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

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Crypto Currency Experts, or C.C.Experts, is a very low quality scam trying to cash in on the excitement around cryptocurrencies. The extremely clunky and messy website immediately shows us that this could not possibly be a legitimate business. Fact checking confirms definitively that this is not a legitimate broker but a fraudulent scheme.

C.C.EXPERTS REGULATION AND SAFETY OF FUNDS

The C.C.Experts website is full of contradictory statements. In one place it claims to be a cryptocurrency trading platform, in another place it claims to be a broker offering forex, CFD and commodities trading, and in a third place it claims to be a “wealth creation and management” company.

In any case, in order to offer such financial services and products, a company must be licensed by the relevant regulatory authorities. The first problem is that nowhere is the name of the company that owns and operates this website actually mentioned. The C.C.Experts lacks Terms and Conditions, Client Agreement or any kind of legal documentation as required of a broker.

The listed contact address is in the United States, one of the jurisdictions with the highest requirements for brokers:

To operate as a forex broker in the United States, a company must be registered with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA). As to be expected, there is no “C.C.Experts” in the NFA’s register.  However, the fraudulent activity of this website has attracted the attention of another leading regulator – the UK’s Financial conduct Authority. The institution has issued a warning that C.C.Experts is not authorized to offer financial services:

You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or 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.

In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because 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.

C.C.EXPERTS TRADING SOFTWARE

C.C.Experts promises a “reliable, simple and innovative” platform for trading cryptocurrencies, stocks and commodities. But like everything else on this website, it’s also a lie. After registering for an account and logging into the C.C.Experts system, all we find is an interactive chart of current asset prices taken for free from the TradingView website. This is the laziest and most unconvincing imitation of trading software possible. This only confirms that the C.C.Experts is a scam aimed at people with no knowledge of financial markets who do not know what to expect from a broker.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

C.C.EXPERTS TRADING CONDITIONS

The C.C.Experts website is a chaotic patchwork, so the information of the terms of the alleged trade is incomplete and contradictory. The minimum deposit amount is mentioned as 300 USD or 500 USD. You should be aware that virtually all legitimate brokers offer starter accounts with a lower minimum deposit, often 100 USD or less.

The website mentions spreads of 0.1 pip, but that means nothing as the C.C.Experts doesn’t even have real trading software. The versions for the leverage offered are also different – 1:100 or 1:1000. This may serve as further evidence that C.C.Experts could not be a real broker based in the US, because the maximum leverage allowed there is 1:50.

C.C.EXPERTS DEPOSIT/WITHDRAW METHODS AND FEES

The website claims that the C.C.Experts uses over 20 payment methods, including wire transfer, Skrill, Neteller, PerfectMoney and Western Union. However, there is only one option in the deposit menu – cryptocurrencies.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal.  If you are interested in licensed brokers that accept cryptocurrencies as a means of payment, take a look at this list.

The lack of a publicly available Terms and Conditions means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.

HOW DOES THE SCAM WORK

Fake brokers are a type of scam that has spread especially rapidly in recent years, aided by the excitement surrounding cryptocurrencies. People looking for ways to make money online can very easily come across one of the many scam websites of this type. Scammers are very skilled at convincing people to invest – first small amounts of a few hundred dollars, and then larger sums of money. Some of the scam schemes are quite elaborate and even use trading software to convince victims that their money is actually being invested and even racking up profits.

But when you ask to withdraw those winnings, or even your deposit, you’ll find it’s impossible – you’ll be told that a sudden change in the market has wiped out all your money, or that you have to meet impossible minimum trading volume requirements and pay huge fees and commissions hidden in the terms and conditions. Fraudsters can also simply disappear because they use fake names and offshore shell companies for their operations.

WHAT TO DO WHEN SCAMMED

If you find yourself scammed, the first thing you should do is notify the financial authorities in your country about the scammers’ activities, and spread the word online to warn other potential victims.

Your options for getting your money back are limited. If credit or debit cards were used for the transactions to the scammers, you have the option to request a chargeback. Companies like Visa and MasterCard now allow such requests to be made up to 540 days after the transaction. But keep in mind that if you have provided proof of your identity to the fraudsters, they may dispute that the transaction was voluntary. In addition, fraudsters typically use cryptocurrencies and shady e-wallets that do not allow refunds.

Victims of scams are often targeted by another type of online fraudsters who promise that their money can be refunded for an upfront fee. Under no circumstances should you trust such offers.

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