Beware! Expert CryptoFx Option 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.
Expert CryptoFx Option did not put too much effort into convincing us of its legitimacy. Even a person who is not so familiar with scam brokers would be able to say that this company is a scam scheme – after all, the broker did not provide any sort of legal documentation, or licenses. We will advise you to stay away from such fraudulent companies – if you open an account with such a broker, you will surely end up losing a lot of money.
Expert CryptoFx Option REGULATION AND SAFETY OF FUNDS
Expert CryptoFx Option claims to be based in New York, the US – but has not provided any sort of proof that they are regulated by the NFA and the CFTC – the two financial authorities responsible for licensing US forex brokers. In fact, when we checked the NFA database for a broker with this name, we established that such a company was not licensed in the US and was therefore not authorized to offer financial services in the country. We would also like to point out that this broker was spotted by the UK regulatory body, the FCA – this proves for a fact that the company is shady and you would not be entitled to any sort of legal protection if you choose to open an account with it.
Expert CryptoFx Option tried to provide a Certificate of Incorporation on its website – one that would not open. And although such a certificate does not prove that a broker is regulated, it still would have been nice to see some sort of official documentation. Without such documentation, this company is fully anonymous.
Clients of unlicensed brokers could not benefit from the same protections those who decide to open an account with a regulated UK, EU, or Australian company would. Licensed brokers in all of these jurisdictions have to meet many requirements in order to obtain and keep their license – keep client money in segregated accounts managed to prove that the broker could not use this money for their own daily business, maintain a minimum operational capital of A$1 million in Australia, and€730 000 in the UK, and the EU, and provide negative balance protection – so that you cannot lose more money than you have in your account. In addition to all that, brokers in the UK and the EU must provide funds for compensations schemes – so in case a broker becomes insolvent, each of their clients could receive compensation of up to £85 000 in the UK and €20 000 in the EU.
Expert CryptoFx Option TRADING SOFTWARE
Expert CryptoFx Option does not really offer software you could trade on – this is what we found when we opened an account with the broker:
This is simply a TradingView chart with a few buttons attached to it – hardly the most advanced trading software there is. Such a thing could barely be called trading software – maybe you will be able to place an order but you would certainly not be able to do much else.
We would advise you to turn to a broker who offers a more functional platform like MetaTrader 4 or MetaTrader 5 instead – both versions of the software come with every tool and feature you might ever need. You would be able to perform advanced analysis and charting operations, use Expert Advisors to track markets and trade automatically, create custom scripts, set signals, purchase VPSs, and much more. There are many licensed brokers who offer demo and real MT4 and MT5 accounts – we would advise you to check them out instead.
Expert CryptoFx Option TRADING CONDITIONS
Expert CryptoFx Option does not offer a functional trading platform and as a result, talking about trading terms like spreads and leverage is completely pointless. The broker has not provided any information on those subjects – or on the commissions, it charges – anyway. We were only informed that we needed to deposit at least $300 in order to open an account – which, quite frankly, is too much. Many legitimate brokers offer accounts for $100 or less these days – you could easily become a client of one of the best brokers in the industry for as little as $10.
Expert CryptoFx Option DEPOSIT AND WITHDRAWAL METHODS AND FEES
Expert CryptoFx Option only accepts deposits in Bitcoin. Wire transfer and Skrill were also supposed to be an option but as it turns out, the broker would not let us deposit before we had contacted them directly to ask about banking information. When you do that, we can assure you that the broker will claim that those payment methods are not available in your region or that their systems are currently down and that is why you can only deposit in Bitcoin. Wire transfers and Skrill transfers are easy to trace – unlike crypto deposits. Moreover, you will find that you are not able to get a chargeback on a crypto transaction – because all such transfers are irreversible. That is why scam brokers usually urge their clients to deposit in crypto.
We were asked to agree to Terms and Conditions we never got to read – which means that at some point, this broker will probably claim that you accepted all of its dubious fees and you will be charged even more money. Companies like Expert CryptoFx Option always find imaginative ways to rob you.
HOW DOES THE SCAM WORK?
Scams like this one are becoming more and more prominent – they rely on people’s desire to make fast money without putting a lot of effort in. That is why it is important to know how you can tell apart a fully legitimate broker from a scammer and learn more about how such scams generally function.
All brokers promise certain things and try to advertise their services to their best capabilities – but all legitimate companies also provide statistics on how many people have lost money while trading with them. Scammers, on the other hand, promise guaranteed fast profits and a life of luxury. You will probably stumble upon the scam broker’s website randomly – or you might be pursued via phone or e-mail and asked to open an account. Maybe you have heard of people earning a living by trading – so you decide to set up such an account. The moment you provide the scammers with your phone number or email (if they have not already obtained it somehow), they will not leave you alone before you make an investment. These are professional smooth-talkers who scam people for a living – which means that they can be very convincing. Once you have made your first deposit, the scammers will ask you for bigger and bigger sums. You might even be happy to deposit more money because at this early stage, you will be turning a profit – scam brokers are good at manipulating results to make it seem like you are doing great.
The problems will start the moment you try to withdraw those profits – the broker will start making up reasons why this is impossible. – Usually, new, shady clauses in the Terms and Conditions will appear – you might be asked to reach some unattainably high turnover threshold or pay a high withdrawal fee. At some point, you will figure out something is wrong – and that is when the broker will stop answering your calls and e-mails and just disappear.
WHAT TO DO WHEN SCAMMED?
We should warn you that the chances of you getting your money back if you have already been scammed are slim -prevention is key in the world of online brokers. Choosing a legitimate company that holds an official license and has proven its reliability is essential. There are, however, still some things you can do if you have already been scammed.
Make sure to notify your bank that you have been scammed. Change all the passwords you have provided the scammers with. If you have given them remote access to your computer, remove the software immediately. Scam brokers usually claim that you need to install such software so they could help you with software set-up – or even help you trade – but their actual objective is to get access to your banking systems and steal even more money.
If you have deposited with Visa or MasterCard, ask for a chargeback immediately – both card providers allow such chargebacks within 540 days.
Notify the responsible authorities, and share your story with as many people as possible – this way, more people will know about such scams and learn how to avoid them.
Finally, don’t trust any “recovery agents” promising to retrieve your money for a fee – this is just another type of scam targeting scam victims. Often enough, the recovery agency is run by the same people who scammed you in the first place.