Beware! CryptoLiberty 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.
CryptoLiberty is definitely one of those brokers that really try too much to convince its users, ending up feeling like an overblown university project led by students lacking self confidence. There are too many visual gimmicks and fake information, and not enough serious trading services. But the truth is that CryptoLiberty never really aimed for the latter; it is a scammer broker that is after your money, and nothing else!
We were able to open an account without any hindrances, and thus accessed a user area. But from then on we were left with only problems that kept stacking up. The first of these, and one of the major ones, was a complete lack of a trading software, immediately reminding us with the type of so-called broker we were dealing with.
Without a software, and we checked with the site as well where there was no platform neither, CryptoLiberty cannot be defined as a broker. A pretender is a more appropriate label. There are no applicable trading conditions, no assets to trade, no spreads, and no leverages.
CRYPTOLIBERTY REGULATION AND SAFETY OF FUNDS
Once more we are faced with a lying broker. This one is more subtle than hat we are used to, but it nevertheless is a liar!
We are talking about the Lithuanian address revealed, which to us suggests that the brokers is fully regulated there, otherwise how else could it hope to provide FX services? But here’s the thing: CryptoLiberty does not aim to provide any FX services; it cares only for fast and easy profit based on the misfortunes of its users.
But back to the issue at hand. In Lithuania, it’s the Bank of Lithuania that regulates the local FX market industry, basically acting in much the same way as most regulators. But, as we expected, there is not a single piece of evidence pointing to a license held by CryptoLiberty. The bank definitely does not license this firm.
And nothing does for that matter. The company is unlicensed and a risk to all! Do not invest here!
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!
CRYPTOLIBERTY TRADING SOFTWARE
The broker advertises normal FX trading, crypto mining, and investment packages.
As we already revealed, there is no trading software available anywhere. Meanwhile, in the user area the crypto mining section is empty and there is no way to mine cryptocurrencies, at least for us. And lastly, the client portal also forget to include investment packages. So, none of the advertised profit generating platforms are unavailable.
We might speculate that these are not revealed to us because we had not yet verified to the broker who we are, as it has happened before, where the scammers need to make sure that the user is worth it. Anyway, even if there was some sort of software or otherwise, we still would not be agreeing with it because the broker is unlicensed after all!
CRYPTOLIBERTY DEPOSIT/WITHDRAW METHODS AND FEES
From the user area, we found out that there was no way to deposit. Either because the payment methods are broken, or the brokers would not allow us. Anyway, CryptoLiberty advertises two crypto methods: one BTC and one ETH. These are untraceable payment methods, and one cannot get back her money once invested; it’s a rule with scammer brokers.
The same crypto methods are used for withdrawing.
Turning to the website, the minimum deposit is revealed to be €500. There are no fee details, and the firm states that it takes up to 5 hours for withdrawal requests to get processed. But this to us a unrealistic, not to mention that most scammer brokers apply fees, no matter what they say.
CryptoLiberty is a risk to all and a complete scam! Your money will be lost!
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!