In trading platforms there are different profiles such as account manager, introducing broker, trader and broker. As you know, trading is becoming more and more interesting for people who want to make money quickly without having the financial knowledge. Videos, phone calls and social media advertising are all increasing. However, these often turn out to be scams. The Financial Litigation Lawyers network was created to help victims of broker malpractice on trading platforms. In this article we will discuss the account manager Celestial Trading Tools (CTT), or Celestialtt.
Celestial Trading Tools – is this account manager regulated in Europe?
CTT, or Celestial Trading Tools, represents itself as an account manager, meaning that it can make decisions for you on trading platforms. This company offers you automated systems, known as EA, which are capable of making decisions, known as automated trading. This means that whether you are a beginner or an experienced trader, you can easily make profits with their experience and robots.
Specifically, Celestialtt representatives are authorised to carry out all transactions with financial instruments on behalf of their clients, i.e. manage their accounts by opening and closing positions on trading platforms on their behalf. Celestial Trading Tools (CTT) therefore offers the service of “portfolio management”.
On their website they state that they are trustworthy, reliable and transparent. You will understand later that this is not necessarily the case.
One question that caught our eyes when reading their site is this:
If you want to trade on trading platforms, you need to have some knowledge. Don’t be fooled, you can’t make money without knowledge. This is a dream that some scammers try to make you believe. For CTT (Celestial Trading Tools), they succeed in convincing you with their automation system, however, if you have any questions in trading, you need to have some knowledge.
For a company that is said to be transparent, according to their words, we don’t have an information about the trading platform they use and their “automated systems”. By analysing their website, we could understand that they work with ICMarkets. Indeed, this was confirmed after watching a video presentation where we saw their results and the trading platform they used:
Tip: Don’t rely on the result they show on their website. The aim is to get registrations from future traders. Also, the testimonials have been chosen, and are not verifiable.
Legally, CTT or Celestial Trading Tools is a brand name of the company CTT LLC of St Vincents and The Grenadines. It is not licensed in Europe, however, ICMarkets, the trading platform has a European license as it is registered by CySEC with license no 362/18.
It is important to understand that Celestialtt is not licensed to provide the “portfolio management” service in the EU.
Case study – The alleged illegal scheme in which CelestialTT got involved with ICMarkets
In this article we will describe a practical case based on facts we have. Celestial Trading Tools contacts the alleged victims offering them the benefits of their account management services by promising supposedly high returns (3% to 20% net profit per month).
Note: these high profits should alert you to a possible scam.
Subsequently, the alleged victims decide to open an account with CelestialTT, and then they have to create an account with ICMarkets AU as well. Based on the information
published on Celestialtt’s website, we may conclude that Celestialtt acts as an
“Introducing Broker” for ICMarkets, i.e. Celestial Trading Tools appears to solicit new clients for ICMarkets and to trade on behalf of its clients on ICMarkets’ platforms.
According to the information in the video, each CTT client must confirm that they have been referred by an introducing broker – Celestial Trading Tools, by clicking on a checkbox on the ICMarkets website. It appears that Celestialtt’s reference number as an introducing broker for ICMarkets is 32787.
As lawyers, we believe that ICMarkets AU has acted in bad faith towards alleged victims, as it should never have allowed Celestial Trading Tools (CTT) representatives to illegally solicit French clients and offer highly speculative products. It should be noted that it is forbidden to promote and/or advertise trading platforms without the initiative of the potential European client.
ICMarkets and Celestial Trading Tools (CTT) will gain the trust of the potential victims, by acting professionally and in their best interests during the first months. However, according to our records, the transactions were made on the ICMarkets AU platform and then transferred to the ICMarkets Seychelles platform.
As specialist lawyers, we presume that the accounts of the alleged victims were deliberately transferred from ICMarkets AU to ICMarkets Seychelles with the cooperation and approval of ICMarkets AU so that CTT could circumvent the more stringent requirements of Australian law and industry practice in relation to order execution.
This alleged fraudulent scheme is not over, as from that moment most positions will turn out to be losing and Celestial Trading Tools (CTT) representatives will cut off all communication.
In conclusion, we suspect that the owners of ICMarkets had monetary interests/incentives, as part of their remuneration scheme is to obtain more funds from the interest of the alleged victims and to make them lose.
Opinions of dissatisfied users: our words coincides with theirs
Thanks to Trustpilot, we were able to find the opinions of some users who have suffered the same alleged fraudulent scheme. On the review site, Celestial Trading Tools has a score of 2.1 out of 5, which is a low score. 53% of the reviews are bad, or 1 star out of 5.
Here are the opinions we have retained for this article (we invite you to read the others):
In conclusion, as you can see many people feel scammed by Celestial Trading Tools (CTT). With our case study, we hope that we have shown you the alleged illegal scheme of Celestialtt. As lawyers specialising in trading platform scams, we remain at your disposal if you have any questions, or if you feel you have been subjected to the same alleged fraudulent scheme. You can contact us on our contact form.