Welcome to the Crypton Wallet review. The site can be found at Crypton-wallet.com. However, there are a number of problems that have manifested out of this platform, and it now looks very suspicious and even fishy. Crypton Wallet offers buying and selling of Bitcoin as well as trading. In addition to that, they are claiming to offer Crypto currency cold storage facility.
Trading opportunities on Crypto currencies are available for Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Zcash and Dash against fiat currencies like USD, EUR, GBP, or RUB. In addition to this, Crypton Wallet supports a variety of funding methods which include Visa, MasterCard, Wire transfer among others.
The funniest thing is that Crypton Walet is claiming on their website that they are governed by a UK registered corporation known as CRYPTON-WALLET Ltd. On the footer of the site, they claim that this corporation is owned by its respective owners, which is a vague statement indeed.
After searching for company background, we were not able to find any. That means there is no such company in the UK and if it was there, this website would have provided a link to their registration details.
Of course there are also many other ridiculous claims being made on this website and believe it or not, all of these claims cannot be verified because there is no evidence to support them. For example, the site claims that they have 1 million customers.
This is a very funny claim because the site was registered in 2018 as opposed to 2013 (something which they lied about as well). How on earth does Crypton Wallet get one million customers in a span of months? It is not possible and we already feel that these numbers are exergurated. Moreover, if Crypton Wallet had 1 million customers, reviews of the service would have flooded the internet by now. Why is it that this website does not have a single customer feedback? It begs this question.
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Crypton Wallet lists a number of attractive features on their site to try looking legitimate. They claim to have advanced order matching algorithm, lowest spreads, decent liquidity, strong security, cross platform trading and legal compliance in order.
Looking at their legal compliance claim, we realize that there is no such company with the name Crypton Wallet. Not only this, the website is also lying that they are licensed by the FinCEN. There is no regulatory license number anywhere on this site. Therefore, they have lied about their company details just the same way they are telling lies about their regulatory information. This is a red flag and we can no longer trust a site like this one because the risk of losing funds is very real.
The site offers margin trading with leverage of between 1:2 and 1:3. In addition to this, Crypto wallet is also offering negative balance protection. This claim is often made by many brokers out there but the fact remains that if you are going to trade with a scam broker, it does not matter whether they are giving a leverage of 1:2 or 1.9. You will still lose your money. Therefore, even negative balance protection feature is not very helpful in a situation where you start trading with an unregulated broker.
However, they site also claims to have diversified its platform for trading Crypto currencies. Traders can use the web-based platform or use mobile platform for trading on the go. They are also offering a platform called WebSocket although we are yet to test this platform to see how versatile it can be compared to the mainstream ones.
Other supposed advantages of using Crypton Wallet is that they have competitive trading fees for takers and makers. Depending on whether one is a taker or a market maker, this platform will provide special conditions for high volume traders and good offers for market makers.
Well, these features may seem helpful but if the broker has not solved the underlying issues, then they become useless.
How exactly can traders be assured of good liquidity if this is a new platform with zero customer feedback? The claim that they have 1 million customers is a lie but if it were true, then there would be enough liquidity to sustain the trades which they claim to execute.
In this environment, there are takers and makers. So this means that this is a market making model where numbers push volumes. It is the reason why Crypton Wallet wants people who can place large volumes. Not only do they fund the pockets of these crooks, but they also ensure that the market has sufficient liquidity.
However, even before we arrive to this argument, we need to determine whether Crypton Wallet is a real broker or exchange in the first place.
There is no guarantee that this is a real broker since we have seen their presentation and even realized that 90% of what they tell us on this website is not factual. This is the order of the day for scammers who want to collect quick money on the internet. They give non factual statements which are aimed at promoting the scam and netting victims.
This is definitely a scam. There is no proof that they are conducting any reliable trading on the website. They even lied about their date of launching the website. So there is nothing you can trust them about.
This website is suspicious and we don’t believe that any trader can send funds to them expecting to trade Crypto currencies here. It will be a risky attempt. In the meantime, we ask you to check out these brokers because some of them offer Crypto trading as well.
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