Beware! CryptoXpressTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Dont put all your eggs in one basket. Open trading accounts with at least two brokers.
CryptoXpressTrade presents its users and us with a peculiar mix of too much mixed with a mess of an interface, that results in an unappealing package that has no real face value. Its so bad, in fact, that even the most rookie of FX traders will probably be able to detect the scam behind the poor facade. The following review talks about pretty much everything users should know about CryptoXpressTrade.
The act of registering took less than 10 seconds, which is never a good start. What we were redirected to was a very sloppy and unprofessional user area, that was very reminiscent of some of the worst brokers we have reviewed in the past. The client portal is a great reminder that users are dealing with an illegitimate broker!
However, by far the biggest issue we had with the user area was the complete lack of a trading software, which was replaced by the worst thing ever: misleading third party charts, acting as a trading platform.
Without a trading software, we can say that the broker does not offer any trading services, which means that CryptoXpressTrade is not even a broker. None of the leverages spreads and advertised trading assets apply!
English is the only language of the website.
CRYPTOXPRESSTRADE REGULATION AND SAFETY OF FUNDS
One of two holding companies, Crypto Xpresstrade Trading Services Ltd is said to be registered in Seychelles. The Financial Services Authority Seychelles does not license the broker, just so you know. The second parent firm is called Prime Technologies Ltd and is said to be located in Saint Vincent and the Grenadines, a notorious place where thousands of illicit brokerages operate. There is no FX regulator in place there! If the broker really operates from either of these countries, then it is doing so without a license.
The contact address puts the broker in the United States out of all places! Rest assured that there is no way CryptoXpressTrade operates in the US legally. The mere state of the broker is under any sort of standard, and there are so many issues with it that its even insulting to think the CFTC and NFA would ever regulate such a mess!
And we must not neglect the conditions of both website and user area, two very indicative elements of the overall scammer personality of this broker. Not to mention the lack of a trading software, which acts as a clear sign that CryptoXpressTrade is not really a broker, but a useless website!
There is no denying the truth of CryptoXpressTrade. This broker is UNLICENSED, a risk to investments, and probably a scam!
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! Whats special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to 20 000 per person, while the FCA guarantees up to £85 000.
CRYPTOXPRESSTRADE TRADING SOFTWARE
There is a very good reason why CryptoXpressTrade does not come with a trading software, and that is because it instead arrives with a TradingView chart, which does absolutely nothing. Its sole purpose is to make it seem like it is a trading software.
However, on the depositing section of the broker, we get a glimpse of what seems to be a part of an investment plan, which was totally uncalled for.
Investment plans are basically completely misleading and false opportunities. Never trust these things, even if it sounds too good. No company can offer profit so easily!
CRYPTOXPRESSTRADE DEPOSIT/WITHDRAW METHODS AND FEES
The following is what we learn from the user dashboard concerning both deposits and withdrawals: the minimum deposit is $20, and the only payment method is a shady and untrustworthy Bitcoin wallet. Withdrawals are also processed through bitcoin, meaning that there is no minimum amount, nor is there any wait time.
Be aware that there might be fees and hidden commissions. You never know what to expect from unlicensed brokers.
CryptoXpressTrade is not worth anything. You do not owe it anything!
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a account managers, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!
Rich Snippet Data