Beware! Crary Finance 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.
Crary Finance is a phony Forex broker that’s pouring out tons of lies and conflicting pieces of information. They claim to be a company that’s governed by the British laws, but at the same time, they offer insane leverage levels- 1:1000, which is a ratio that’s banned in the UK. Furthermore, on three different spots on their website, we can see three other minimum initial deposit requirements varying from $50 to $10 000. Crary Finance is one of those brokers that advertise themselves heavily online as there are loads of positive reviews to find, and they are also present on Twitter. You can find everything you need to know about this Forex broker in the full Crary Finance review.
Crary Finance REGULATION AND SAFETY OF FUNDS
Crary Finance pretends to be a UK entity by giving a UK address and contact number, but the truth is that they are totally anonymous a Forex creature that bears all the scam features one could possibly find. They purposely cover critical information about themselves, which is a major red flag notwithstanding the unrealistic expectations that they create. Our inquiry in the FCA register- the British financial authority didn’t produce any result whatsoever, as expected.
Your funds are not safe if you make a deposit with Crary Finance because it’s an unlicensed, unauthorised and unregulated Forex broker that’s trying to deceive the public and most probably dupe the traders.
Our firm advice for the traders is to pick EU(mostly CySEC regulated) or the UK(FCA regulated) brokers, as Europe built the safest financial environment for your funds and not surprisingly most of the leaders in the retail FX industry hold European licenses. But most importantly, money protection schemes were developed in Europe, such as ICF in Cyprus and FSCS in the UK, which is laid out to back the deposits made by traders and investors. Under CySEC(Cyprus) administration, you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Crary Finance TRADING SOFTWARE
Warning! Crary Finance claims to offer MetaTrader4 accounts, but the platform isn’t actually available. They are trying to take advantage of the MT reputation, but fail to provide the traders with an authentic Metatrader distribution.
Instead, they offer a web-based platform that we don’t recommend to the traders. The software brokers develop by themselves is not stable and trustworthy, but more often than not, it’s prone to fraud and price manipulation! You can see what their platform looks like at the end of this section.
Warning! No demo accounts available! The brokers should provide the traders with demo accounts, and it’s a must! The traders, on the other hand, should test the broker before making a deposit and it’s a must, too!
The EUR/USD spread is 0.9 pips, and it’s actually in line with the rest of the industry. The spread is the price that the trader has to pay to open a position, and it’s size directly influence the profit potential. The low spreads reduce the costs, but as already noted, Crary Finance is a fishy broker that should be avoided, so don’t even give it a tryout because of the seemingly favourable conditions.
The maximum leverage level is 1:1000, which is an insane ratio that’s really dangerous for the funds of the traders. The leverage has the potential to amplify the profits, but it comes with risks that increase proportionally. If you place a trade on 1:1000, a handful of pips move in the wrong direction might utterly devastate your balance! EU and UK reduced the maximum allowed ratio the Forex brokers can offer to 1:30 as a customer protection measure, which means that Crary Finance is a fake broker that only simulates to be a legit British entity!
Avoid Crary Finance and choose a legit MetaTrader4 or MetaTrader5 broker to trade with. MT is the most powerful retail Forex trading platform, which comes for free. It’s stable and reliable, but also features sophisticated trading tools such as Expert Advisors, Algo Trading, Complex Indicators, Strategy Testing and even its own marketplace.
Crary Finance DEPOSIT/WITHDRAW METHODS AND FEES
The real minimum initial deposit is $250, but you can only become aware of that when you try to fund your account. Crary Finance falsely claims that the minimum deposit is $50 on their webpage and it’s a warning sign that we have to note! The regulated Forex brokers in comparison will ask for $100 on average, while some will be happy to let the traders start with as little as 5 to 10 dollars.
The next fat lie and a warning sign comes with the funding methods available. Crary Finance claims that Credit/Debit cards, Skrill, Neteller, FasaPay and Vload are possible, but the traders can only make a deposit via Cryptocurrency wallets! Find out why you should never deal with brokers that accept only Crypto deposits in the next section!
There are no minimum withdrawal amount restrictions, which actually corresponds to the practices of the legit brokers, which allow the traders to pull out as much as they want. Crary Finance claims to process the withdrawal requests within 2-5 days, and that’s slightly longer than the regulated brokers, which deal with the matter in 1-3 days.
An account becomes dormant after 6 months of inactivity and will be subject to a deduction of 10% each month, which is a typical scam clause. The regulated brokers will never plunder the traders’ accounts so ruthlessly but will charge an administrative fee of 5 to 10 dollars at most.
