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United States|1-2 years|
Suspicious Regulatory License|Self-developed|Suspicious Scope of Business|Suspicious Overrun|High potential risk|


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United States

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Pyramid scheme complaint


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Warning: Low score, please stay away! 2
Previous Detection : 2023-09-30
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The United StatesNFA regulation (license number: 0555645) claimed by this broker is suspected to be clone. Please be aware of the risk!

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Pyramid scheme complaint


Between April to July 2023, I was involved in online forex trading using a broker based in the UK called CTRL-FX ( During this time, I had invested approximately $355,000 worth of cryptocurrency into this trading platform. This crypto payments were made via the cryptocurrency platform, Kraken ( I had initially tried to make crypto payments using the crypto platform, Coinbase ( But when I tried to send funds to CTRL-FX using Coinbase, Coinbase rejected to make the transfer to CTRL-FX and restricted my account from sending crypto without giving me any reason. Kraken however allowed me to transfer crypto to CTRL-FX. Shortly after the last crypto transfer from Kraken to CTRL-FX, Kraken shut down my account without any reason. Between April and mid-May 2023, I would appear to have made significant gains while trading using the CTRL-FX platform. In May 2023, I requested to withdraw all my capital and gains from my CTRL-FX account. Following my request to withdraw all funds in my CTRL-FX account, CTRL-FX requested that I make numerous fees payments and tax payments amounting to approximately $484500. Without making these payments, CTRL-FX refused to send me my funds. I complied with the CTRL-FX request to make these payments as I was not aware then that CTRL-FX was a scam forex trading platform. The approximately $484,500 of additional fees and tax payments were made bank wire transfers as Coinbase and Kraken restricted or closed my accounts, respectively, without any reason being provided to me. The bank wire transfers to CTRL-FX were made to various bank accounts in Hong Kong that were in different names. Despite making all the additional fees and tax payments, as requested by CTRL-FX, CTRL-FX continued to refuse to send me my funds and requested for more payments.

2023-08-24 04:00

CTRL FX · Company Summary

CTRL FX Basic Information
Registered Country/Area United States
Founded Year Withiin 1 year
Company Name CTRL FX
Regulation Not regulated
Minimum Deposit Not disclosed
Maximum Leverage Not disclosed
Spreads From 0.0 pips
Trading Platforms CTRL FX (proprietary trading platform)
Tradable Assets Stocks, Futures, Crude Oil, Gold, Bitcoin, Currencies, and more
Account Types A live account and a demo account
Demo Account Available with $100,000 virtual money
Islamic Account Not available
Customer Support Limited availability, reachable through email
Payment Methods Not disclosed
Educational Tools Limited resources, offers news and a calendar

Overview of CTRL FX

CTRL FX is an emerging brokerage firm based in the United States. It was established within the past year, positioning itself as a relatively new entrant in the market. However, it is essential to note that CTRL FX operates without regulation, requiring traders to exercise caution and acknowledge the associated risks.

Information regarding the minimum deposit requirement and maximum leverage offered by CTRL FX is not disclosed, leaving potential clients uncertain about these crucial details. While the broker claims to provide competitive spreads starting from 0.0 pips, the lack of substantial evidence supporting this assertion raises some concerns. Nevertheless, traders can access a diverse range of tradable assets, including stocks, futures, crude oil, gold, bitcoin, currencies, and more.

CTRL FX offers two types of trading accounts: a live account and a demo account. The demo account provides traders with an opportunity to hone their skills and test strategies using a generous $100,000 virtual money allocation. However, it's worth noting that CTRL FX does not offer Islamic accounts tailored to the needs of traders adhering to Sharia principles. Customer support at CTRL FX is somewhat limited, as it can only be reached through email communication. This may affect the responsiveness and overall effectiveness of customer service, particularly for urgent queries or assistance.


Pros and Cons

CTRL FX offers several advantages and disadvantages. On the positive side, CTRL FX provides a wide range of tradable assets. Besides, the availability of a demo account with $100,000 virtual money is beneficial for new traders who want to practice and familiarize themselves with the platform before investing real funds.

However, on the negative side, one major concern is the lack of regulation. CTRL FX operates without any valid regulatory oversight, which may pose risks to traders in terms of security and fund protection. Furthermore, the broker exhibits limited transparency, as it fails to provide clear information on important aspects such as minimum deposits and trading account tiers. This lack of transparency can be a significant drawback for potential clients seeking clarity and confidence in their trading experience.

