CryptFX Gain Review – 5 things you should know about cryptfxgain.com

CryptFX Gain Review – 5 things you should know about cryptfxgain.com

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Beware! CryptFX Gain is an offshore broker! Your investment may be at risk.

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CryptFX Gain is not the perfect example of reliability and honesty – this broker is unlicensed and anonymous like many scammers are, and does not offer an in-depth description of trading conditions. You would also not be provided with any sort of legal documentation which is a huge red flag – always make sure to read the Terms and Conditions carefully before agreeing to anything. Such brokers always find imaginative ways to rob you – through additional fees, huge commissions, dubious bonus schemes – or by simply disappearing with all your deposits.

Avoid CryptFX Gain at all costs.

CryptFX Gain REGULATION AND SAFETY OF FUNDS

CryptFX Gain claims to be based in the UK and has provided the following document as proof of that:

This document – which by the way looks forged – looks exactly like a UK certificate of incorporation and is supposedly issued by the UK Companies House. However, the broker claims that the document proves that it is registered in the US – which is a huge slipup on their side. Moreover, CryptFX Gain is in no way licensed in the UK – the country’s financial authority, the FCA, has actually recently issued a warning to let investors know that this broker is not authorized to offer services in the UK and is completely unlicensed.

Nor is the broker licensed in the US – every US broker must be granted the right to operate by the NFA and the CFTC, two of the strictest financial regulators in the world. US brokers have to meet some harsh requirements – for example, they have to maintain a minimum capital of at least $20 million which is more than anywhere else in the world. CryptFX Gain was nowhere to be found in the NFA database – which means that they do not have the legal right to offer services to US traders.

All of this only goes to show that despite all of their claims, CryptFX Gain is not licensed to offer services anywhere – and is nothing more than a dangerous scam broker.

Only work with reliable, licensed brokers – this is the only way to actually stay safe while trading. Turning to a broker licensed in a strict jurisdiction such as the UK, the EU, or Australia would grant you access to many protections and would mean that your broker has to conduct business with consideration to many laws and procedures. All licensed brokers have to keep client money in segregated bank accounts managed by third parties – this ensures that your funds would not mix with those of the broker, and would not be used for any of the broker’s own financial operations. It also means that you would not lose your deposits if the broker goes bankrupt. However, this is not that likely – such brokers are obligated to prove their financial stability by maintaining a certain minimum capital. The number is €730 000 in the UK and the EU, and A$1 million in Australia but could potentially go higher for brokers with many clients. Negative balance protection is also a vital safety net – no retail trader could lose more money than they have in their account.

CryptFX Gain TRADING SOFTWARE

CryptFX Gain does not offer access to an actual trading platform – in the broker’s client area, you would be able to find an abundance of features, none of which could actually be used for trading. There was a TradingView chart that tracked live market prices – but TradingView is free software that cannot be used for making offers.

Supposedly, there was a connection to some sort of crypto exchange where you could buy and sell crypto but that was not some sort of legitimate, well-known exchange like Binance or Coinbase. Again, the broker offers you the chance to buy crypto from it – and this is a chance you should not take since your money will most probably just disappear without you receiving any sort of crypto.

There was also the following simple platform that can be used for trading binary options:

Binary options are an extremely risky trading tool that is banned almost everywhere around the world – these days, if a broker is offering it, they are most probably scammers. This tool allows you to bet on the short-term price of an asset and is much closer to gambling than it is to calculated risk.

Finally, CryptFX Gain promised access to the web version of MetaTrader 4 – but did not provide us with the details we needed to log in and try the platform.

Better ignore this broker and turn to a licensed company that can actually offer MT4. There is a reason why this has been the most popular platform in the world of trading for many years before it recently got surpassed by MT5 – the software is considered to be the ultimate forex and CFD trading platform because of its intuitive, user-friendly interface and the many tools and features it offers. Not only would you get access to an impressive charting and analysis package but you would also be able to track markets and trade with the help of Expert Advisors, purchase VPSs and additional trading apps, employ a Strategy Tester, set signals and subscribe to those set by other traders, etc.

CryptFX Gain TRADING CONDITIONS

CryptFX Gain seems to be one of the brokers who ask you to invest a small amount of money – in this case at least $300 – and just wait and see your investment grow. You would not, however, have to do anything, risk losses, or actually trade. All you have to do is let 3 hours pass to double your deposit to $600.

Needless to say, such promises are baseless – the broker does not explain how such fast, enormous profits are possible. Nor does it mention that most retail investors can expect a profit of 15% annually in a good year – not 200% in three hours. This offer is far too good to be true – and nothing more than a trap for inexperienced people looking for fast, effortless profits.

Check out what these affordable brokers have to offer instead – they would not be able to guarantee any profits but can offer the good conditions, and educational resources you would need to succeed on your own.

CryptFX Gain DEPOSIT/WITHDRAWAL METHODS AND FEES

Unsurprisingly, CryptFX Gain only allows you to deposit in Bitcoin. Such shady companies often urge you to deposit in crypto or only accept this payment method – since such transactions are completely irreversible. This means that if you have already deposited with this broker, you would not be able to get a chargeback. This is not the case with more conventional payment methods such as credit or debit card – both Visa and MasterCard, for example, allow you to ask for chargeback within 540 days of the transaction.

Only deposit in crypto if you are completely sure you can trust the person or organization you are transferring money to.

HOW DOES THE SCAM WORK?

Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.

Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. You decide to try your luck and open an account – providing the scammers with your phone number and email in the process.

After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to prey on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because, at that point, you might even be turning a decent profit. However, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.

At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.

WHAT TO DO WHEN SCAMMED?

Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.

You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.

Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.

If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.

Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.

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