Anonymity is the signature of this broker. Whether you are looking for owners, licenses or office addresses, everything is missing. It’s already a red flag for this broker, but we will continue digging for more clues.
This broker states that they operate under the laws of Estonia. This country is known for companies that are opening accounts there without any regulations. We checked the FI register and found nothing about the Cryptics broker. Read on for more findings in our Cryptics review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CNMV, FSMA|
|Supported Platforms:||Web trader|
|Minimum Deposit:||500 USD|
|Cryptocurrencies:||YES – BTC, LTC, XRM|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is Cryptics a Scam Crypto Broker?
We can’t expect a company that is hiding crucial information to be honest and reliable. Especially in online trading where everything is virtual. That’s why you have institutions that are monitoring every move of these companies.
Such institutions are financial regulators and we suggest always looking for Tier 1 Regulations. Those are FCA ( UK ), BaFin ( Germany ), ASIC ( Australia ) and CONSOB ( Italy ). None of these has any information about the Cryptics trading company.
The Cryptics company is anonymous, there is no ownership presented or offices. On top of that, trading conditions are mysterious. There’s nothing else to say but to run away from this broker as fast as you can.
Reasons for Using a Regulated Broker for Trading
The reason is very simple. You know trading conditions and you have the security of the funds. Companies that are violating rules and regulations are paying huge fees for that. Those guys wouldn’t lose their license for your withdrawal of whatever amount.
Moreover, they will educate you about trading and that’s when you have a chance to make some money. Not with scam brokers like Cryptics.
Red Flags and Warnings from Financial Regulators
This broker according to other Cryptics reviews is scamming traders from Spain, Canada, the UK and Austria. Even Spain’s regulatory body ( CNMV ) issued a warning against this broker.
Where’s smoke there’s a fire. Be careful and think twice before handing your hard-earned money to this broker.
As expected, this broker only offers a web-based trading platform. Those are the ones that could be manipulated and used to trick clients. That way they can extract from people as much as they want.
These days, traders are looking more for copy trading and social trading options, that are making their decisions easier. This broker doesn’t have that option.
The Cryptics broker platform doesn’t offer any advanced features compared to MT4/MT5. Only basic chart preview, few indicators, margin level, opening positions and some other basic features. This wouldn’t be even satisfying to a beginner. Look for another broker!
Trading On Mobile Devices
Trading on a mobile device is not available with Cryptics broker. You can only access it through your browser, therefore you are limited. The mobile version sometimes does not opt for some devices and could make you trouble. We suggest you look for another broker on time.
Another interesting topic is AnyDesk. That is a program that allows a person to access your computer remotely. That’s presented like it should be helpful and assistance. However, scammers like these are using such software to access your personal information and bank accounts.
What Financial Instruments Does Cryptics Include?
Even though, the list of assets is solid it is not reliable since they don’t have a license for trading those. Anyway, here’s the list:
- Forex USD/HKD, EUR/SEK, GBP/JPY
- Commodities oil, natural gas, cotton
- Indices Dow Jones, AU200, BE20
- Shares Apple, Pfizer, McDonald’s
- Cryptocurrencies BTC, ADA, XRM
We always suggest trading with cryptos on a crypto exchange. With trading companies, leverage is too high and you can lose all of the funds very quickly.
Cryptics Service Countries
One interesting Cryptic review revealed all the countries that they are scamming traders from:
All mentioned countries are highly regulated when it comes to finances. This broker doesn’t have a license for trading in any of these countries. However, it’s not excluded that there are some other countries involved.
Cryptics Types of Accounts – An Overview
We highly doubt you are still considering trading with Cryptics broker. However, there are options for their account types:
- Standard 5.000$
- Prime 10.000$
- Pro 50.000$
For non-regulated companies, these are very high minimum requirements. They don’t offer a demo account to check how everything works. Not even a micro account like some licensed companies.
Cryptics Trading Bonuses
Companies like this have a very interesting trick. Nowadays, it’s known to any experienced trader. Cryptics trader offers for any account type respective bonus, on top of your deposit.
However, to be able to withdraw the profits, you have to make a rollover that is 30 times bigger than the bonus plus the initial deposit. That’s how they will lure you into depositing maybe more not to lose all of the funds or they will give you a withdrawal fee.
Cryptics Deposit and Withdrawal Policies
You can deposit money with this broker through a Visa/Master/Maestro card and Wire transfer. At a later stage, cryptos are available most probably. Withdrawals tend to be too long, due to countless attempts from brokers to give you an excuse why not to get it.
The most important thing to remember is not to pay any additional fees for withdrawals because those don’t exist!
Cryptics Terms and Conditions
As for basic conditions, everything is questionable since they are not regulated. Whatever is stated could be fake. Trading conditions like spreads and leverage are unknown with this broker. You don’t know what to expect unless you deposit money.
Scammed by a Cryptics Broker? – We Want To Hear Your Story.
Many people get scammed by this broker, you are not the first or last. However, it’s important to share your story. That way we can raise voices and get regulators to issue an official warning. Now, the important part is the chargeback process, where you can get your funds back if they scammed you.
What Is the Chargeback Procedure?
The procedure includes reversing transactions made with cards. It is not that complicated, but we suggest you not do it on your own. You can book a free consultation with our experts. Your first step is behind a corner. Contact us now!
What Is Cryptics?
This is a non-regulated trading company scamming people from the UK, Canada, Austria and Spain.
Is Cryptics a Scam Broker?
They don’t provide any regulations. Cryptics reviews are screaming it’s a scam. There’s a warning from a regulator. To sum it up, yes.
Is Cryptics Available in the United States or the UK?
This broker only offers services to UK clients. But they don’t disclose that they don’t offer services to US clients.
Does Cryptics Offer a Demo Account?
No. They only have bizarrely high amounts on their live accounts. There’s not even a micro account provided by this broker.
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Fox on Law,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from ForexIndustry.com.
To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/14/cryptics-review-a-few-details-for-uncovering-trade-fraud/.