Cryptocycle says to have helped over 2 million people achieve their financial goals. Furthermore, they promise exceptional help and guarantee profit.
Since we know no legitimate broker can make any promises, this was the first red flag. Continue reading our detailed Cryptocycle review for more.
Additionally, we strongly advise you to avoid the fraudulent brokers Coin Matrix, AlphaPrime, and Adar Capital.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | cryptocycle.org |
| Blacklisted as a Scam by: | FCA, FSMA, Finanstilsynet |
| Owned by: | N/A |
| Headquarters Country: | UK (allegedly) |
| Foundation year: | 2022 |
| Supported Platforms: | N/A |
| Minimum Deposit: | 100 USD |
| Cryptocurrencies: | Available – BTC, BNB, DASH |
| Types of Assets: | Cryptocurrencies |
| Maximum Leverage: | N/A |
| Free Demo Account: | Yes |
| Accepts US clients: | Yes |
Are Traders’ Funds Safe With Cryptocycle?
Cryptocycle says it’s based in the UK. However, besides the alleged address, we have nothing to back up the claim. The company is not licensed by the UK authority body, FCA, or any other regulator, as a matter of fact.
Further, the phone number is invalid, and the address belongs to a virtual office where you can forward your mail and phone calls.
All in all, it seems that Cryptocycle doesn’t follow any regulatory rules and doesn’t comply with any trading regimes. Thus, your funds are not safe.
Reasons Not to Trust an Unlicensed Broker
Unlike licensed brokers, unregulated scammers don’t care about customers. They don’t provide negative balance protection and surely don’t keep funds in segregated accounts.
If you come across any unlicensed firm, they can declare bankruptcy, close the website, and vanish. You will not have many options to start legal action against an anonymous entity.
So Is Cryptocycle a Scam?
Cryptocycle is another alleged UK-based crypto trading brokerage. In fact, the company is anonymous, and there’s an FCA warning against fraud. The consumer index is low.
Warnings From the Financial Conduct Authority (FCA)
Cryptocycle says it’s a UK-based broker, so the FCA has issued a warning. This warning implies that the brokerage is not licensed and provides trading services without supervision. Furthermore, clients are not entitled to a compensation fund.
This warning was republished in Norway and Belgium.
What Do Traders Think Of Cryptocycle?
Cryptocycle doesn’t have any positive reviews. Since it’s misleading investors to believe they’re dealing with a legitimate brokerage, many defrauded complained about it.
Additionally, this firm asks customers to deposit via crypto and to download AnyDesk or TeamViewer. Once their access is approved, account managers ensure to wipe off clients’ funds before vanishing.
What Platform Does Cryptocycle Provide?
Cryptocycle provides a web-based distribution of MT4. While MetaTrader itself is quite a solid platform, being limited to a WebTrader is not great. Further, this MT4 is only a Demo account. A customer cannot connect their account to MT4 and actually trade. Despite advertising mobile apps and trading on the go, there are no links.
Therefore, we have a question here. Is Cryptocycle enabling trading, and how?
Cryptocycle Accounts Overview
Cryptocycle has six investment packages.
The first 2 have daily returns. The Silver one has a 2-day return, while the rest has a 3-day ROI.
Cryptocycle – Countries Of Service
The majority of Cryptocycle complaints come from:
- UK
- US
- Australia
- Brazil
Also, avoid the trading frauds Axiance, Kapital Consult, and Finvis at all costs! Moreover, before investing, always look into the past of internet trading firms!
Cryptocycle Range of Trading Markets
Cryptocycle focuses only on the crypto trading market. Since no platform can be connected to this trading firm, we cannot confirm it.
If true, that would be pretty limiting. Combined with the lack of legal terms and regulations, we don’t see any reason for traders to engage with this fraudulent brokerage.
What Is Known About Cryptocycle Trading Conditions?
Cryptocycle focused on its trading promotion and barely mentioned trading conditions. The leverage is advertised as high, without any specifications. On another note, spread, swap, and other fees are not mentioned.
If you’re about to start trading, make sure to check the broker’s license and trading terms. These will have a large impact on the trade outcome.
Referral System – How Does It Work?
The broker offers a referral program with a 10% reward for all those who convince others to join the company. If you’re wondering why this system sounds familiar, it’s because this is a typical Ponzi scheme.
Even if promoters are actually paid out, which we highly doubt, it will be from the funds someone else has invested. This vicious cycle will end once the broker closes its fraudulent operation.
Cryptocycle Minimum Deposit and Withdrawal Terms
Cryptocycle requires a minimum deposit of $100 for the Starter plan. However, it’s 1-day based, meaning you may be prompted to invest more each day to get the promised return.
The only thing about withdrawals is that the minimum amount is $120, and the procedure takes up to 1h.
Methods of Making a Deposit
All the payments are made through crypto, more specifically, Bitcoin. The company says you can have an unlimited number of deposits. Further, they allegedly don’t charge any deposit or withdrawal fees.
Why Should I Avoid Depositing in Crypto?
Crypto payments are virtually untraceable. This means they’re not subject to a chargeback or a recall, and refunding the payment through your bank is not an option.
This is why scammers often abuse digital coins and hide behind wallet anonymity. Yet, there are steps to take even in this situation.
Scammed by Cryptocycle Broker? – Let Us Hear Your Story
Let us know if you cannot withdraw your funds from the Cryptocycle scam. Our recovery experts may be able to assist.
Book your free consultations with our chargeback experts, and we may be able to help. Don’t let scammers run free with what’s rightfully yours.