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Cryptics Review – All About Cryptics.cc Scam
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Compared to other financial swindlers out there, Cryptics doesn’t stand out in any way whatsoever. Their dysfunctional website, filled with buttons that don’t do anything, fails to give us any important information.
|Broker Type||Froex, CFD|
Is the company licensed, who is behind it, who regulates this broker, and what conditions are the clients offered? All of these questions are left unanswered by an obvious scam broker whose true identity remains cryptic indeed.
The company claims to offer a wide array of trading instruments and high leverage but appears to be unregulated.
Cryptics Regulation and Fund Security
Every regulated broker will make any license-related information easily visible on their site, they will also let their clients know where are their headquarters and who is behind the company. This data should be clearly visible on the site of any legitimate broker. Cryptics fails to give access to this information which is more than enough of a reason to not do any business with them.
The basis of any valid, and legally regulated business operation is a license issued by an acclaimed regulatory body.
Whenever you see information like this lacking, you can be fairly certain that you are dealing with a scammer.
The Spanish financial authority, CNMV, has even issued a warning to let potential investors know that they should avoid Cryptics at any cost as the unauthorized services they offer make them a potential hazard.
Cryptics Trading Software
Cryptics offers their very own, Cryptics WebTrader to their clients. Even though they praise it a lot, and talk about it, as if it was the pinnacle of trading technology, every experienced trader will instantly recognize the faults of this software.
Cryptics WebTrader has only the most basic tools for drawing and trading and it remains far below advanced trading platforms such as MetaTrader 4 and 5.
Many scammers offer software that is integrated into their website so that you cannot actually see the platform in action before you make an account and transfer your deposit. This is a dangerous trap for beginner traders since they might feel satisfied with the humble software since they don’t have a clue about what does professional trading software look like.
Account Types Available at Cryptics
The shady brokerage offers 3 different types of accounts which differ in the minimum deposit required and the amenities that clients can enjoy. The higher the deposits are, the better the bonuses get. This is a common manipulation tactic employed by scam brokers in order to entice their victims into giving them as much money as possible at once.
The accounts also impose different trading conditions and limitations which are designed to get you to think that the most expensive option is the best one.
The Standard account requires a deposit of 500$, the Prime account deposit is 10 000$, while the Pro account demands 50 000$ as a minimum deposit.
On a side note, the average deposit with regulated brokers is about 10$. Such big minimum deposits make it easy for bogus brokers to take huge amounts of money from their victims.
Cryptics Trading Instrument Options
As we’ve mentioned at the beginning of the article, Cryptics offers many different trading instruments to their clients. They offer stocks, Forex, commodities, and cryptocurrencies.
Though this kind of offer might seem attractive, keep in mind that this is what scammers do, they make things look attractive. Sites like Cryptics use a commonly used way to attract clients by offering a little bit of everything.
Newcomers who are not sure where they should invest or what kind of trading best fits their financial circumstances are drawn towards these trading Swedish buffets since they feel like this is a good place to try stuff out. It is not, the only thing you could try out with Cryptics is what does it feel like to be scammed.
Cryptics Deposits and Withdrawals Methods
Methods of depositing and withdrawing funds offered by Cryptics are debit and credit card and bank transfers. This might seem ok at first glance until we realize that Cryptics charges 25$ fees for withdrawing through credit and debit cards and 50$ for bank transfers. This is too much as it is, but there is more. If the client hasn’t made a turn of 200 times the deposit, the client is charged an extra10% commission.
These kinds of conditions are simply unacceptable. To make matters even worse, the transactions go through cashier.boxipay.io and GameChangers which are both also confirmed fraudsters. The whole depositing and withdrawing process is one giant red flag even if we were discussing a licensed company which Cryptics is not.
If Cryptics Defrauded Me, How Can I Get a Refund?
Companies like this one often delete their clients’ accounts or simply do not respond to refund requests. Sometimes they even delete their whole website if their pockets are already filled up.
Having said this, your money might still be saved if you made the grave mistake of putting your trust in this scam broker. If the deposit was made through a credit or debit card, you can simply go to your bank and request a chargeback. You can request a chargeback for up to 540 days after you have deposited your money.
Bear in mind that you should go straight to your bank as Cryptics most certainly won’t assist you in getting your money back.
- High minimum deposit.
- Charges deposit fees.
- Broker is not regulated.
- Bad trading conditions.
- Website lacks important information.
FAQs About Cryptics Broker
No, Cryptics is not regulated by an authorized regulatory body.
Cryptics doesn’t offer its users a demo account.
Funding methods available are credit and debit cards and bank transfers.