Beware! CardanoMarkets 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.
In order to located CardanoMarkets naturally, you will have to dig deep into the google results to find it. In other words, this broker is difficult to find if you have not been redirected to it, or if it has not been recommended to you. What does this tell us? First of all, CardanoMarkets is one the suspicious side of the coin, because any broker that wishes to be found easily (to attract a greater audience) will make it their highest priority to appear as high in the Google results as possible. Second, it wishes to stay out of sight for shady reasons, and thus offers itself only to those that it deems worthy, i.e users who don’t know better. Read the review, and we will reveal what CardanoMarkets really is up to.
After registering, we were given access to a trader’s area, and consequently a trading office. All these elements were a great example of the limiting nature of CardanoMarkets, because not only are they in poor conditions, but we have seen them before with illegitimate brokers.
The EUR/USD cost of trade was no existent, because all of the trading assets had something to do with crypto assets. The leverage was capped at 1:5, a common amount for brokers offering only crypto assets.
The website of the broker comes in English, and no other language.
CARDANOMARKETS REGULATION AND SAFETY OF FUNDS
The Terms and Conditions put the broker in the UK, and thus in the hands of the FCA, even if there is no singular mention that the broker is regulated by the British overseer. And even it the website said that the company was an FCA licensed entity, we would never believe it; there are far too many problems here.
Furthermore, whenever there is a broker that attempts to persuade the user that it is his or her responsibility to be regulated in his/her country of origin in order to be within the confines of the law when trading, we are dealing with an UNREGULATED entity.
Brokers that do not hold any licenses are a risk to all investments, but also to all personal information that a user might have given away to the broker!
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.
CARDANOMARKETS TRADING SOFTWARE
We were given the chance to use a very poor trading terminal.
As all our readers can see, there isn’t much to this platform. Those of you who oppose this view, we would just like to remind them that illicit brokers use attractive platforms to lure in novice users. However, what we found out, is that this platform not only is incredibly limited in quality, but it also does not do it in the looks department. Aside from buying and selling, we could not find any other significant feature. This gives to show how poor this trading software is, and how little effort and thought the broker has put into it.
CARDANOMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
The client dashboard revealed that the minimum deposit was $100. Users can deposit only through means of Visa and MasterCard. This is noticeably odd, because most illegal brokerage offer at least some sort of crypto option or some unknown, and probably shady, e-payment alternative.
Withdrawals are charged. Here are the applicable fees: $50 for Bank Transfers, $35 for Credit Cards, and $25 for e-payments. What’s more is that users applying for a withdrawal without completing a required 200 turnover will be issued a 10% fee. The minimum wire withdrawal amount is $250, while the minimum for all other methods is $100. Withdrawals are processed within 3 days. This is what we took from the legal documents. The withdrawal section in the registered user area was of no help to us, because the user has to deposit first.
We assume that the withdraw options are the same as the depositing ones.
All bonus withdrawals must first pass through a trading requirement of 30 times for each dollar. If a bonus withdrawal is requested before completing the requirement, the broker will cancel the request and keep all the funds for itself.
The company has the power to terminate your account at its sole discretion without giving a reason. This is one of the most common scammer broker clauses out there.
Furthermore, CardanoMarkets does not vouch for the correctness and accuracy of the information contained in its website, basically telling you that the information may be incorrect, and the broker is not responsible to you. So, in essence the broker has found a way to lie to you.
Without any sort of surprise do we include the indemnification clause. With this provision’s help, the broker is absolved of all legal responsibility that it has towards victimised users (as part of CardanoMarkets’ scam)
Pretty much almost all of the the quintessential fraudulent provisions can be found here. What’s left to conclude is that all investment are a risk here.We have significant evidence that CardanoMarkets is a scam and will probably not return any of your invested capital.
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.