BlockchainEtrader Review – 5 things you should know about blockchainetrader.com

BlockchainEtrader Review – 5 things you should know about blockchainetrader.com

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

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BlockchainEtrader presents itself as a forex and CFD broker, focused on the crypto market, offering four account types with leverage as high as 1000:1 and a web based trading platform.

Trading instruments include over 30 crypto currencies, paired either against bitcoin or fiat money.

And even if that sounds attractive, we have some serious issues about the legitimacy of the website as a whole, so if you are thinking about opening an account with BlockchainEtrader be sure to read the following lines.

BlockchainEtrader regulation & safety of funds

BlockchainEtrader website is virtually anonymous. We are not told the name of the company that runs the operation, and although there is some Swiss post address in the contact section, we are highly suspicious that it is real.

In any case the web site is not regulated also, so basically the people running the operation, do not have legal right to target customers in the European Union, the U.S., Australia, Canada, Japan or any other regulated market for that matter.

Our usual advice in such cases is to trade only with brokers licensed and authorized by a well known financial regulator, 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).

BlockchainEtrader deposit/withdrawal methods and fees

BlockchainEtrader accepts payments with credit and debit cards like MasterCard and VISA, bank wire and crypto coins, including Bitcoin, Bitcoin Cash, Ethereum and Litecoin. No popular e-wallets like Neteller and Skrill are accepted however, and that is worth mentioning especially having in mind the new anti scam regulations adopted by Skrill, according which only properly licensed brokers can offer Skrill to their clients. As we already noted BlockchainEtrader is not a regulated broker.

Also in BlockchainEtrader Terms and Conditions we came across some pretty disturbing clauses, as for example a 10% levy on all withdraws in case you have not traded your deposit at least 200 times. This is a highly unusual condition, which no legit broker will ever require.

Beware as well of any trading bonuses BlockchainEtrader might offer you, as they are all linked to a certain minimum trade volume requirement, which unless fulfilled will be used as an excuse to cancel your withdraw requests. In practice that is what scammers usually do. They use the additional bonus conditions as a pretext to refuse to pay you back.

Otherwise the minimum deposit requirement with BlockchainEtrader is 500 USD and that also is unacceptably high, as most brokers will ask you for no more than 250 USD with a standard account.

How does the scam work?

Most people fall into the scammers web after visiting one of the so called robo scam websites like Bitcoin Profit and Brexit Trader. Those are basically anonymous websites, designed to hook gullible investors with promises of fast and easy money in exchange of a small and “completely risk free” investment, with some innovative trading app or software. Usually the scam is advertised with a nicely cut video ad, which ends with an invitation to join “the investing community” by leaving your e-mail and phone. And if you do register, without even noticing you will be transferred to the web page of unregulated scam broker, where finally you will be asked to deposit about 250 USD.

Such an amount however is just the beginning, as the scammers goal is to trick you to invest as much as possible. So do not be surprised how profitable your initial trades will be. Your account will simply be manipulated with the sole intention to make you double or triple your deposit. And that is when you will start getting phone calls as well. It will be your senior account manager, trying to convince you exactly this – if you want to make some real cash, he or she will tell you, you should invest at least 10 000 USD.

And most people do invest that kind of money without realizing they have been scammed until the very moment thy file a withdraw request. Than it turns out they are not eligible to withdraw, because they have not met some minimum trade volume requirement, most probably linked to a trading bonus. The excuses might certainly be different, but the end result will always be the same – scammers will cancel all withdraw requests.

What to do if scammed?

Honestly, if you are a victim of a scam the chances to get your money back will not be great. And yet there is one thing that you can do and that is to file for a charge back with your credit card company. And the good news here is that currently both VISA and MasterCard accept charge back requests within 540 days after you have made the deposit.

Obviously that will work only if you have made your deposit with a credit or a debit card and not with a bank wire, crypto coins or e-wallets.

Also, if scammers have tricked you to reveal your credit card number or online banking password, immediately change the password and cancel your credit card.

And do the same if they have tricked you to install a Team Viewer program, because with Team Viewer scammers will have access to your PC and all the banking information saved there.

Finally, do not accept any offers by the so called recovery agencies. Those people will not help you in anyway, but will simply require an upfront payment, basically leaving you even deeper into the red.

Rich Snippet Data
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Reviewed Broker
BlockchainEtrader
Broker Rating
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13 Comments

  1. 100% SCAM. Lost £23,000+. Became suspicious when my profits rose unbelievably. My broker tried to pressurise me to take out a £25,000 loan, which I didn’t. Tried to close account. Told I needed to pay £23,000+ in charges. When asked that the charges be deducted from my profit, was told this was not possible. Very sophisticated scam. Uses reputable Bitstamp to disposit your investment, but broker keeps control the 6 digit authentication code.

