Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Crypto Premier is a CFD brokerage, based in the Mrshall Islands, with a clear-cut focus on crypto-currency pairs. It provides its own web-based trading platform and clients may choose from three types of trading accounts with a minimum deposit of the staggering $25 000. The spread on BTC/USD is $15 which is extremely favorable, having in mind that the industry average comes at about $50.
Crypto Premier regulation & safety of funds
Crypto Premier is owned by the company Skyline Projects MH Limited. Regulation is lacking, but what is more, the brokerage itself admits it on its website which should be condoned as an attempt at transparency. In the Terms and Conditions we read: “PAMM and managed accounts in cryptocurrencies are not subject to securities or investment legislation, and are conducted to the Client’s request of such services, realizing no license is required or exists.” Nonetheless, missing regulation means traders may not be certain in investing their funds with the brokerage.
Prestigious regulatory bodies, such as the UK’s FCA and CySec, require compliance with a number of strict rules that give significant assurance for the safety of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to scam traders.
Crypto Premier deposit/withdrawal methods and fees
Potential clients of the brokerage have a poor choice of payment methods from which to choose. They may withdraw or deposit funds via MasterCard, Skrill, PayPall, Visa and bank transfer. The brokerage also accepts a number of crypto coins such as Bitcoin, Litecoin, Ripple and more.
Crypto Premier does have peculiar withdrawal conditions. Depending on the account type you may not withdraw until 3 months have passed since the initial deposit, or, in the case of the HF SemiAutoTrade Program – up to 12 months after the initial deposit. Withdrawals by wire transfer will be charged a $25 procession fee and the withdrawal amount must be no less than $100.
Client who wish to close their account and withdraw the total amount of funds from the account balance in excess of 1,000 (Euros, US Dollars, GB Pounds) will receive the withdrawal in installments on a monthly basis. There is also a management fee of 3.25 per cent on every six months and a quarterly trading commission of 1.50 per cent of the trade volume for the quarter, as well as a 1.5 per cent commission on buying or selling BTC. On top of all this, funds of accounts that have been inactive for more than a year will be forfeited.
How does the scam work?
Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A valuable piece of information is precisely how a scam would go about. Here is a description of the typical three steps:
In most cases through clicking a tempting 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. Your personal information will be immediately shared with brokers in call centers who are just waiting for fresh leads. After a few minutes hearing how the millions are sure to flow your way, you decide to deposit some $200-250. And just like that – the scammers take a 25 per cent commission from this initial deposit.
After stinging you for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even be swayed and further give it a shot. At this point, regardless whether you are in the red or not, you probably begin to consider closing the account and getting back your money.
However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, they will know its time to redirect you to the “recovery people” who will further stall you in any way possible. The angle here is simple – remove the last guard you may have – filing a chargeback with your bank. If six months or more pass after the initial deposit – that option is closed 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!
