Beware! AssetCrypto.io is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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AssetCrypto.io is a forex broker trading in forex and cryptocurrencies. Our first impression of this company’s website leads us to believe that it is not safe to trade with this broker. Here it is why:
AssetCrypto.io Regulation and safety of funds
AssetCrypto.io has shown on its website an address in Luxembourg. However, after checking the register of Commission de Surveillance du Secteur Financier (CSSF), the financial regulatory authority in Luxembourg, it did not appear that AssetCrypto.io is registered there. In the Terms and Conditions document, we inferred that the site is owned by Tradinmarkets and that the UK law applies to it and the services that it provides. Therefore, we also searched for the FCA register to see if perhaps Tradinmarkets is registered in the UK. Surprise, surprise! – it is not! We have sufficient proof to conclude that this broker is not licensed in the EU or the UK and that it may be a scam. Our advice to potential traders is to stay well away from it!
On the other hand, if you are looking for a legitimate and reliable forex broker, we advise you to research forex brokers from well-established jurisdictions around the world where rigid regulations do not allow scammers to sneak in. Legitimate brokers there have to jump through numerous hoops in order to be licensed. CySec regulated brokers in the EU must have an initial capital of no less than 730,000 EUR and they must contribute to a local investment compensation scheme from which traders will be compensated up to 20,000 EUR per person if the broker goes belly up. In the UK, there is also a compensation scheme toward which brokers can make contributions and from which traders can be compensated by up to 85,000 GBP per person if the broker goes bankrupt. Potential traders looking for a suitable and reliable forex broker won’t find better conditions than this!
AssetCrypto.io Trading software
To its clients, AssetCrypto.io offers a web trader. However, as we did not invest funds with this broker for obvious reasons, we cannot show you an image of the platform. What we can tell you though, is that web traders are basic platforms that do not have many trading tools and instruments. On the other hand, licensed brokers that offer either the MetaTrader 4 or the MetaTrader 5, help their traders enhance their trading experience as these two platforms are the best in the forex trading world. Both platforms offer an excellent package of trading tools and instruments. They offer an auto trading option, code base with customs scripts, an app market, VPS, trading signals, a financial calendar, etc. The charting options are out of this world and contain technical analysis indicators, such as Fibonacci retracement, moving averages, Bollinger bands, and others, which in combination with support and resistance help traders predict the future direction of exchange rates and make a profit.
We always recommend to potential traders to select a licensed broker that offers either of these platforms to trade with.
In the screenshot below showing the different account types, we can also get information about the spread and the leverage which are crucial points in forex trade. We find out that the spread offered for the different account types can reach up to 2.5 pips for EUR/USD currency pair in the Basic account. For the other accounts, it is lower – between 1.1 pips and 2 pips for the same currency pair which seems to be within normal limits except for the spread of 2.5 pips which is above the industry average. The higher the spread, the higher the cost of trading for the clients of AssetCrypto.io. Another information that raised a red flag with us is about the leverage offered for the trading accounts which is 1:500. This is extremely high and can bring either a big win or a big loss to the trader. Unfortunately, given the statistics that around 70% of traders suffer financial loss in transactions, chances are that the traders of this broker will experience a big loss rather than big win with such leverage. Please be aware that licensed brokers do not offer such high leverage (except in Australia for the moment) and in fact, there is a cap on leverage in the EU where the leverage cannot exceed 1:30, and in the US, where it cannot exceed 1:50. Australia, which we mentioned, will soon follow in those steps and will impose a cap on leverage 1:30 for forex major currencies as of March 2021.
AssetCrypto.io Deposit/Withdrawal methods and fees
The trading accounts offered by AssetCrypto.io are the Basic with the minimum initial deposit of $250 and the Gold, starting at $5,000, the Platinum at $10,000 and the VIP, at $50,000. If you use the links we provided of licensed brokers around the world, you will see that their minimum initial deposits could be as low as $1-5. Compared to them, the minimum initial deposit offered by AssetCrypto.io is rather high.
In the screenshots below we would like you to compare the payment methods. The first one is what the payment method appears to be but is not. And in the second screenshot, you see what the real payment method is. The first image below is what appears on the company’s interface as payment options. As you can see, there are many, including VISA, MasterCard, QIWI Wallet, AstroPay and many others.
However, when you open an account and click on the deposit button, these payment options do not appear. What appears is shown in the image below. Yes, that’s right! The only option available to feed your account is via BTC transfer! Depositing funds via Bitcoin is not as innocent as it may look and furthermore, it can have serious implications if later on you decide to file for a chargeback (please read carefully the last section in this review).
To the above information, we want to add that the processing time for deposits can be up to 5 business days. Withdrawals can take even longer.
As per the company’s policy, if an account stays inactive for 6 months, it is considered dormant and a fee of 10% will be applied each month. Charging a percentage rather than a fixed amount is not to the client’s advantage as it may result in a really big amount.
If traders decide to accept any bonuses offered by AssetCrypto.io, they should know that to be able to withdraw the bonus amount, they should trade a volume equal to 30 times the deposit plus the bonus amount received. This is not something easily achievable even for more seasoned traders, so please think twice before accepting any bonuses. And also, please be informed that legit brokers do not offer bonuses or any free gifts and this is the difference between legit brokers and scammers.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.