Beware! Marketcryptokings 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.
We wont say anything of Marketcryptokings that we have not said before. In fact, we will be repeating ourselves for the most part, because what we have today is an exemplary illegitimate broker, sharing crucial common elements with hundreds of other shady brokers we have reviewed over the years. Dont expect to be wowed by Marketcryptokings, nor will you be able to really profit from it. Our advice is for you to read the review before doing anything you might later regret.
In order to get the best possible outcome out of a broker, especially a shady one, one must absolutely try to register. With this broker, we had no issue in creating an account, and the resulting user area was surprising as it was very stylish, and had almost all the necessary features. We say almost due to the fact that, in reality, Marketcryptokings does not accommodate users with a proper trading software. We will explain the situation in more detail further down, yet it is crucial to know that without a functioning trading software, the broker cannot be labeled as as one.
None of the advertised trading features are actually working with Marketcryptokings. Be sure to note that none of the assets, leverages, or spreads apply here.
The website is available in English only.
MARKETCRYPTOKINGS REGULATION AND SAFETY OF FUNDS
We have two main pieces of info to work with.
The first one claim that the broker is available in all jurisdiction. Look to the footer for confirmation. This would mean that Marketcryptokings is regulated by every single regulator out there, which is, without a doubt, impossible. There must be some restrictions.
Which leads us to the second point. In the terms and conditions we learn that all disputes which arise under the client-broker agreement will be submitted to the courts of Bulgaria. Now, this can only be possible if the broker were regulated in Bulgaria, and unfortunately nothing suggests this. Let us explain. The Financial Supervision Commission is the governmental body which oversees the financial activities outside of the banking sector.
The statements are contradicting, which should not be a surprise.
Lastly, we found that the clearing and billing services are processed by a company in the Marshall Islands, a country that has no FX regulator.
As we predicted, the company is NOT LICENSED, and is therefore a risk to all investments!
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.
MARKETCRYPTOKINGS TRADING SOFTWARE
You might not be fully convinced, but neither of these two charts, or graphs, actually allow users to trade. In fact, they are useless. One is barely functioning, while the other is a third party graph with no ties to the broker.
Note that there is a clearance fee on every trade of 0.5%, however we cannot see a way the fee will apply, seeing that there is no real trading software.
Moreover, Marketcryptokings allows users to purchase BTC through three different outlets. It seems that this is the only option left for traders, and it is a route that should not be taken! Never purchase cryptocurrencies!
MARKETCRYPTOKINGS DEPOSIT/WITHDRAW METHODS AND FEES
As per the user area, clients can deposit through Skrill, wire transfer, and of course, Bitcoin. There is no minimum deposit requirement.
On top of all the aforementioned payment methods, withdrawals can also be issued through PayPal. According to the terms and conditions withdrawal requests are processed in 2 to 5 days. Withdrawals are subject to a 3.5% fee, with a minimum of $30.
These payment details are as close as we can get to the truth, because most of the info was taken from the user area.
In conclusion, we cannot really recommend Marketcryptokings to anyone. This broker is a clear risk to all investors, their money, and any ID info they have provided.
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