Beware! Cryptoempirefx 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.
Cryptoempirefx is one of the worst attempt at scam we have recently encountered – the website is clearly unfinished and no essential information about who the people behind it are or where they are based is provided. It is, however, more than obvious that this is a case of the same people running multiple scam websites – a broker with the name EagleFX is mention on multiple occasions and their logo can clearly be seen when you enter the FAQ section (which, by the way, is filled with empty links and not with any answers). On top of all that, the broker does not offer any sort of functional platform and only accepts irreversible cryptocurrency payments. Cryptoempirefx is obviously as far from reliable as they come – and investing with them is a decision that would result in huge financial losses for you. Read the review to find out more.
Cryptoempirefx REGULATION AND SAFETY OF FUNDS
Cryptoempirefx has provided absolutely no essential contact information – not even an email. Supposedly, you can contact them via chat or request a phone call – but the website did not allow us to do either of these things. There is no way to know who is running this website – but it is safe to say that they are not regulated by any financial regulator and are therefore offering services illegally. You don’t want to get involved with such people – the only thing their website would actually let you do is deposit money. And Cryptoempirefx has nothing to offer in return for this money – not even Terms and Conditions (and you should always read those carefully before investing anywhere). The website is full of empty promises and links that are not functional – nothing else.
A much better decision would be to turn to a broker that is actually licensed by a reputable authority such as the FCA (the UK), CySEC (Cyprus), or ASIC (Australia). Such authorities don’t give out licenses just like that – the brokers regulated by them are the most reliable in the world and have to meet a ton of requirements if they want to offer services to clients. There are strict reporting procedures which ensure transparency. Client deposits must be kept in segregated accounts – this means faster withdrawals and no chance for the broker to use your money for their own purposes without your knowledge. There are also minimum capital requirements in both Australia and Europe- A$1 million for Australia and €730 000 for the EU and the UK – but in case the broker has a lot of clients, the digit could be much higher. This way, you can be sure that the broker is financially stable and has sufficient capital to navigate the volatile markets. Negative balance protection is a must – you could never lose more money than you have in your trading account. If you are working with a European broker, you could also get a compensation in case they go bankrupt – up to £85 000 in the UK and €20 000 in the EU. This is because all UK and EU brokers are obligated to participate in compensation schemes.
Compare that degree of transparency and security to what you would get with anonymous scammers like Cryptoempirefx – and you will understand why you should never go for such an obvious fraud when licensed brokers offer better terms than ever.
Cryptoempirefx TRADING SOFTWARE
Cryptoempirefx claims to offer MetaTrader 4 – one of the most well-known and beloved platforms in the trading industry. MT4 was the platform with the biggest number of clients for years (before it recently got surpassed by the newer MT5) and that is completely understandable. No other platform offers the same degree of accessibility even for novice users while also being stacked with useful charting and analysis tools and useful trading features like preprogrammed Expert Advisors, VPSs, customizable signals you could set up for prices going above or below a certain level, a market for trading apps and additional indicators, and much more. So we would definitely suggest that you give MT4 a try – the problem is you would not be able to do that with Cryptoempirefx since the broker does not actually have as much as a download link for the software, let alone a functioning MT4.
When we logged in to their client area, we got a simple chart that tracks prices – and not a platform that could be used for actual trading.
The main reason to open an account with a broker is to trade – and you would not be able to do that with Cryptoempirefx. This makes depositing money with them completely pointless. Better check out legitimate brokers offering MT4.
Cryptoempirefx TRADING CONDITIONS
The broker mentioned nothing about minimum deposit amounts and without a functioning platform, it is redundant to talk about spreads or leverage. There is no point investing with such scammers when legitimate brokers these days are willing to set up accounts for very little money – anywhere between $1 and $100.
Cryptoempirefx DEPOSIT/WITHDRAWAL METHODS AND FEES
We were supposed to be able to transfer money to Cryptoempirefx via PayPal, Skrill, Western Union, Bitcoin and Ethereum – but to use any of those payment methods other than the two cryptocurrencies we had to contact the broker directly (which, as mentioned, was not possible). The broker clearly urges you to transfer in crypto as this would be the easiest – such payments are indeed very secure and many legitimate brokers have started offering them alongside other more conventional payment methods. However, the very nature of the blockchain technology makes them irreversible – once a payment has gone through, a transfer of ownership of the part of the blockchain you own happens. Cryptocurrencies as a whole are based on chains of transactions that latter go in a ledger that can never be changed or tainted. The only way to regain ownership is if the recipient decides to send you the money back – which such scammers will definitely not do. So if you are using this payment method, make sure the broker is completely reliable first.
HOW DOES THE SCAM WORK?
This scam and those like it are rarely very imaginative – they usually happen in a similar manner which is why it is important to learn how to detect them.
The scam starts with something as innocent as an ad on the Internet – a broker promises you never-before-seen conditions and insane returns of investment – the only thing you have to do is deposit a certain sum. You have heard stories of people making huge profits while trading or investing so you decide to be one of them and open an account with the scammers – providing them with your phone number and email in the process.
After that, they would not leave you alone before you transfer a little deposit. Some of them will disappear right there and then but most scammers are greedy – they will do whatever it takes to make you deposit more and more money, including manipulating platforms and making it seem like you are turning a huge profit.
The problems will start once you try to withdraw – your broker will deny withdrawals under different pretexts including additional taxes or clauses in the Terms and Conditions. Sooner or later, you will figure out something is wrong – but the scammers will be long gone by that time.
WHAT TO DO WHEN SCAMMED?
Be prepared that you might never see your money again – although there are still things you could and should do.
Change any passwords and banking details you have provided the scammers with to avoid further frauds – that includes cases when you have provided them with remote access to your computer. If you have deposited with Visa or MasterCard, that is great news – their policies allow you to ask for chargeback within 540 days. Don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims. Make sure to notify the financial authorities in your country and try to spread the word about such scams – the more people know about them, the less such blatant robberies will happen. Even something as simple as a 1-star Google review could save dozens of people from losing their money.