Cryptmetasignals review – 5 things you should know about cryptmetasignals.com

Cryptmetasignals review – 5 things you should know about cryptmetasignals.com

Rating: 1

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

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Trading financial instruments carries many risks even when using the services of well-established brokers. Possibly the worst move you can make is to trust your money to one of the many shady websites posing as legitimate financial service providers. This is why it is very important to do careful fact checking. Such a check shows that Cryptmetasignals is not a genuine forex CFD broker, but just another scam.

CRYPTMETASIGNALS REGULATION AND SAFETY OF FUNDS

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

Since Cryptmetasignals is totally anonymous, the answer to the question of whether this is a scam is obvious. The website does not provide access to Terms and Conditions, Customer Agreement or other legal documentation as required by licensed financial service providers. We do not know who we are dealing with, nor what terms we are agreeing to when we sign up for an account.

The website provides a UK contact address which cannot be valid.

The UK has strict regulations on brokerage and such an anonymous website could not operate legally there. For this purpose, a company must have the appropriate licence from the Financial Conduct Authority (FCA). No authorised broker using the Cryptmetasignals brand and domain can be found in the regulator’s database.

It should be noted that the Cryptmetasignals is almost identical to numerous other fake brokers we have reviewed, for example 9dayfx.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or FCA in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

CRYPTMETASIGNALS TRADING SOFTWARE

The Cryptmetasignals website does not provide any information about the most important forex trading tool, the software. After registering an account, we find that Cryptmetasignals does not have any trading platform. This exposes Cryptmetasignals as a low-effort scam targeting people without any experience in the financial markets.

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.

CRYPTMETASIGNALS TRADING CONDITIONS

Given the lack of legal authorisation and trading software, it wouldn’t matter even if Cryptmetasignals promised the best terms in the industry. Cryptmetasignals clearly offers no real trading. But the trading parameters described on the website provide further evidence that we are dealing with scammers.

First of all, Cryptmetasignals claims to offer cryptocurrency trading, but this type of trading is prohibited by the UK FCA. Cryptmetasignals also allegedly offers referral bonuses, a practice that is prohibited to regulated brokers.

On the website we also find a claim that leverage of 1:500 is offered. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Rather than different types of trading accounts tailored to the needs of clients with different investment intentions, Cryptmetasignals offers investment plans that promise guaranteed returns. In fact, instead of the obligatory disclaimer about the risks of loss when trading derivatives that you will find on the websites of real brokers, we see on the homepage of the Cryptmetasignals the opposite and false claim that this trading carries zero risk.

The minimum amount for these investment plans is 100 USD. For the same or even lower minimum deposit you could open an account with a licensed broker and start trading for real.

CRYPTMETASIGNALS DEPOSIT/WITHDRAW METHODS AND FEES

We weren’t at all surprised that the only payment method accepted by Cryptmetasignals is Bitcoin. Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as Skrill, Neteller or PayPal. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.

HOW DOES THE SCAM WORK

The idea of passive income is increasingly attractive to more and more people. The Internet gives the impression that making money through investments in the financial markets is more accessible than ever to non-experts. But the online space is full of scammers who lure inexperienced wannabe traders through flashy advertisements and fake testimonials from satisfied clients. However, these fake brokers don’t really invest the money you give them – even though they very confidently assure you that you are generating great profits and should invest even more.

But when you try to withdraw some of your supposed winnings or deposit, it turns out to be impossible. Scammers will tell you that a sudden change in the market has wiped out all your money, or point you to vague clauses in the Terms and Conditions that require a huge minimum volume traded. The victim of such a scam may also be surprised with hidden fees and taxes amounting to tens of percentages of their funds.

Holding fraudsters accountable is difficult because they operate through offshore companies that are uncontrolled and unregulated. In addition, scammers require that you provide them with a copy of your ID and proof of address so that they can claim that all transactions were voluntary and agreed upon by both parties.

WHAT TO DO WHEN SCAMMED

First of all, you should know that there is another kind of scammers who prey on victims of fake brokers. They claim they can refund your money for an upfront fee. The most realistic option to get at least some of your money back is to request a chargeback, but this is only possible if you used a credit or debit card for the transactions. Scammers usually insist on using cryptocurrencies, direct bank transfers or shady online payment platforms where refunds are impossible.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *