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We never once doubted that Kryptextrade wasn't hiding something. The moment the website was open to us was exactly when we knew the verdict to the review; and it's not a good one. That's how little Kryptextrade does to separate itself from the rest of the shady brokerage community. The following review should be read before doing anything that you will regret!
User will be fooled by the alleged regulation by the International Financial Commission (FinaCom). It's all fine and dandy, until you realize that FinaCom is has absolutely nothing to do with the issuing of FX licenses, and is in fact a conflict resolution mediator between traders and companies, not a government authority. It has not tis to the FX industry, and therefore Kryptextrade cannot be regulated by it. The company drops the name expecting certain users to fall into the trap.
Moreover, the falsified certificate of regulation – and yes it is a fake one- does not do the firm any good. Anyone can easily edit an image of a certificate and set one's name on top of it.
Other than this quite useless piece of information, noting one the website is further revealed concerning a license or registration. It pains us not to conclude that Kryptextrade is unregulated and a risk to all.
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 requirements 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).
Once we accessed the user area we found out one crucial thing. Users will probably guess, but either way here it is- the so-called broker does not have a trading software, and this means that clients cannot trade with Kryptextrade… you know, the one thing users go to FX brokers for.
All we get on the website is a statement that the broker is actually a crypto trading-focused broker, with great grounds for doing so. What grounds? There isn't a software to be seen! Without a terminal how can we even call Kryptextrade a broker? Easy, we don't label it as one.
As we already revealed, there is no trading software used by the broker here.
Instead, the user area has a clump of third party charts, that create the illusion of forming a whole trading area.
Everything you see in the user area is fake, and crucially, misleading to the point where users will get fooled/tricked into depositing.
KRYPTEXTRADE MINIMUM DEPOSIT
There is no minimum deposit disclosed anywhere on the site. The broker is silent on this valuable details.
Through the website, we get logos of VISA, MasterCard, a bunch of e-wallets, suggesting that clients can pay by means of these methods; and yet what proof do we have of these being present? None.
Yhe only way to actually invest here is by sending BTC to the broker. In the user area there is a direct BTC buying options, smartly concealed. The client directly send BTC to a untraceable wallet and expects the money to be reflected? No chance!
And in the end, even we somehow accessed additional payment information, we would still be concluding the same thing; the broker is a risk to all and not worthy of your money!
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
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, oftentimes 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.
KRYPTEXTRADE WITHDRAW TIME AND FEES
As a last sign that this broker is a complete joke is the fact that there are no withdrawal details anywhere to be spoken of.
No minimum withdrawal amounts have been revealed, no fees, no nothing. We aren't exactly sure whether or not the broker really allows for users to take out money.
This is another reason why users should not be investing in this scam to begin with.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback 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!
It feels like we have been repeating ourselves on the way. Well. for the last time: Kryptextrade is a scam and a risk to all!
Kryptextrade compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines