Beware! CryptoIfx.com 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.
Even CryptoIfx.com’s aesthetics cannot keep us from the truth of its illegitimacy. As much as we wanted this one to be fair and to the point, we are unfortunately faced with yet another untrustworthy and offshore brokerage. CryptoIfx.com is one of those brokers that throw all their resources into the creating and sustaining an illusion of legitimacy. Yet, these companies are above all else scams, and thus do not have the time, skill and patience to cover their tracks. Because of this, we were easily able to pick on the trail, which led us to writing this review. At the end of the day, we have not written anything new of CryptoIfx.com that we have not said of hundreds of other usurious brokers.
Registering was impossible for us, because we think the broker was able to sniff us out. Since we are in no way potential investors, CryptoIfx.com was able to detect this, and as a result we were not given access to a user dashboard.
We read from the website that the available financial instruments are forex currency pairs, spot indices, spot energies, cryptocurrencies, spot shares, and spot commodities.
The leverage is said to be maxed out at 1:400, yet we cannot be sure that it actually is. The spread is said to be as low as 0.4 pips. Again, there is no real evidence of thins, and thus we find it hard to trust this value.
The website of the broker is available in English only.
CRYPTOIFX.COM REGULATION AND SAFETY OF FUNDS
The firm seems keen on its Saint Vincent and the Grenadines registration, which is actually nothing to brag about. The small island nation of Saint Vincent and the Grenadines is by far the most overcrowded illegal FX brokerage jurisdiction today, and things are not slowing down. The nation has become a sort of household name among FX traders and brokers alike. The reason for this is because Saint Vincent and the Grenadines does not have an FX regulator. It never did, but that has not stopped thousands of scammer brokers from flooding its gates. Being registered there is not the same as being regulated there. Remember this!
Therefore, CryptoIfx.com is not regulated in Saint Vincent and the Grenadines! And that is it. No other evidence exists suggesting the legitimacy of the broker, nor a different address of operation.
Moreover, all links to legal documents were broken, in the actual sense of the word. All of them led to a sort of an error page. Without legal documents an unregulated broker is even more dangerous, for now there is nothing to keep it from assaulting its users’ investments and personal details. All brokers without legal provisions are immediately labelled as unauthorized.
CryptoIfx.com is simply another UNLICENSED broker, that is a risk to every investment made in it!
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.
CRYPTOIFX.COM TRADING SOFTWARE
There is no way for us to verify of the alleged web trader is available. CryptoIfx.com promotes it, but without an account we cannot provide concrete evidence of its existence.
The way we see it, there are two main outcomes to the predicament. The first is that there is actually a sort of web trader that is nevertheless as inadequate as these things get, considering the fact that CryptoIfx.com is not regulated. The second way things could develop is that the broker has attached some third party chart(s) and claims to be offering trading conditions through it which is impossible, for third party graphs are irrelevant to the broker using them: they project they own market interpretations.
No matter which one of these scenarios is to the point, the verdict remains the same: CryptoIfx.com is not worth your trust.
CRYPTOIFX.COM DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit is $250. The alleged payment options are Visa, MasterCard, bank transfer, Skrill and bitcoin, although this information is not vouched for. The minimum deposits the industry standard requirement.
We find absolutely no information concerning withdrawals. It seems that without creating an account here, users are left to rely on pure speculation, which is the last thing one should do with unlicensed brokers. We are sure that the actual payment information to be discovered on the user area is completely different from what is said on the website, which isn’t much. This is a good way that the broker lures in users, but we are absolutely against this approach!
We would have liked to include some scammer clauses and similar provisions of interest, but seeing that there are no legal documents, we are left with no choice but to leave this area empty. However, rest assure that the mere lack of legal provisions is a statement in and of itself of the illegitimate nature of CryptoIfx.com.
Even if we were to look deep enough, we wouldn’t find a single reason to trust CryptoIfx.com with your money and personal details. This broker is unlicensed, a risk to all investments, as well as a scam! Do not invest here!
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!