Beware! Crypto Trade Tech 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.
Crypto Trade Tech is an unregulated broker, and inspite of its somewhat good looks, the broker is a risk to all.
CRYPTO TRADE TECH REGULATION AND SAFETY OF FUNDS
We spent much of our time with Crypto Trade Tech in search for legal or semi-legal information, and ended up on a common scammer broker claim stating that the firm abides by Estonian governing laws. This claim really makes to sense because there is nothing to back it up. Crypto Trade Tech must be regulated locally in Estonia to be able to make substantial claims such as this one. Obviously Crypto Trade Tech isn’t, meaning that the Estonia claim is false. Not to mention that hundreds of scammer hold on the the same idea that somehow Estonia is a paradise for scammers, and for some reason keep on mentioning the jurisdiction in order to cover their shady tracks.
After coming to grips that we won’t find further information on Crypto Trade Tech’s legal and registration status, we gave up. But just as we were about to move on, we stumbled upon the concrete proof we sought all this time. Crypto Trade Tech is actually blacklisted by the Spanish CNMV, one of Europe’s major regulator.
We did not need further proof. Being warned against by the CNMV means that Crypto Trade Tech is completely unlicensed and a risk to all. Do not invest here.
Illegal and unregulated brokers spell trouble every single time! They have nothing to offer, unless you count heartache and frustration. These companies are created and run as elaborate scams (not all of them) and they are short-lived as a result of complaints and regulatory actions. But in between the creation of a scam and its downfall many users will lose their money with very little chance of a refund. This money will be redirected to various offshore and untraceable accounts and will serve the scammers to fund their own lavish lifestyles and future scammer projects.
So, really there is no reason to invest or even interact with unlicensed brokers. If you want to experiences the real FX trade, then look no further than any European, UK, US, or Australian-based brokers. These are regulated and fair institutions that treat each customer with care and respect.
CRYPTO TRADE TECH TRADING SOFTWARE
We will say this once: we do not like this web trader, not only because it does not look appealing at all, but also due to its heavy reliance on scammer broker traffic. We cannot recall any moment in the past when this terminal was used by anything but scammers and fraudsters.
Even if it offers basic features, there is nothing here to recommend. In today’s FX industry, being mundane is perhaps the worst you can be. Readers are better off with the MT4 or MT5; either one of these will do, just make sure the brokers offering them are legitimate.
CRYPTO TRADE TECH TRADING CONDITIONS
The registration area as well as the user area are both common templates used by scammer as a short cut. These basically do a third of the job leaving room for the broker to scheme.
At least we can get proper information from the broker’s web trader. On it we found the financial instruments available as forex currency pairs, commodities, cryptocurrencies, indices, metals, and stocks.
The EUR/USD cost of trade was 0.1 pip, with no commissions revealed at all. We find no information on commissions, meaning that either there are hidden spread fees or the spread has been manipulated.
The 1:300 leverage is great for those looking for a higher leverage experience where the broker regulated. Seeing as it isn’t, we can recommend these high leverage brokers instead.
CRYPTO TRADE TECH DEPOSIT/WITHDRAW METHODS AND FEES
There was no way to open an account, relying on the website for all payment details. The details here are unsure.
The website reveals that the minimum deposit is €250. Here the minimum is still an industry average but it may be too high especially for a scammer. Here are minimum deposit brokers that you can trust.
The promoted payment methods are are credit cards, debit cards, wire transfer, and undisclosed e-wallets.
We find most payment details on the Deposit and Withdrawal Policy, a set of conditions that that are copy pasted around by scammer brokers for years now, rarely changing.
There are fees, withdrawal ones. There is a $50 bank transfer commission, $35 cards fees, and $25 for any e-wallet transaction. Moreover, the most crucial requirement is a 200 turnover requirement for all deposits prior to making a withdrawal request; if a user does not complete this requirement the broker will charge the user a 10 percent commission on the withdrawal amount.
Moreover, we find a non deposited funds clause effectively banning the user from withdrawing profit.
There are other fees, mostly hidden one that can appear at any time. Crypto Trade Tech is a scam and a risk to all!
How does the scam work
For years now the scammer process has been, more or less, based on the same simple principle: that of solicitation. Of course, users can also stumble randomly on a scam but this happens very rarely.
Scammers rely mainly on exaggerated advertisement campaigns and phishing tactics, that is to say cold-calling techniques, to recruit their users. On the ads front, users are lured with very striking online ads about unbelievably lucrative opportunities for investments accompanied by imagery of luxury. The client is prompted to provide a contact email and a phone number.
The contact will be established in either case, and the user will be lied to and manipulated until he or she is lead to invest. If you fail to be succumbed to the broker’s sweet talk at some point the representative will stop calling you. But until then, you will be surprised as to the exhaustive repertoire of deceits and lies these scammer have. Essentially, they will try everything to convert you to their shady cause.
A users who has invested will be prompted to deposit at least one more time, but this time a larger sum with allegedly higher chances of hitting it big on the trade game. Obviously the illicit firm in question is making all these claims up; most of them don’t even have trading software!
The time will eventually come when the client will feel cheated, but by then it is usually too late. The broker will either cut all contact with the user, shut down its site, or simply stall the withdrawal request indefinitely.
What to do when scammed
The safest bet at getting your money back is to file for a charge back with your credit or debit card provider – the chargeback period for MasterCard and VISA is 540 days. However, this can only happen if you have invested via a card, or an e-wallet supporting card payments.
Bank transfers are way harder to trace, and the only hope you have is to call the bank itself and try to figure out a reimbursement strategy. But there is no guarantee that this will work. What we can advise if you fall into this state is to immediately change your bank account password and username.
Then there are the crypto transactions which are untraceable and therefore lost for good. So, whenever you see a crypto based payment method with an unregulated broker make sure to stay clear!
Last but not least, we have the recovery agents or agencies which are total scammer of their own. They promise a full refund in return of a one time payable fee, and no small one at that. As soon as this is paid they will disappear without a trace.
