Beware! 247CryptoCash 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 247CryptoCash, a broker claiming to offer the world’s number one crypto trading. This can’t be true because this business is virtually anonymous, so we had to put them on the list of scam suspects. In fact, we found other features which outright prove this is a fraud, and we are going to share more details in the full 247CryptoCash review.
247CryptoCash REGULATION AND SAFETY OF FUNDS
247CryptoCash pretends to be a UK entity based in Liverpool, but we can’t verify their presence in Merseyside. Still, we researched, but there are no licensed companies in any way linked to this shady business. Your funds would be in danger if you deposit with 247CryptoCash because it’s unregulated and a scam. We’ll give more evidence to support our accusations later in the review.
You’d better avoid 247CryptoCash and consider the high-rated EU brokers and British brokers on both lists instead. The European markets offer high-grade security, and each EU member state is compelled to maintain deposit insurance funds that guarantee clients’ money in case of insolvency or fraud. Hence, CySEC brokers’ traders can claim up to 20 000 EUR, while the British protection is up to 85 000 GBP. If you are eligible to open an account with a European company, you can safely do so; it’s a no-brainer.
247CryptoCash TRADING SOFTWARE
247CryptoCash pretends to offer the best trading solutions on the market, but that’s not true. In fact, the broker can’t deliver any functional software because what they call a platform is simply an informative chart. 247CryptoCash apparently try to mislead customers, and the fraudulent so-called platform they have outright proves it’s a scam scheme. You should stay away from this broker.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe, delivering upper-class software and much more favourable spreads. The MT distributions are packed with advanced trading features such as Expert Advisors, many complex indicators, and sophisticated charting tools. There is also a marketplace where clients can benefit from more than 10 000 apps and third-party trading solutions.
As there is no platform, we can’t show real-time spreads and leverage levels. However, we’ll concisely discuss the latter feature because it carries high risks for traders. In fact, leverage is so dangerous that many financial authorities even restricted its usage by enforcing regulations and protect customers from leverage-related losses. As a result, EU, British and Australian brokers have to limit their clients to 1:30, while Canadian brokers and US brokers are not allowed to provide more than 1:50. Most of the high-leverage providers are poorly regulated offshore businesses, so be cautious.
247CryptoCash DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with 247CryptoCash is $500, a requirement that’s notably higher than the regulated industry standards on average- $100. The funding methods are Credit/Debit cards, Wire Transfers, Bitcoin, WesternUnion, PerfectMoney and MoneyGram. However, while we tested their deposit system, some options were not responding, so we can’t verify all of the methods enlisted are actually available. Nevertheless, it’s always safer to deposit via bank cards because clients are granted chargeback rights and can get a refund in due course- up to 540 days, depending on the case.
While discussing deposit methods, see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on both lists are adequately regulated, and you won’t face scammers among them.
When we tried to get information about withdrawals and fees, we encountered even more evidence of a scam. 247CryptoCash doesn’t even present legal documents, which makes their business illicit. That’s because clients need to sign contracts in order to form a legal relationship with brokers or other financial services companies. 247CryptoCash is a scam we exposed, so make sure to stay away from this fraudulent enterprise.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s actually a process. In the usual scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich, and they would invent as many stories as possible to get the deposits wanted.
Unfortunately, the initial deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest again and again. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the results to show victims massive profits and would ask for more money, promising to get even more profits.
However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, no matter what.
In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and 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, 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!
Share online your experience; it’s important to protect others, as well. Be responsible!