CryptoFXMate

CryptoFXMate claims to be many things; a CFD and Forex broker, a binary options trader, and an official partner of the Bitcoin Foundation. Seeing the rather uninspired look and interface of the website, are these claims to be believed, or is this broker yet another scam? Read on to find out.

CryptoFXMate has left out the most important details out, that will determine the nature of the review. The alleged broker has left out any details on a license, and does not include any legal documents.
We will be short, and deem this one UNREGULATED, and as such, a risk to all investors.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

Furthermore, we could not proceed with the registration process because the website has to verify the information one provides, and afterwords it decides if a proposed user can become a full time client with the brokerage firm. And so, we had no access to a client portal nor a trading platform from which to take a EUR/USD spread value. The website mentions that the minimum EUR/USD cost of trade is 0.7 pips.

The website isn’t helpful at all, when it comes to revealing a leverage amount.

The trading assets are said to be Forex Pairs, Indices, some undisclosed CFDs, and probably cryptocurrencies as the name of the broker suggests.

The website is made available only in English.

CRYPTOFXMATE LOGIN

Since we had failed to register, or rather the broker wouldn’t allow us, we had no access to any trading terminals whatsoever.

The website of the company claims that there are three separate platforms: HIGH TraderPro, HIGH MT4 and HIGH Binary, each offering different trading conditions. Both the MT4 and TraderPro offers the usual Forex and CFDs trading conditions, while HIGH Binary is, obviously, a binary options trader.

More details on the platforms, or more importantly, on the trading conditions are left out.

CRYPTOFXMATE MINIMUM DEPOSIT

The only related to this section info we were able to acquire is located on the Home Page, and reveals to us some probable Payment Options, including Visa, MasterCard, Bank Transfer, and Crytpo. However, we have our doubts about these methods for the Client Dashboard is not within our reach to verify these for accuracy. For the same reason, we cannot give you a minimum deposit amount.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

AnyDesk and TeamViewer software 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 software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

CRYPTOFXMATE WITHDRAWAL TIME AND FEES

If you though that the deposit info was limited, then the lack of withdrawal details will not surprise you. Related information is so scarce, that the word “withdraw” was not written anywhere in the entirety of the website that as made available to us. If that doesn’t reveal the true nature of CryptoFXMate as a complete scam, then we don’t know what will.

ADDITIONAL FEES AND TAXES

Because there are no Legal Documents we are left with no choice but to proceed without mentioning any suspicious clauses.

Nevertheless, reader should be aware that unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. 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 realizing their schemes, 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.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

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

The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.

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

CryptoFXMate is a total sham! Those of you thinking of depositing there will 100% be victimized by it, and will never see you money back.