Pros Cons
Wide Range of Tradable Assets Lack of Regulation
Demo Account with $100,000 Virtual Money Limited Transparency
No tiered trading accounts offered
Limited Educational Resources
No online chat feature/Poor customer support
No clear information on minimum deposits

Is CTRL FX legit or a scam?

CTRL FX operates without any valid regulation, which poses a significant risk for potential traders. It is crucial to note that regulation plays a vital role in ensuring the safety and security of client funds and the overall integrity of the trading environment. Regulated brokers are subject to stringent guidelines and oversight by financial authorities, which helps protect the interests of traders and provides a level of trust and transparency.


All in all, CTRL FX's lack of regulation means that it operates without these regulatory safeguards.

Market Instruments

CTRL FX offers a diverse range of market instruments to cater to the trading needs of its clients. Traders can access a variety of financial products, including stocks, futures, crude oil, gold, bitcoin, currencies, and more. This wide selection of instruments allows traders to diversify their investment portfolios and take advantage of different market opportunities. Whether traders are interested in equities, commodities, or digital currencies, CTRL FX provides a platform to engage in various markets and implement their preferred trading strategies.

Account Types

CTRL FX provides two types of trading accounts to its clients. The first option is a demo account, which offers a risk-free environment for traders to practice their skills and strategies. With a generous amount of $100,000 in virtual money, traders can familiarize themselves with the platform and experiment with various trading techniques.

The second account type is a live account, allowing traders to engage in real-time trading with actual funds. Unfortunately, CTRL FX does not disclose the minimum deposit requirement for the live account. It is crucial for traders to carefully evaluate their investment capabilities and consider the potential financial commitment before opting for a live account.


How to Open an Account?

To open an account with CTRL FX, follow these simple steps:

1. Registration: Visit the CTRL FX website and click on the “Open Real/Demo Account” or “Register” button.


2. Fill in the required information, such as your name, email address, and phone number. Create a strong password to secure your account. Accept the terms and conditions, and proceed to the next step.


3. Verification: After completing the registration, you may need to verify your identity. CTRL FX may require certain documents, such as a valid government-issued ID, proof of address, and proof of financial information.

4. Account Funding: Once your account is successfully registered and verified, you can proceed to fund your account.


Leverage information is not disclosed by CTRL FX, an unregulated broker. It is crucial to note that unregulated brokers often aim to attract inexperienced traders by offering high leverage.

Spreads & Commissions

CTRL FX claims to offer spreads as low as 0.0 pips; however, the accuracy of this statement lacks substantiating evidence. It is worth noting that unregulated brokers often make claims about offering competitive spreads as a means to attract potential clients. However, it is important to approach these claims with skepticism. Unregulated brokers operate without oversight from financial authorities, which raises concerns about the accuracy and reliability of the information they provide. In many cases, these claims may not align with the actual trading conditions experienced by clients.

Non-trading Fees

CTRL FX may have other fees associated with trading activities, including overnight interest fees, deposit and withdrawal fees, and inactivity fees. Overnight interest fees, also known as swap fees, are charges incurred for holding positions overnight. These fees are typically determined by the interest rate differentials between the currencies being traded. Deposit and withdrawal fees may apply when you fund your trading account or make withdrawals. The specific fees and payment methods accepted by CTRL FX are not disclosed, so it is essential to clarify these details with the broker directly. Additionally, some brokers impose inactivity fees if a trading account remains dormant or inactive for an extended period. It is advisable to review the terms and conditions or contact CTRL FX for more information regarding these fees to make informed decisions about your trading activities and potential costs involved.

Trading Platforms

CTRL FX offers its proprietary trading platform called CTRL FX. It is available on multiple devices, including Windows, PC, and mobile devices, ensuring accessibility and convenience for traders on the go. The CTRL FX trading platform offers a range of features and tools to assist traders in executing trades, analyzing market data, and managing their positions.

However, it is worth noting that the absence of the widely popular MT4 or MT5 trading platform is a notable drawback. These industry-leading platforms are widely recognized for their advanced features, extensive charting capabilities, and the availability of numerous third-party indicators and expert advisors. The absence of such platforms like MT4 or MT5 may limit the options and flexibility for traders who rely on specific features or tools offered by these platforms.


