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CFreserve Review: Phoney Crypto Brokerage Scam

CFreserve Review: Phoney Crypto Brokerage Scam

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CFreserve is a Forex and Crypto brokerage that allows users to trade a large number of coins 24/7. You can trade on Desktop, Tablet or email as their trading platform is completely integrated with their trading software. There are 72 trade-able assets in total. These cover Forex, metal, commodities, indices and CFDs. The broker has also listed down some of the benefits that can be enjoyed while trading on their platform. Some of the benefits include CFDs trading which the site claims to be the easiest assets to trade and the ability to trade on the go for traders who want to use their mobile devices.

On the marketing material, CFreserve claims that they are offering CFDs trading in over 10,000 instruments.

Our funds are allegedly going to be safe on this brokerage’s platform since they are kept in a segregated account at a top tier bank in Australia. This statement cannot be verified because CFreserve has not provided their license with any with financial regulatory body and hence we can’t be guaranteed that indeed funds sent through this brokerage is being separated from the company’s own funds.

On top of that, trading accounts can be held in various base currencies such as AUD, USD, EUR and GBP respectively.

As always, the big question is whether such brokerages should be trusted or not. CFreserve does not seem to have their regulatory license in order and there are also other concerns that we will discuss in the next section of this review.

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CFreserve Review

CFreserve was created in October 2018, exactly one month after Coins 247 was launched. Both websites seem to have copy pasted information from each other, which have made us to believe that they are owned and operated by the same entity.

cfreserve

In their about us page, Coins 247 claims that they are owned by a company known as Sheffieland Limited. However, on the about us page of CFreserve website, there is just vague information describing the background of the website’s operations and what they do. This information is quite generic and does not help us establish who is behind the brokerage or even the dates which it was launched. In addition to this, they don’t disclose details with regards to whether or not they are licensed. So this suggests that CFreserve is not even licensed.

There is an email for contacting support but no phone number. In addition to this, CFreserve does not disclose their location or physical address where their business is based at.

Because this is a brokerage, we expected them to list down the various types of trading accounts which they are offering their clients. Unfortunately, it looks like CFreserve does not have any account type. Instead, they are just accepting some type of minimum deposit and letting investors trade on their platform.

We have also checked out their trading platform and discovered that this platform looks similar to the usual binary options trading platforms run by most brokers out there. This is a typical CFDs trading platform which can be used on mobile devices as well.

There is also another thing that we noticed while going through the CFreserve website. The website is incomplete as some parts still have dummy texts that came with the template of the website. In our opinion, this is quite unprofessional. They should have completed work on this website before presenting it to the world. This kind of work is unacceptable and it shows that this broker is in a hurry to find customers who will deposit on their platform even if they have not completely fixed their site.

On the trading platform’s page, we realize that this page does not load the platform in question. This means that the platform has not even been uploaded on the said page, meaning that CFreserve is an incomplete website. They can’t possibly find customers if this is the case.

The minimum deposit is $250 and there is no maximum. Other important pages are also missing such as their ”legal” pages, terms and conditions, AML policy page among others. This means that the broker is unprofessional and is out to get you to deposit the $250. You have to wonder what else will happen to your money if you fund your trading account with that amount. Chances are high that you will never recover your money if you push the send button.

By the way, they don’t seem to have a trading platform at all. We are making this assumption based on the fact that this website’s platform does not load and they are not able to show us what platform they are using. So this looks like a scheme to grab your money and disappear. Although $250 doesn’t look like a lot of money, it can still be painful to lose your money.

Why we don’t encourage trading with CFreserve

We don’t know where the operators of this site are based at. Secondly, there is a high chance that this brokerage is owned and operated by the same unregulated entity called Coins247.

Both claim to be working with a ”top tier” financial institution in Australia but this is not true because if they are not regulated, there is no way they can work with such an institution.

Also, the level of transparency on this site is wanting. They haven’t even disclosed the account types and trading conditions or even their fees and yet they expect serious traders to deposit money with them. This cannot happen and if you actually ignore these red flags, you will eventually lose your money.

Our best advice for you

Clearly CFreserve does not meet our criteria and we do not think this is something we can recommend. You should find regulated brokers whom you can work with but not scammers. You need to exercise extreme caution before you deposit.

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36 Replies to “CFreserve Review: Phoney Crypto Brokerage Scam”

  1. Is it true that Andrew Forest appeared on The Project on channel 10 talking about bitcoin. The article led me to cfReserve. Will the answer come to my email address or be here in public? I don’t want an answer ifi is public.

  2. I have be s***ed into this, does anyone have any stories of successfully withdrawing there money. I put the deposit down and try to get my money back. Has anyone got there’s back or withdrew ok?? Need to know if I should cut my losses and say goodbye to my money or if I should persue it ?

  3. I am also wondering if this is a bit of a hoax. Is it too good to be true? I am wary of depositing the %k they are asking for now? What’s others opinions?

  4. I have been working with them for several months and i never had a problem. I made several withdrawals. Im very happy to have a acount in this company.

    1. Hi it sounds all really good, but how do you know someone isn’t taking us for a ride? Whats the guarantee you get your money back? thanks for your help. I’m all new to this. Who is your broker btw?

    2. hi i just started to join. am happy to see ur. message. it gives me hope…that my money will grow. can we keep in touch.

    1. I also invested $364 but just after 1 week sensed a scam coming and so I reported them to my bank. Now waiting for full refund to take about 10 days.

    2. I deposit $364AUD with them and did not know how to trade and requested for withdrawal and received my money in 3 weeks into my account.

