Cryptwise is another shady online trading provider we have to expose. Since we’ve learned that this firm uses crypto fraud and scams its clients, here’s everything you need to know. Read this Cryptwise review carefully.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | cryptwise.io |
| Blacklisted as a Scam by: | N/A |
| Owned by: | Dreammkt LTD |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2020 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $100,000 |
| Cryptocurrencies: | Yes |
| Types of Assets: | Cryptocurrencies |
| Maximum Leverage: | N/A |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
What About Cryptwise Regulation?
Cryptwise is a brand of Dreammkt LTD, registered in 2020 in Saint Vincent and the Grenadines. Since this offshore island has no regulator for Forex and binary options firms, every FX and CFD provider should opt for a license in the country of service. Thus, Cryptwise should be regulated by FCA, ASIC, BaFin, or any Tier1 license provider. The accent is on “should be.”
Why Is It Important For A Broker To Be Licensed?
Any investment provider needs to have a license to provide a certain level of security and ensure clients that the business is done by law. Ever since the FSA of SVG declared unauthorized for investment firms, scammers saw it as an opportunity to exploit the country and operate in a technical gray zone. FSA doesn’t verify if the brokers followed its directive and got any regulation; therefore, these fraudsters are free to do whatever they like.
To add to the foregoing, we strongly advise you to ignore brokers such asCTsolutions,Xnvest, andCFD Capital.
Traders Reviews of Cryptwise
If you check Trustpilot, you will notice that Cryptwise has no negative reviews. Knowing it’s impossible for any company, especially an investment firm, to have 100% of satisfied clients, we suspect that this broker writes its own reviews and lures customers into a scam. If something is too good to be true, it usually is.
What Platforms Does Cryptwise Offer? – Available Trade Software
Cryptwise claims to offer a “next-generation trading platform for easy and secure access into dynamic digital markets.” Well, the truth is that there’s only WebTrader, and one of the worst we’ve seen. The software doesn’t enable EAs or social trading, while we can’t speak of security when the real data is stored on the web.
If you want safety, look for MT4 or MT5.
All About Cryptwise Accounts
There are 3 the broker account types:
Do you really get value for the money? Of course not. There’s nothing worth $100,000 as of the minimum deposit. We don’t even need to mention that any other firm requires less money for a start.
Cryptwise Broker – Countries Of Service
This company mainly operates in:
- Bulgaria
- India
- Canada
Since these countries are each on their own continent, you can tell that Cryptwise trading scam is widespread. Those living in between are not spared either, so pay attention to who’s offering you financial services and ensure you decline Cryptwise.
Cryptwise Range of Trading Instruments & Markets
As the name itself suggests, the firm offers only one trading instrument – cryptocurrencies.
Please remember the names of theDakkenGroup,7Online, andRuby Financeand stay away from them! Before investing, always check the history of online trading organizations!
Cryptoassets – What Digital Assets Does Cryptwise Offer?
There’s a vast number of digital coins and altcoins, such as Bitcoin, Dogecoin, Ethereum, and Ripple. All assets come via WebTrader with undisclosed leverage. Since global regulators have set a limit of 1:2 for cryptocurrencies, we’re sure that anything the trading company has to offer is higher and goes against the rules.
Cryptwise Minimum Deposit
As you saw, this firm requires a $100,000 initial deposit for the Silver account. Most clients cannot even afford it, and those who can invest with legitimate firms and not worry that the company will vanish along with their funds.
Cryptwise Unfavorable Trading Conditions
As mentioned, trading conditions with this firm are either bad or not disclosed.
Leverage And Spreads – No Access To Data
Leverage and spread are nowhere to be found, which is quite suspicious. Legitimate firms need to provide these details as they’re part of a risk management strategy and crucial to your company’s expenses.
Cryptwise Deposit, Withdrawal Methods, and Fees
Again, we’re facing a lack of information. Payment methods are not listed, and neither are any fees and commissions. Not just that you’re prompted to pay $100,000, but you have no idea how to transfer the funds and will you be able to make a withdrawal in the future.
And with this, we will close this elaboration on Cryptwise scam.
Scammed by Cryptwise Broker? – Let Us Hear Your Story
If you or someone close to you has been defrauded by Cryptwise, it’s time to seek help. Our professionals have experience dealing with scammers and can help you file a dispute for a chargeback.
But What Is A Chargeback?
This is a way for your bank to reverse the transaction and recover your funds from the merchant. Book the free consultation via online chat, and let’s get back your life savings before it’s too late.