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By now 99% of all brokers that have “crypto” in their title have been illegitimate. Is Cryptonxt one of them, or is this a hidden gem? Read the review for our point of view.
Cryptonxt revealed, after a couple of mouse clicks, its simplicity and laid back attitude. This would be a great thing if the broker was regulated, but it seems that Cryptonxt does not fall under that category. The entirety of the broker is summed up in its main page, with no sub pages, and no external links. Only the registration takes place in a separate page. There is no mention that it holds any sort of license.
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).
Speaking of registering, the website sent us an error message twice while trying to register. After a while we gave up on signing up.
There is a chance that the website is a front for one of the most popular scams that sees users being contacted by scammer agents.Basically the scheme involves users providing, willingly, their contact details on fake ads or fake surveys online, and other sources. Soon enough they will be, without a doubt, called by the broker’s representative whose one and only goal is to push you to make an initial deposit. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.
Seeing as there is no way to register, there is no way to verify if there are actual trading conditions available. The website claims that Cryptonxt is a crypto mining, on top of offering by-sell digital sell options.
Languages are English, Arabic, Spanish, Bengali, Chinese, Czech, German, Estonian, Hindi, Croatian.
As we mentioned the registration is broken, meaning that there is no way to check if there is a trading platform. The website claims to be offering a terminal of some questionable sorts, but we doubt its existence. We assume that there is no such platform.
CRYPTONXT MINIMUM DEPOSIT
The website reveals four estranged payment methods: Luno, CoinMama, CoinGate, and Coin Base. It seems that they all function with cryptocurrencies, meaning that deposit are untraceable! As for a minimum deposit, there is no reveal made.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
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.
CRYPTONXT WITHDRAWAL TIME AND FEES
Withdrawal details are scattered throughout the ambivalent T/Cs. On it, it says that withdraw requests are processed within 24 hours. The document does not mention any withdrawal fees.
ADDITIONAL FEES AND TAXES
The terms and conditions are accessible while an account is being opened, or on the footer, and as such are easily missed. This is for a reason. It being that it contains some important clauses.
Users who utilize a bonus structure will have to perform a 40 * each $1 bonus trading volume execution prior to withdrawing.
Next is a classic clause that absolves the broker from all the blame. Blame deriving from users who have been victimized by it. The inclusion of such a clause means that the broker will surely try to scam you.
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
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!
We are certain that Cryptonxt will not return your investment. That is why we urge users to leave this one be!
Cryptonxt compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines