such a name.
Clearly, we are dealing with professional scammers who take advantage of newbie traders. This said we had to dig deeper and find out more on CPTMarkets. What’s more shocking about this broker is that they don’t have the capital adequacy. This means they have not demonstrated any good financial standing. What this means is that they cannot be able to keep clients funds in segregated accounts.
Problem with offshore brokers is that they aren’t strictly regulated. This means that CPT Markets does not participate in a compensatory scheme. This is dangerous for anyone depositing with CPT Markets as this forex broker cannot cover losses. You should also know that signing up with this broker means your funds are not assured.
CPTMarkets.com has only one withdrawal option. You can only deposit and withdraw money using China UnionPay. We found this to be highly disadvantageous since most brokers extend deposit and withdrawal options. Yes, you should be able to withdraw with your credit cards, MasterCard, or Visa. With CPT Markets, you only have one option which is unfair.
Up to now, we have not heard someone who has withdrawn with CPT Markets. This means that they don’t want members to withdraw their hard-earned cash. A trading platform such as this should not be allowed to continue scamming people. Most people in Asia are complaining about losing money with this trading platform.
Using a demo account, we tested this platform in regards to the spreads. We decided to use the standard accounts as advertised on the website. Pips started from 1.7 to 1.8 pips on EUR/USD. Average pips allowed was 2.0. These spreads are honestly high than the industry’s standards. Most renown brokerage firms offer spreads of between 1.0 to 1.5 pips. Some brokers are even known to offer lower pip levels than this. This makes us question everything about CPT Markets.
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Reputable Forex trading brokers have a customer service center. CPT Markets is no exception except that their customer service support is always offline. They claim to have an established Taiwan Asia Pacific Customer service support team. You can check out for yourselves that this brokerage firm’s customer support is offline.
What is more disturbing is that they claim to offer 24/7 trade executions. This is simply a lie since we all know that all financial markets are closed on weekends. How then can they claim to execute trades when all financial markets in the world are closed? They simply want you to sign up and deposit with them. The moment you do this, it will be the last time you hear from CPTMarkets.
These scammers have hired webmasters to post positive reviews about this trading platform. Yes, they want to catch your attention by claiming that this is a genuine trading platform. Note that these positive reviews will are meant to entice you into joining this fake trading platform.
One of the things we noted with CPT Markets is that they claim to be automated. This means you don’t have to do any trading as the platform itself offers automation. Folks, this automated platform will only lose money and never win. We tested the demo account and noticed that the results were being manipulated.
When you sign up with this Forex CPTMarkets.com, you are guaranteed to make over 80%-win trades. This win trades are automated and will always happen. One of the key tricks these scammers are using is guaranteeing you will make consistent profits. No broker or platform in their right mind can guarantee consistent profits.
Why? Financial markets are volatile and susceptible to unforeseen price changes. Prices may change suddenly due to a number of reasons. Some of the reasons include political reasons, boardroom wars, and competition from other competitors.
CPT Markets is a scam that has no shame. We have no other option but to blacklist this platform as a fraud. Traders are urged to stay away from this platform and ignore any request to join. We urge all traders to shun this fake platform. Finally, we call on the relevant bodies to move in and bring down this website.
Always trade safely with approved and accepted Forex brokers. This way, you will stay safe and never lose your money. Using licensed and regulated brokers is the only way to trade safely. You can make real profits when you deal with recommended Forex brokers.
Don’t give up simply because scams like CPT Markets, exist. You now know that you can make it trading Forex when you use only the best brokers. Always stay safe.
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