Beware! RexCryptoTrade.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.
All we had to do in order to draw a solid conclusion about RexCryptoTrade.com was to read its name outload. This type of a namesake is usually used only by those unprofessional brokers, those that do not spend time thinking over their services. Instead, we believe that RexCryptoTrade.com had a very rushed and loosed creation process, which is expressed in its many lackluster elements. For one, the website structure and feel is closely familiar to us, as we have done previous work with literally hundreds of other brokers boasting the same inadequate site, or versions of it. The following review will reveal all the important details about RexCryptoTrade.com.
The account creation process is as sloppy as it can get: buggy loading screen and very few required details. The way we see it, RexCryptoTrade.com wants as many potential depositors as it can get. We easily activated our account, and in no time had access to a user area, but not before the broker asked us for some ID documents. Be sure never to give these away to shady brokerages!
The user area is what one would expect: it reflects the haste of the broker, as it is both limited in style and function. In fact, there is no trading software whatsoever, again representing the shady nature of RexCryptoTrade.com.
Without the usage of a trading software, one cannot classify this as an FX broker, nor any broker for that matter. Meaning that there are no applicable spreads, no leverages to use, and all of the trading assets promoted or referred to are useless.
The website seems to be available only to English speakers.
REXCRYPTOTRADE.COM REGULATION AND SAFETY OF FUNDS
The terms and conditions place the working and business address in the UK, while further down the legal docs we get a surprise detail that the broker is actually regulated by CySEC of Cyprus. This, of course, couldn’t be further from the truth. And neither is RexCryptoTrade.com licensed by the FCA in the UK.
The contact address spins the whole thing around and gives a US-based address, suggesting that the company also offers its “services” to US customers, a prospect that at this point can only make us laugh.
It is without a single drop of doubt that we label this broker UNLICENSED, and a risk to all users.
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
REXCRYPTOTRADE.COM TRADING SOFTWARE
The reason why we concluded that there was no trading platform was because the broker has included a third part chart instead of a functioning trader. The user “trading” area makes use of a TradingView graph that gives off some irrelevant trading conditions that do not apply to RexCryptoTrade.com.
There is a small area where users can buy or sell assets, but we find this to be a complete failure of an attempt at recreating a trading experience. So far as we’re concerned, RexCryptoTrade.com does not boast a trading terminal.
REXCRYPTOTRADE.COM DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, clients can deposit either through a bank transfer or a crypto wallet, the latter of which is more promoted. Depositing in any cryptocurrency in an unregulated broker is the surest and fastest way to lose said deposit! There seems to be no minimum deposit, although the website claims it to be $500.
The withdrawal area was not functioning at the time of our review. The “choose you withdrawal method” tab was not working, and thus we had no way to see any withdrawal conditions.
The terms and conditions claim that the withdrawal fee is 15 percent, plus other fees like a 2% maintenance fee and a 6% “compulsory” tax of some sort. There is no other withdrawal information.
Overall, RexCryptoTrade.com does only one good thing: it gives readers a clear example of what an FX broker should not be. All investments here are a risk!
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Which ever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user get to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam, or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!