Beware! CryptoPro4x.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.
We don’t really know what to say about CryptoPro4x.com because to us this seems like a very standard investment scam, and it is, and while in other reviews we have some things to say, here for some reason the worlds have slipped out of our heads, leaving us to begin this review with the verdict that we announce for the broker at the end, to no one’s surprise, that CryptoPro4x.com is unregulated and a risk to all.
The overall mundane feeling we got throughout our time with the firm radically changed once we opened an account where we were faced with an uncommon use area that we liked and felt like it could be a legit dashboard. However, all was shattered when we found out that there was no trading software, meaning that everything you read on the website in terms of trading conditions and tools is basically one giant lie!
CRYPTOPRO4X.COM REGULATION AND SAFETY OF FUNDS
Let us first focus on the legal documents. The terms and conditions reveal that CryptoPro4x.com complies with Estonian governing laws, and here lies the biggest lie to come out of CryptoPro4x.com. It’s important to remember that being legalized somewhere calls for a license, especially a license, for this is the only way a firm can start offering its services legally. Moreover, Estonia is a country mentioned by tons of unlicensed brokers as their legal jurisdictions for reasons not quite known to us. But what we do know for sure is that this broker is definitely not legitimized in Estonia. Not only is there no proof of a local license, but nowhere is CryptoPro4x.com behaving like legit entity.
And then we have a similar issue with the alleged UK registration, which again suggests the broker to be legalized somewhere without any real proof to back it up. The FCA’s online registry of regulated entities has no mention of CryptoPro4x.com, and we would have been very take aback if it was. The FCA does not regulate this broker, and therefore it is not authorized to be registered ion the UK as a brokerage business!
CryptoPro4x.com is simply unregulated and a risk to all!
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
CRYPTOPRO4X.COM TRADING SOFTWARE
The MT4 link in the user area leads to an install file named after some unaffiliated broker that has nothing to do with this one. If we are to open it, we would be getting the trading servers of a different brokerage altogether.
As for the site, there are no links to any platform.
CRYPTOPRO4X.COM DEPOSIT/WITHDRAW METHODS AND FEES
There was no way for us to access either payment terminals in the user area because the broker required from us verification documents which we are not about to lend to just about any scammer broker.
So we are left at the mercy of the site. The minimum deposit is said to be €250, while the payment methods are said to be credit cards, debit cards, bank transfer, and e-wallets. The broker includes logos of famous payment service providers in the footer but how can we guarantee that there are actually the available payment providers.
According to the deposit and withdrawal policy there are withdrawal fees. These are $35 for cards, $50 for wire transfers, and $25 for all e-wallet based withdrawals. There is also the controversial and extremely illicit requirement that prior to every withdrawal the client must trade her initial deposit at least 2 times in order to avoid a 10% charge on the next withdrawal.
We also have the classic non deposited funds clause stating that all profit generated by the user is, technically, no up for withdrawing.
What we have revealed was not taken from a single source but a dispersed number of individual pockets that contradict themselves, so we don’t necessarily think it’s smart to trust these. But the most important thing to avoid here is investing!
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!