Beware! CryptoFxMarkets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Donít put all your eggs in one basket. Open trading accounts with at least two brokers.
CryptoFxMarkets is an obscure FX creature with a faulty website. There are too many broken links redirecting to 404, so they canít meet even the lowest standards for a broker. Also, they falsely claim to be a licensed and regulated company, making us instantly put them on the scam suspects list. Find out everything you need to know about this sham broker in the full CryptoFxMarkets review.
CryptoFxMarkets REGULATION AND SAFETY OF FUNDS
CryptoFxMarkets claims to be regulated by Federal Trade Commission, but thatís a fraudulent assertion. FTC is an independent government agency in the USA promoting consumer protection and they have nothing to do with FX companies licensing. We found no further information regarding CryptoFxMarkets regulation, so we can confirm itís an illegal broker thatís most probably a scam. We believe itís a deceitful scheme for the suspicious products and services they offer to the public, but weíll discuss this later on. Your funds are not safe if you deposit with CryptoFxMarkets because itís an unlicensed and unregulated illegal Forex broker. Stay away from this entity.
See the European brokers and the British brokers weíve shortlisted to help you choose. We selected these companies because Europe is safe and reliable. The financial authorities strictly regulate the financial markets and put customer protection on top of their priority list. There are various rules brokers have to comply with to get a license, but most importantly, the European deposit insurance funds protect clientsí money. If you trade with CySEC (Cyprus) broker, you can claim up to 20 000 EUR in compensation, while the UK guarantees are of up to 85 000 GBP per client. Each EU member is obliged to operate similar money protection schemes seen as the last resort for traders if a broker, unfortunately, goes bankrupt. If you trade with illegal or offshore brokers you are entitled to nothing else, but problems.
CryptoFxMarkets TRADING SOFTWARE
Warning! CryptoFxMarkets provides with fraudulent trading software. Itís just a chart serving for information purposes only. This is a scam, and CryptoFxMarkets isnít a real broker, but a fraudulent website creating unrealistic expectations. We found them offering bogus 1000% rate of return investment plans, which is impossible for a fixed income investment product. Beware!
See the regulated MetaTrader4 brokers and MetaTrader5 brokers we recommend and avoid CryptoFxMarkets with the fake products they offer. MT is the most popular retail Forex trading platform globally, which traders prefer for its reliability and ease of use. It features sophisticated trading tools rare to find elsewhere for free such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps available by the time.
So, spreads and leverage levels do not apply in this case, and CryptoFxMarkets doesnít even mention anything about on their website. However, weíd like to spend some time on the leverage and the restrictions imposed worldwide, considering it a crucial matter for traders. The leverage is a financial tool increasing the size of the positions, but it also skyrockets the risks. Its hazardous nature made the EU, UK and Australia impose a leverage cap of 1:30 as a customer protection measure. The US brokers and Canadian brokers cannot provide more than 1:50, and we do not recommend FX companies offering higher levels due to the lack of adequate financial regulation. The Swiss brokers are not leverage restricted, but a license costs more than 22 million USD, which certainly keeps scammers away.
CryptoFxMarkets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with CryptoFxMarkets is $300, three times higher than the sum most of the regulated brokers ask to let traders begin. The funding methods are said to be Skrill, WesternUnion, MoneyGram and Bitcoin, but we doubt all of these are actually available. We consider bank card funding the safest method for itís possible to chargeback within 540 days from the transfer date, in case things go wrong.
We ran across no comprehensive withdrawal policy, but they only specify the withdrawal request processing time is 5 days, which is much longer than the rest of the industry- 48 hours on average. There is also no information about inactivity fees or dormant account policy, which is a red flag whatsoever.
CryptoFxMarkets offers bonuses starting from 50% on the deposit, but they once again fail to give any further details. Traders should be cautious when accepting trading incentives because the so-called bonuses are not free money but a leverage tool further increasing the risks. EU and UK stepped up a few years ago, prohibiting bonuses and promotions due to the financial hazards involved and the general misunderstandings.
Overall, CryptoFxMarkets is a shady broker pretending to be a regulated company, which itís not! Thatís a solid reason alone to stay away from CryptoFxMarkets.
HOW DOES THE SCAM WORK
A group of scammers usually operates many scam brokers, scam websites and call centres. They rely on the quantity and create as many brokers and fraudulent websites as possible. Then scammers would be waiting for traders and investors with little or no experience to bite. Nowadays, itís cheap to create a swindling website, and it looks like a profitable strategy, as the scammers carry on doing it.
Internet and social media are bustling with scammers creating unrealistic expectations. They approach people on Facebook, Instagram, Telegram; you name it. Pages showing lush lifestyle, cars, yachts, celebrities etc. lure people all over the Internet. Often the scammers give free advice or a tryout, and before you know it, they will be asking for a deposit. Theyíll show you pictures of their trading accounts displaying huge profits and Bitcoin earnings, and if you have no FX experience, you might easily believe in your eyes. The scammers also post tons of positive comments and reviews about their phony brokers all over the Internet, so you should remain wary. Always look for more information before sending any money to a broker.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to fraud. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Itís crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and pocket the money youíve sent!
Share online your experience; itís important to protect others, as well. Be responsible!
Rich Snippet Data