Crypto Kartal Review – 5 things you should know about Cryptokartal.com

Crypto Kartal Review – 5 things you should know about Cryptokartal.com

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

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Crypto Kartal is a Forex brokerage registered in St. Vincent and the Grenadines with lots of unclarity regarding its trading conditions. It provides a web-based trading platform and requires a minimum deposit of $250 which is about the industry average. The platform of the brokerage does seem to have a social trading element to it.

Crypto Kartal regulation & safety of funds

According to the website the companies behind the brokerage are registered in St. Vincent and the Grenadines with the name  Elmond Enterprise LTD with a standard SVG address we have seen in countless other brokerages – Suite 305 Griffith corporate centre PO Box 1510 Beachmont Kingstown, St. Vincent and the Grenadines, and in Estonia by the name Fukazawa Partnership OU. Furthermore, we find no mention of a regulatory status which shouldn’t strike us as surprising due to the location of the brokerage. The government of SVG does not include forex trading within its regulatory framework and we can safely conclude that Crypto Kartal is not subject to any regulatory oversight.

Estonia is a member state of the EU and does regulate Forex trading, however, after checking in the online registry of the Finantsinspektsioon, we can safely conclude that Crypto Kartal is not regulated in Estonia either. Furthermore, testing the “trading platform” of the brokerage left us scratching our head. There is no CFD trading whatsoever on it and it looks pretty fake (because it is). The swindle here is probably only for the initial deposit of $250.

Beside this, we did also find some sort of social trading feature on the platform which does even more justice to the badly put together scam that is being offered here.

This is highly typical for scammers and we have come across it often while reviewing offshore brokerages. All that was outlined above inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security 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 swindle traders.

Crypto Kartal deposit/withdrawal methods and fees

Potential clients of the brokerage have a wide range of payment methods available. They may deposit or withdraw via Visa and MasterCard, wire transfer, Bitcoin, OK Pay, Flexepin. Here is a screenshot:

Crypto Kartal openly states that it does not charge any withdrawal fees whatsoever. However, there is a caveat – it specifies that there may be circumstances in which fees will be incurred.

However, not all brokerages are as open with their withdrawal conditions as Crypto Kartal, and without proper information on the website, we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

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 good example is this very broker and the lack of crucial information about the company behind it.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as  Bitcoin Evolution or Crypto Revolt where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. 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 they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their rival Visa expected to follow suit in December.

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 switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Rich Snippet Data
Review Date
Reviewed Broker
Crypto Kartal
Broker Rating
11stargraygraygraygray

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7 Comments

  1. Hi,
    I am trying to get my money withdraw and the guy calvin keeps on saying to put more money to make money. I sent enormous emails to Sara who is the manager and still can not receive my money. Is there a way to get the money back?

  2. Crypto kartal are a scam, how do you get your money back? Also, l tried a few of them and the calls are all from England but the trading company is offshore. So, if you get calls from England you know they are dodgy.

  3. Cryptokartal is just a bunch of thieves.

  4. =============================
    Translated from German
    =============================
    The News Spy / Crypto Kartal is definitely scam !!!
    If you register with “The News Spy” you will be redirected to Crypto Kartal and immediately the phone rings with a call from Switzerland. A Klara Sommer offers help with depositing the minimum amount of 250 €, a PayPal payment is at once but not !? You would have buyer protection! After paying the amount to an account in Lithuania (!!!) you have no more handle, because a personally assigned broker via Any desk, a remote app stops everything. You definitely will never see the money again. Beware of the names Mellody Hobson and Antonio Sposito. Yes, but these names are associated with other people! So, if I was tempted and made a mistake, I hope to protect you from this mistake !!! Hands off !!
    =============================
    Original comment
    =============================
    The News Spy / Crypto Kartal ist definitiv Betrug !!!
    Wenn man sich bei “The News Spy” registriert wird man zu Crypto Kartal weitergeleitet und sofort klingelt das Telefon mit einem Anruf aus der Schweiz. Eine Klara Sommer bietet Hilfe beim Einzahlen des Mindestbetrages von 250€ an, eine PayPal Zahlung gibt es auf einmal aber nicht mehr!? Man hätte ja Käuferschutz! Nach Einzahlung des Betrages auf ein Konto in Litauen (!!!) hat man keine Handhabe mehr, weil ein persönlich zugeteilter Broker per Any desk, eine Remote App alles einstellt. Das Geld sieht man definitiv niemals wieder. Hütet euch vor den Namen Mellody Hobson und Antonio Sposito. Ja, diese Namen gibt es aber in Verbindung mit anderen Personen! Also, wenn ich in Versuchung geführt wurde und einen Fehler gemacht habe, hoffe ich hiermit euch vor diesem Fehler zu bewahren !!! Finger weg !!

  5. =========================
    Translated from Italian
    =========================
    Hi I invest in your company but no one contacts me to give me explanations about my money I would like to be contacted by a broker thanks
    =========================
    Original Comment
    =========================
    Salve ho investire nella vostra società ma nessuno mi contatta per darmi delle spiegazioni sui miei soldi vorrei essere contattata da un broker grazie

  6. Good day.

    I would like to know why the system just refreshes every time i try to with draw money from my account.

    I need the funds asap.

    Thank you.
    Arthur Dasilva Tue, Feb 19, 2019 at 11:55 AM
    To:
    Hello

    The system is OK and we have received your withdrawal request. The issue is that now you are on a plan and without the plan being finished you cannot withdraw the money.

    Please let me know the reason you need to withdraw asap so I can escalate the issue in the relevant department.

    Regards,
    [Quoted text hidden]

    Arthur Da Silva
    Senior Broker

    CryptoKartal
    Herrengase 7
    9490 Vaduz, Liechtenstein
    t: +44 744 811 6032
    m: +44 744 811 6032
    e: [email protected]

    http://www.cryptokartal.com

    Banner

    Tue, Feb 19, 2019 at 12:13 PM
    To: Arthur Dasilva
    I need the money as a me and my fiance have to pay more money on her study’s.

    If you would please release my funds that would be wonderful.

    Thank you
    [Quoted text hidden]
    Arthur Dasilva Tue, Feb 19, 2019 at 12:17 PM
    To:
    Ok, I will do that. Just need another 250 USD as a penalty fee to break the strategy and after we will refund you the 500 USD.

    Regards,
    [Quoted text hidden]
    Tue, Feb 19, 2019 at 12:23 PM
    To: Arthur Dasilva
    Ok no.

    First you never told me this is how it will be. There was no discussion of putting me on a plan only asking me how i wanted to play with the money.

    Second you never discussed the fact that i will not be free to withdraw my my funds till a specific day.

    This is not how things were discussed with me at all. I will not be paying any more money in and i am requesting for my funds te be released right now.
    [Quoted text hidden]
    Arthur Dasilva Tue, Feb 19, 2019 at 12:43 PM
    To:
    Ok, thank you for your feedback.
    [Quoted text hidden]
    Shaun van Heerden Tue, Feb 19, 2019 at 1:57 PM
    To: Arthur Dasilva
    Will you be paying my funds back to me today?

    Please let me know.

    Thank you.
    [Quoted text hidden]
    Arthur Dasilva Tue, Feb 19, 2019 at 2:05 PM
    To:
    I explained you once. I think I was clear enough.

  7. they are just a scam – you will have to file a dispute with your bank and get the money back this way. the payment for me went through some dodgy company based in Nigeria so i got my money back straight away.

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