CryptoRocket

CryptoRocket’s slight cartoony style is the first tell of many that there is something wrong with this broker. If you want to find out what that is, please read on.

A broker must have a decent regulatory body for it to thrive and succeed in the very competitive forex industry. Well, CryptoRocket is said to be operating in St.Vincent and the Grenadines, without mention of a regulation. It claims that it conducts its services under the local court law:

Yet on the footer it claims that it’s not intended to be used in any jurisdiction:

It’s these odd claims that contradict each other, and the lack of regulation that leads us to conclude that CryptoRocket is UNREGULATED, and poses a risk to any trader wishing to invest in it.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

The leverage value has been shown on the main page as being 1:500, which is quite high and is a double edged sword, because it both offers a chance to score big but also the possibility to lose all.

The same cannot be said about the spread. Our attempt at registering an account was unsuccessful, and thus a proper EUR/USD is out of the question. What we are left with is a suspicious Live Quote chart on the Home Page that showcases a EUR/USD cost of spread shifting from 0.5-1 pip.

Trading instruments are few: Forex Pairs, Crypto, Indices, Metals, Energies and Stocks. We cannot confirm this to be 100% accurate since we were unable to register and account.

The website is in English by default, and cannot be changed.

CRYPTOROCKET LOGIN

The brokerage has included the MT4 platform with them, but as you will see it comes with one major issue.

METATRADER 4

This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders.

However, when it comes down to CryptoRocket’s MT4 one obstacle prohibits us to access it. And that is our failed attempt at registering. Without this process being fulfilled we cannot vouch for it.

The only spread and leverage value we can give you is the one that is delivered to us on the Home Page: 0.5-1 pip.

The MT4 is available as a desktop trader, on a browser and on mobile.

CRYPTOROCKET MINIMUM DEPOSIT

There is no minimum deposit amount.

The way to fund ones account is via bitcoin exclusively. However, since we were unable to register and because of the unlicensed nature of the broker our claims go as far as that, meaning that there might be more or fewer methods of depositing.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing 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

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

CRYPTOROCKET WITHDRAWAL TIME AND FEES

There is no minimum withdrawal amount, which fits in with the fact that one can withdraw only in bitcoin.

There is no information laid out concerning the withdrawal processing times.

ADDITIONAL FEES AND TAXES

The truth is that we were unable to find any hidden fees. However, this does not rule out the fact that CryptoRocket can charge you with unsuspecting fees and commission, seeing as it is unregulated. Furthermore, once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.

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 most sound advise we could give you is to immediately file for a charge back with you credit card company.

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

CryptoRocket might give traders some freedom, but do not confuse this with immunity form being scammed. The simple truth of it all is that this brokerage firm in unlicensed and thus is best avoided.