Beware! CryptoAllDay 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.
When you open CryptoAllDay’s website you’re greeted with a caption in big letters claiming this is “Wall Street of Bitcoin”. CryptoAllDay presents itself as a cryptocurrency broker that provides its clients “the beauty of Wall Street” and “powerful systems, accurate rates and high profits”.
However, even a minimal inspection shows that this is not only not a Wall Street broker, but not a broker at all. CryptoAllDay has all the symptoms of a typical scam scheme and should therefore be avoided.
It seems that at the time of writing this review CryptoAllDay is either unfinished or has already been abandoned, as is often the case with scam sites. The links to register a new account either redirect to the home page or display an error that the server cannot be found.
The site’s built-in live rate table for cryptocurrencies shows prices that haven’t been updated in at least a year, though it assures that the delay is only up to two minutes. The comments from supposedly satisfied customers that can be seen on the site are dated September 2020.
In any case, if this site is ever activated and you come across an ad for making money through it, don’t trust it.
CRYPTOALLDAY REGULATION AND SAFETY OF FUNDS
The contact information states that a company called Petrasoul Ltd is behind CryptoAllDay. The company’s address is in an offshore zone, the Seychelles, which in itself is reason enough not to trust it with your money. While Seychelles-registered brokers must meet certain requirements, they are not subject to many norms that are standard in regulated jurisdictions. First and foremost is the requirement that the broker keep its operating funds in a different bank account from the clients’ money.
In the case of CryptoAllDay, however, it appears that the company behind it does not even have a registered office in Seychelles. A check of the list of The Seychelles Financial Services Authority (FSA) regulated firms shows that Petrasoul Ltd is not among them.
If you want to trade cryptocurrencies or other financial assets and instruments, it is highly advisable to do so through legitimate brokers operating in one of the established financial centres in the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC), and Australian Securities and Exchanges Commission (ASIC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds, as well as guarantee for their funds in case the broker goes bankrupt. These guarantees amount to up to EUR 20,000 EU and 85,000 GBP in the UK. Regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
CRYPTOALLDAY TRADING SOFTWARE
CryptoAllDay’s website claims to offer an “extremely fast” and “extremely flexible” trading system. These claims are accompanied by pictures of a generic Webtrader. However, due to the inability to register an account, we could not verify whether CryptoAllDay has a trading platform and what it is.
Legitimate brokers offer clients a wide selection of quality trading software. Typically, this includes the industry’s most popular platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms provide a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
CRYPTOALLDAY TRADING CONDITIONS
CryptoAllDay’s website describes four types of accounts – Light, Standart, Premium and VIP Super. The minimum deposit varies between USD 250 and USD 5,000 for the different accounts. In comparison, legitimate brokers usually allow you to open a micro account for as little as USD 100.
There is also an option for the initial deposit to be in Bitcoin, with a volume of 0.04 BTC specified for the Light account as equivalent to the USD 250 deposit. This also indicates that the website has not been updated for a long time, because at current prices at the time of writing this review, 0.04 BTC equates to over USD 2,300.
There is no information on basic stock trading indicators such as spread and leverage.
Welcome bonuses are included for all accounts. EU, UK and US regulators prohibit licensed brokers from luring customers with bonuses and promotions.
CRYPTOALLDAY DEPOSIT/WITHDRAW METHODS AND FEES
CryptoAllDay’s website states that credit cards, bank transfers and Bitcoin are accepted as payment methods. But since their client’s system does not function, we couldn’t confirm if this is indeed the case.
While there are legitimate brokers that accept Bitcoin alongside other payment methods, scammers like cryptocurrency transfers because they are non-refundable.
Most indicative of the fraudulent nature of the CryptoAllDay is the way in which the conditions for withdrawing money are worded in the Terms and Conditions. They are deliberately confusing to the point of being incomprehensible:
CryptoAllDay obviously counts on their victims being unfamiliar with basic financial market terminology. Since a standard lot is equivalent to 100,000 currency units, in the example given in the Terms and Conditions, a customer who invested USD 10,000 would be liable for fees if he did not trade at least USD 10,000,000.
The exact size of these fees is unclear because of the vague logic by which CryptoAllDay equates amounts of money, percentages, and lots. In any event, we can be sure that the fees requested by CryptoAllDay will come as a nasty surprise to the client.
HOW DOES THE SCAM WORK
The online space is full of ads promising easy money. They sound too good to be true, because they are not – they are outright scams. Many of these fraudsters pose as brokers and take advantage of the general public’s ignorance of the capital markets.
If you give your contact details to one of the flashy sites promising to make you rich, you will be contacted by experienced scammers who will start convincing you to “invest” in their scheme. Initially they will ask for a small amount, say USD 250 or USD 500. If you agree, they will begin to persuade you to give them larger sums.
However, your money will never be truly invested in the market, and you will not be able to receive either the supposed profits or the money from your deposit. Your attempts to withdraw your money will be blocked by deliberately confusing clauses in the terms and conditions. Some of the most commonly used traps are extremely high minimum trading volume requirements or withdrawal fees equal to 10%, 20% or more of your funds.
WHAT TO DO WHEN SCAMMED
It is very important not to rush into trusting people on the internet who offer to magically refund your money for a fee. These are also scammers, and they may even be the same ones who scammed you in the first place.
If you have made the transfers using credit or debit card, you can claim a chargeback. Visa and MasterCard allow this to be done within 540 days. However, such a request may not be approved if you have given the fraudsters documents such as a copy of an ID and proof of address. This will allow them to claim that the transaction is legitimate and approved by both parties. Wire and cryptocurrency transfers unfortunately are not refundable.
