Beware! EZCryptoplace 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.
EZCryptoplace is an offshore broker, focused on the crypto market, offering CFDs on a variety of crypto coins and other assets like commodities, indices and stocks, paired against Bitcoin and USD Tether.
Among the crypto coins in the EZCryptoplace trading portfolio we came across all major coins like Cardano, Bitcoin, Bitcoin Gold, Dash, EOS, Ethereum Classic, Ethereum, IOTA, Litecoin, NEO, QTUM, Tron, Stellar, Monero, Ripple and Zcash.
EZCryptoplace regulation & safety of funds
EZCryptoplace is owned and operated by Bitcom Limited, a company based in St. Vincent and the Grenadines. Unfortunately neither the company nor the broker itself are regulated by official authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
That makes EZCryptoplace operations on regulated markets like the European Union, the UK, the US and Australia completely illegal.
Have in mind that as a rule of thumb you can trust only brokers, regulated and licensed by official authorities such as FCA, ASIC or CySEC. Regulated brokers have to follow a series of strict rules, among which to maintain a certain minimum capital adequacy ratio, to keep all clients funds in a segregated account, to provide traders with a negative balance protection, to file regular reports, to allow external audits and in certain cases even to insure traders money.
For example all EU regulators such as CySEC require brokers to participate in client compensation schemes, effectively insuring up to 20 000 EUR of the trading capital. A similar compensation fund with all FCA brokers guarantees up to 50 000 GBP of the invested funds.
EZCryptoplace deposit/withdrawal methods and fees
EZCryptoplace accepts payments in various ways, including major cards like VISA, MasterCard and Discover, numerous e-wallets including Neteller and Skrill, CashU, QIWI, AstroPay, Sofort, WebMoney, PaySafe, Moneta, GiroPay and iDeal, as well as bank wire. The minimum deposit requirement is 500 USD – about twice as high as the minimum investment required by most brokers.
And besides, be aware of all trading bonuses EZCryptoplace might offer you, because if you accept a bonus your right to withdraw will be restricted with a certain minimum trade volume requirement. In the general case you will have to trade at least 25 times the bonus plus your deposit before you will be allowed to request a withdraw.
How does the scam work?
Have in mind that scammers waste no time and resources to get to your money. Often they employ call centers and the so called “robo- scam” websites like Crypto Revolt and Bitcoin Evolution, which are especially designed to hook up gullible investors.
If you happen to come across such a website, probably you will watch a video with a fantastic offer for fast and easy money – “totally risk free”, in exchange of a modest investment. But basically, all you will be asked for in the beginning is to leave your e-mail and phone, filling a simple registration form.
And if you do that you will be promptly transferred to the web page of a unregulated, offshore, scam broker, where you will have to deposit about 250 USD.
Besides, if you make this deposit the people running the robo – scam website will get their commission, and you will be awarded a brand new “trading account” with the scammers.
And your first trades will be spectacularly successful, doubling the money in your account in just a few days. That, however, will not be real – your account will simply be manipulated, because this way you will be predisposed to invest a larger amount.
And you will be asked exactly this. You will receive a call form your “senior account manager”, who will expertly advise you, that if you want to make some real money, you will simply have to invest more – like at least 10 000 USD.
And besides, you may not realize you have been scammed until the very moment you decide to withdraw some of your funds. Than, all of a sudden it will turn out this is not possible, as your right to withdraw will depend on some minimum trade volume requirement, linked to a trading bonus you have so carelessly accepted.
Certainly it could be something else, but the result will be the same – scammers will refuse to pay you even a single penny back.
What to do if scammed?
The only chance you stand to get some of your money back is to file for a charge back with your credit card company. Fortunately both VISA and MasterCard extended the period in which you are allowed to do that to 540 days.
And if by any chance you have given away your credit card number and online banking password, immediately change the password and block your credit card.
Finally, do not trust the so called recovery agencies. They will not retrieve your money, but will simply collect an upfront payment and will leave you even more miserable.
And besides, some of those entities actually work with the scammers, who for example will share your contact details, so that you can be squeezed with yet another 1000 USD.