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Cryptoneyx Review – Important Facts About Cryptoneyx.Io
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Yet another investment scam has come to our attention, and this time it is about Cryptoneyx broker. A first warning signal that should turn you away from investing with this shady business is the fact it operates anonymously, unlicensed, and unregulated—indicating scam brokers.
Even though this brokerage promises the best trading conditions that will make you a successful trader, this is just far from the truth, a deception. Therefore, continue reading our Cryptoneyx broker review to learn more about this utter broker scam.
|Minimum Deposit||10,000 USD|
|Broker Type||FX broker|
Cryptoneyx Regulation and Security of Funds
As it goes with all industries, all broker services must be licensed, registered, and regulated to operate legally. This practice is not merely to satisfy legislation purposes, but serves as an assurance that traders’ funds are protected when investing with a particular forex provider.
After checking Cryptoneyx company details, it becomes apparent that this bogus broker is not authorized by any financial market regulators, which means you are exposed to extreme financial risk with Cryptoneyx.
Although online trading is risky due to the volatility and dynamics of global foreign markets, legitimate brokers try to lessen unnecessary risks by offering high-quality services and ethical business practices. That is ensured with transparency and compliance with the law. So, every broker displays information about its jurisdiction(s) and easily verifiable trading credentials.
You will find that many brokers hold one or more licenses with top-tier financial supervisory authorities such as British FCA, Cyprus CySEC, Australian ASIC, Swiss FINMA, and New Zealand FMA, to name a few. It is correlated with an area of operation of a broker. Being certified brokerage service means the broker has met demanding licensing requirements, adheres to regulations, provides first-rate services, and is insured.
For example, to be approved by CySEC (Cyprus Securities and Exchange Commission), a broker must have and maintain a minimum operating capital of 730,000 EUR, which ensures business sustainability (i.e., it won’t bust quickly). Likewise, certain financial bodies indemnify traders if their (licensed) broker becomes insolvent. For instance, CySEC covers up to 20,000 EUR, FCA compensates for up to 85,000 GBP, and ASIC reimburses up to 100,000 AUD.
In most jurisdictions, certain things are banned. For your safety, financial regulatory agencies have prohibited bonuses due to misuse and have restricted leverage (depending on the jurisdiction, it is between 1:20 and 1:30 for retail traders). However, as you will find, Cryptoneyx offers generous bonuses and 1:400 leverage, yet another red flag.
Last but not least, approved brokers implement risk management strategies to ensure the safety of traders’ funds. For example, proven risk management tools are segregated accounts (your and broker’s money are kept separately) and negative balance protection (if a broker bankrupts, it won’t affect you). Needless to say, all of these are not available with illicit brokers such as Cryptoneyx. So, a word of advice, keep away from them.
Cryptoneyx Trading Software Review
Trading software is the most important tool for every trader. Your effectiveness depends on it. Now, while well-established forex providers provide cutting-edge trading programs that come with advanced features, companies like Cryptoneyx fail to offer any reliable trading platform. You can’t make any progress with such a broker and will waste your time and money.
Allegedly, Cryptoneyx offers its customers an opportunity to trade on industry-leading MetaTrader4 and MetaTrader5. As long as it is true that these trading platforms are one the best on the market, they are not available with Cryptoneyx. Instead, the company provides manipulative trading software that is not fit for its purpose. Thereby, for the most out of trading, seek out brokers utilizing MT4, MT5, cTrader, or Sirix.
What Kinds of Accounts Does Cryptoneyx Offer?
As is expected from tricksters like Cryptoneyx, they don’t offer a practice account that allows traders to test the trading platform and conditions for free and safely. Also, its minimum opening balance requirement is a whopping 10,000 USD, which is excessive compared to the 1 USD deposit required by some of the most trusted names in the industry.
On top of this, opening a live trading account with Cryponeyx demands contacting their representative, which is another trick used by cheaters. Namely, they will try to rope you into investing more than you have planned or they will take your credit card details and take more than has been initially agreed.
Out of curiosity, the following accounts are available with Cryptoneyx:
· Bronze: 10,000 USD minimum deposit
· Silver: 25,000 USD minimum deposit
· Gold: 50,000 USD minimum deposit
· Platinum: 100,000 USD minimum deposit
· Diamond: 250,000 USD minimum deposit
· Premium: 500,000 USD minimum deposit
· VIP: 1,000,000 USD minimum deposit
What Can Be Traded on the Market at Cryptoneyx?
Traders can trade with the following asset classes at the Cryptoneyx trading platform.
· Precious Metals (e.g., gold, silver, palladium, nickel, platinum)
· Energies (e.g., crude oil, natural gas, renewables)
· Commodities (e.g., coffee, cocoa, cotton, sugar, wheat, corn)
· Stocks (e.g., Microsoft, Amazon, Apple, Facebook, Google)
· Cannabis Stocks
· Forex Currency Pairs: (50 different currency pairs, e.g., USD/EUR, USD/GBP, USD/JPY, EUR/CHF, EUR/GBP)
· Cryptocurrencies (e.g., Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumen)
· Indices (e.g., Wall Street, Germany 40, US 500, US Tech 100, FTSE 100)
Cryptoneyx Deposit and Withdrawal
Reportedly, you can deposit and withdraw funds with Cryptoneyx via credit/debit cards, bank wire transfers, and a crypto wallet. Since it is a blatant scam, we haven’t taken a risk to test this.
However, according to many withdrawal complaints and negative Cryptoneyx reviews on the internet, our cautious approach isn’t in vain since this broker doesn’t let traders make withdrawals. So, if you make a mistake and trade with these financial swindlers, you will probably lose money.
How Do I Recover My Money If Cryptoneyx Defrauds Me?
Every online fraud has one goal: taking as much money as possible from victims. So, as you invest with a dishonest broker, you won’t be able to make withdrawals. Moreover, con artists will keep asking for more. As soon as you request drawing funds, they will disappear without a trace.
If the Cryptoneyx scam has defrauded you, don’t feel ashamed since scams can happen to anyone. It is crucial to act fast and report it to relevant authorities. You can also seek advice and assistance from forex trading experts and cybersecurity specialists to help you with claims and retrieving the money. Thus, avoid trading with brokers like Cryptoneyx rather than dealing with them.
To wrap up our Cryptoneyx review. Bear in mind when trading with illegal brokers like Cryptoneyx, your hard-earned money is in jeopardy, and you are on your own; whereas, when investing with a genuine brokerage, your funds are protected, and respective financial authorities are behind you. Therefore, there is not much sense in taking chances with untrustworthy Cryptoneyx when you have so many options of trustworthy brokers out there.
FAQs About Cryptoneyx Broker
Does Cryptoneyx Offer a Demo Account?
No, it doesn’t, which is typical for scam brokers since the vast majority of them don’t offer a demo account option.
What is the Minimum Deposit For Cryptoneyx?
This broker requires a 10,000 USD minimum deposit (bronze account), which is way too much. For instance, you can set up a live account for as low as 1 USD with a trusted broker.
What Are The Funding Methods For Cryptoneyx?
According to the company, it supports credit/debit cards, bank-to-bank transfers, and crypto payments for depositing and withdrawing. But we are very skeptical about it.