CrpTrade Review: Crptrade.com Illegal Investment Scheme
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Crptrade.com Review
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Fund Safety
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Proof of Withdrawal
Summary
CrpTrade is a fraudulent forex broker. All their claims about legitimacy are just hot air. The broker is a seasoned scammer and may even be operating other illegal websites. Thankfully, we have exposed them.
The world of forex trading is dynamic and fast-paced. It offers the potential for substantial profits, but only to those who work with honest and trustworthy crypto brokers. Alongside the legitimate opportunities for profit, the market is also riddled with scammers looking to exploit unsuspecting traders. CrpTrade is one of those rogue schemes.
These scammers operate in various forms, from unregulated brokers to fraudulent signal providers. Furthermore, the anonymity and global nature of the forex market make it an ideal playground for scammers. With no centralized exchange and traders operating from all corners of the globe, it can be challenging to track down and prosecute these fraudsters.
About Crptrade.com
This broker purports to facilitate the trading of commodities, stocks, currencies, crypto, indices, metals and NFTs. They claim to have over 200 assets to trade, four operational offices, over 3,000 active users and nine years of experience. However, when we checked whois.com, we found that the broker recently registered their domain on 27th June 2023.
Thus, they have only been in operation for less than one year at the time of writing this review. It is therefore false to claim to have nine years of experience. This fraudulent broker is obviously a scammer.
Founders and Team
Although this broker purports to have been in the forex trading business for a long time, they have not provided any supporting evidence. For example, there is no information about the founders of the firm or its current executives. Company leaders are essential because they help clients to understand the values and philosophy behind the company.
Knowing the founders and team members of a company can help clients assess the company’s stability and longevity. By understanding the qualifications and experience of the individuals leading the company, clients can gauge the company’s ability to weather economic downturns and market fluctuations. This knowledge can provide clients with peace of mind, knowing that their funds are in capable hands.
CrpTrade Contact Details
There was no phone number, email or physical address linked to this broker. To contact them, you needed to enter your name, email and then give a brief description of your question. This was odd for a broker who claims to be committed to customer service.
Regulation
This is the most critical aspect of any broker. Even if a forex broker promises to charge zero commissions or zero spread, never register with them if they don’t have an operating license. One of the red flags we observed was the lack of contact details. This is a requirement for a forex broker before they can obtain a license.
We also noticed something worrying; the Italian Commissione Nazionale per le Società e la Borsa (CONSOB) has already issued a public warning against CrpTrade. They have noted that this shady broker is operating without authorization and is using deceptive practices to attract customers.
Regulatory authorities are essential because impose rules and regulations to protect investors’ interests. These regulations include measures to ensure that client funds are segregated from the broker’s own funds and that clients are compensated in the event of the broker’s insolvency. Working with an unregulated broker means that traders do not have access to these protections, leaving their funds vulnerable.
CrpTrade Trading Conditions
The spread for major currency pairs like EUR/USD, GBP/USD and USD/JPY is at 0.4 pips. This reasonable and many traders would like it. The leverage is however high at 1000:1 for currencies. This is too high and many regulators would not allow it. The lowest minimum deposit is $2500 which is too high.
Final Verdict
CrpTrade is a fraudulent forex broker. All their claims about legitimacy are just hot air. The broker is a seasoned scammer and may even be operating other illegal websites. Thankfully, we have exposed them.
It is important to read unbiased reviews about a broker to get a clear picture of who they are. Fortunately, you can trust the honest and transparent crypto brokers where you can rest assured that your money is in safe hands.
