We reviewed a similar scam here, and as you can see, Crypto Volt is using the same theme and the same people to tell lies to their potential victims. Simply put – Crypto Volt is a scam operated by the same owner who runs 24 Platinum Safe. These two sites have the same content and same promises as well. They just copy pasted content from one site to the other without fear of getting penalized by Google. The main thing here is that these two sites are offering Forex, Binary Options and CFDs without a license from the relevant financial regulators.
As always, the scammers claim that they are training and educating their clients to make educated investment decisions. They also claim to provide ”enjoyable trading experience”, something that is quite strange because nowhere in the world do scammers offer anything close to ”enjoyable trading experience”.
There are many red flags that are manifesting in this scam website. We can’t just ignore them and assume that things are good when indeed we see risks everywhere we turn to in the site. So before we discuss the scam website in details, here are a few brokers you can get started with. They are genuine and fully licensed. You will never lose your revenue.
There is the issue of Cryptovolt claiming that they are associated with BO Trade Financials Limited. This company is licensed by the Cysec but CryptoVolt isn’t. The funniest thing is that BO Trade Financials ltd does not recognize Crypto Volt at all. So definitely this scam is lying about their affiliations with the said entity. It is very bad that this scam is telling such lies. It means they can’t be trusted with every other promise that is published on their site.
They also claim that Crypto Volt has been a licensed broker since 2013. Again, this is a misleading statement. It cannot be verified. Furthermore, Crypto Volt is a new domain and there is no way they could have existed back then in 2013. They are simply referring to the license that their falsely associated entity BO Trade Financials acquired. You must be aware of the fact that these two entities are separate, and therefore each one of these is required to get its own license. But so far, Crypto Volt has not done this. It is a sad state of affairs.
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There is this risk that potential victims may not know concerning this scam operation. You see, when a broker is licensed, it assures clients that funds will be held separately from company funds. That is, clients’ funds will be held in a segregated account with no exception. A regulators license reassures that this will happen and that in the case that the company goes under, all clients can be compensated.
So, now that Cryptovolt isn’t licensed anywhere, there is no such kind of an assurance. That means the scam broker does not maintain a segregated account, and the risk of losing funds is quite high indeed.
They are offering Binary options, Forex pairs, trading in commodities and stocks. In other words, this is supposed to be a full swing brokerage that provides these financial instruments under the supervision of a financial regulatory body. There shouldn’t be any exception here at all.
But as you can see, the site purports to offer these trading instruments without any relevant authorization from the financial regulators. To make matters worse, they are also lying about the issue of licensing and openly declaring that they are associated with a licensed company and yet that entity does not recognize them.
This is a very serious red flag. It shows that anyone who sends funds to this broker will eventually lose everything. It is a real risk. The person operating the scam is a thief and an ignorant one since they are lying on matters that can be easily confirmed with a simple Google search. This is probably targeted at ignorant would be victims who never conduct any due diligence in advance.
When you scroll downwards on the homepage, you will see a section showing trader statistics on the site. There are over 50K of them. We are wondering how such a service can have over 50k active traders and yet it is one of the most secret and mysterious brokerages out there. You see, Crypto Volt does not even have any discussions on the popular trading platforms out there. There is simply no activity from these 50K plus traders, which makes us doubt if these numbers are really genuine.
Surely, if this service had such a large number of users, it would be very easy to market them with these numbers since numbers speak for themselves. By now, Crypto Volt would have created a huge buzz on the internet. But that is not happening. So we strongly believe that these numbers are quite misleading. Do not fall for them.
In the statistics section of the site, they are also referring to numbers of their mining customers. This is quite awkward because this broker is presenting itself as a binary options and Forex trading platform. How come they are also talking of mining of Crypto currencies? This seems to be out of place.
This is a dead giveaway, and you should really take note of these things. Otherwise, if these red flags are overlooked so that customers end up making a deposit with the scam broker, there will be a massive lose in funds.
We have reviewed so many scams here, and we know how to identify the tale tell signs that make a site an obvious scam and a no go zone. So don’t be swayed by a recycled scam operation like Crypto Volt. They are just screwing up their image since the scam doesn’t look like it’s going to last any longer. Use these brokerages if you want to be safe.
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