CryptoMarginPro Review – 5 things you should know about cryptomarginpro.com

CryptoMarginPro Review – 5 things you should know about cryptomarginpro.com

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

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CryptoMarginPro is a textbook example of a scam broker. Don’t be surprised if you don’t turn any profit with them – they were not created with the aim of being useful to you in any way. This broker’s endgame is to collect a certain amount of money, make you believe you are doing well, and then disappear as soon as you ask for a withdrawal – with that money you have already invested, of course. Don’t turn to shady companies like CryptoMarginPro for any sort of financial services – you definitely will be sorry afterwards.

CryptoMarginPro REGULATION AND SAFETY OF FUNDS

One of the first things on CryptoMarginPro you will find on the Internet is a warning issued by the UK financial regulator, the FCA.

This alone is a huge warning sign and enough for us to make us avoid the broker at all costs. They are proven to be dangerous and there would be no good reason to turn to them for any sort of financial services.

If you are wondering who CryptoMarginPro actually are, you would not be able to get a definite answer. The broker is managed by a company called OliNo Energy B.V that is supposedly registered in the Netherlands. Registered is not good enough for us when it comes to brokers, we would prefer to be dealing with somebody who actually holds a license and answers to a respected financial authority. The register of the Netherlands Authority for the Financial Markets did not show any matches for a company with that name which means CryptoMarginPro are not licensed and completely anonymous.

Staying away from scammers like CryptoMarginPro would be in your best interest. There are plenty of regulated EU-brokers with good terms and solid reputations that would gladly make you their client. Cyprus is the place that has established itself as the location where EU brokers go to obtain a license but the various local European regulators (like the German BaFIN or the Dutch AFM) are not any less trustworthy. If you work with a broker regulated by CySEC or any local financial authority, you can count on a certain level of protection while trading. EU brokers have to maintain a minimum capital of €730 000 but this is an approximate sum and the amount can go up much higher if a broker has a lot of clients. The aim of the minimum capital requirement is to ensure that if an unexpected event takes place on the markets, licensed brokers would have enough capital not to go bankrupt. Client deposits must be kept in segregated accounts managed by a third party – which means the broker cannot use your money for their own intents as they only have limited access to it. Last but not least, all brokers licensed in Europe are obligated to participate in compensation schemes so, in the event of a broker going bankrupt, their clients would be able to claim a compensation of up to €20 000.

Don’t hesitate to choose a broker among the many licensed ones – you will definitely not suffer the blows you might get if your trust a scammer with your money instead.

CryptoMarginPro TRADING SOFTWARE

CryptoMarginPro uses a common type of web-based platform that is nothing to write home about.

It is pretty outrageous how many instruments are only available on that platform if you pay a huge additional amount of money for them first. Trading bots are available but to get access to one, you should be ready to deposit at least an additional $1000 with CryptoMarginPro . Of course, they would be happy to collect as much as $25 000 for a deposit, give you just a simple bot in return, and guarantee you a 75% success rate – something no legitimate broker would be insolent enough to promise you just like that.

CryptoMarginPro TRADING CONDITIONS

The minimum deposit for an account with CryptoMarginPro is $50 which is an alright sum but we don’t see why you should invest it with a scam broker. There are more than enough licensed companies that would open an account for even less or around that.

We cannot speak of spreads or leverage because although CryptoMarginPro initially claimed to be a CFD broker, their platform spoke otherwise. This was a binary options trading platform – another red flag since binary options are an extremely risky trading tool that recently got banned in all of Europe. Binary options could still be offered by some US brokers but it is most certainly illegal for a Dutch company to offer them.

CryptoMarginPro DEPOSIT/WITHDRAWAL METHODS AND FEES

The only deposit methods available with CryptoMarginPro were Bitcoin, Litecoin, and Ethereum. For withdrawal, we had the additional option of PerfectMoney which is usual as the common practice for brokers is to let you withdraw money in the same way you have deposited. You should absolutely never trust a broker that only allows you to deposit via cryptocurrency. Although this is a completely normal payment method that many legitimate brokers could offer nowadays, the picture becomes much different when the broker in question is a proven scam. Cryptocurrency payments are irreversible which means that once the scammer has received your deposit, your money will be gone never to be seen.

The broker tried to prove their legitimacy by placing some sort of live payouts table on their website – so you could see they are supposedly transferring Bitcoin to different wallets and paying traders what they are due.

This is a cheap trick that is super easy to fabricate because there is virtually no way to prove that CryptoMarginPro is actually making those payments.

HOW DOES THE SCAM WORK?

It is amazing how simple such scams are and how alike they work.

It all starts with you are casually browsing on the Internet and seeing an ad for the scammer’s website. You are quickly impressed by the promises of an additional income and the possibility to make your life a little more like those of the rich and powerful. So you make a registration – after all, who would not want to earn a little extra so easily and without a lot of effort. The moment the scammers get access to your phone and email, they won’t leave you alone before you deposit. If you do, you will probably see you are turning into a master trader soon, beating all odds and earning even more than you expected – a trick aiming to make you invest more.

Time passes and you decide to withdraw. This is the moment one of two things will happen – the scammers will start making up additional taxes and reasons why you cannot withdraw just yet. If they don’t stop answering your phone calls immediately, that is – and that always happens at some point.

WHAT TO DO IF SCAMMED?

Don’t trust any so-called “recovery agents” that claim they could get your money back in no time. They will require a fee for that and disappear as soon as they receive that payment. This is a whole other type of scam taking advantage of desperate victims.

The reasonable thing to do is to ask your bank or credit card provider for help. With credit and debit cards, chargebacks are possible within 540 days. Cryptocurrency transactions are non-refundable so beware of any broker urging you to use that specific payment method. And don’t get your hopes up because unfortunately such situations rarely get a happy ending. If you have verified your account by sending a picture of a personal document or proof of address, the scammers might try to revoke your claim and say you have done everything voluntarily.

Make sure to change any passwords the scammers have received, notify the authorities, and let other people know about such scam – post about it online and don’t let others get lied to in the same way.

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