Beware! 10crypto 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.
10crypto is an offshore, unregulated broker focused on the Crypto market. They offer CFDs on a variety of coins, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Cardano, IOTA, Tron, Neo and Tether on a web based trading platform called ACTIV8.
Unfortunately the information on their website is not conclusive and because they also do not offer a demo account we are not able to comment on their trading conditions.
The main issue with the broker, however is their regulatory status, which we will review in the following paragraphs.
10crypto regulation & safety of funds
10crypto is owned and operated by Kase Partnership Ltd, a limited liability company based in St.Vincent and Grenadines. Unfortunately neither the company nor the broker turned out to be regulated as they should be, if they target customers on regulated markets like the European Union, UK, the U.S., Australia, Canada or Japan.
Bear in mind that trading with unregulated brokers is extremely risky as most often such brokers are operated by scammers. But even if they are not, the simple truth is that such brokers are completely unaccountable for the way they handle your money and basically the question whether you will receive any profits and your deposit back depends solely on the integrity of the people running those brokers.
Properly regulated companies on the other hand can be trusted, because of the strict rules and the rigorous oversight they are subjected to.
That is why our advise is to deal only with brokers, licensed by well respected regulators such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
10crypto deposit/withdrawal methods and fees
10crypto accepts payments with VISA and MasterCard, bank wire, bitcoins and a couple of e-wallets like OKPay, Naspay and Cheetah Pays. Skrill, however is not among the payment options and that is notable, because of their new anti- scam policy, according which the payment service can be used only by properly regulated brokers. As we already noted, 10crypto does not have a license.
Also, be aware of any trading bonuses that 10crypto might offer you as they are linked to additional withdraw conditions, including a minimum trade volume requirement.
On top of that 10crypto says they are “not committed to any time frame”, regarding your withdraw request and that is also disturbing.
Finally, have in mind that 10crypto will charge you withdrawal processing and handling fees in the amount of 35 USD, if you have payed with a credit card and 25 USD with e-wallets.
How does the scam work?
Nowadays scam stories usually begin on the internet. Scammers use the social networks like Instagram and Facebook and even specially designed websites, like Crypto Revolt and Bitcoin Evolution which we call robo scam websites, where you will be tempted with some too- good – to- be true offer of fast and easy returns with a minimal investment, of course “completely risk free”. And if you do register and fill the simple registration form, instantly you will be transferred to a different website – the one of an offshore scam broker, where finally you will be invited to deposit about 250 USD.
And take a note that scammers will do anything to trick you to invest more, starting with manipulating your trades and account so that you will see great “profits”. And you will be getting phone calls as well. It will be your “senior account manager”, who will basically insist, that if you really want to make some real cash you will definitely have to invest more – at least 10 000 USD.
And quite often at this stage people do invest that kind of money without realizing they have been scammed until the very moment they request to withdraw a portion of their funds. Scammers, however will cancel all withdraw requests on the ground that some minimum trade volume requirement is not been met. That may be linked to your trading bonus or something else. In any case you will not see a single penny back.
What to do if scammed?
Do not hesitate, but immediately file for a charge back with your credit card company. That is your only chance to get your deposit back. Besides, both VISA and MasterCard now allow customers to file for a charge back within 540 days.
Also, if by any means scammers have learned your credit card number and online banking password, immediately cancel your card and change the password.
And one final note. Do not trust the so called recovery agencies. Those people will not help you in any way, but will simply charge you some fees in advance and basically that will be the end of the story.