Crary Finance offers Margin Loans starting from 25% on the deposit, which is a trading incentive similar to the bonuses. The additional conditions that apply, however, are truly unfair for the traders. They should execute a minimum trading volume 30 times the bonus plus the deposit to become eligible for withdrawal. We have to explain now- the bonuses are not free money but a leverage tool that increase the risks even further and benefit the brokers, not the traders. If the trader accepts a bonus from Crary Finance that will effectively freeze the account, making it impossible to make a withdrawal unless the volume requirements are met!
Warning! Crary Finance allows indebted account, but fails to specify how they are going to handle the Non-deposited funds thereafter! It means that at some point, the trader might have to pay additionally to the broker, which is an impossible scenario with the regulated Forex brokers that are bound to provide with Negative Balance Protection. In case the balance goes below zero the legit broker have to bring it back to positive by putting additional funds that the trader doesn’t have to restore. Stay away from Crary Finance; it’s a bogus enterprise that acts like a scam Forex broker!
HOW DOES THE SCAM WORK
Fraudsters are working in social media nowadays, an increasing number of scammers is approaching people on Facebook, Instagram, Telegram, you name it. They will create pages showing lush lifestyle, cars, yachts, celebrities etc. and will insist that you will make even more money if you click on the like button. Often the scammers will give free advice or a tryout, and before you know it, they will be asking for your money upon subscription. You will see pictures showing profits of tens of thousands of dollars, and if you have no FX experience, you might easily believe them. The scammers also will post hundreds and thousands positive comments and reviews about their phony Forex broker all over the internet.
It’s a powerful scam sign if an alleged Forex broker is accepting only Crypto deposits because it’s almost impossible to make a refund and get your money back! They also love the Cryptocurrency pairs because these derivatives are prone to fraud and price manipulation. Not to mention that the spreads of the Crypto pairs are enormous, which is bad for the traders, but great for the brokers because they pocket the difference between Buy and Sell. As a customer protection measure, the UK is going to completely obliterate the digital coins derivatives trading because these instruments are considered inappropriate for the retail traders. The ban will come in effect in the spring of 2021.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always 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 necessary 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!
It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!
Gus Viera
DO NOT have any dealings with this organisation. They are absolute professionals at the Forex scam. I had quite a few months of successful trading with them, even receiving quite a few dividends to my bank account and the Wirex credit card they opened for me. They lull you into a false sense of security and then they stop contacting you and your money will disappear, mine did. They will advise you that they are no longer dealing with smaller clients and if you can’t step up to the next level offer to close your account and receive all your funds back. Only one caveat, they ask you pay a nominated amount according to your account earnings for taxes/commissions and they WILL NOT deduct it from your trading account. I was caught between a rock and a hard place, as I had been suspecting a potential scam for a while. When I handed over my money to close account, I lost contact with them. Please don’t fall into the same trap as me, it has destroyed me psychologically. The broker James Price with whom I had dealt with almost on a daily basis for over three months couldn’t lie straight in bed. They are an evil organisation and I will do ALL i can to advise everyone of their dealings.
Shon jones
Yes this is correct! They are scammers my daughter did not tell me that she was investing $5k a month for 5 months, she finally came to me to seek advice, I did a lot of research on this company and nothing added up. They have claimed to set up an office in Sydney which is totally a false front for their office here in Australia. When I advised my daughter to close the trading account a guy by the name of Charles , who took over from James as he couldn’t handle my daughters requests to close the account, so he advised my daughter that in order to get her funds back she would have to pay $12k for fees, Charles sent her a closing statement of account which she should sign and send back then pay the $12k and they will get all their money back plus all the money that was made during the 4 month trading period which she was advised was $77k! I advised her not to as they will take the funds that she already put in and the $12k fees, and Charles kept on texting my daughter to pay the fees advising that she only had a couple of days before the account would go into a dormant stage and she will never get her funds back, my daughter asked Charles what happens to her initial $25k that she put in and Charles advised her that it will be donated to charity! Yeah right! I know which charity Crary Finance! I also noticed that the letter that was sent to my daughter to sign to release her funds had two company names on it which were dissolved in the UK last year and one of them has an Australian ABN number that belongs to another company!
No company offers the returns that these guys claim to make for your funds ! If you DONT want to lose your hard earned money well I suggest DO NOT TRADE WITH THESE GUYS! Fraud fraud!
Remember the saying if something is too good to be true then it must be a SCAM!
Loraine
You could be writing our experience word for word. We refused to pay the exit fee and thought that was the end of it, then out of the blue we get a call from Mari, from legal department to assist us in getting our money back, Same old story, pay $19k and we will refund your money. I agree they are professional FRAUD’s.