Cryptocom – Can We Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Cryptocom- DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://crypto-com.ai
Founded: 2024
Regulations: Unregulated
Languages: English, Simplified Chinese, Dutch, French, German, Italian, Portuguese, Arabic, Russian, Spanish
Deposit Methods: Not Specified
Minimum Deposit: $2,500
Free Demo Account: Not Provided
Number of Assets: Not Specified
Types of Assets: Digital Currencies, Fiat Currencies, Stocks, Gold, Indices
Trading Accounts and Conditions
Cryptocom offers their client the following types of accounts:
- Basic+: The minimum deposit is $2,500. Spread rates are from 0.6 pips. Leverage applied is 1:80. No commissions.
- Silver: The minimum deposit is $5,000. Spreads rates are from 0.1 pips. Leverage applied is 1:300. Commissions are at 6 Euros per lot.
- Gold: The minimum deposit is $20,000. Spread rates are from 0.6 pips. Leverage applied is 1:600. Commissions are at 6.7 Euros per lot.
- Premium: The minimum deposit is $50,000. Spread rates are from 0.6 pips. Leverage applied is 1:80. No commissions are charged.
- Platinum: The minimum deposit is $250,000. Spread rates are from 0.1 pips. Leverage applied is 1:300. Commissions are 6 Euros per lot.
- VIP: The minimum deposit is $1,000,000. Spread rates are from 0.6 pips. The leverage applied is 1:600. Commissions are from 6.7 Euros per lot.
Cryptocom – Advantages
There are no advantages to trading with Cryptocom.
Cryptocom – Disadvantages
Cryptocom is not a broker to be trusted and here are all the red flags that tell us why:
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Anonymous and Unregulated Broker
The first thing that tells us that we cannot trust Cryptocom is their complete anonymity.
Legitimate brokers need to give all these pieces of information on their websites – they cannot operate anonymously. They need to clearly specify their identity and which regulator has authorized them to do business.
With Cryptocom, there is no company name mentioned anywhere; we are only provided the name of the broker – Cryptocom.ai. There is also no address, so we do not know where this broker is located. There is no phone number. The only way to get in touch with this broker is via the message box on their website. And finally, there is absolutely no information about their regulation status.
In their legal documents, we see a passing mention that they are governed by Estonian laws, which would imply that they are regulated by the Estonian Finantsinpektsioon (Estonian Financial Supervision and Resolution Authority). However, when we checked the authority’s website and their register, we found that this broker is not registered with or regulated by them.
When a broker operates anonymously, it means that they are operating illegally, and this means that they are scammers.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by Bank of Russia
While we were checking Cryptocom’s regulation status, we found out that the Bank of Russia has issued a warning against this broker. According to the warning, Cryptocom has been blacklisted for suspected illegal operations.
When a broker gets blacklisted by any financial authority, it is a clear sign that we are dealing with an unethical entity and it would be best to simply stay away from them.
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Issues with Trading Software
Cryptocom claims to offer their own trading platform. One that is called the CryptoCOM Webtrader. The broker claims that this is a world-class trading platform, with advanced trading tools. These claims are all lies.
The broker does have a web-based trading software, but it is of the poorest quality. It is the most basic software that barely does much more than allow you to trade a few assets.
This is the kind of trading platform we have seen many other scammers use; it is cheap and it can fool novice traders, who are scammers’ target customers anyway.
If you see a broker offering you a less-than-good trading software, it is a clear sign that that broker cannot be trusted. Remember, this is any broker’s single product offering. So, a legitimate broker would go out of their way to ensure that it is the best possible software they have.
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Issues with Trading Conditions
Cryptocom’s trading conditions are also another red flag that tell us that we are dealing with an untrustworthy scammer.
This broker has an extremely high minimum deposit requirement at $2,500. Most legitimate brokers allow you to open an account with them for less than $250. Added to that, there are a growing number of top-class brokers that allow for account openings for less than $50.
The leverage this broker offers is illegally high at 1:600. Such a high leverage has been banned in most controlled markets such as the UK, the EU, the US, Canada, Australia and so on.
The spreads plus the commissions actually end up making the cost of a trade extremely high, so even if this broker were legitimate, we would not recommend them to anyone.
All in all, these trading conditions are completely unfair and point to Cryptocom’s dishonesty.
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Issues with Payments
This broker does not specify their payment methods. When we checked their payments section, the drop down prompts a deposit, but you are not able to complete the transaction as the payment options are missing.
Such a lack of clarity is another indication of this broker’s scam.
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Issues with Withdrawals
If you wish to withdraw your funds from your Cryptocom account, you will need to meet a turnover target of 200 lots, i.e., $20 million currency units. And if you do not meet this trading turnover target, then you will be charged a whopping 10% of your withdrawal amount before you will be allowed to withdraw your funds. Added to there, this broker also charges transaction fees (which is over and above the processing fee), which is something legitimate brokers do not do.
All of this tells us that Cryptocom should not be trusted.
Conclusion
Cryptocom is not a broker that can be trusted; they operate anonymously and they are blacklisted by the Bank of Russia, which makes them a complete scam operation
Cryptocom
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by Bank of Russia
- Issues with Trading Software
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more