Beware! CryptoCityPlus 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.
It’s crazy how fast it took us to detect the true nature of CryptoCityPlus. This might be our record. For less than a second, the moment we saw the logo, we figured everything there is to know about CryptoCityPlus, most notably its complete status as an illegitimate broker, one that is a risk to all! We honestly think that even the rookiest of PC users will definitely notice the irregularity of CryptoCityPlus. Yet, this has not stopped us from writing an overview of the broker, revealing all the crucial details that ultimately make this broker what it is.
To register, users fill a form on which one can write whatever he or she wants. In any case, the user will be redirected to the client area. Speaking of the portal, it’s exactly as we had expected, complete with all the signs of an illicit broker.
The first of these, and perhaps the most crucial, is the utter lack of a trading software. Yes, CryptoCityPlus has no trading platform and is thus not a real broker. Without a trading software, none of the promoted trading conditions are applicable. This means that none of the assets exists, and there are no spreads or leverages.
The language of the website is only in English.
CRYPTOCITYPLUS REGULATION AND SAFETY OF FUNDS
The footer claims that the broker is located in Southampton, a city in the UK, yet the proof of this is close to nonexistent. To be able to function as an FX firm in the UK, you must absolutely be regulated by the FCA; there is no way of doing it otherwise. If CryptoCityPlus truly is registered in the UK, it is functioning under the gaze of the law, because the FCA definitely is not regulating it!
Besides, there is no further proof that the broker is licensed or regulated in any way. The UK address is misleading.
Moreover, there are no legal documents to keep the broker in check with laws and regulations. This is especially bad for users, who will be exposed to a huge number of risks that can be easily surpassed if the broker had any decency to include legal documents!
It’s obvious that CryptoCityPlus is NOT REGULATED. It is therefore a scam, and what a scam it is! Be sure that all your investments are at a risk!
Investing in brokers that have no license is a pure waste of funds. You could be doing so much more with your money. Like, say investing in an FCA or CySEC regulated entity where there is a real chance of winning. Not only are all regulated brokers trustworthy, but they also work for the client, always endeavoring to bring the best and most stable trading experience out there, which makes the market very competitive. Furthermore, some regulators, mainly the FCA and CySEC employ fund compensation schemes whose main purpose is to reimburse users at times when the broker cannot pay his clients back, mainly due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
CRYPTOCITYPLUS TRADING SOFTWARE
CryptoCityPlus does not offer a trading terminal. This we know for a fact. the user area comes with three separate graphs, one of which is a semi-broken binary options trader.
The below snip is just one side to the coin. There is another shady graph just below the one we have included.
These three graphs, or whatever they area, are in no way trading softwares. They are there purely for show!
CRYPTOCITYPLUS DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals that the payment gateways used for depositing are as follows: wire transfer, WesternUnion, MoneyGram, and a crypto wallet. Yet, only the crypto method is directly available. To use any of the other methods users have to contact the support team of the company. This is a smart way of pushing clients to invest through cryptocurrency, which is the most dangerous way of investing and the surest way to lose money!
Moreover, there is no minimum deposit revealed; there is no real limit when investing through a crypto wallet. According to the website it’s $500, but we do not trust this news.
Users can withdraw only through Bitcoin wire transfer, and “others”, whatever they may be. All withdrawals are issued a 10% processing fee!
There is nothing else to reveal on payments!
In conclusion, we can safely say with confidence that CryptoCityPlus is not worth one second of your time nor a penny from your money! Do not invest in it!
How does the scam work?
The way that scams work is very simple, and it is a surprise that still many people fall for them in this day and age.
What happens is that user clicks on misleading ads on social media or other popular websites, and are there redirected to a scammer broker, an intermediary site, or an investment site that is also a scam. Either way, you are in deep stuff once you enter.
These ads are very alluring, using a number of methods to attract users: beautiful women, luxurious cars and houses, expensive vacations, etc.
Once you enter these sites, the broker will try to convince you to invest, which you should not do! The first investment is usually initiated by the rookie scammers, who will get a large commission out of it, meaning they have a motive to defraud you.
A second deposit is made in the presence of the advanced scammers, or sometimes called account managers. These are sweet talkers and can steal your money without you knowing of it.
There will come a time when the user will start getting suspicious. This mainly happens when one tries to withdraw and fails on multiple occasions. Each scammer broker uses one of many tactics to stop users from withdrawing: stalling the request, shutting down the account, not responding to requests, or at times closing down the entire website!
What to do if scammed?
Chargebacks are your safest bet. Credit and debit card companies have this option for such cases. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer losses are harder to recuperate, however, your bank may have a plan installed just for such scams. Best check with your local bank. And make sure to change your bank account user name and password.
If you have lost your money by means of a crypto deposit, then we have some bad news for you. Please never invest in an unregulated broker through any crypto method.
Finally, you may stumble by accident on a recovery agent or similar person or agency claiming to be able to get your money back. Never trust these, for they are scams on their own, or can sometimes work for the fraudulent broker.