Beware! CryptoFXAsset.trade 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.
CryptoFXAsset.trade present us with a broken down website filled to the brim with completely scammer elements. It’s one of the worst sites we have seen in a while. Read on to see how this reflects onto the broker itself.
After an easy registration we were granted access to a very shady user area. Note that an easy registration is never the best of signs when dealing with unlicensed brokers, because it only means that any one can easy start wasting their money.
The worst thing about the user area is that we figured out there was no active trading software used by the CryptoFXAsset.trade. Without a terminal CryptoFXAsset.trade cannot really be defined as a broker, since it holds no means of providing trading servcies. All promoted tradeable assets, leverages, and spreads are ultimately useless lies.
CRYPTOFXASSET.TRADE REGULATION AND SAFETY OF FUNDS
CryptoFXAsset.trade goes overboard with the regulatory claims. It sates that it is licensed by the likes of CySEC, BaFin, an the FSC in Bulgaria. But the nature oif the claims is to laidback to be taken seriously. It just says “licensed by” with no further explanation. We didn’t even had to visit these regulators’ sites (even though we did) to know that CryptoFXAsset.trade is not licensed by any one of them.
Contradictory to these false regulatory claims is the assertion in the terms and conditions that says the broker abides by the laws of the UK, suggesting a local UK license issued by the FCA. But this is nowhere mentioned. It was obvious to us that the UK’s FCA doe snot regulated this broker, and therefore CryptoFXAsset.trade does not adhere to Britain’s laws.
Yet another provision states that the local laws of users’ own jurisdictions actually apply, and not some FX regulation. Here the broker briefly attempts to make the user believe it’s his own responsibility to be regulated by a relevant authority; spoiler alert, it’s not!
Last but not least, we have an FCA warning issued against CryptoFXAsset.trade. Therefore, this broker is definitely 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.
CRYPTOFXASSET.TRADE TRADING SOFTWARE
The user area is flushed with third part charts, none of which actually serve any practical purpose. They are all there to create the illusory wall that CryptoFXAsset.trade offers complicated trading tools that are accessible only to depositing clients. It’s a common scammer approach.
Furthermore, there was something that looked like a binary options trader, but it turned out to be very useless. Just another reason to get excited for nothing.
For now it seems to us that there is no support of a trading software.
CRYPTOFXASSET.TRADE DEPOSIT/WITHDRAW METHODS AND FEES
From the user, we get three payment methods: PayPal, CashApp, and BTC wallet. However, users must contact the support team directly if they wish to invest in either of the first two payment methods (PayPal and CashApp). So, that leaves the BTC direct-to-wallet deposit. Contacting the broker in order to pay would be a mistake because this way the user will be ensnared in a trap, while the biggest mistake of all would be investing in the VTC wallet. We should not even call it “investing” but more like directly paying into the wallet, because users will not see that money ever again!
The minimum deposit is $1000 according to the site, but we figured out that users can pay anything through the BTC source; CryptoFXAsset.trade will accept any payment.
The withdrawal area adds a bank payment methods to the aforementioned list, which it legally cannot do because it goes against AML laws.
The website doe snot disclose any further payment details.
There are fees mentioned, but these apply for trading products. Any service fees have not been revealed, although that does not mean that there are none! Do not invest in CryptoFXAsset.trade.
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.