Beware! Cryptodailytrade.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.
Cryptodailytrade.com is nothing more than an investment scam that promises high returns with zero effort. We have encountered hundreds of similar brokers in the past – none of them offers actual trading opportunities but they are always eager to receive a payment from you. It would be even better if you are never able to get a chargeback on that payment – which is the case here. Stay away from enterprises like Cryptodailytrade.com because you will surely get scammed.
Cryptodailytrade.com REGULATION AND SAFETY OF FUNDS
Cryptodailytrade.com claims to be based in California, the US but did not mention anything about being licensed. Very few brokers are still operating in the US because the requirements for forex brokers are probably stricter there than anywhere else in the world. For example, local brokers have to maintain a minimum capital of $20 million and release a ton of transaction data to clients to ensure transparency. They also have to be regulated by not one but two stern authorities – the NFA and the CFTC. Cryptodailytrade.com was, of course, not licensed – a quick register check proved that:
Working with unlicensed, anonymous brokers is never a good idea – you will have no way of knowing that you are treated in accordance with the law, or that you are being protected by any existing measurements.
Our advice is to work with brokers licensed in the UK, the EU, or Australia instead. Such brokers are under the supervision of merciless financial regulators they are obligated to report to regularly. There are many requirements meant to ensure fairness, transparency, and client safety. All brokers must prove that they are financially stable before obtaining a license and maintain a minimum operational capital of €730 000 in the UK and the EU, and A$1 million in Australia. Negative balance protection is ensured which means you can never lose more money than you have in your account. Finally, all licensed brokers keep client money segregated from their own funds – which proves that the broker cannot use your investment for its own purposed, and keeps your deposits safe in case the broker becomes insolvent. All of these vital safety nets are only available with legitimate, regulated companies – you can forget all about them if you choose an anonymous, offshore broker.
Cryptodailytrade.com TRADING SOFTWARE
Cryptodailytrade.com does not offer a functional trading platform although they promised that we would be able to access the well-known MetaTrader 5. This makes opening an account with the broker pointless – the whole reason for registering an account with a forex broker is to be able to trade. Without that opportunity, a broker does not have anything to offer you. We will give more information about the broker’s business model and strategy in the following section.
For now, it is important to know that opening an account with a broker who can offer decent software is vital. Check out brokers who can offer you a worthwhile trading platform like MetaTrader 4 or MetaTrader 5. Both of these platforms have been the most popular in the industry for decades due to their high level of accessibility and functionality. MT4 and MT5 offer a wide array of charting and analysis tools as well as many additional features – Expert Advisors that track markets and trade automatically, a Strategy Tester, the chance to develop custom scripts or set trading signals, a market for additional trading apps, etc. Do not hesitate to try out one or both of these platforms with a legitimate, licensed broker.
Cryptodailytrade.com TRADING CONDITIONS
Cryptodailytrade.com does not allow you to trade the markets it promised it provided access to – forex, gold, indices, and cryptocurrencies. In fact, you would not be able to trade with this broker at all. Instead, they ask you to invest a small amount of money – $30 – in an investment plan. The returns they promise are 16% daily – when most retail investors can expect the same number annually (with some good luck).
This broker makes it seem like all you have to do in order to generate a profit is put in money. You can then just wait for the profits to come without taking any risks, analyzing, drawing charts, etc. That is simply not true – there is always a certain degree of risk in trading and investing, and no broker can promise profits with complete certainty. That is why you should never trust such promises that are, quite frankly, too good to be true.
Check out the offers of these affordable brokers instead. You might not be able to generate quick, easy profits with them but you will get access to great conditions, amazing trading platforms, and extensive educational materials. If you trust a legitimate broker, you might actually be able to turn a profit with some persistence.
Cryptodailytrade.com DEPOSIT AND WITHDRAWAL METHODS AND FEES
Cryptodailytrade.com only accepts deposits in Bitcoin and Tether. The broker mentions that it does not charge any fees but warns you that blockchain fees apply.
Many scammers would urge you to deposit in crypto and there is a very specific reason for that. Such payments are both anonymous and irreversible. This means that you would not be able to track your payment to a specific person or organization or ask for a chargeback. This is risky – you will only be able to retrieve your money if its recipient decides to send it back which is, of course, not something a scam broker would do. Only use this payment method if you are completely sure you can trust the broker.
Cryptodailytrade.com mentioned offering bonuses – which means that you should be cautious. Many scammers use bonuses as a way of preventing you from withdrawing funds from your account – they will ask you to reach a crazy turnover before you can place a withdrawal request. And they will keep changing the Terms and Conditions to make it impossible for you to ever withdraw. This broker’s Bonus Policy was quite brief – which is a sign that there might be something wrong going on.
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.
