Beware! Cryptechs 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.
“The Technology of Profit” is what you will first read when entering Cryptechs’ website, a promise of gains and limited losses, of more withdrawals and less deposits. However, behind the average facade of Cryptechs, there is a shady entity that does things its own way, which forces us to steer this review to a pessimistic direction. We recommend you read it before depositing any money into Cryptechs.
Registering was a processes familiar to us, and no tin the good way. We were required a basic load of info, nothing to personal, and were promptly given access to a client dashboard and a web based trading software. The user area was average at best, and it was, again, very familiar to us.
The terminal gave us a EUR/USD cost of trade of 1 pips, a very lucrative value. The leverage is capped at 1:200. The trading instruments are as follows: forex currency pairs, crypto, commodities, indices, and stocks.
The company website can be translated in English, Spanish, and German.
CRYPTECHS REGULATION AND SAFETY OF FUNDS
The footer of the website speaks of the firm’s suspicious nature. It is here that we first discovered that the broker is located in Saint Vincent and the Grenadines. However, the Terms and Conditions state that all users of the site must be informed with the laws of Estonia. This utter contradiction is common with shady brokers.
Saint Vincent and the Grenadines is the most common location for shady FX firms period! Time and time again this location has proven to be a safe heaven for countless illegitimate brokers, and its the exact same story with Cryptechs. The Caribbean nation has no
Estonia has its own licensing authority that can issue regulation to wanna be brokers, called the Estonian Financial Supervision Authority (Finantsinspektsioon). Not only is there no mention of Cryptechs in the official database of regulated entities, but the website in no way suggests that Cryptechs is actually regulated there. In fact, it says nowhere that the broker is in fact a holder of any type of FX license.
So Cryptechs is completely UNREGULATED, making it a risk to all investments!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
CRYPTECHS TRADING SOFTWARE
The Activ8 trading makes a return. It has been a while since we last encountered it.
This trading software is one with the looks and the smooth interface. It is easy to navigate through it, and the visual aspect is promising, yet the options and features are limited, with only a handful of helpful additions including pending orders and copy trading.
Illegal brokers are well known to use such limited trading offices. They appeal to scammers because softwares such as the Activ8 are aesthetically alluring, and may appear more efficient that they actually are. So fraudsters use the to attract novice traders or unsuspecting investors.
CRYPTECHS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is €250.NasPay is the only seeming depositing methods used by Cryptechs. As you will see, this payment method is in direct contradiction to all the withdrawal info that we have discovered, acting as further proof that this broker is completely illegitimate.
Cryptechs charges fees for withdrawals that depend on the chosen payment method: $50 for bank payments, $35 for card withdrawals, and $25 for e-payemt methods payments. There is also a 10% levy of each withdrawal if the user has not completed a turnover trading volume requirement of at least 200 of the requested withdrawal amount. Another prime example of Cryptechs’ irregular nature.
The minimum withdrawal for bank transfers is $250 and $100 for all other methods. The typical processing time for withdrawals ranges between 4 to 7 days.
Prior to the withdrawal of bonuses, users must trade off their deposit + bonus at least 25 times.
If a user has not logged in for more than 6 months his or her account will be deemed dormant. All dormant accounts are charged a 10% monthly fee.
The following clause once and for all nails the last lain in the scammer definition that we have given to thin broker. The Non-Deposited Funds provision is found only in the websites of the most scammer of brokers, as previous reviews indicate. With this in their arsenal, the broker clearly says that the user cannot withdraw any profit made from trading.
The Terms and Conditions document can be changed, by adding or removing certain clauses, at any time without warning the user, a move that can totally change things by preventing the client of doing certain things.
Almost a third of the Terms and Conditions are essentially indemnification clauses and paragraphs, all aiming towards the goal of completely absolving the broker of any guilt arising from the user’s trading experience. Bellow we have attached a good example of this.
Tied to this is the clause that holds that all claims against Cryptechs’ become obsolete in 12 months. We assume that Cryptechs will stall users’ accusation until they are no longer valid.
All these clauses are evidence of how little trust we have for Cryptechs. Not only is this firm completely unlicensed, but it has the audacity to include unacceptable clauses. There is no way that we will ever recommend this broker to anyone. Do not deposit here!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.