If you are looking for a reliable and trustworthy online broker, you may have come across CTRLEX. CTRLEX is a forex and CFD broker that claims to offer competitive trading conditions, advanced platforms, and professional customer support. But are they legit? In this review, we will examine the features, advantages, and disadvantages of CTRLEX and help you decide if they are a good choice for your trading needs.
What is CTRLEX?
CTRLEX is a brand name of CTRLEX Ltd, a company registered in St. Vincent and the Grenadines. According to their website, they are regulated by the Financial Services Authority (FSA) of SVG, which is a self-regulatory organization that does not have much oversight or enforcement power. Therefore, CTRLEX is not a licensed or authorized broker in any major jurisdiction, such as the UK, EU, US, Australia, or Canada. This means that they do not have to comply with strict rules and standards that protect traders’ funds, data, and rights.
What does CTRLEX offer?
CTRLEX offers over 200 trading instruments, including forex, indices, commodities, stocks, and cryptocurrencies. They provide four types of accounts: Basic, Standard, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the other accounts require higher deposits ranging from $1,000 to $10,000. The spreads and commissions vary depending on the account type, but they are generally higher than the industry average. For example, the Basic account has a spread of 2.8 pips on EUR/USD, while the Platinum account has a spread of 0.1 pips plus a commission of $6 per lot.
CTRLEX also offers two trading platforms: MetaTrader 4 (MT4) and Status WebTrader. MT4 is a popular and widely used platform that has many features and tools for technical analysis, automated trading, and customization. Status WebTrader is a web-based platform that does not require any download or installation. It has a simple and user-friendly interface that allows traders to access the markets from any device and browser. However, it lacks some of the advanced functionalities and indicators that MT4 offers.
Some of the pros of CTRLEX are:
- They offer a variety of trading instruments
- They support MT4 as one of their platforms
- They have a responsive and helpful customer service team
Some of the cons of CTRLEX are:
- They are not regulated by any reputable authority
- They have high spreads and commissions
- They have limited payment methods and charge fees for deposits and withdrawals
- They have negative reviews and complaints from many clients
Based on our research and analysis, we cannot recommend CTRLEX as a legit or trustworthy broker. They are not regulated by any credible regulator and they have many red flags that indicate that they are a potential scam. Some of these red flags are:
- They use misleading and false information on their website
- They offer unrealistic bonuses and promotions that have hidden terms and conditions
- They manipulate the prices and execution of trades to cause losses for their clients
- They prevent their clients from withdrawing their funds or closing their accounts
- They harass their clients with aggressive and unethical marketing tactics
Therefore, we advise you to avoid CTRLEX at all costs and look for a more reputable and reliable broker that has a proven track record and reputation in the industry.
What to Do If You’ve Lost Money with CTRLEX?
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