InterCryptos review – 5 things you should know intercryptos.net

InterCryptos says to be a financial management firm that manages crypto assets, servicing over 60 000 clients with the help of 5000 dedicated, professional brokers, which make sure clients get stable and guaranteed income.

And the broker also says to be licensed and Authorized by the Financial Conduct Authority (FCA) in the UK – one of the most respected financial institutions globally. If that sounds as an investment opportunity that you can not miss, be sure to read the following review.

InterCryptos is an example of a scam, known as a “clone website scam”. In practice they use license and other details of a legit and regulated company in a deliberate attempt to scam investors.

InterCryptos regulation & safety of funds

InterCryptos says to be owned and operated by InterCryptos LTD, a company based in the UK and regulated by the local Financial Conduct Authority (FCA). This sounds great, except that as we already mentioned, it is simply not true.

InterCryptos provides us with a FCA Firm Reference Number ( 900577), which however belongs to another company – Uphold Europe Limited – with the sole intention to mislead their clients that they are a legit and regulated broker.

The InterCryptos scam is what we call a clone website scam. Here you may check the recent FCA warning against InterCryptos.

Because regulation is your only insurance against scammers, our best advice in such cases is always to double check any information a broker might present you with, by comparing it with the information in the registers of the relevant regulator. And you should be especially careful, when it comes to the license status of the broker. In this case, the scammers behind InterCryptos use the license number of a legit business.

That said, to emphasize the importance of a legit forex license, be aware that with a true FCA broker your funds will even be protected by a special client compensation scheme covering the first 85 000 BGP of your trading account even in case your broker files for bankruptcy. This is another reason for you to find a legit and properly regulated broker, be it in the UK or in the EU, where similar compensation schemes also exist.

InterCryptos deposit/withdrawal methods and fees

InterCryptos accepts deposits with wire transfer, as well as major credit and debit cards like VISA and MasterCard. Going through their Trems and Conditions, however, we came across some rather disturbing clauses. For example InterCryptos say they charge fees, without elaborating what exactly. And they also say those fees can be charged directly from your bank account or credit card, without your explicit consent. This is simply ridiculous. See for yourself:

On top of that InterCryptos also say that they reserve the right to change those fees whenever they feel like to, which is also unacceptable. Otherwise the minimum deposit requirement is 20 USD.

How does the scam work?

Be aware as well that scammers can be very resourceful when it comes to hunting for new victims. They always employ call centers with professional con artists and more and more often use the services of the so called robo scam websites like Crypto Engine and Crypto Master Bot, which are especially designed to trap potential victims with promises of guaranteed returns.

If you have made the mistake to register with one of those websites, filling a simple registration form with your e- mail and phone, pretty soon you will be transferred to another website – that of a unregulated, scam broker, where you will be asked to deposit about 250 USD.

And if you agree to make the deposit, you will start receiving daily calls from your so called senior account manager, who basically will be trying to trick you to deposit as much as you can – like 10 000 USD at least.

When you attempt to withdraw some of your funds, however, out of the blue you will be told that beforehand you should meet some minimum trade volume requirement, possibly linked to your welcome bonus. The other way around is that you will be told that first you should cover some fees, which basically means that you will have to make yet another deposit. On top of that scammers can easily manipulate your trading results, so that at one point it might seem like you are making a lot of money, and at another your funds might be erased in a matter of minutes. In any case you can not expect to be paid anything back.

What to do if scammed?

Among the few things that you can do, if you happen to be scammed, is to file for a charge back with your bank, if you have made your deposits with your VISA or MasterCard. And if you have paid with a popular e-wallet like PayPal or Skrill you will also be able to do the same, by making the request directly to your payment provider.

The period within which you can file for a charge back if you have used your VISA or MasterCard is 540 days.

And if by any means scammers have managed to get to your personal banking details like your credit card number and online banking password, or they have tricked you under any pretext to install a remote desktop application like Team Viewer or Any Desk, immediately block your credit card, delete the remote desktop application and change your online banking password.

And one final word of advice. If you get approached by one of the so called recovery agencies, do not trust them. Not only that they will not help you recover any of your money, but actually they will scam you a second time by making you pay them some fees in advance.

The post InterCryptos review – 5 things you should know intercryptos.net appeared first on TheForexReview.com.

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