Beware! CrowdTechTrade 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.
We are aware that most of the time we open with the same words, but the brokers we review do not allow us any freedom of expression, because most of them are unregulated, following a shared path. Unfortunately, CrowdTechTrade is one of these exact brokers, and we will have to repeat ourselves. Specifically, we have to mention the common unregulated tropes that affect CrowdTechTrade. For example, we have the classic TradingView charts that are widely used by questionable brokers. We urge passers-by to read the review if they wish to know everything about CrowdTechTrade.
To open an account at CrowdTechTrade users will have to complete a very familiar registration form. What we mean by that is that we have encountered the same form template so many times that we have lost count. The key detail here is that all brokers that used this sign-up page were all unregulated. In less than a minute, we were in. The resulting client office also bore that shady familiarity, and thus even at the beginning of the review, we have our doubts about CrowdTechTrade. Furthermore, the current broker is plagued by a nuisance that we keep encountering at an alarming degree, namely, that it does not have its own trading servers. We won’t get into details here, for there is a dedicated section of the review, but what we will absolutely conclude here is that CrowdTechTrade does not really offer any trading conditions.
What this means is that all of the promoted trading conditions on the site are in fact completely pointless. The spreads are non-applicable, as are the leverage values.
The broker’s website is available only in English, even though there is a visible language bar that we could not use.
CROWDTECHTRADE REGULATION AND SAFETY OF FUNDS
The Terms and Conditions claim that the client-broker relationship is governed by local Estonia laws. Now, in Estonia the regulation of the FX market is done by the independent government agency the Estonian Financial Supervision Authority, also called the Finantsinspektsioon. However, the regulator doe not have any info on CrowdTechTrade, so we cannot connect the broker to Estonia.
The contact page gives u literally nothing, aside for an email address that cannot really “place” the broker anywhere. As it turns out, what we just said is the closest we will ever get to any regulatory info shown by CrowdTechTrade. Judging by this, we have no choice but to lay our verdicts that CrowdTechTrade is UNREGULATED.
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
CROWDTECHTRADE TRADING SOFTWARE
The trading software that by all means should belong to CrowdTechTrade, is in fact owned by a different firm. To put it in other words, the platform’s trading servers onto which one is expecting to trade at CrowdTechTrade, do not belong to the broker. The server names are under a fxtoall. What our readers might not have noticed is that we have seen this name in previous reviews. One with the scammer broker DigitalCurrencyMarket and the other with the unauthorized Bluesave. This is not only proof that the trading software is irrelevant, but is further proof that the broker is unlicensed.
So CrowdTechTrade is left without a trading terminal which leads us to the perpetual question that looms over every shady broker: how can you be an FX brokerage if you do not have a software on which users can trade?
CROWDTECHTRADE DEPOSIT/WITHDRAW METHODS AND FEES
We will first take all the payment info that we were able to find on the client portal, for that is the info that users should trust. And well, much to our surprise, the deposit and withdrawal sections are completely 100% barren. Here is what we get when we click on deposit:
Next, we move on to what the website reveals about payments. The Deposit and Withdrawal Policy reveals that deposit and withdrawals are processed through bank transfers, credit cards, debit cards, and some unrevealed alternative methods. The minimum deposit is alleged to be $250.
There are withdrawal fees revealed in the legal provisions. These are $50 for wire transfers, $35 for credit/debit cards, and $25 for e-payment. There is a 10% commission for all users who withdrawal without having completed at least 200 in trading turnover! The minimum bank withdraw is $250, and $100 for all other methods. The processing time is some 5 days.
There is a 10% charge if a user has no traded from his account in more than 6 months.
The website is abundant in little indemnification clauses that have snuck their way into the legal docs. Here we have attached an early one, stating that the broker and its employees are not to be blamed for any financial loss experienced by the user.
If you wanted more proof that the broker is unregulated and a scam, look no further than the Non-Deposited Funds clause. From it, we learn that none of the profit made from trading can be withdrawn by the user, as it does not belong to him/her.
We think that what we have revealed is enough to draw a solid conclusion that CrowdTechTrade is a complete scam! Do not invest here!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!