CryptoEU

Don’t get fixated on the flashy visuals and empty promises of CryptoEU, for your disappointment will be just the beginning of your financial downfall. Read on to find out why.

CryptoEU is owned and operated by Columbia Capital Group LTD which is located and incorporated under the laws of the Marshall Islands, whilst the payments are handled by O.A Media Solutions LTD as incorporated in Bulgaria:

The Marshall Islands, we remind you, do not have a financial regulator, whereas Bulgaria has one (Financial Supervision Commission), but there is no claim by the broker that it is regulated by it. So we must conclude that CryptoEU does NOT HOLD A LICENSE.

As an unregulated broker, and one located in the Marshall islands, CryptoEU can, technically, give as high a leverage as it wishes. However, seeing as it’s strictly a cryptocurrency broker, the industry approved rate is 1:10.

As for the spread, it should be no more than 0.5% of the price for Bitcoin. After our third attempt, we were unable to register, and consequently cannot give you a spread.

The brokers deals exclusively in cryptocurrencies.

The languages are English, Russian, Arabic, Italian and Spanish.

CRYPTOEU LOGIN

There is one platform, however with it comes a huge issue

CRYPTOEU TRADING PLATFORM

And the issue is connected to our inability to register an account, thus there is no way to review the platform. We only get a glimpse of it on the homepage, and that’s there all is to it:

By the looks of it, it seems fluent and very aesthetic, with some option here and there for personalized trading.

As for the Bitcoin spread, it shouldn’t surpass 0.5% of its current price. There are also commissions depending on which account type you chose to trade with:

The leverage should not exceed 1:10. However, we are hypothesizing here since both leverage and spread values were not indicated anywhere on the website.

The same can be said for the platforms device support.

CRYPTOEU MINIMUM DEPOSIT

The minimum deposit is $250. This number increases with the other account types.

The only payment methods are via Wire Transfer and Bitcoin, which in this day and age of online trading is disappointing.

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation and the inconsistency and general messiness ny which it operates. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

After scouring the T/C we could not find info against giving away you credit card’s CVV code. Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

CRYPTOEU WITHDRAWAL TIME AND FEES

Customers who wish to withdrawal more than $1000, will receive the amount in by-monthly installments:

Withdrawals are also limited to one per month, not to mention that this unfolds as the account types change further prohibiting users to withdrawal less they meet some preposterous requirements:

This is absolutely ridiculous, and in no way acceptable with regulated brokers. This pretty much acts as proof that the broker is a fraud.

The minimum withdrawal is $100.

The broker claims that the withdrawals are processed with 2 days by the broker, and then another 3 by the payment system.

ADDITIONAL FEES AND TAXES

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. This one in particular take things to a whole new level, at time bending its own rules. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable of manipulating the mass of novice traders, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

There are no withdrawal fees, save for those issued by the payment systems. This makes no difference for Crypto EU bombards users with hidden charges.

There is the Management fee that is 3.25% starting at the 6 month mark of your first deposit. After which every deposit will be charged a commission of 3.25%. At least that’s how we understood it. There is also a Quarterly Trading Commission that is 1.5% of the trading volume for the quarter, whatever that means.

The inactivity fee of $30 commences from the second month of inaction in an account. This is the shortest time period we have stumbled across where dormant fees are concerned, and is ridiculous even for a scam broker.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to this one: it’s most certainly a scam. CryptoEU will inevitably use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choоse to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

We aren’t always this quick to judge, but with CryptoEU we are positive that any money you invest WILL NOT BE returned to you. This falsified broker has very ridiculous fees… Don’t even think about going there!