Beware! Cryptrader.io 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.
Cryptrader.io is an offshore cryptocurrency broker that’s offering a limited number of pairs to trade. They claim to provide an intuitive, powerful and advanced trading software, but that can’t be farther than the truth. It’s a suspicious entity, and we are going to show you why in the full Cryptrader.io review.
Cryptrader.io REGULATION AND SAFETY OF FUNDS
Cryptrader.io is a trading name of Modular One LLC, a company allegedly incorporated in St. Vincent and the Grenadines. Well, the Caribbean island is a shady tax haven not even regulating Forex brokers, and that’s why it’s bustling with scammers. Furthermore, the company mentioned is anonymous, and it’s impossible to find anything about it whatsoever. We can’t even verify there is such a legal entity in existence at all. As Cryptrader.io is anonymous and unregulated, we can conclude that your funds won’t be safe if you deposit with the broker.
Avoid it and better consider the high-rated EU brokers and British brokers, which are adequately regulated and, most importantly, covered by deposit insurance funds. Hence, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. The guarantees ensure an extra layer of protection, so it’s worth opening accounts with European companies.
Cryptrader.io TRADING SOFTWARE
Cryptrader.io is noisy about the platform it provides by claiming it’s powerful, flexible, reliable so on and so forth. In fact, it’s a flawed piece of web-based software that’s totally useless for trading- there are not enough indicators, the drawing tools are deficient, and the chart is not even scalable. Cryptrader.io is delivering a futile platform, which is more than enough for you to stay away.
That said, consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are safe and deliver the best trading terminals. The MTs are packed with sophisticated features such as Expert Advisors, complex indicators, and first-class charting tools. MetaTrader also comes with a Marketplace where traders can find more than 10 000 apps, and that’s an unrivalled advantage.
But things are getting worse, actually. Suspiciously, there are cryptocurrency traded instruments only. We need to note that crypto pairs were more than once exposed as prone to fraud and price manipulation, so you should stay alert. On top of that, though, the BTC/USDT Buy/Sell difference is floating around 340 points, which equals some 340-350 US dollars. That’s a scam! On the other end, many legit brokers provide Bitcoin to USD for much less than $100, so it’s not worth wasting your time with suspected scams like Cryptrader.io.
The leverage is ranging between 1:10 and 1:40, and that may seem not as risky, but such levels are inappropriate for cryptocurrencies. Because of the extreme volatility of Bitcoins and other digital coins, many regulators limited leverage significantly. For example, EU brokers can’t offer higher than 1:2 while Britain entirely prohibited cryptos due to risks and potential fraud. Beware!
In fact, leverage is so dangerous that many regulators restrict its usage in their pursuit to reduce traders’ risks. As a result, EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Overall, most high-leverage FX companies are poorly or not regulated at all, so you’d better remain sceptical.
Cryptrader.io DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Cryptrader.io is $250, which is slightly higher than the regulated industry standards- $100 on average. However, many legit companies have micro accounts starting from 5 to 10 dollars, so you have yet another good reason to find better opportunities.
The funding methods are said to be Credit/Debit cards, Wire Transfers and Bitcoin, out of which the first one mentioned is seen as considerably safer. Direct bank card funding allows clients to dispute transactions and eventually get a refund- for up to 540 days, depending on the case. On the other end, Bitcoin transactions are anonymous, too challenging to trace and non-refundable, and that’s why we do not recommend cryptocurrency deposits.
Nevertheless, check some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
The minimum withdrawal is said to be $10, which is seemingly a favourable requirement if only the broker were legit. However, the fees are monstrous- the broker claims that withdrawals of less than $1000 are free of charge, but if the account is profitable, there is an inevitable fee of $30 per transfer. That’s a scam. Accounts with a balance of more than $5000 will have to pay $50 per withdrawal.
Also, there are accounts with credit and without credit, which should mean with or without bonuses accepted. And if traders accept bonuses, they need to reach a “Leverage Amount” traded- 20 000 times the bonus. Well, this is a shocking requirement, but even more shocking is the broker explanation about the matter- totally impossible to comprehend and indeed open to interpretations. Anyway, if traders fail to meet this obscure requirement, they have to pay another 20% in withdrawal fees. That’s a scam!
The inactivity fees are equally adverse. According to the clause, an account becomes dormant after only 60 days of inactivity and will be charged 10%/100 currency units (whichever higher). That’s a scam!
Overall, Cryptrader.io is a fraudulent broker we exposed, so make sure to stay away from this dodgy business.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their deceitful deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, 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 fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!