    1. We were both scammed. What was the name of your adviser?

        1. Eric Maccann, the Senior Account Manager of Blockchainetrader.com I would like
          to get my hands on. As a retired, disabled war pensioner who served in Iraq a loss of
          £1000.00 might not mean a lot to him but it certainly does to me. How these people
          can sleep at night is a mystery to me????!!!!

    2. Hi Maria,

      Unfortunately we are on the same boat. What was the name of your adviser? Mine was Felipe Rossi (obviously not his real name as I contacted the real Felipe Rossi by he picture this scammer sent to me when I asked him for a pic), another was Dave Clarkson (another scammer that wants taxes t be paid and provides the most crazy paperwork)…
      Lets keep exposing these guys. They also connected to Tronmarkets.com. Same people, same way to operate, same scam, just older scam….they are taking thousands and thousands from innocent people.

  2. Absolute scam.
    Thieves and heartless people.
    Complete and utter scam.
    Please do not invest as you will loose all your money. They will get someone who speaks your language or that is familiar with your hobbies so they can hook you and steal from you.

  3. I have lost a huge sum of money with BlockchainEtrader. It happened only last week. Can any organisation help me to recuperate the money? Any suggestion will be of great help.

    1. Hi Saikat,

      If you did not pay with credit card and like many of us used Bitstamp for wire/bank transfers then you will never recover your money. And please do not send them any money from now on..
      You can report them in every major review site and fill their inboxes with mails.
      They are also connected to Tronmarkets.com, same tactics, same scams and same scammers…they all call themselves all sorts of names. Have you tried and google the names they call themselves by? you will see they actually belong to other people. Names like Felipe Rossi, numerous Dave/Davids….
      There is a dark world out there and like you I fell for it. Lets make sure we save as many people as we can.
      I am really sorry about your losses and please keep complaining to different authorities including FBI as these scammers also operate in USA and AUStralia amongst others.

  4. guys,

    please complete it and send it. It will help
    “Anyone that has been a victim of these scams and wants to get to the real root of these networks then visit https://efri.io/second-victims-petition-for-european-cybercrime-justice and please sign this petition!!!!

    On 12 September 2019 (Thursday), another court hearing on the extradition of the alleged scammer Gal Barak to Austria will take place in Sofia.

    This petition will make a difference – please all visit and sign asap.

    All info can be found on the above link and at http://www.fintelegram.com“

  5. Hello

    I am trading as wee speak with them. My brokers are called Joe Miller and Daniel Morris. Any of these name sound familiar to you? I really taught that this was genuine, but now that I am reading your comments I feel very trapped. Luckily I have not invested a huge amount, just the minimum but nevertheless is still hard working money and when you don’t have a job any penny counts. I have received a phone call yesterday from one of the brokers telling me to invest more money in the the platform, so I can increase my profits and also advised me to install Anydesk or TeamViewer on my laptop(which I did find this strange), luckily this did not worked on my computer. I have made the transaction from my Visa Card, and the Bank did actually send me text messages if I want to approve the payment. Do I still have a chance in getting that money back? Apparently they doubled my profits but I assume this was just a trick for me to invest more money. They also told me to register with Bitstamp, which I did… hope I did not get into anymore trouble. Did you went through to the same process? Did they also asked for a Identity Identification ?

    1. Hi Teodora,
      Try to get your money back through your Credit-Card Co. by claiming it was a fraud. With Visa it did not work.
      I had the same with Verticoins.com. Identification process at Bitstamp.
      Paid 32000€+. Half of it for taxes, commission…
      Write to [email protected] If you have no access to your Bitstamp account, ask them to send your account history and tell you the email-address the transactions were authorized from. Bitstamp is very cooperative and serious.
      Login to the EMail address by using “Forgot password”.
      Print out everything you can get. Do not delete any emails.
      Get an appointment with your law-enforcement authority/police for cybercrime.
      Take your all printouts and your computer and show up at their office.
      Those here in Germany are very helpful. Nontheless, they cannot bring back the money.
      Good luck to you!
      BR, EM

  6. Lost thousands to Blockchainetrader Olivia Lang when tried to withdraw would not allow wanted tax money.Bitstamp code withheld and now email to say our account has been blacklisted. Reported to bank and police.

  7. Hi,
    These are Verticoins agents’ names: Armin Graf, Adreas Miller, James Lindt,
    Micha Bardco, Peter Lang.
    Keep your hands from any recovery agencies/platforms who just lure more money out of you whithout recovering any. As it is shoveled from wallet to wallet.
    BR, EM

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