Certain offshore brokers really amp the knob and give it all in they visual styles. While 24Crypto.net is not 100% dialed up, it still is able to easily fool a range of traders due to its look and interface. However, be aware that this broker is not what it seems, and beneath its polishes surface we find something that we were not really surprised of. Bear with us as we explore this broker and reveal all its crucial building blocks. Be sure to read the review before investing for you will regret it in the end.
Creating an account could not have been simpler. The user area that followed is one we have seen many times before. It’s basically a template that previously reviewed scammer brokers had used. It’s extremely simple to grasp, and very plain.
Fortunately, we were lucky enough to access a web trader from which we took the following trading information. The EUR/USD spread that we read was of 2 pips, which is around the industry average. Although, anything beyond that is considered a bit too unlucrative. The available tradeable financial assets are forex currency pairs, indices, stocks, commodities, and cryptocurrencies. According to the website, the leverage is capped at 1:100
The website is available in English.
24CRYPTO.NET REGULATION AND SAFETY OF FUNDS
The so-called “mother” company of the broker is operated from Saint Vincent and the Grenadines. 24Crypto.net claims to have a subsidiary located in Estonia. The terms and conditions claim, on the other hand, that the courts of Seychelles have exclusive power to settle any dispute arising between user and broker. We have three contrasting claims, none of which really matter.
Saint Vincent and the Grenadines is a country with no FX regulator. Therefore, all broker registered there are unlicensed in the country. Moreover, it’s the most popular location for scammer brokers out there.
In order to be located in Estonia and offer legal FX services a broker must either be licensed by the local Estonian Financial Supervision Authority, or to have a cross-border license issued by another regulator. 24Crypto.net has neither. It is not regulated outside of Estonia, nor inside of it.
Lat but not least, the Seychelles matter. Unlike Saint Vincent and the Grenadines Seychelles has a the Seychelles Financial Services Authority that oversees all FX businesses. Yet, is does not regulate the current broker. Not only is there no proof of a license on the website of the broker. but there is also no mention on 24Crypto.net that it is licensed by it.
Furthermore, the website promotes TeamViewer and AnyDesk, two software that allow anyone to access your PC via remote access. This in the hands of a scammer broker is extremely dangerous.
Overall, there is no way that 24Crypto.net is regulated. This firm is utterly UNLICNESED, and a risk to all funds!
Never rely on unlicensed brokers. They are scams and will steal form you! Put you money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand a safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose broker cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
24CRYPTO.NET TRADING SOFTWARE
The software used for trading is a very typical unlicensed broker web trader.
There really isn’t much to say about this terminal. It’s incredibly basic and allows for no personal user development. There is no learning curve and no way for a user to progress. But, it’s not like we expected any different.
24CRYPTO.NET DEPOSIT/WITHDRAW METHODS AND FEES
The depositing area resembles a contact form. There is no minimum deposit requirement filed, no payment methods to chose from, only basic fields that require no payment-related information.
According to the website, the minimum deposit is $5000, which is 20 times the typical amount!
From the user area we learn that clients can withdraw by means of wire transfer, credit card, a BTC wallets, and “other”.
As per the legal docs, the withdrawal processing time is 3 days. There is also mention of transfer fees, but never further info than that.
Very suspicious payment grounds! All deposited fund are at a clear risk! Stay away from this one!
How does the scam work?
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalogue of psychological trickery is vast, and their patience is unbreakable.
An initial deposit leads to a second one, a third one and so forth.
As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising, but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, care-free lifestyles, expensive items, and beautiful vistas. All are stock images to start you imagination and propel you to give away your contact address, and in the perfect scenario, to invest.
Once the client wishes to withdrawal, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the accoutn, shut the entire website, or just not return phone calls and emails.
What to do if scammed?
If a user has lost funds by means of a credit or debit cars, then the firs thing to do if file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.
Bank account swindles are harder to get bank but not impossible. First of all, change you bank account user name and password, and then call the bank to find a plan of action together.
Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.
Also, don’t trust the self-proclaimed recovery agents. These are also scammers, and will ask you for a fee, and return they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!
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