Cryptics – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Cryptics - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2022
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://cryptics.cc
Founded: 2022
Regulations: None
Languages: English, Arabic, Simplified Chinese, Dutch, French, German, Italian, Portuguese, Russian, Spanish
Deposit Methods: Credit Cards, Debit Cards
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: Not Specified
Types of Assets: Stocks, Metals, Indices, Crypto, Commodities CFDs, Forex
Trading Accounts and Conditions
Cryptics offers their clients the following trading account types:
- Standard Account: The minimum deposit is $500. There are no commissions charged for this account type. You are offered trading bonuses.
- Prime Account: The minimum deposit is $10,000. There are no commissions charged for this account type. You are offered trading bonuses.
- Pro Account: The minimum deposit is $50,000. You are charged commissions on trades, however, what these commissions are have not been mentioned. Trading bonuses are available.
The broker does not mention the trading conditions on their website, but they are available on their trading platform. Spreads are super low, starting at just 0.1 pips for the EURUSD pair, which means that traders will pay a maximum of $1 per lot, which is hugely advantageous for them.
Leverages ratios are set at 1:200 and you cannot change this figure.
Cryptics – Advantages
We could not find any advantages in trading with Cryptics.
Cryptics – Disadvantages
Given below are all the issues that tell us that we are dealing with a scammer in Cryptics:
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Unregulated Broker Blacklisted by CNMV
Cryptics is an anonymous and unregulated broker. This broker does not provide any physical address, so we do now know where they are really based. There is only a telephone number provided, and from its international code, it is a UK number. In their Terms and Conditions, the broker claims to be governed by Estonian laws, clearly hinting that they are based there. But they do not provide an address that corroborates this statement. There is also no information on their legal status – no registration or license number.
All of this means that Cryptics is operating illegally and anonymously. And this is something that one of the top European financial regulators has noticed. The Spanish CNMV – Comisión Nacional del Mercado de Valores – has blacklisted this broker for operating illegally in their jurisdiction. The CNMV would only ban such a broker if they had received a large number of complaints from their citizens about being scammed by Cryptics.
Thus, we can say for certain that this is a scammer that all must stay away from.
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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Lies about Trading Software
Cryptics goes out of their way to advertise their trading software, claiming that it is the best and most advanced in the world. However, when we checked, we found out that this broker only offered a simplified WebTrader platform that does not have any advanced features at all. In fact, it isn’t even very stable!
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Issues with Trading Conditions
We also have issues with the trading conditions that Cryptics has presented.
Let’s talk about the spreads first. The seriously low spreads seem extremely attractive however, they mean one of two things: Either the broker has seriously high commissions or they are lying about the kind of spreads they offer. And since this broker also claims that for two of the three account types they offer, there are no commissions. No broker can offer such low spreads with no commissions; they would go bankrupt! So, it means that the spreads they advertise are a lie!
As for the leverage, at 1:200, you know you are dealing with a scammer. This broker is targeting European customers, and the leverage ratios in those jurisdictions have been capped at 1:30. Any leverage above that is illegal.
Thus, we can clearly see that Cryptics is just another scammer trying to fool traders into thinking that they are offering a good deal.
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Issues with Payments
The first thing we need to point out is that the minimum deposit is much too high at $500. The market average ranges from $100 to $250 and there are tons of highly reputed brokers who allow you to open accounts for less than $10!
Furthermore, the only way that you can fund your account is via credit cards or debit cards. Most regulated brokers offer their clients a variety of funding methods.
And this broker has a very complicated transaction method. Your payments are first processed by cashier.boxipay.io. Then it is processed another time by GameChangers. Why we highlight this fact is because GameChangers was exposed as a scammer, and many scam brokers were also found to be using this platform. Thus, the fact that even Cryptics uses GameChangers is a clear red flag.
Withdrawal conditions are also not very favorable. You have to withdraw at least $250 for Wire Transfers and $50 for credit cards. Considering the fact that this broker first claims that credit cards and debit cards are the only payment option, their mentioning fees for wire transfer withdrawals are a question mark.
The fees are also high. You are charged $35 for Credit and Debit Card withdrawals and $50 per wire transfer (an option that they do not actually have in the first place!).
And if you don’t reach a 200- turnover (they do not specify exactly what this figure implies), the you will be charged an extra 10% (of what is not mentioned).
And finally, if your account has been inactive for more than 6 months, then you will be charged a 10% deduction every month going forward. This is what the broker calls their Dormancy Fee. Not fair at all.
All in all, their withdrawal conditions are not believable and the contradiction in information clearly tells us of the sloppiness of this scam.
Conclusion
Cryptics is another scammer that has entered the forex market and your money is not safe with them.
Cryptics
Pros
- None
Cons
- Unregulated Broker Blacklisted by CNMV
- Lies About 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.
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