Beware! Fxcryptomine 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.
Fxcryptomine.com is a website which makes a very bad first impression due to the fact that upon entering a pop-up emergency window immediately appears, an important notice that all deposits/payments should be made directly to the company and not to an account manager. It’s very disturbing and overall an ugly appearance. The website itself lacks professional touch and also does not contain much useful information in itself. There are plenty of crucial details about this entity that are missing while the available ones are quite disturbing. You will find more about this Forex broker in the full Fxcryptomine review.
Fxcryptomine REGULATION AND SAFETY OF FUNDS
Fxcryptomine is a shady Forex broker withholding important information about its legal status from the customers and the public, as a whole. On their main page there is an US address and an US contact number, however, if you want to register you are being redirected to a different website called app.fxcryptomine.com. There you can find an UK address, but no contact number. Also, there is no information about the company standing behind these websites, no name, no registration numbers or licenses provided. In fact, the T&Cs can only be found on the app.fxcryptomine.com and all the information in there can easily be fitted in a single A4 page.
Your funds are not safe if you deposit money with Fxcryptomine, it is an unlicensed, unauthorized and unregulated shady entity and you should avoid it. Choose a broker which is legit, authorized and regulated, such an entity really makes the difference for the traders and investors. These Forex brokers place the customer protection on top of their priority list, not because they want to, but because they have to. In EU and UK, for example, the foreign exchange agents have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR or more, personnel qualification standards, segregation of the clients accounts and more, all of which are placed for the benefit of the traders. There are also money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, just to name a few, which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate such a fund, which is regarded as a last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Fxcryptomine TRADING SOFTWARE
There are no MT4 or MT5 accounts available, in fact, there isn’t any trading platform suitable for trading offered. Not even a TradingView chart is presented to the customers. Fxcryptomine offers three vague, not fully specified investment plans, instead, with details scattered in the presentation, such as 3 times risk-free mining, expert broker and other ridiculous features.
No spreads, no leverage or margin requirements are presented. Fxcryptomine is not a true Forex broker and you should avoid it!
Fxcryptomine DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Fxcryptomine is 500 USD and this piece of crucial information is only to be found in their Plans presentation. Their T&Cs are well below the standards and the details regarding deposits and withdrawals are missing, but only they do specify that these transactions are final and irreversible.
The only funding method is Bitcoin direct transfer, which itself is a good news, because there are less chances that someone out there might abuse your debit or credit card. Do not send any Bitcoins to Fxcryptomine, it is an anonymous entity which shouldn’t be trusted. Cryptos are the favorite currency of the scammer, because once you deposited it’s almost impossible to claim your money back!
No minimum withdrawal amount specified, also no fees known, in fact, the direct crypto transfer usually is not subject to fees, so it does make sense.
No other fees or charges known, no dormant policy to be found.
Fxcryptomine offers a percentage bonus on all of the deposits made, starting from 12.5%, but again any details about their bonus program are missing. No separate withdrawal conditions regarding bonus withdrawals are presented.
HOW DOES THE SCAM WORK
Fxcryptomine is a cheap website and it’s an evidence of scam, no true Forex broker is going to treat such an important matter, so carelessly, and we suspect that it is one of many websites with similar appearance, operated by the same people, which are trying to rip you off. On the other hand their approach is really simple, they only present three plans and ask you for a direct Bitcoin investment. They didn’t even try to make it look authentic! Fxcryptomine is not a confirmed scam website, but there are many red flags and our advice is to stay away.
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
It’s a scam sign if a Forex broker accept only cryptos as funding methods and that should be remembered. They are doing it for a reason, the cryptos are perfectly unregulated, there isn’t a single authority in the world to deal with cryptos, and also the payments are totally anonymous. Once you deposit cryptos with scammers, it’s virtually impossible to get a refund! Stay away from brokers who does not accept the traditional funding methods, there is something fishy going on.
The most effective way to avoid scam is to do a thorough research, get familiar with the trading conditions offered by the brokers, read their Client Agreements, use demo accounts, read reviews, be alert. With charlatans adapting their tactics daily, you’d better be always up to date with the newest scammers’ tactics!
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 Fxcryptomine, it’s anonymous and unsafe.