Cryptobillsltd.com review – 5 things you should know about Crypto Bills Ltd

Cryptobillsltd.com review – 5 things you should know about Crypto Bills Ltd

Rating: 1

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

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The claims that can be seen on Cryptobillsltd.com are quite unbelievable. It is quite obvious that this clumsy website, lacking basic requisites and functionality, could not be a “worldwide brand” serving almost 400,000 traders. Closer inspection only confirms that this is fraud, and of the lowest order. It would be completely unjustified to trust your money to Cryptobillsltd.com.

CRYPTOBILLSLTD.COM REGULATION AND SAFETY OF FUNDS

Presumably the company behind Cryptobillsltd.com must be Crypto Bills Ltd. But there is no way to confirm this – the website lacks any information about the owning company. Although Cryptobillsltd.com warns that we should read the Terms and Conditions and Privacy Policy, these documents are nowhere to be found. Cryptobillsltd.com does not provide a contact address, phone number or even email.

For comparison, when you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation. There is no good reason to trust Cryptobillsltd.com when you neither know who you are dealing with nor what the terms of the deal are.

If you intend to start trading on the financial markets, first of all make sure that you are working with a properly licensed broker. Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

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.

CRYPTOBILLSLTD.COM TRADING SOFTWARE

Once we registered an account and logged into Cryptobillsltd.com’s dashboard, our last doubts that this was nothing more than a low-effort scam disappeared. Instead of trading software, all we found there was a simple chart of current asset prices taken for free from the data provider TradingView. Cryptobillsltd.com is obviously out to scam people who have absolutely no experience and don’t know what to expect from a forex 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.

CRYPTOBILLSLTD.COM TRADING CONDITIONS

Cryptobillsltd.com claims to offer trading in Forex, Stocks, Crypto, Indices and Commodities. But as we have seen, it has neither the license nor the software necessary for this to be true. It is therefore not surprising that information on the terms of this alleged trade is nowhere to be found. The “Account Types” section is blank. Only after registration do we get a choice between three “plans” promising incredibly high and fast returns on our Bitcoin investments.

The minimum size of this investment is 0.005 BTC, which at the time of writing this review equates to around 150 USD. The homepage of the website mentions a minimum initial investment of 100 USD. You should know that for the same or even lower amount you could open a starter account with a genuine broker, including many of the industry’s leading brands.

CRYPTOBILLSLTD.COM DEPOSIT/WITHDRAW METHODS AND FEES

It is even less surprising that Cryptobillsltd.com uses a single payment method – Bitcoin. Cryptocurrencies are the payment method of choice for most scammers because they provide anonymity and, more importantly, do not allow refunds.

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, Sofort, Neteller or iDeal.

Since Cryptobillsltd.com does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfill traded volume conditions.

HOW DOES THE SCAM WORK

Many people are looking for ways to make money passively, but do not have the necessary knowledge to invest in the financial markets themselves. This makes them a target for the many online scammers posing as brokers. If you come across some of them and give them your contacts, you will be contacted by skilled scam artists who will assure you that they can take on the incomprehensible aspects of investing for you. You will only be required to invest and take profits.

But when you try to collect even just a fraction of your money, it will turn out to be impossible. Your supposed profits will suddenly evaporate, or you’ll find that you have to meet impossible traded volume requirements first. Fraudsters often insert huge withdrawal fees into client agreements amounting to 10%, 20% or even more. You won’t be able to hold scammers accountable because they hide behind fake names and shell-companies offshore. Scammers also typically use non-refundable payment methods.

WHAT TO DO WHEN SCAMMED

First of all, you should be very careful not to fall straight into the clutches of other scammers. Another common scam is to promise money recoveries from fake brokers for an upfront fee.

If you used a credit or debit card for the transactions, you can charge a chargeback. Visa and MasterCard have a long period in which they allow such requests – 540 days. But keep in mind that fraudsters can dispute if you have provided them with a copy of your ID and proof of address. It would also be helpful if you alerted the authorities in your country and other people online to the activities of the scammers.

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