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Conalp Review – Learn More About Conalp.Com
Table of Content
Conalp Review, As soon as we saw the big signs screaming ‘overnight success’ and ‘immeasurable wealth,’ we knew something was up. Thus, we decided to investigate and came to an unpleasant conclusion. It’s all here, in the Conalp Review. All the dark secrets of this fraudulent broker are about to see the light of day.
Now it’s up to you, the trader, to read these lines and remember once and for all that this scamming entity is not to be trusted. We shall discuss the broker’s legal status & background, trading platform, conditions, assets, and payment methods. Without further ado, let’s start exposing the con artist known as Conalp.
|Regulation||Unregulated Scam Broker|
|Headquarters||4628 W 166th St, Lawndale, California CA 90260, USA|
|Broker Type||Stocks, Commodities, Crypto|
Is Conalp Broker Safe? Regulation and Security
It’s anything but safe, we’re afraid. Conalp is one of those anonymous tricksters that hide behind fake licenses and bogus websites. Despite this, we managed to see right through the clever disguise. Namely, the broker says it operates under the Conalp Capital Corporation, a fictional entity nowhere to be found.
Furthermore, the fraudster claims to be regulated by the US Securities and Exchange Commission (SEC) but we know that’s not the case. Check it out, SEC has got nothing on Conalp.
Moving on, Conalp claims to operate in the UK, Germany, Poland, France, and Turkey. It’s as clear as day that this is another lie. If it were really a US-based broker, it would have to be registered with the NFA and CFTC. These authorities do not license brokers outside the US. Therefore, Conalp’s every hope of appearing legit is gone.
What Kinds of Trading Platforms Are Available?
Conalp offers a simple WebTrader. This rudimental platform is pretty cheap-looking and performs like that too. Basically, it’s ineffective for trading. It is perfectly understandable why newbies might opt for a browser-based platform like this one but there’s a catch. Since the broker is unregulated, we have reason to believe that this platform is rigged.
To elaborate, scammers typically manipulate these web platforms by creating fake trading parameters and numbers. In reality, all that is legit is the deposit menu, and guess where the money is going. Bingo, straight into the scammer’s pocket, no looking back.
In addition, we were surprised there was a demo account option so we decided to take a look. As expected, it is an utter mess. See for yourself.
What Types of Accounts are Available
Conalp offers no account types whatsoever. The only distinction is between the bogus demo account shown in the previous section and a shady live account. Allegedly, the unscrupulous broker does not require clients to pay a minimum deposit upon registration. That’s pretty strange in itself since scammers rely on that money to take it and run away.
As for the trading conditions, the leverage caps at 1:10, which is still too high for crypto trading. Yup, that market is extremely volatile and any leverage above 1:5 carries risks. The higher the leverage, the more likely you’ll lose all your funds. Since you don’t have negative balance protection at Conalp, things could go really south pretty quickly.
Spreads weren’t disclosed either. Can you imagine, a key trading aspect completely left out? The trade fee is $6.95, which could explain the missing minimum deposit. Maybe Conalp relies on traders to make profits and then capitalize on that with high commissions.
Trading Instruments: A Brief Introduction
There are only three asset classes available at Conalp if the shady broker is to be trusted. Namely, these are stocks, commodities and cryptocurrencies. When it comes to stocks, mainly US ones appeared on the website while the other two assets were not disclosed.
There’s no Forex trading and no indices. Regardless of the assets, Conalp is bound to find a way to defraud you, whether it be using stocks or crypto. Therefore, it’d be best if you avoid dealing with the illicit broker.
Funding Methods at Conalp
Despite claims that the broker accepts multiple deposit methods, all we found was Bitcoin. No credit cards, no wire transfers, only Bitcoin. That’s pretty worrying if you ask us because Conalp already paved the way to steal funds and remain anonymous. Yup, that’s why scammers prefer crypto payments. They don’t have to leave the shadows.
Nevertheless, on the withdrawal menu, we saw PayPal and wire transfers in addition to the aforementioned crypto asset. This violates anti-money laundering laws and regulations, just keep that in mind.
How Do I Get a Refund if Conalp Stole My Money?
If you deposited funds via Bitcoin, you’re in dire straits but don’t give up just yet. Crypto transactions are very vexing and even deemed irreversible but we beg to differ. There is a way – with professional help, you can trace the transaction to a wallet within a crypto exchange. Then, requesting a refund is easy but the chances may be slim. Regardless, you have to try.
- Conalp is a shady broker that posted a fake HQ and phone number;
- The provider lied about being registered with SEC;
- There’s no minimum deposit allegedly;
- Conalp offers only stocks, commodities, and crypto trading;
- The trading platform is a basic WebTrader;
- A demo account option exists but the page is broken.
FAQs About Conalp Broker
Is Conalp a Legitimate Broker?
No. Conalp is anonymous and therefore, unregulated and shady. Your funds are at great risk.
What Funding Methods Does Conalp Accept?
Conalp accepts only Bitcoin as a deposit method. For withdrawals, the broker mentions wire transfers, Bitcoin and PayPal.
Is Conalp a Good Broker?
Is the sky blue? Of course not. Conalp is a terrible broker and an outrageous scammer.