Beware! CrypteriumFS 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.
At first glance CrypteriumFS looks almost the same as Crypterium, an Estonian joint-stock company which products include Cryptowallets and Cryptocards, but nothing related to Forex or CFDs. The logo of CrypteriumFS is very similar to the one used by the Crypterium, as well. You can see both of them, the first one is the logo of the legit Estonian company.
CrypteriumFS offers Forex, Indices, Crypto, Commodities, Shares and ETFs, with low spreads, leverage and no commissions but fail to specify in detail their offers.
There is something fishy about this company, and you will find out many interesting facts in the review.
CrypteriumFS REGULATION AND SAFETY OF FUNDS
CrypteriumFS does not provide us with any substantial legal information about the company. They only enlist their address and a contact number, which is supposed to make us believe that we are dealing with UK company, based in Liverpool. However, on their website we didn’t find anything to prove that they are legitimate Forex broker. There is nothing to be found in the FCA database, as well, so our conclusion is that CrypteriumFS is an unlicensed and unauthorized entity, which should not offer Forex products and services to European customers like us.
What is more, CrypteriumFS is very similar in appearance with the Estonian company Crypterium which provides online wallets, cryptocards and bank transfers. The Estonians are a legit company with a capital of 730 000 EUR, licensed to operate as a financial institution, also authorized to provide services of exchanging a virtual currency against a fiat currency.
The problem is that Crypterium does not appoint CrypteriumFS as a subsidiary, or a company linked in any way to them. We suspect that CrypteriumFS is a clone company which is misleading the traders, presenting itself as an established, also innovative company.
Stay away from CrypteriumFS, it’s a shady entity. Find a transparent, licensed and regulated Forex broker, instead. As a trader you should only trust brokers that can undoubtedly prove to be licensed, authorized and transparent, regulated by a financial authority, such as FCA in Britain, CySEC in Cyprus (Forex brokers regulated there can operate throughout Europe) or NFA in the USA.
CrypteriumFS TRADING SOFTWARE
There is no information regarding the trading platform of CrypteriumFS. There is nothing mentioned about MT4 or MT5 accounts, or other sort of desktop or mobile software. In fact, upon registration, we might get some more information, but currently we are still expecting our approval. In the middle of a week day, we’ve been waiting for more than 5 hours, a sign undermining the credibility of CrypteriumFS even further. We will provide updates as soon as we get our approval.
CrypteriumFS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit according to the account types presented by CrypteriumFS should be 250 USD. We cannot actually prove this, yet, because our account confirmation is still pending. As a matter of fact, we failed to unsterdand the meaning of LAVERAGE X1 and LAVERAGE X2!
The minimum withdrawal for wire transfers is 250 USD, while on any other method is 100 USD.
The only funding methods mentioned are credit/debit cards and wire transfers, which is still to be confirmed.
CrypteriumFS says that their deposits and withdrawals are free of charge or commissions, however, we found a completely different clauses in their T&Cs. The wire transfers fee is 50 USD and 25 USD fee is applicable if you withdraw in a bank card, plus a processing fee of 10 USD. Also a levy of 10% of the withdrawal will be charged from an account that has not executed more than 200 in turnover. It is a massacre, stay away from this broker!
A Dormant account will be subject to a deduction of 10% each month, which is extremely high. Most of the regulated brokers do not charge these accounts with more than a few dollars per month, and there are also some that do not impose any charges, at all! An account is being defined as inactive if the trader did not login and traded within 6 months.
CrypteriumFS offers bonuses on all of its account types, starting from 10% on the sum deposited, reaching to 50% for their premium account. Bonuses are banned in EU and UK, another red flag! A company which is supposed to be Liverpool based cannot offer trading incentives to its customers! Stay away!
The bonus T&Cs are not in favor of the traders, for example in order to withdraw some profits, the trader should have executed a minimum trading volume of 25 times the deposit plus the bonus issued. It’s too high and is a push for the trader, which might significantly worsen the trading performance. But this is only the beginning. In other section of their T&Cs we found that trading volume should be 30 times the sum after the bonus. It is a massive red flag
Also in their T&Cs we found out that CrypteriumFS allows indebted account! Stay away from brokers who are not bound to keep negative balance protection of its customer accounts. It’s a mandatory rule and all of the brokers regulated by FCA or CySEC are forced to do it. As a rule it means that the client cannot lose more than the money deposited.
HOW DOES THE SCAM WORK
Clone firms, are scammers pretending to be companies that are legal and authorized. The most commonly used approach is to register companies and domains whose name is identical or very similar to those of certified and legitimate companies, very often the highly reputable ones are targeted. The unsuspecting customer will believe that the scammer represents a well-known company and will agree to follow his instructions which might include bank transfers, deposit of funds etc. Sooner or later they are going to exploit the victim and cause significant financial damages.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Avoid CrypteriumFS, this broker is too vague, also the trading conditions offered are very harsh for the trader!