Beware! SafeCryptoWorld.com 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.
SafeCryptoWorld.com turned out to be even worse than we thought which in turn made us even more hostile to it. Read the review for more.
The registration process was familiar to us and so was the user area. The familiarity was caused due to the broker’s reliance on a templated interface. This is a practice well known among the scammer community. It’s much easier and cheaper for these types of firms, and most of their users will never notice.
Anyway, from this user area we could get the most important trading information, so what you get there is accurate. However, the EUR/USD spread of 0 pips is something that we cannot wave a hand at and dismiss. Such a spread is extremely lucrative to the user and is a complete loss to the broker; not even legit brokers offer so low a spread without at least some commission. With SafeCryptoWorld.com there is no commission, which leads us to our other predicament. That SafeCryptoWorld.com has somehow able to manipulate the number; again such a high spread is unlikely to be real.
The available trading instruments are forex currency pairs, commodities, cryptocurrencies, indices, and stocks. The 1:200 leverage is decent, but is in direct conflict with the one revealed on the website, showcasing what is a common scammer broker defining aspect: contradictory information.
SAFECRYPTOWORLD.COM REGULATION AND SAFETY OF FUNDS
From the legal docs we read some very unconvincing and typical for offshore brokers information. That the firm abides by the laws of Saint Vincent and the Grenadines an by those of Estonia.
At first glance, these two jurisdictions have nothing in common, but the truth is that Estonia has long being used as a scapegoat nation by unlicensed brokers for years now.
The Estonian Financial Supervision Authority is the independent agency that oversees the local FX market, which includes some big names in the industry, so Estonia shouldn’t be considered a backward FX nation. In all honesty, we are not sure why the country gets so much negative attention from scammers; it just might be due to traditions from the past when the nation was still not a fully developed FX jurisdiction. We won’t dwell any further; what’s important here is that the broker is not licensed in Estonia, as proven by the lack of legal info on the subject.
Saint Vincent and the Grenadiers not only lacks a regulator, but its legal situation is a marvel for scammer as it allows misconduct at an alarming level. So this jurisdiction is the perfect location for scams such as SafeCryptoWorld.com.
SafeCryptoWorld.com also applies a ton of liability clause meaning that it expects users to turn on it, suggesting a pending scam. SafeCryptoWorld.com is unregulated and a risk to all.
Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.
SAFECRYPTOWORLD.COM TRADING SOFTWARE
This familiar web trader is used by hundreds of unregulated brokers that we have reviewed in the past.
There is nothing special here, and unless you have no idea what you are doing, this web trade will get boring in less than an hour. It has limited features and the broker has obviously manipulated it.
SAFECRYPTOWORLD.COM DEPOSIT/WITHDRAW METHODS AND FEES
Both the deposit and withdrawal sections in the user area were unresponsive and gave us no options at all. They were desolate as you can see:
We are not sure what causes this. Either the broker has blocked access to these specifically to us, or there is some ongoing issue.
Whatever it is, we can’t rely on the user area for payment methods. The website has to do.
The minimum deposit is $10 000 which is definitely stretching it long. No way that SafeCryptoWorld.com would ever limit users; this is probably a recommended value. The other thing we learn are off undisclosed withdrawal fees that the broker allegedly charges, yet we know nothing of these charges expect that they exist.
And that’s all the payment info we have. It’s limited and shady as ever. One more reason to avoid SafeCryptoWorld.com.
HOW DOES THE SCAM WORK
Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.
First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.
The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.
When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.
WHAT TO DO IF SCAMMED
The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.
Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.
Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.
Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.