Beware! FXCryptoBooster 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.
FXCryptoBooster is a brokerage presumably registered in the UK which provides its own web-based trading platform. The brokerage requires a minimum deposit of $300, which is a bit above the industry average, and provides clients with a wide range of payment methods, including many e-wallets. Further trading conditions, however, are unclear and the trading platform is quite ambiguous.
FXCryptoBooster regulation & safety of funds
There is much uncertainty about the corporate information since it has conflicting statements. FXCryptoBooster is supposedly owned by two companies with the names FXCryptoBooster Ltd. and Apexcryptominers LTD. The companies are supposedly registered in the UK and the brokerage gives a London address.
Forex trading is quite popular in the UK and all such online financial services fall under the regulatory oversight of the Financial Conduct Authority FCA. However, we find no mention of a license going through the website of the broker and after checking the online registry of the financial watchdog we may safely conclude that the broker is not regulated and operating outside the law. This is quite problematic because clients have no guarantee about the legitimacy of the brokerage or the product it purport to offer. Furthermore, being regulated by a world-known prestigious regulatory agency such as the FCA means participation in financial mechanism by which clients that have fallen victims to fraud may be compensated for their losses.
FXCryptoBooster does provide a sort of web-based platform which we got a glimpse of through signing for a real account. It doesn’t look very neat, on the contrary, it appears quite fake. Furthermore, while researching the brokerage we came upon a couple of other websites with similar names FXCryptoZone, FxStarOption, FXcryptoSignals, FXCyptoGain which have identical layouts and pretty much the same lack of clarity regarding the trading conditions and the actual product actually being offered. This is an often seen trope by scammers due to reviews (or official warnings by authorities) where their scam operation is exposed. They will spawn numerous websites in order to be “one step ahead” of the reviewers and financial watchdogs. All in all, FXCryptoBooster seems a shady brokerage and we advise traders not to risk it.
We advise traders to only trade with regulated and legitimate Forex brokerage in order to exclude any risk from their transactions.
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.
FXCryptoBooster deposit/withdrawal methods and fees
We couldn’t find in the Terms and Conditions any nasty withdrawal conditions. We must remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised 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?
Scammers mostly rely on vulnerable and easily tricked people, that is why a well-informed trader is, perhaps, their most difficult target. That is why we believe all traders should be well-versed in the different ways of the scam. Here is the most popular one:
In most cases through clicking a tempting ad with promises for quick and easy profits, you will be redirected to a website like Crown Signals or Top-Algo Trade where registration will require 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 on the phone listening to the whole prepared brokers pitch , you decide to deposit some $200-250. And just like that –a 25 per cent commission gets wrested from the initial deposit by the broker on the phone.
After stinging you for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even budge and continue investing. At some point, however, you’ll 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, it will be high time for the “recovery people” to take it from here. They will begin further stalling in any way possible in order to remove the last guard you may have – filing a chargeback with your bank. This options expires for good after six months or more have passed since the initial deposit.
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!