Beware! CryptosWorld 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 reviewing CryptosWorld, a shady brokerage accused of firm cloning. A licensed company claims that CryptosWorld wrongfully uses its license numbers, and we are going to have a look at the case more thoroughly. Anyway, the broker we are reviewing claims to be regulated, to lead the Forex market, and to provide world-class trading software. You’ll find whether it’s true or not in the full CryptosWorld review.
CryptosWorld REGULATION AND SAFETY OF FUNDS
CryptosWorld is introduced as CySEC regulated broker, and they even present Cyprus license numbers. Well, we researched the authority’s register and found the licensed company enlisted there, but it has nothing to do with CryptosWorld. Moreover, the authentic company even posted a warning on their own website stating that CryptosWorld fraudulently uses their credentials, and we are prone to believe that’s the case indeed. Your funds are in danger if you deposit with CryptosWorld because it’s an unregulated clone firm and a scam!
Clones are fraudulent entities abusing licensed and adequately regulated companies by exploiting their names, license numbers, addresses and so on without authorisation. The scammers pretend to work for legit companies while trying to entice people into their schemes, and that’s a pretty efficient type of fraud. Many people tend to believe in scammers’ words, so make sure always to double-check before making any investments whatsoever.
Avoid CryptosWorld and consider the high-rated EU brokers and British brokers, instead. Europe is financially safe because the local authorities tightly regulate the financial markets, and it’s improbable to get scammed by licensed companies. Above all, the brokers are covered by the European deposit insurance funds inaugurated to protect clients’ deposits in case of insolvency and fraud. So, if you are a client of a Cyprus regulated broker, you can claim up to 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. It’s worth considering money protections when looking for a Forex broker.
CryptosWorld TRADING SOFTWARE
CryptosWorld claims to offer world-class trading software but actually delivers some Frankenstein-ish web-based platform. It looks like a Binary Options terminal, but we can’t verify it’s actually working because Demo Accounts are not available. The absence of training Demos is also a major red flag because legit companies are bound by the law to provide risk-free trading with virtual money.
To help you find better brokers with high-class platforms, we can offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. MetaTrader distributions are stable and provide advanced features such as Expert advisors, many complex indicators, and outstanding charting tools, to name a few. The platforms also include a marketplace where traders can browse through 10 000 apps and third-party developed solutions you can deploy to achieve better results.
There weren’t spreads available, but each trade is subject to a 0.05% fee, which makes trading significantly costlier. The leverage is said to reach up to 1:2000, which is an insane ratio that can annihilate trading accounts seconds after the position opening. Moreover, CySEC regulated brokers are not allowed to offer such levels, which is yet more evidence of a scam.
In fact, leverage is so dangerous that various financial authorities even agreed on regulations to restrict its usage. As a result, EU, British and Australian brokers have to limit the retail clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Still, risk-tolerant traders can consider the Swiss brokers, which are highly reputable but not leverage restricted.
CryptosWorld DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with CryptosWorld is $60, a fair requirement, but you shouldn’t put any money into this swindling scheme. The single funding method is Bitcoin, which leaves traders unable to ask for a refund if things go wrong. Digital coin payments are final, non-refundable, and clients do not even know whom they are sending money to. On the other end, bank card funding is considered the safest option because people are granted chargeback rights and can get their money back within a year and a half after the transfer.
Speaking of deposit methods, see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet. The high-rated companies on the lists are well-regulated, and you won’t face scammers.
The minimum withdrawal amount is $50, not so fair a requirement. Worse though, each transaction will be charged 19.4% from the withdrawal amount, which is nothing else but a midday robbery and evidence of a scam.
CryptosWorld offers trading incentives, but there is a catch. To become eligible for withdrawals, traders need to reach a minimum trading volume of 25% of the amount in terms of lots within 60 days. In other words, 50 lots should be traded if clients are granted a $200 bonus. That’s unfair because 50 lots equal to 5 million USD in turnover, which is challenging, especially when clients have only 60 days to do it.
Overall, CryptosWorld is a clone firm and a scam, so make sure to stay away from this deceitful enterprise.
HOW DOES THE SCAM WORK
More and more swindling brokers and fraudulent websites appear literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets, but very similar from country to country and repeat well-known models.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record and promise high returns, seamless trading and guaranteed profits. The scammers knowingly make people believe that Forex trading is risk-free, but actually, the opposite is true.
In the usual scenario, scammers just steal traders and investors money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or just refuse the transaction. Whenever traders persist, scammers would find all sort of excuses to ask for more money or would simply cut the communication. No matter the case, traders are going to lose some or all of the capital invested. In the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
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