Beware! CryptoGlobalTrade.live 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.
CryptoGlobalTrade.live does nothing to stand out from the hundreds of scam brokers we have reviewed in the past. This is just another unlicensed, unreliable company masquerading as a legitimate broker. But the moment you deposit with them, you will find out that it is all for show – not only is the broker a scam but they offer very poor trading conditions. You can find more information in our full review.
CryptoGlobalTrade.live REGULATION AND SAFETY OF FUNDS
CryptoGlobalTrade.live has not provided any sort of registered address. When we accessed the broker’s contact information, we only found an e-mail. There was no phone number, and the address section was only occupied by a Bitcoin wallet address.
This makes CryptoGlobalTrade.live an anonymous broker – we know nothing about the company behind this enterprise. That is why we were surprised when the broker claimed to be licensed by the financial regulatory body of the UK, the FCA. This regulator is one of the strictest in the world and does not give our licenses to anyone. When we checked their register, however, we quickly established that a broker with the name CryptoGlobalTrade.live (we did not get a company name) was not really licensed.
No broker who is willing to lie about something so essential as regulation could be legitimate – putting your money in the hands of such obvious scammers would be a horrible decision.
Turn to a broker licensed in the UK, the EU, or Australia instead – such brokers are the most reliable choice for investing because they have strict authorities breathing down their necks and expecting only the best from brokerages. Clients of such brokers are entitled to many protections and are usually treated fairly and in accordance with many laws. Licensed brokers have to maintain a certain minimum capital of €730 000 for brokers in the UK and the EU, and A$1 million – this money serves as proof of the broker’s financial stability. Client funds must be kept separated from the broker’s own funds in segregated bank accounts – this keeps your investments safe in case of unfortunate events, and proves the broker would not be able to use your money for its own investments. Negative balance protection is a must – you can never lose more money than you have in your account as a retail client. Additionally, UK and EU brokers are obligated to provide funds for compensation schemes – which means that if a licensed broker becomes insolvent, each of their clients would be entitled to a compensation of up to £85 000 in the UK and €20 000 in the EU.
CryptoGlobalTrade.live TRADING SOFTWARE
CryptoGlobalTrade.live offers a very rudimentary web-based trading platform:
This sort of thing can hardly be called trading software. The broker has used a basic TradingView chart – which you can also access for free on your own without the help of a broker. Then, the broker attached two buttons – one for buying, and one for selling. That is pretty much it – you would probably be able to make an offer with such a platform but you will certainly not be able to trade effectively.
Turn to a broker who can offer a renowned platform like MetaTrader 5. This software is unrivaled in its level of functionality but remains easy to get accustomed to and user-friendly. These things are behind the platform’s standing popularity in the industry. With MT5 you would get access to a full charting and analysis package (even more wide-ranging and broader than that on its predecessor MetaTrader 4) and to some amazingly useful tools such as Expert Advisors, VPSs, customizable signals, a community chat where you could exchange experience with a whole community of traders, and a multi-threaded Strategy Tester. You would even be able to create your own indicators and trading bots with the platform’s coding language. A truly good choice for software that is ages ahead of its competition.
CryptoGlobalTrade.live TRADING CONDITIONS
CryptoGlobalTrade.live asks for a very small minimal deposit in order to open a trading account – just $100. However, many established brokerages offer trading accounts that are just as affordable.
The broker promises leverage as high as 1:700 – which once again proves they could not be a licensed UK broker. Brokers in the UK, as well as those in the EU and Australia, are banned from offering leverage higher than 1:30 on forex majors to retail traders. The reason for that is that high-leverage trading could lead to enormous losses. If you are an inexperienced new trader, it is likely that you suffer such losses. However, when used cautiously, leverage can lead to decent profits – check out some brokers that can legally offer leverage of 1:100.
CryptoGlobalTrade.live DEPOSIT AND WITHDRAWAL METHODS AND FEES
CryptoGlobalTrade.live only accepts cryptocurrency payments which definitely does not help their case. The broker urges you to deposit in Bitcoin, Ethereum, Tether, or Litecoin. Deposing with Zelle – an online payment solution – was also supposed to be possible but we did not get any sort of payment conditions information and were therefore unable to deposit.
The problem here is that cryptocurrency payments are irreversible. Unless the recipient decides to send you the money back voluntarily, you would have no way of retrieving your deposits. This is exactly what such scammers want – to get a payment and then simply disappear without leaving you the chance to get your money back.
Additionally, CryptoGlobalTrade.live offers bonuses – another thing that is banned in the UK. Scammers often attach certain devious clauses to their Terms and Conditions. Because of these clauses, you might find it impossible to withdraw your profits and deposits before reaching certain trading volume requirements attached to the bonus. Keep in mind that no legitimate broker would try to restrict your access to your own money – but this is something scammers often do. That is why it is important to be extra cautious when an unreliable broker offers some sort of promotion – the intentions of such companies are never clean.
HOW DOES THE SCAM WORK?
This type of scam is really not that complicated – but it has proven to be quite effective and has managed to trick quite a few people. Given such schemes’ growing popularity, it is important to know how to avoid them – so reading the following paragraphs carefully is vital.
The scam starts with you seeing an ad on the Internet for a certain broker’s website. Such websites usually promise amazing conditions and extremely fast profits – but offer very little in terms of license and company information. However, sometimes scammers can be very elaborate in their promise – so you fall for it and provide them with a phone number or an email. There is another option – they might have stumbled upon your contact details somewhere and are the first to make contact. After that, a game of cat and mouse begins – you will be asked to open an account and make a deposit. Keep in mind that these are professional scammers who convince people to transfer money for a living – they will sweet-talk you into depositing by talking about profits and opportunities.
After that, you might indeed see profits and deposit even more money – but all of this is smoke and mirrors, scammers often manipulate results to make you transfer bigger amounts.
At some point, of course, you would want to withdraw your money – and the problems will start. Additional fees or unfulfilled clauses in the Terms and Conditions will appear, and you will be denied access to your money. At this point, you will probably discover something is wrong – and this is when the scammers will drop out of sight.
WHAT TO DO WHEN SCAMMED?
There are a few things you could do if you discover you have been scammed. Chargebacks are possible in some cases depending on the payment method you have used to deposit. Both Visa and MasterCard allow such chargebacks within 540 days while bank transfers and cryptocurrency transactions are irreversible.
Make sure to change all banking passwords. If you have installed any remote access software, remove it immediately – scammers ask their victims to install such software under different pretexts but their endgame is to just get access to your banking accounts and steal even more money.
Notify authorities and share your story with as many people as possible – the more people know about such scams, the less they will fall victim to fraudulent schemes.
Last but not least – don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam, sometimes even conducted by the same people that stole your money in the first place.