Crypto Mainia – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Crypto Mainia - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
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://cryptomainia.com
Founded: 2023
Regulations: Not Regulated
Languages: English, French, Italian
Deposit Methods: Cryptocurrencies
Minimum Deposit: $1,000
Free Demo Account: No Demo Account Available
Number of Assets: Unknown
Types of Assets: Cryptos, Forex
Trading Accounts and Conditions
Crypto Mainia offers their clients the following investment plans:
- Bronze: The investment for this plan ranges from $1,000 to $10,000. You have a 14-day contract and you are promised a 20% commission for forex and crypto trading. The payout is automatic.
- Silver: The investment for this plan ranges from $10,000 to $50,000. You have a 21-day contract and you are promised a 40% commission for forex and crypto trading. The payout here is also automatic.
- Gold: The minimum investment for this plan $50,000. There is no upper limit to this investment plan. You have a 4-week contract and you are promised a 60% commission for crypto and forex trading. Payouts remain automatic.
There is no mention of trading conditions such as spreads, leverages, commissions, etc.
Crypto Mainia – Advantages
There are no advantages to trading with this broker. Crypto Mainia is a scammer.
Crypto Mainia – Disadvantages
Listed below are all the red flags that tell us that Crypto Mainia is a scammer:
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Unregulated, Anonymous and Blacklisted Broker
The first red flag that tells us that Crypto Mainia cannot be trusted is this broker’s anonymity and lack of regulation.
To operate legally as an online forex broker, you need to be authorized to do so by a financial regulator. Brokers get their authorization from the regulator of the country or countries in which they operate. Furthermore, legitimate brokers need to provide all corporate and licensing information clearly on their websites.
Crypto Mainia provides no such information. This broker claims to be completely licensed but does not tell us by which authority. This broker also does not tell us the name of their parent company. They also do not tell us where they are located or even give us any contact numbers. The only way that we can connect with them is via a generic email address. This means that Crypto Mainia is operating anonymously. An anonymous broker only operates illegally and is therefore not regulated.
We are not the only ones to have picked up on Crypto Mainia’s scam. The United Kingdom’s financial regulatory body, the Financial Conduct Authority, also has noticed that this broker is operating illegally. The FCA has therefore issued a public warning against this broker and has warned all traders to beware of Crypto Mainia as 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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No Legal Documents
Despite going through this broker’s website, we could not find any legal documents anywhere. This is another sign that we are dealing with a scammer.
Legitimate brokers are legally required to ensure that all legal documents are presented on their website – somewhere where they are easily accessible to any visitor to their website. These documents also need to be detailed – covering every aspect of their service offerings, their policies, their terms of service, their fees, and so on.
When a trader signs up with a broker without checking for these legal documents, they leave themselves vulnerable to being scammed. It is imperative to go through these legal documents and understand what you are getting from your broker before you sign up with them. This is the best protection against being scammed.
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No Functional Trading Platform
Another sign that this broker is a scammer is that they lack a functional trading platform.
A broker offers their client only two things – a trading platform on which to trade, and their trading conditions. Therefore, legitimate brokers ensure that they offer their clients the best possible trading platform and the most advantageous trading conditions they can.
When a broker compromises on their trading platform (more about the trading conditions later), then that is a red flag that means that broker cannot be trusted.
Crypto Mainia offers their clients a very basic looking trading platform. And when we tested it, we found out that it was essentially non-functional. A broker with a non-functional trading platform is a scammer.
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No Trading Conditions
As we said in the previous point, a broker offers only two things to their customers – the trading platform and the trading conditions.
Even if a broker has a good trading platform, a lack of trading conditions is still a red flag that that broker is not to be trusted.
Trading conditions are the terms that a broker offers. They tell us the cost of a trade (commissions and spreads together), the risk level they are willing to offer (leverages), margins and so on. Without this information, it is very difficult for a trader to make a decision about whether it would advantageous to trade with that broker or not.
Crypto Mainia only tells us their investment plans with investment ranges. Brokers do not offer investment plans at all. That is what a Ponzi scheme does! This is further proof that this broker is not to be trusted.
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Returns Guaranteed
Another sign that we are dealing with a scammer is that Crypto Mainia promises their clients profits. No broker can do so. The forex market is so volatile that speculations usually lead to losses. Profits are not common; 75% to 85% of trades end up in losses. And legitimate brokers are expected to post warnings to their clients about the dangers of trading on the forex market.
So, when a broker claims that they can guarantee you a profit, they are scamming you.
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Single Payment Method
The only way to carry out transactions with Crypto Mainia is via cryptocurrencies – another sign of their scam. Crypto transactions are permanent and anonymous, which means that when you are scammed, there is no way to get your money back. This is why it is safer to use traditional payment methods if you are dealing with a broker for the first time.
Conclusion
Crypto Mainia is an anonymous and unlicensed broker and you cannot trust them.
Crypto Mainia
Pros
- None
Cons
- Unregulated, Anonymous and Blacklisted Broker
- No Legal Documents
- No Functional Trading Platform
- Returns Guaranteed
- Single Payment Method
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.