Deposit and Withdrawal

CTRL FX does not provide detailed information about the payment methods it supports for deposits and withdrawals. Consequently, potential clients are left uncertain about the available options for funding their accounts or accessing their funds.

Most reputable brokers typically offer a range of popular payment methods such as VISA, Mastercard, and bank transfers, along with online payment methods like Skrill and Neteller. Specific details regarding the minimum deposit requirements, associated fees, and processing times can vary depending on each payment method.

Customer Support

CTRL FX offers customer support exclusively through email, and traders can reach them at However, it is worth noting that relying solely on email for customer support may present limitations for traders seeking real-time assistance or immediate responses.

The absence of phone support and online chat can significantly impact the effectiveness of customer assistance. Without immediate access to real-time support, traders may experience delays in getting their queries resolved or receiving timely assistance during critical trading situations.


Educational Resources

Unfortunately, the broker does not offer any comprehensive educational materials or resources that can help traders improve their knowledge and skills in the financial markets. Instead, CTRL FX primarily focuses on providing news updates and an economic calendar to keep traders informed about the latest market events and announcements.


CTRL FX is a relatively new brokerage firm operating in the United States. However, it is important to exercise caution as the broker operates without regulation, which poses potential risks for traders. The lack of transparency regarding minimum deposit requirements and maximum leverage offered by CTRL FX adds to the uncertainty surrounding the broker's offerings. Customer support at CTRL FX is limited, with communication primarily available through email. The undisclosed payment methods further add to the uncertainty surrounding deposit and withdrawal options.

In terms of educational resources, CTRL FX offers limited tools, focusing mainly on news updates and a calendar. Traders seeking comprehensive educational materials may need to explore alternative sources.

Considering the aforementioned factors, it is crucial for traders to conduct thorough research, evaluate their risk tolerance, and seek regulated alternatives when considering their investment options.


Q: Is CTRL FX a regulated broker?

A: No, CTRL FX operates without any valid regulation. Traders should be aware of the potential risks associated with trading with an unregulated broker.

Q: What is the minimum deposit requirement at CTRL FX?

A: The minimum deposit required by CTRL FX is not disclosed. Traders are advised to contact the broker directly for detailed information regarding deposit requirements.

Q: Are Islamic accounts available at CTRL FX?

A: No, CTRL FX does not offer Islamic accounts. Traders who require Sharia-compliant trading accounts may need to consider alternative brokers.

Q: What customer support options are available at CTRL FX?

A: CTRL FX provides limited customer support with communication primarily available through email. Phone support and online chat services are not available.

Q: Does CTRL FX offer a demo account?

A: Yes, CTRL FX offers a demo account where traders can practice their trading strategies using $100,000 virtual money.

Q: What trading platforms are available at CTRL FX?

A: CTRL FX offers its proprietary trading platform called CTRL FX, which is available on multiple devices, including Windows, PC, and mobile.

Q: Are there any educational resources provided by CTRL FX?

A: CTRL FX offers limited educational resources, mainly focusing on news updates and a calendar. Traders seeking comprehensive educational materials may need to explore other sources.

Q: What payment methods does CTRL FX accept?

A: The payment methods accepted by CTRL FX are not disclosed. Traders are advised to contact the broker directly for information regarding available payment options.

User Reviews

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more than one year
CTRL FX claims to offer a rich selection of trading products, low spreads, and smooth order execution. But let me tell you, it's all a load of bull. I traded with them for almost a month and the trading environment was just plain awful. I don't even want to go into detail about all the issues I faced. Suffice it to say that I really don't recommend trading with CTRL FX. They make a lot of grand promises, but they just can't deliver. Instead, I suggest finding a different broker with a better track record and more positive reviews. Trust me, it'll save you a lot of frustration and wasted time.
2023-06-26 16:36
more than one year
Hey guys, listen up - I've had a really unpleasant experience trading with CTRL FX, and I just wanted to warn you all about it. They promised "highly competitive" spreads, but let me tell you - they definitely don't deliver. It's honestly a joke. On top of that, their trading platform is an absolute mess. It keeps crashing and freezing up, which has resulted in me losing out on some potentially profitable trades. I mean, this is hands down the worst trading experience I've ever had. So yeah, I would really advise against trading with CTRL FX. It's just not worth the frustration and disappointment. Save yourself the trouble and find a more reliable broker with better spreads and a more stable platform.
2023-06-26 15:18
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