Cryptocom Review: Crypto-com.ai a Broker to Watch Out
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Cryptocom Review
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Regulation
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Proof of Fund
Summary
The broker only says they started as a small company, offering digital currency trading opportunities. However, they haven’t given any details about who began the firm or who is running it currently. This was a red flag.
Cryptocom has included the term artificial intelligence (AI) in its vocabulary to try to convince us of its legitimacy. However, this broker is a scammer. They claim to empower your trading journey through the use of smart AI. Nothing could be further from the truth. If you want to succeed, trade only with honest and transparent cryptocurrency brokers.
Digital currency scam brokers employ a range of sophisticated tactics to deceive investors. These include fake celebrity endorsements and doctored testimonials from supposed satisfied clients. They also manipulate trading platforms to show false profits. The hype surrounding digital currencies is one of the key factors in this rise of scammers.
About Crypto-com.ai
This broker allows spread betting and CFD trading. They claim to have over 100,000 active traders and can execute trades within 0.1 seconds. The firm offers six types of accounts, each with unique parameters. We also noticed that they offer welcome bonuses of 5-15% of your first deposit and 10-20% of your referred friend’s deposit.
Although this is not unethical, it is a red flag, given the broker’s questionable reputation. There is also news about the digital currency market which purportedly helps traders make better investment decisions. Although they claim to be one of the most powerful trading companies in the world, there’s no evidence to support this assertion.
Founders and Team
The broker only says they started as a small company, offering digital currency trading opportunities. However, they haven’t given any details about who began the firm or who is running it currently. This was a red flag.
One telltale sign of these fraudulent operations is the deliberate concealment of their founders and current CEOs. This practice serves multiple deceptive and protective purposes, shielding the scammers from legal repercussions and enabling the continuation of their illicit activities. By concealing their identities, these individuals make it harder for authorities to trace and recover stolen assets.
Cryptocom Contact Details
To reach this broker, you can only send a message and you will have to include your email. A reliable broker should have multiple communication channels. Avenues such as phone numbers, email, live chat, and social media ensure that clients can reach their broker whenever needed. This round-the-clock support is essential for addressing urgent trading issues, providing technical assistance, and answering questions promptly.
A broker that invests in multiple communication channels projects a professional image. It indicates that they value customer interaction and are prepared to handle a high volume of inquiries efficiently. This professionalism can be a deciding factor for traders when choosing a broker. In times of market turbulence or technical outages, effective communication becomes even more critical.
Regulation
With this broker, there is no regulatory oversight. Reputable brokers are usually regulated by financial authorities in their respective countries, such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the US. If you encounter issues such as fraud, account manipulation, or withdrawal problems, you can seek help from the regulators. If they are unregulated like Cryptocom, it is almost impossible to take legal action or seek compensation.
Regulated brokers are required to segregate client funds from their operational funds and often participate in compensation schemes to protect clients’ investments. Unregulated brokers on the other hand often mix client funds with their own. This increases the risk of losing money if the broker faces financial difficulties.
Financial authorities in Russia have flagged Cryptocom for their deceptive practices. With such a warning, it is wise to stay away from them.
Cryptocom Trading Conditions
The minimum deposit is $2,500 for the standard account. For the VIP account, you need at least $1,000,000. This is a ridiculously high amount for retail traders. There are reputable brokers that offer accounts for as low as $5. Therefore, it was surprising that this broker has such unrealistic conditions.
Final Verdict
Cryptocom is a scammer. There are many reputable and transparent cryptocurrency brokers, but this is not one of them. If you want to succeed as a trader, always ensure that your broker is regulated.
Also, read as many reviews as possible from reputable news sources. Don’t trust any reviews because scam brokers can hire people to masquerade as satisfied customers, thereby deceiving many.
