Cryptechs.io is a wrong place to be if you actually intend to make something out of your forex trading. They present good pitches to cover up their false nature and lure unsuspecting investors to themselves. Read this Cryptechs broker review to understand how experts rate them.
With the increase in the popularity of forex trading, the rate at which online scammers appear follows suit. So in order to keep investors from making mistakes, we have made it our duty to review forex broker websites, then help you tell which one is legit and which one’s not. This review tells you all you need to know about Cryptechs Brokers.
About Cryptechs Broker
Cyrptechs is a brokerage company who according to their their website, is located in Kingstown, St. Vincent and the Grendadines. They trade indices, cryptocurrencies, stocks and various commodities, forex pairs, etc. Cryptechs offers up to four types of trading accounts with a trading platform that they claim, “Makes all the difference”.
After a thorough look through cryptechs.io, we must express disappointment about what we found. This review explains these things, so you can understand why you should stay away from Cryptechs broker.
Cryptechs.io: Red Flags Detected!!!
Cryptechs.io is an offshore broker webiste. It is not at all where you would want to invest and hope for returns. Here are some of the red flags we found;
Cryptechs Broker Withdrawal and Deposit Policy
The minimum deposit for Cryptechs broker is 250 EUR. While we have chosen not to dwell on how this is over twice the $100 industry average, the deposit method is something else. The only payment gateway made available is NasPay, which is not one of the usual gateways we see. The withdrawal terms don’t make this any better.
These absurd withdrawal fees differ by withdrawal method; $25 for ePayments, $50 for wire transfers and $25 for card withdrawals with a $10 processing fee. There’s also the incredibly high 10% dormancy fee that’s deducted from your account each month after 6 months of inactivity. It would seem this broker cares more about enriching their pockets than about client satisfaction.
Worst of all, there’s the clause below that subtly prevents you from withdrawing trading profits while referring to them as “Non-deposited” funds;
All these red flags and a lot more, are common signs of illicit brokers. You will most likely regret it if you trade with Cryptechs broker. Stay away!
Cryptechs Trading Platform
Tucked somewhere at the bottom of the cryptechs.io home page, is the list of trading platforms they support. The first one there is “MT4”, as in, Metatrader 4. However, after creating an account, the only trading platform we found was one called “Activ8 trading”, familiar with illicit brokers. We always advise readers to trade with brokers who support either Metatrader 4 or Metatrader 5.
The maximum trading leverage on Cryptechs broker is 1:200, along with a surprisingly fair EUR/USD spread of 1 pip.
Cryptechs Brokers Licensing and Regulation
The reason Cryptechs is referred to as an offshore broker is that they operate from a region outside of forex laws and regulations. If the website, cryptechs.io is to be believed, this broker is located in St. Vincent and the Grenadines. But the financial regulatory agency there, the SVGFSA, has already stated that it does not regulate forex brokers.
A piece of contradicting information found within the Terms and Conditions states that Cryptechs terms are subject to Estonian law. This conflict of location and the disclaimer by the SVGFSA are enough to support our resolve that Crytechs is an UNREGULATED broker. They’re illegal and shouldn’t exist.
Conclusion: Is Cryptechs.io a Scam Broker?
Yes! Cryptechs is a confirmed scam broker. They are UNLICENSED brokers, unregulated by any agency as is expected of offshore brokers. Hence, your funds will not be safe if you deposit with them. Due to this, we cannot recommend this broker to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
Nevertheless, if you’ve got anything else to say about this broker, do mention it in the comments section.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!