CatalX CTS Ltd. Review

Who is CatalX CTS Ltd.?

CatalX CTS Ltd. is a company that operates an online platform called CatalX.io, where users can buy, sell, and store cryptocurrencies and other digital assets. According to its website, CatalX claims to be “Canada’s premier cryptocurrency exchange” and to offer “the largest selection of digital assets in Canada”. The company also claims to have partnerships with leading industry players, such as Bittrex, BitGo, and Chainalysis.

Regulation:

However, despite its claims, CatalX is not registered with any securities regulator in Canada. This means that the company is not authorized to issue, offer, or sell securities or derivatives in Alberta or any other province or territory. The ASC has issued a warning to investors that CatalX may be engaging in illegal activities and that they should exercise caution when dealing with the company. The ASC also reminded CatalX that it has to comply with the securities laws and regulations in Alberta, including filing reports and disclosing information to the public.

Location:

CatalX is based in Vancouver, British Columbia, but it operates across Canada through its online platform. The company does not have a physical office or a phone number that customers can contact. The only way to reach the company is through email or social media channels. This raises some red flags about the company’s legitimacy and transparency.

Services:

CatalX offers a variety of services to its customers, such as:

– Trading: Users can trade over 140 cryptocurrencies and other digital assets on the CatalX platform, using Canadian dollars or US dollars as the base currency. The platform supports market orders, limit orders, stop orders, and conditional orders.

– Staking: Users can earn rewards by locking up their cryptocurrencies on the CatalX platform for a fixed period of time. The platform supports staking for several coins, such as Cardano, Polkadot, Cosmos, and Tezos.

– Lending: Users can lend their cryptocurrencies to other users on the CatalX platform and earn interest on their loans. The platform supports lending for several coins, such as Bitcoin, Ethereum, Tether, and Dai.

– Custody: Users can store their cryptocurrencies securely on the CatalX platform, using BitGo’s multi-signature wallets and cold storage solutions. The platform claims to have insurance coverage for up to $100 million USD per wallet.

– Education: Users can access educational resources on the CatalX platform, such as articles, videos, podcasts, and webinars. The platform covers topics such as blockchain technology, cryptocurrency basics, trading strategies, and risk management.

Reviews:

CatalX does not have many reviews from its customers online. The few reviews that are available are mostly negative, complaining about the platform’s high fees, poor customer service, technical glitches, and delayed withdrawals. Some customers also reported that they lost money or had their accounts frozen by CatalX without any explanation or recourse.

Customer Service:

CatalX has a reputation for having poor customer service. Many customers have complained that they could not reach the company by email or social media when they had issues or questions about their accounts or transactions. Some customers also claimed that they received rude or unprofessional responses from the company’s representatives. Moreover, some customers alleged that they were scammed or defrauded by CatalX or its affiliates.

Securing Your Investments Against Unscrupulous Brokers:

If you are interested in trading cryptocurrencies or other digital assets, you should be careful about choosing a reputable and regulated broker. Here are some tips to help you secure your investments against unscrupulous brokers:

– Do your research: Before you sign up with any broker, you should do your due diligence and check their background, reputation, registration status, fees, security measures, customer reviews, and complaint history. You can use online tools such as Google search, Better Business Bureau (BBB), Canadian Securities Administrators (CSA), Investment Industry Regulatory Organization of Canada (IIROC), and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to verify the information provided by the broker.

– Read the terms and conditions: Before you agree to any contract or service with any broker, you should read the terms and conditions carefully and understand your rights and obligations. You should pay attention to the clauses regarding fees, risks, disputes resolution, arbitration, liability limitations, and termination. You should also look for any hidden charges or penalties that may apply to your account or transactions.

– Use secure methods of payment: When you deposit or withdraw money from any broker, you should use secure methods of payment, such as bank transfers, credit cards, or reputable third-party services. You should avoid using cash, wire transfers, gift cards, or cryptocurrencies, as these methods are often used by scammers and are difficult to trace or recover.

– Keep records of your transactions: When you trade or invest with any broker, you should keep records of your transactions, such as receipts, confirmations, statements, and correspondence. You should also monitor your account activity regularly and report any suspicious or unauthorized transactions to the broker and the authorities as soon as possible.

– Be wary of unsolicited offers: If you receive any unsolicited offers from any broker or their affiliates, such as phone calls, emails, texts, or social media messages, you should be wary of them and do not respond or click on any links or attachments. These offers may be phishing attempts or scams that try to lure you into giving your personal or financial information or sending money to them.

Conclusion:

CatalX CTS Ltd. is a company that offers a platform for trading cryptocurrencies and other digital assets in Canada. However, the company is not registered with any securities regulator in Canada and may be violating the securities laws and regulations in Alberta and other provinces or territories. The ASC has warned investors to exercise caution when dealing with CatalX and to be aware of the risks involved. If you are looking for a reliable and regulated broker to trade or invest in cryptocurrencies or other digital assets, you should do your research and follow the tips above to protect your investments from unscrupulous brokers.