January 16, 2022
  • January 16, 2022

CryptoTradeCorp – Can You Trust Them?

By on June 12, 2021 0


Website URL: https://cryptotradecorp.com

Based: 2021

Regulations: No regulation

Languages: English

Deposit Methods: Unknown

Minimum deposit: $ 250

Free demo account: No

Number of assets: Over 180 (Unspecified)

Types of assets: Fiat Currencies, Digital Currencies, Commodities, Stocks, Indices

Trading accounts and conditions

Here is the list of trading accounts offered by this broker:

  • Startup Account: The minimum deposit required is $ 250. The trade offered on this account is $ 50.
  • Standard account: The minimum deposit required is $ 1,000. The trade offered on this account is up to $ 100.
  • Gold Account: The minimum deposit required is $ 3,000. The trade offered on this account is up to $ 300.
  • Platinum Account: The minimum deposit required is $ 10,000. The trade offered on this account is up to $ 500.
  • VIP Account: The minimum deposit required is $ 50,000. For more details on this type of account, you should contact your account manager.

The EURUSD spreads are at 3.8 pips and the leverage ratio is max at 1: 200.

CryptoTradeCorp – Benefits

There is no advantage in using the services of CryptoTradeCorp.

CryptoTradeCorp – Disadvantages

Here are all the red flags we have found that indicate this broker is yet another scammer:

CryptoTradeCorp provides us with an address in Seychelles on the home page of its website. This means that this broker should fall under the jurisdiction of the Seychelles Financial Services Authority. However, when we checked the Seychelles FSA online registry, we did not find any broker with this name. Which means that this broker is not authorized by this regulator. And since there is no other information on its regulatory status, we can conclude that this broker is not licensed by any other financial regulator.

Interestingly, there is also another indication that this broker is operating illegally. In his Terms and conditions, CryptoTradeCorp declares that its website should not be used by a trader located in a location where local laws prevent them from using the services of this broker. This means the broker is telling the trader to be regulated!

$ 100

Minimum deposit

Plus500 is an FTSE 250 listed brokerage firm that provides online CFD trading services on over 2,000 stocks and multiple asset classes.

$ 100

Minimum deposit

The company was formed as a combined effort of financial professionals and e-commerce experts with the goal of perfecting the online experience for retail traders.

The trading software offered by this broker is one that we have seen frequently – on the websites of other scam brokers! This is a simplistic web-based trading platform that only offers a few tools: time frames, pending orders, price alerts, live and TV news, some charting options, take-profit, and stop loss.

This is a far cry from the MetaTrader 4 platform, which is what most regulated brokers offer their clients. This platform has a wide range of features such as automatic trading robots, customizable charting and market analysis tools, a huge 3rd party app marketplace, and much more.

When we tried to check out the customer area, we weren’t allowed to see the deposit options. This, of course, could be due to our failure to complete the verification process – forcing us to submit personal information, which we weren’t comfortable doing.

So while the broker’s website advertises a wide range of payment options – wire transfer, WebMoney, Visa, MasterCard, etc. – we could not find a single deposit option. Therefore, we were unable to verify what funding options actually exist with CryptoTradeCorp.

There are a lot of things that we found missing from the terms and conditions of this broker. The first was that there is no clear and detailed withdrawal policy. The broker states that the minimum withdrawal amount if using wire transfers is $ 500 and the minimum bank transfers are $ 100. CryptoTradeCorp also specifies that the processing time for withdrawal requests is between 7 and 10 days. Beyond that, there is no clarity on the withdrawal fees.

Also, when you go through the terms and conditions, you will realize that this broker is going to use your funds (your profits as well as your deposit) as collateral against any commissions or fees that you may owe to this company. However, the broker does not specify what these fees and commissions actually are!

There’s also a new and confusing clause – something we’ve never seen before. It indicates that you will receive a predetermined payment if your transaction expires in the money. But if your transaction expires Out of money, you will then lose part of your investment. We’re not sure exactly what that means, but it doesn’t sound good.

Another annoying clause is one that states that this broker can set limits (or change limits) on your overall trading experience. This means that the broker can control the size of your order, the exposure of the company to you, the prices of assets available for trading, etc. That’s not all. The broker goes on to say that these limit changes can be applied at any time without any notice being given to you.

And, of course, the ubiquitous indemnity clause that can be found on every scam broker website. This clause protects the broker from any legal action that its clients may take in the event that they suffer losses while using the CryptoTradeCorp website and services.

CryptoTradeCorp also has a very unfair bonus clause. Of course, the first red flag is the fact that this broker offers bonuses! Bonuses are a controversial promotional tool that has been banned in most jurisdictions due to the unfair withdrawal terms unscrupulous brokers attach to such bonuses.

And of course, this broker also has the classic opt-out clause which clearly marks them as a con artist. According to the clause, you cannot withdraw your profits if you have taken advantage of the bonus from this broker.

Conclusion

CryptoTradeCorp is a scammer and if you invest your funds with them, chances are you will never see that money again. We strongly recommend that you stay away from this broker and invest your money with a regulated and fair broker instead.

CryptoTradeCorp

CryptoTradeCorp

The inconvenients

  • Broker not authorized
  • Bad trading software
  • No deposit option
  • Unfair terms
  • Unfair bonus clause



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