CryptoStreetFX review – 5 things you should know about cryptostreetfx.com

CryptoStreetFX review – 5 things you should know about cryptostreetfx.com

Rating: 1

Beware! CryptoStreetFX is an offshore broker! Your investment may be at risk.

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CryptoStreetFX is exactly the broker we took it to be the second we opened the website. So many others like it have done exactly as it has done, that we could have written this review by glancing at the broker once or twice. Nevertheless, we did not risk making any mistakes by carefully analyzing the broker. The following review is everything our readers will ever need to know about this broker. Read it before doing anything you will regret.

Here we are again with one of the most popular account creation templates popular among the scammer brokerage community. The moment we saw what registration page CryptoStreetFX has chosen, we knew exactly what to expect from the broker. The user area is what we expected from such brokers- being one of the most common user areas used by scammers. The appeal is somewhat inexplicable, but we see think that unlicensed brokers prefer these templates because they are easy to acquire.

At least we accessed a user area and a web trader which is more to say about other brokers. From this web trader we saw the available trading instruments: forex currency pairs, stocks, commodities, cryptocurrencies, and indices. The average EUR/USD cost of trade is 0.7 pips, which is fine, while the leverage is capped at 1:300.

The website is available in English, German, Italian, Spanish, and French.

CRYPTOSTREETFX REGULATION AND SAFETY OF FUNDS

The registered address of the company is said to be located in Belgium, where the FSMA is the regulatory entity. Not only is there no evidence on the website of the broker that it is licensed in Belgium, the FSMA has also not included any details on regulating the company. What this basically amounts to is the conclusion that CryptoStreetFX is not regulated in Belgium. If it truly functions there it means that it is illegally operating on Belgium territory.

There is no further reliance on any solid proof that the broker is regulated. Seeing that there is no evidence of this, we have no choice but to conclude that the firm is not regulated, and is, therefore, a risk to all invested capital.

Any UKEUUS, or Aussie-regulated broker is your best hope of getting back on the trail and avoiding scams. Investing, and even dealing with unregulated brokers is both a waste of time and money! Licensed brokers tend to the need of their users, and provide a safe and fair trading environment, accommodated with all the necessary tools to bring clients a superb trading experience. Not to mention that the FCA and CySEC, offer reimbursement schemes that see users getting covered for any losses should their broker fall into insolvency.  The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.

CRYPTOSTREETFX TRADING SOFTWARE

Don’t be fooled by the looks of this web trader; it’s its greatest strength, and everything else is pretty average which in an industry relying on innovation is very disappointing.

Apart from the most common features- pending orders, stop-loss, take-profit, time frames, etc- there isn’t anything that this web trader offers. It relies mainly on the way it looks in order to attract a bigger audience. To that end, the web trader is a success for sure.

CRYPTOSTREETFX DEPOSIT/WITHDRAW METHODS AND FEES

Let us see what the user area has to say concerning payment conditions. Spoiler alert, there isn’t much to be revealed, meaning that soon enough we will have to track other payment details from the website.

From the user area, we have nothing on deposits, without first providing certain ID docs, which we do not recommend doing considering the broker is not legal. Actually, even the withdrawal area is unhelpful.

The website reveals that the minimum deposit is $250, while the payment methods are said to be credit cards, debit cards, and wire transfers.

There is a 0.5% withdrawal fee. If the percentage does not equal to $30 or more, the user will be automatically charged $30; there is another clause stating that the fee is actually 3.5%- a confusion which is a direct result of the irregularity of the broker. The minimum withdrawal is $100, and the typical processing time is 7 days for all withdrawals.

CryptoStreetFX is a risk to all and a scam. Don’t let it fool you! Don’t invest here!

HOW DOES THE SCAM WORK

The scam works very easily. Users are lured by online ads that promise unrealistic, and therefore unattainable things. Then they are redirected to the investment schemer website, and from then on the manipulation begins.

First, users will be asked to provide contact details so that the broker can directly contact them and ask them for payment. But this is not done directly; there are scripts upon scripts with psychological tricks and tactics that lead to users being charmed into investing.

These tricks range from all the imaginable to the impressive. What the main goal is to keep the user invested in the scam, and deposit at least once!

After a while, each user will feel the pressure and will want to withdraw. This is where the last line of defence of the fraudulent broker will deploy, cutting the user from his or her funds by means of shutting down the account, stalling clients, or simply shutting the website. The scammer will do everything not to let you withdraw!

WHAT TO DO IF SCAMMED

File for a chargeback with your credit or debit card provider. It’s the surest way to get your money back, although it is not set in stone. MasterCard and VISA have a chargeback period of 540 days.

Bank transfers are harder to trace and are most like lost for good. Although, certain banks might have a special plan-of-action ready for scammed users, so be sure to check with your local bank for more info. It is also a good idea to change your bank account password and user name.

Crypto investments are lost for good. The only way to get them back is if the broker itself reimburses the money back.

Do not trust recovery agents that promise to return your lost money without ever giving any technical details. These are separate fraudsters that will ask a commission for the “service” and will alter disappear without a trace!

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