I would give the strongest warning possible to any FX trader considering a new broker.
Avoid like the plague any broker with registration in New Zealand.
Secondly, avoid Capital Trust Markets!
From both personal experience and the posted experience of scammed traders on Forex Peace Army site, it's clear that New Zealand authorities regularly turn a blind eye to criminal fraud by FX brokers. An Fx broker recently indited and closed down, ForexTrend, was based in New Zealand. Currently the broker Capital Trust Markets will soon be on the receiving end of a class action suit by clients who are unable to withdraw any funds from their accounts. The director { name deleted by staff due to legal threats } does not respond to any form of communication and on May 18 de-registered the CTM company from New Zealand business directory and disappeared.
Whats even more amazing is that the Capital Trust Markets website is still operating and appears to still accept new clients and their money!!!!!!
It has a new registration in the UK and with a new Pakistani director listed. In response to an inquiry sent to the New Zealand government agency responsible for financial oversight (FMA/FRPS), they said that CTM was no longer registered with them so there was no legal arbitrator!!! Outrageous and Amazing!! It appears that a life of crime does pay in New Zealand.
Many of the CTM clients have files complaints with their respective police agencies and anti-fraud units in Canada, UK and NZ. Hopefully the developing legal suit will track down and prosecute { name deleted by staff due to legal threats } as well as make public that New Zealand is the Pirate Bay of FX trading. Avoid CTM and avoid New Zealand !!
If any trader clients of Capital Trust Markets visit this thread, please post your comments and experiences. Also please visit the thread on Forex Peace Army that is organizing the class action suit against CTM and the criminal { name deleted by staff due to legal threats }.
Avoid like the plague any broker with registration in New Zealand.
Secondly, avoid Capital Trust Markets!
From both personal experience and the posted experience of scammed traders on Forex Peace Army site, it's clear that New Zealand authorities regularly turn a blind eye to criminal fraud by FX brokers. An Fx broker recently indited and closed down, ForexTrend, was based in New Zealand. Currently the broker Capital Trust Markets will soon be on the receiving end of a class action suit by clients who are unable to withdraw any funds from their accounts. The director { name deleted by staff due to legal threats } does not respond to any form of communication and on May 18 de-registered the CTM company from New Zealand business directory and disappeared.
Whats even more amazing is that the Capital Trust Markets website is still operating and appears to still accept new clients and their money!!!!!!
It has a new registration in the UK and with a new Pakistani director listed. In response to an inquiry sent to the New Zealand government agency responsible for financial oversight (FMA/FRPS), they said that CTM was no longer registered with them so there was no legal arbitrator!!! Outrageous and Amazing!! It appears that a life of crime does pay in New Zealand.
Many of the CTM clients have files complaints with their respective police agencies and anti-fraud units in Canada, UK and NZ. Hopefully the developing legal suit will track down and prosecute { name deleted by staff due to legal threats } as well as make public that New Zealand is the Pirate Bay of FX trading. Avoid CTM and avoid New Zealand !!
If any trader clients of Capital Trust Markets visit this thread, please post your comments and experiences. Also please visit the thread on Forex Peace Army that is organizing the class action suit against CTM and the criminal { name deleted by staff due to legal threats }.