Beware! Celox.live 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.
If one were to ask us to give him or her an exemplary shady brokerage, we would probably look no further than Celox.live, a company that basically checks all of the illegitimate brokerage checkboxes. A website structure similar to thousands of other shady firms? Check. An unfavorable and unflexible spread? Check. A shady investment portal? Check. A suspicious lack of a license? Double check. The review reveals all the hits and misses of this broker. Please read on.
We were not surprised by the ease with which we created an account. Anyone could have done it, which is precisely what fake brokerages like Celox.live are after! In no more than 10 seconds, we were redirected to a user area whose appearance reminded us we were dealing with a probable scam!
We reached two trading softwares. On both, we read the same EUR/USD cost of trade of 3 pips, a number that is double the usual spread for this specific instrument. The leverage is capped at 1:200.
The officially available tradeable assets are forex currency pairs, shares, indexes, cryptocurrencies, and indices.
The website is available in English, German, and Russian.
CELOX.LIVE REGULATION AND SAFETY OF FUNDS
All the work we put into gathering enough licensing information led to the conclusion that this broker is somewhat proud of its registration in, out of all places, Saint Vincent and the Grenadines.
Saint Vincent and the Grenadines is the most crowded scammer FX nation in the world. Almost every unlicensed broker that we come across is in some way connected to Saint Vincent and the Grenadines or claims to be operational from there. The situation in the country has allowed thousands of unregulated brokers to flood in, and there is nothing to push them back. Celox.live is definitely one of these.
Aside from this, there is nothing else to work with. Celox.live is UNLICENSED, and a risk to all investments!
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.
CELOX.LIVE TRADING SOFTWARE
The company comes with the typical web trader, one that we have seen hundreds of times before.
It looks decent, but trust us when we say that these types of web traders rely on visuals more so than they rely on the delivery of trading services.
Please note, that the broker also comes with a desktop trading software. In fact, this is a proprietary desktop trading software, in the likes of the MT4.
This full-time trading terminal was not bad at all and was a decent surprise. It has a ton of customization tools, many of which are inspired by the MT4 and MT5.
We found that spreads are commissioned, however, the broker simply mentions the existence of these fees. It never attaches to them a numerical value.
CELOX.LIVE DEPOSIT/WITHDRAW METHODS AND FEES
This is what we gathered from the client area. The available depositing gateways are debit cards, credit cards, CashU and Wire transfer. However, we found no actual payment gateways. There was a long page explaining how to deposit, but there was no area on which to practice this. We believe that users have to contact support or have to be directly contacted by the support. Either way, these are definitely suspicious depositing terms.
According to the website, the minimum deposit is $250, a most average sum.
The withdrawal section was the opposite. Users can withdrawal, but only through a bank transfer. The minimum withdrawal amount is $250. Moreover, the company may add additional fees and charges. We found no mention of an average processing time. We have usually come to expect a timeframe of around 3 to 5 days.
Celox.live checks all the boxes that matter. It is an unlicensed broker, a risk to all investments, and most probably a well-though of scam! Do not waste your money and time 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!