Beware! CryptoHold.Pro 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.
At first sight, CryptoHold.Pro actually looks proising, but only after less than a minute with it we were finding ourselves on the other side of the opinion spectre. The reality of it all shook us for a second, and then we sat down, calm, writing another scammer broker review. What we found out is nothing new. You common scammer broker, just a new site.
An easy registration , as CryptoHold.Pro offers, is never the best of signs.The easier it is to open an account, the more the broker in question is desperate form money. Most unlicensed brokers tend to offer a simlistic access to their user areas.
The dashboard here was shady, as expected, but we did get a web trader, so at least we have that. From the software, we got a EUR/USD spread of 3 pips, forex currency pairs, shares, indexes, and cryptocurrencies, and a leverage of 1:200. The oly comment here is that the spread is way to high to be favorael to sers. Anything beyond 2 pips is considerig non-lucrative. To add further insult to injury, there are spread commissions mentions meaning that this 3 pip spread may be further increased!
CRYPTOHOLD.PRO REGULATION AND SAFETY OF FUNDS
CryptoHold.Pro is anonymous, a conclusion we easily reached after going throug the short legal docs and reaching th following clause:
Any broker “in the process of getting a regulation” is defintiely never going to be granted one, but suhc statements can keep users hopefull just enough for the broekr to steal a couple of hundred dollars at least. That’s what thse scammers are all about- quick steals after whcih their site is closed.
There are no further details.CryptoHold.Pro is anonymous, and thereofre untraceable. Anonymous broekrs tend to be the most dangerous kind of brokers, as they cannot be traced and therefore once inveted in them all money is surely lost!
But most importantly, the firm is not regulated 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.
CRYPTOHOLD.PRO TRADING SOFTWARE
The website promotes both an MT4 as well as an MT5, but all we have is this:
There are no metatraders here. It’s all about the snipped web trader. This is one popular terminal that is widely used by unregulated brokers. It has just enough to seem more pro than it is. In relaity, it can get dull in a hort time.
Just a side note: there is also a downloadable trading software but it’s suspicious name and file with virus were enough to detere.
CRYPTOHOLD.PRO DEPOSIT/WITHDRAW METHODS AND FEES
From the user are we are told that the minimum deposit is $10. There are 4 separate crypto wallets that the client directly deposits into. All of these addresses are incredibly shady and risky to deal with. From our years long experience with unlicensed brokers, we have learned that all deposits made into crypto wallets are lost forever. The funds become untraceable and can be laundered through other payment means.
The website alleges a $500 minimum deposit for the standard account but in the user, area accounts rarely apply. This $500 minimum deposit as well as the different account types are used as a luring device.
Moreover, withdrawals are in direct violation of AML rules and regulations. Consider that withdrawals can be done via wire transfer, credit cards, and crypto. The law states that deposit methods and withdrawal ones must be the same otherwise the broker will be charged with money laundering charges.
According to the website, it takes between 2 to 5 days for a withdrawal to get processed, while we also noticed mentions of undisclosed withdrawal processing and handling fees. Your guess is as good as ours concerning their values.
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.