Kryptobot

Kryptobot (kryptobot.online) is quite the uninspiring broker, and even that is saying much. See what's wrong in the following review.

With no legal documents and a very impossible set of licenses, Kryptobot is headed towards unregulated broker territory.

The footer of the website is the only source of the following information. According to it, the broker is regulated by CySEC in Cyprus, the IFSC of Belize, and the CFTC of the United States.

Let'make something clear. For a broker to operate in the US it must be a member of the National Futures Association (NFA), and has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC); it cannot be registered as an offshore entity and at the same time be regulated by both the NFA and CFTC. not to mention that the minimum capital requirement for any broker to be licensed in the US is $20 000 000. We can immediately rule out any possibility that Kryptobot operates there.

As for the alleged licensed by the IFSC and CySEC, they are just that; alleged. In reality both agents have not and will never endorse such a sloppy broker. We conclude by labelling Kryptobot an UNLICENSED broker, and a big investment risk!

We advice traders to always check the legitimacy of a website before making any sudden choices concerning an investment. Look out for FCA or CySEC regulated brokers. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

It's frustrating, but Kryptobot has blocked access to its trading platform, if any, behind the required ID documents. This is not a bad thing at all. In fact legal brokers have to do this in order to verify its users, but at least they offer a demo of their platform to give a taste of what it's like to trade with them. Kryptobot has no demo platform, and thus there is no way to verify if the advertised trading conditions are applicable or are just for show.

The website, which consists of just the Home Page, and the name of the broker both suggest that users mainly trade with cryptocurrencies. As for other trading terms like spreads and a leverage, there's nothing given.

The only language at Kryptobot is English.

KRYPTOBOT LOGIN

We wish Kryptobot gave us a demo account, at least to verify for any trading conditions. For now, there is nothing we can work with. The client dashboard has a Trade Center section which we assume is the platform.

KRYPTOBOT MINIMUM DEPOSIT

Even the depositing section is blocked by our unverified account status. This is unusual for an unregulated broker to do so, for its primary goal is to initiate deposits.

According to the website, funding an account is done via bitcoin. Forget about any minimum deposit amount.

Even if one were to get his/her documents verified and proceeds to deposit we are bound to warn this user that all signs point to the obvious: this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against depositing in 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

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, 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.

KRYPTOBOT WITHDRAWAL TIME AND FEES

The only information we can provide you in this section of the review is what the broker bluntly claims on the home page: that withdrawals will be returned within 7 days. This is all we can give you.

ADDITIONAL FEES AND TAXES

There are no additional fees mentioned anywhere because there are no legal documents.

Once you request a withdrawal, probably due to your suspicions being realised, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find some loophole, 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

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!

BOTTOM LINE

Kryptobot is a pure scam. There is absolutely nothing for you to get from it! Stay away from this one!