CryptoClubFX (Cryptoclubfx.com) is another forex brokerage firm to hit the financial market. With promises of nearly 30% bonuses, we believe this is s scam. The reason we believe this to be the case is the empty promises and bonus reward scheme. No legit forex brokerage offers bonuses. Furthermore, it’s against the rules and regulations. Read this whole honest and thorough review to find out the truth about Crypto Club FX.
When you go through their website, the first thing you will notice is the welcome bonus. As we earlier said, Forex rules and regulations are against the issuance of bonuses. Bonuses have been an issue since most brokers use it as leverage when withdrawing. When members are about to withdraw their money, brokers usually ask for their bonuses back. This has been a widespread problem with Forex scam sites such as CryptoClubFX.
One of the main reasons why we were up and arms with Crypto Club FX is the 30% bonus. According to the welcome page, members get a whopping 30% bonus. To be honest, this is a very big margin when it comes to forex brokerage. If you register with $500, it means you will get a bonus of $150. This is way above the norm when it comes to forex. Where are they getting this money from to give out?
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No, this forex broker is not regulated by any regulatory body or institution. It means that you will be putting yourself at risk when dealing with Crypto Club FX. We checked with leading regulatory bodies just to confirm whether this forex broker is regulated. You will be surprised that the FCA has not regulated this forex broker. We were not satisfied, we further checked with CySEC and they too had not regulated CryptoClubFX.
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What this means is that users are putting themselves at risk when they deposit with this broker. You will never be compensated if and when you lose your entire deposit. The reason is that the brokerage does not follow any rules set by the industry. It also means that the brokerage does not segregate accounts. Your money may be going straight into their company’s account and not your trading account.
CryptoClubFX is owned by Game Capital Ads Limited and this is according to their homepage. If this is the case, we are dealing with a known scam. This company has been under investigation for forex scam. It has been investigated for scams such as SmartProFX and others. They claim that the company was created in 2013 which is not true. We will be discussing the tricks these scammers are using to steal millions from unsuspecting Forex investors.
Another alarming thing about CryptoClubFX is that they are offshore brokers. This means that they don’t need to follow the strict rules and regulations set. Why? Offshore brokers don’t fall under the set guidelines set by regulatory bodies such as FCA,CySEC, and FTC. Folks, this is another red flag that we believe you should know about. According to their website, this company can be found in the Vincent and Grenadines islands.
We took a deep look at whether their mother company is registered anywhere on the face of the planet. Game Capital Ads is not registered by the registrar of companies. It means that we are dealing with a company that doesn’t exist. What’s to stop these scammers from taking your money once you deposit with them? Readers, this is another warning sign that we are dealing with scam artists.
According to the website, the platform was founded by an experienced team. Problem with this statement is that we don’t have a clue who is in this experienced team. The best that they could have done is give us a name of at least one of the founders. All they have done is plaster a picture of a group of guys standing together. Are we supposed to believe that these people are the actual developers?
Who comes up with a legit forex company and does not want recognition? It means that we are dealing with scammers. Members are actually depositing money to people they don’t know. How can we know that we are dealing with real experienced traders? We simply can’t tell whether the people on the other side are real or not. This is another reason why we believe we are dealing with professional scam artists.
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According to their website, you can use any device to trade with CryptoClubFX. We tried downloading their platform but download could not complete. The download stopped at 58% and this means that their platform is not real. Claim that you can trade anywhere anytime is a lie. Mobile users can hardly use their platform to trade. Desktop users also will have a problem with CryptoClubFX.
Promises of tight spreads, a one of a kind platform are all lies. Members are promised a multi-product bouquet and advanced trading platform. We can safely say that these are all lies. Scammers are known to offer over the top promises to lure in more investors. We are sure that once they get more investors to sign up, they will shut down this operation.
CryptoClubFX offers four different account types. Standard, classic, gold, and premium account. Standard account members must make a minimum deposit of $250. Classic members must make a minimum of $2500 while gold is $20,000. Premium account holders must make a deposit of over $25,000 to start trading.
Some of the promises members get for using these accounts include an individual direct telephone. Members are also promised promotions which as we earlier said, are bonuses. They claim to have a customer support service center which we couldn’t find. In this day and time, you expect any broker to offer live chat support. With CryptoClubFX, there’s no live support team.
Members queries can only be submitted through email and this might take forever to reply. Why would they claim to have live chat support when clearly, they don’t? We are dealing with scam artists who seem to be professionals of this.
CryptoClubFX is a scam in the making. There’s no doubt in our mind that we are dealing with a scam. From the empty promises to not being regulated and registered, this is definitely a scam. We urge all readers to stay away from this forex broker. We also urge you to decline any email asking you to join.
As ardent forex followers ourselves, we have to blacklist this brokerage firm. We are also asking the relevant authorities to take a look at this scam. It should be blacklisted and the site brought down. This is simply a shameful scam in the making and spoiling the good forex trading name.
Get the best out of forex by simply using reliable and trusted Forex brokers. Your money will be safe and you stand a chance to make real money. Choose recommended forex brokers that are backed by the trading community. Stay safe and trade smart.
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