Beware! CryptoXpressTrade 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.
CryptoXpressTrade presents its users and us with a peculiar mix of too much mixed with a mess of an interface, that results in an unappealing package that has no real face value. It’s so bad, in fact, that even the most rookie of FX traders will probably be able to detect the scam behind the poor facade. The following review talks about pretty much everything users should know about CryptoXpressTrade.
The act of registering took less than 10 seconds, which is never a good start. What we were redirected to was a very sloppy and unprofessional user area, that was very reminiscent of some of the worst brokers we have reviewed in the past. The client portal is a great reminder that users are dealing with an illegitimate broker!
However, by far the biggest issue we had with the user area was the complete lack of a trading software, which was replaced by the worst thing ever: misleading third party charts, acting as a trading platform.
Without a trading software, we can say that the broker does not offer any trading services, which means that CryptoXpressTrade is not even a broker. None of the leverages spreads and advertised trading assets apply!
English is the only language of the website.
CRYPTOXPRESSTRADE REGULATION AND SAFETY OF FUNDS
One of two holding companies, Crypto Xpresstrade Trading Services Ltd is said to be registered in Seychelles. The Financial Services Authority Seychelles does not license the broker, just so you know. The second parent firm is called Prime Technologies Ltd and is said to be located in Saint Vincent and the Grenadines, a notorious place where thousands of illicit brokerages operate. There is no FX regulator in place there! If the broker really operates from either of these countries, then it is doing so without a license.
The contact address puts the broker in the United States out of all places! Rest assured that there is no way CryptoXpressTrade operates in the US legally. The mere state of the broker is under any sort of standard, and there are so many issues with it that it’s even insulting to think the CFTC and NFA would ever regulate such a mess!
And we must not neglect the conditions of both website and user area, two very indicative elements of the overall scammer personality of this broker. Not to mention the lack of a trading software, which acts as a clear sign that CryptoXpressTrade is not really a broker, but a useless website!
There is no denying the truth of CryptoXpressTrade. This broker is UNLICENSED, a risk to investments, and probably a scam!
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
CRYPTOXPRESSTRADE TRADING SOFTWARE
There is a very good reason why CryptoXpressTrade does not come with a trading software, and that is because it instead arrives with a TradingView chart, which does absolutely nothing. Its sole purpose is to make it seem like it is a trading software.
However, on the depositing section of the broker, we get a glimpse of what seems to be a part of an investment plan, which was totally uncalled for.
Investment plans are basically completely misleading and false opportunities. Never trust these things, even if it sounds too good. No company can offer profit so easily!
CRYPTOXPRESSTRADE DEPOSIT/WITHDRAW METHODS AND FEES
The following is what we learn from the user dashboard concerning both deposits and withdrawals: the minimum deposit is $20, and the only payment method is a shady and untrustworthy Bitcoin wallet. Withdrawals are also processed through bitcoin, meaning that there is no minimum amount, nor is there any wait time.
Be aware that there might be fees and hidden commissions. You never know what to expect from unlicensed brokers.
CryptoXpressTrade is not worth anything. You do not owe it anything!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!