  5. I have also just put in $364 tried to trade and got a call from the base, who tried to get me to put $$$$$$, need time to think, also got call from ? who also wanted me to put in more$$ every time I try to login my pa**w*** is not accepted. conact on chatline gives me new pa**w*** which is very simple one. All a bit suspect. I will stay with it for a while but no more money yet

  6. Hi, i have did the transfer too but they require some private documents like (pa**port image , bank acct details , address n etc) to be email to them before i can do my withdrawal. Is it really necessary? Need some advise. Thanks

      1. Hi jeffrey, i have asked for refund, and it have been process. But after 5 working days still havent credit back to my credit card. Im still monitoring.

  7. Hola yo acabo de ingrear los 250€ la verdad que tengo un poco de miedo ¡lo ponen tan bonito todo!si es una estafa espero que no pase solo del primer dinero invertido

  8. Total con! I have deposited $250. They now want a copy of your pa**port or drivers license, Visa card picture of the front and back of the card and a bill to prove your address. If u want a “refund” u still need to provide all of the above before they will “consider” giving u your money back.
    I think it’s a total con and possibly an identity fraud scam?

  9. I have had trouble and can’t get back my money 8 different phone calls and still no refund I have just contacted bank and they have cancelled the debit card I used.

  10. All the comments I see are from broke a** gamblers who thought their 250 will make them 5000! I laugh at you guys, honestly!
    How do you expect to make money with 250?! I have an amazing broker who sending me 10-15 percent on a monthly basis for 2.5 years now!! I can send bank statement to whoever asks it. My account is not big but its big enough for me! After 3 months of results I transferred 70% of my entire savings and 6 months ago I transferred the rest. 3.7% in a year from the bank or 10% in a month from my broker. I choose the broker!

  11. Cfreseve ist Fake!Habe eine schöne Summe investiert alles weg!werde jetzt aufgefordert nach zu bessern.Wieder ein 5stelliger Betrag sonst Totalverlust!!!

  12. Fake !!! Vorige week 250$ overgeschreven om hun systeem te bekijken, meteen werd mijn paswoord onbruikbaar.. meteen telefoontjes uit Ierland, Polen, Roemenie, en zelfs vandaag via een Belgisch nummer dat.. van een prepaid kaart bleek te zijn.!!? Ze w***en verbaal agresief als je niet meteen ingaat op hun eis om 10.000$ te storten want met 250$ kunnen ze niet werken !! Ze sturen email met programma om mijn pc over te nemen om me ‘te helpen’ in het proces ??? Omdat ik dat weigerde stuurden ze hun bankgegevens om te storten. Bankgegevens van een uitzendbureau in Polen !!! Ik heb mn visa laten intrekken.. en klacht neergelegd.. Dit systeem zit vol rode vlaggen !! ps Ze vragen foto Visakaart.. ik had de nummer voor én achterkant afgedekt behalve de laatste 4 digits én de 3 digit op de achterkant !!! Opletten met kaartfotos versturen.. Nu heb ik toegang tot mijn account.. en hun systeem lijkt een opgezet filmpje.. alleen de datum en uur verandert. Bepaalde belangrijke informatie over de site is niet bereikbaar.. links werken niet.. Mijn advies.. afblijven.. Ik leg er me bij neer dat ik die 250$ kwijt ben… leergeld.. :-/ ..

  13. Van CFreserve kan ik alleen maar zeggen dat het allemaal bedrog is. Ik heb 250 $ gestort en in 3 dagen heb ik er 10.200 $ van gemaakt. De vierde dag wilde ik terug gaan handelen maar ze hadden alles gemanipuleerd zodanig dat ik nog alleen kon verliezen.In 2 minuten was ik 1500 $ dollar kwijt.Er stond nog 8700 $ op en heb dan 8500 $ gevraagd om over te schrijven naar mijn rekening. Ik kreeg bericht dat het goedgekeurd was en dat ze mijn 250 $ zouden terug betalen, wat ze eigenlijk niet gedaan hebben, maar het was wel afgetrokken van de 8700 op mijn account. Ik heb nu opnieuw 8000 $ opgevraagd maar ik krijg geen reactie meer. OVERDUIDELIJK allemaal BEDROG !!! Gewoon afblijven !

  14. CFReserve ist offenbar ein hochgradig betrügerischer Verein. Zunächst wurde eine kleine Rückzahlung an mich (100,00 USD withdrawal) akzeptiert. Als ich aber die Gewinne und einen großen Teil meiner Einlage zurück forderte pa**ierte gar nichts mehr. Kein LiveChat, keine e-Mail-Antwort. Totenstille. Finger weg! Auf keinen Fall irgendwelches Geld anvertrauen oder Kredikartenbelastng zula**en!

  15. CFreserve is a scam company which I had experienced. They use fake news to first lure people to put an initial amount of US$250. But will keep pestering investors to put in more money. If you do not invest further, they would eat up the initial investment.
    If you put in enough money, the unprofessional account manager will gamble your money in large trading bet. Their management do not seems to response or control them despite sending them emails to stop them from trading. The account manager lose more then US$10,000 out of the US15,000 which I had gained from my own trading.
    Thirdly, they do not response promptly to request for fund withdrawals despite having accumulated much profit. At last, I file a chargeback to get back my initial investment. However, they closed my trading account after my charge back application, resulting my US5000 trading gain in the account being taken away like daylight robbery. It is a technic they apply to purposely not response to fund withdrawal request and force investor to file a charge back, and finally close the account money and take all the gain balance.

  16. Straciłem 2250 $ z winy CFReserve. Żadne gwarancje i bonusy nie zostały wypracowane ani wypłacone. Nie można się skonatkować z firmą, Nie odpowiadają na żadne wiadomości SMS. To oszuści.

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