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CCTMarket Review - is it scam or safe?

CCTMarket Review - is cctmarket.com scam or good forex broker?

RATING: 1 / 6 REVIEWS CCTMarket
CCTMarket is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage  Spread
Standard $500 1:5 ~$50 BTC/USDT

   

CCTMarket is a CFD broker with a focus on cryptocurrencies. It is not clear whether the broker offers different account types, nor what are the trading conditions. What is worse, CCTMarket is not regulated, so be sure to read this review before opening a trading account with them.

 

 

CCTMarket Advantages

 

Wide range of crypto CFDs available

One of the few possible benefits of CCTMarket is that the broker offers wide range of CFDs for trade - on cryptocurrencies, indices, commodities and stocks. Besides, and all kinds of pairings between those are possible. However, note that the broker does not offer any forex pairs for trade.

 

Leverage provided

Although the broker has not mentioned this, the leverage levels we saw on its trading platform are 1:5. Such leverage ratios are typical for cryptocurrency trading venues.

 

As most of you probably know, leverage is a useful tool, as it allows you to open larger trades with a small deposit. That being said, keep in mind that higher leverage comes with a price – it brings along greater risk of losses. 

 

 

CCTMarket Disadvantages

 

Registered offshore

The company behind the CCTMarket brand, PHHLT Marketing Limited, is registered in Saint Vincent and the Grenadines (SVG). Forex brokers in this offshore zone are neither licensed, nor overseen by any financial regulator.

 

As a matter of fact, the local Financial Services Authority (FSA) itself stated that it does not grant any licenses to forex brokers, nor “does it regulate, monitor, supervise or license international companies, which engage in such activities”. In addition, the FSA warned that some companies falsely claim to be registered or licensed by the it and that “their purpose for doing this is more than likely for illicit reasons”.

 

No clarity on trading conditions

Information, or lack of it, is a solid criterion for judging a broker’s legitimacy. Scammers would not share much essential information about their operation and trading conditions and the reasons for this are pretty obvious.

 

That is why we consider the lack of information on spreads, leverage provided, , etc., as a great disadvantage on the part of CCTMarket. Furthermore, it does not offer any demo accounts, which is another worrisome sign, as it shows lack of transparency.

 

Unproven web platform

Like many other unregulated crypto CFD brokers, CCTMarket offers its services on some unproven web-based platform. The platform seems easy to use, but lacks many of the advanced features of the good old MetaTrader4 (MT4), such as great charting, MQL marketplace, automated trading via Expert Advisors, and more. 

 

Click on the image to view larger.

 

 

>> Trade with a MT4 broker <<

 

 

No forex trades

As we mentioned in the Advantages section above, CCTMarket does not offer trading in any forex pairs. Despite the wide range of CFDs available for trade with this broker, its product portfolio does not include any forex pairs, even the most popular ones such as EUR/USD or EUR/BTC.

 

High minimum deposit

According to the Terms and Conditions on broker’s website, the minimum investment amount is $500. Such an initial deposit is quite high, considering that most brokers, including reliable and regulated ones, require $100 - $250 as a start.

 

 

Conclusion

 

It seems that CCTMarket is one of the many fraudulent cryptocurrency brokers on the market. The company does not hold a valid license, and is anything but transparent about its operation and trading conditions.

 

As the forex and cryptocurrency markets are plagued with con-artists, the only way to trade safely is to only deal with entities holding licenses from reputable financial regulators like UK’s FCA, or Cyprus’ CySEC (in Europe). These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

 

 

>> A list of reliable forex brokers offering crypto CFDs <<

 

 

To sum up the above in a few words:

 

Pros Cons
Many cryptocurrency CFDs An offshore broker, no regulation
1:5 in leverage No clarity on trading conditions
  MetaTrader not available
  No forex trading
  High initial deposit

 

Latest news about CCTMarket
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Traders` reviews for CCTMarket

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

CCTMarket Fraud

I was scammed by these losers am a single mother and they stole $1500they take advantage of the vulnerability of the less fortunate, I don’t understand why these scammers are still operating and advertising on the web! Why doesn’t the law catches them? They have ruined so many families life’s I hope them and their families get what they deserve I believe in karma what goes around comes around

Rosa vaz 06/12/2019

Scam

Vile people!!!!!!!!

Steve koseph 06/11/2019

Report to the police to CCTmarket

CCTmarket are scammers, they will keep asking you for more and more money and they will not refund the funds. You should prepare a file with the history you have had with them and report it to the metropolitan police. I have already denounced them. Possibly we will not recover the funds, but we will get the police to take more interest and stop them.

Afectado 06/08/2019

CCTMarket commission

I have paid £250 to my 'personal broker' and i have made wuite a substantial amount of profit. I am supposed to pay the commission this wèk in which im quite excited but im not sure if they are scammers please help me before im out of pocket

Michelle Ollard 05/26/2019

CCTMARKET Scam

They are cruel. After making a profit I was told to pay commission fee. I did that. I then was told to pay tax authority. I did that. I was then told to pay conversion fee. I did that. Then was told to pay off a bonus that they had done for me. I did that.

Now they say the miscalculated my account and I was entitled to a larger amount of profit but would have to up front more money. I'm down a total of about 12000 pounds in debt.

They have destroyed my life right now. I am having to go to mental health counseling because of what they have done to me.

I hope people see this and realise they are the worst type of people.

Rot in hell.

Unfortunate 05/19/2019

CCTMarket - Failure to complete trade payments

This is a complaint. After registration with cctmarket 75 Canon Street, I was allowed a Personal Broker who obtained funds from me to trade in one BTC. She then demanded I paid a commission upfront to obtain my profits. However after paying that amount she demanded another similar amount explaining she had not calculated my commission properly. I paid this additional commission on the promise by the Finance Department they would release my withdrawal from my Wallet immediately on receipt. However, having received two commissions theFinance Dpartment then declared they would not release any money to me until I had serviced a trading Bonus of 2BTC by paying a further substantial commission that was greater than the earlier two commissions arising from trading. I am unable to service this unexpected Bonus and therefore I have been told there can be no further action on my account. My TGrading experience was not only a NIL return on my original investment, but I have been charged a substantial commission for that loss. MY total outlay tis £11 334.00 and this is not right.

Winston Forde 05/18/2019
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