Beware! This is an offshore broker! Your investment may be at risk.


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


CryptoBanc is a crypto CFD  brokerage, based in Bulgaria, with a wide range of crypto-currency pairs. It provides its own web-based trading platform, clients may choose from three types of trading accounts, but does not disclose much more about its trading conditions. The spread on BTC/USD is $150 which is significantly higher than the industry average and acceptable amount of $50.

CryptoBanc regulation & safety of funds

CryptoBanc is owned by the Bulgarian company FTM CONSULTING EOOD. There is no further information about security measures, only a license number with no further clarity to what it may correspond. CFD brokers in Bulgaria should be licensed by the local Financial Supervision Commission (FSC). The lack of credible regulation puts potential clients of the brokerage at risk.

Prestigious regulatory agencies such as the FCA or NFA force a broker to comply with a number of strict rules that lower the risk of fraud and give assurance for the safety of the clients funds.

One such rule is the segregation of accounts which forces the brokerage to handle the finances of the clients separately from their own and greatly lowers the risk of commingling. Furthermore, the NFA requires a starting capital of the staggering $20 mill which only a few brokers in the USA are able to comply with.

CryptoBanc deposit/withdrawal methods and fees

CryptoBanc has limited payment methods for traders. Potential clients of the brokerage may withdraw or deposit funds only via Visa, Mastercard,  Bank and wire transfer. Bitcoin is also accepted. On the broker’s website we could not find mention of any specific fees or charges, but we did read in Terms and Conditions the following worrisome statement: “CRYPTOBANC RESERVES THE RIGHT TO CHARGE CLIENTS FOR INCIDENTAL BANKING-RELATED FEES SUCH AS WIRE TRANSFER CHARGES FOR DEPOSITS/WITHDRAWALS. CRYPTOBANC RESERVES.”

How does the scam work?

One of the reasons regulation is so valued in the trading world is because scamming, unfortunately, happens quite often and the regulatory status of a brokerage acts as a sort of guarantee that traders may feel secure about investing. Nevertheless, well-informed traders should know how a typical scam works:

Through clicking an ad with promises for fast money, you will be redirected to a website where registration will require you to give your address, email and phone number. After sharing your personal information, frequent calls from brokers will without doubt come up next, and without doubt will be filled with even more benevolent trading offers. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After the initial-scammers have taken you for a ride, senior scammers begin working you into putting even more money. The newly arrived confidence in you compels you to keep going. You invest further. However, win or lose – surely, at the some point you will wish to close the account and cash out.

However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, the scammer will begin pleading with you to wait it out, six months at the most. The angle here is simple – remove the last cover you may have – filing a chargeback with your bank. If six months expire, that option is closed and your money is gone for good.

What to do if scammed?

A scam could happen to anyone, including you, and, in such a case, it would be best to know what options are still available to you. That way you’ll be certain your reaction will be adequate and on spot.

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

If however you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should change it asap!

So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!

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  1. I opened an account with cryptobank things were ok at the start then we want you to move up to a managed account 1500 gbpounds invested profits go wild within a month the account has 49000 pounds in it great i would like to draw 5000 pounds please no the min amount is 21300 pounds ok fair that fine next you get a E mail to get the 21300 pounds you have to pay another 6007 euros up front take it from the 49000 in the account no the rules are you have to pay 6007 euros first there is no way i am taking out a loan to give them 6007 euros it stinks of a scam

  2. Hi Charlie, What was the outcome of this – is Cryptobanc a fraud or not ?
    When I questioned them on that same requirement they told me it was an FCA requirement that the broker fee CANNOT be taken out of the profits, and that I had to pay in the 25% to take it out….

    1. ,Hello Graeme, Did U get u r money from after paying brokerfees????. I paid them 5000euro as broker fees & waiting for 63k to come to my account already 10 day passed .Still waiting .

    2. I have given up and taken the hit on the chin have nothing to do with any broker unless they are regulated by the FCA IF theY are good they will have all the safety nets in place

  3. i lost $1,000.00 from Crypto bank. What a big SCAM.

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