Crypto Wallet – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Crypto Wallet - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$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://crypto-wallet.info
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Bitcoin, Wire Transfer, Visa, MasterCard
Minimum Deposit: EUR250
Free Demo Account: No
Number of Assets: 200+ Instruments
Types of Assets: Forex, Indices, Commodities, Digital Currencies, Shares
Trading Accounts and Conditions
Crypto Wallet offers their clients the following trading accounts and conditions:
- Starter: The minimum amount to fund your account is EUR250. The maximum leverage offered is 1:200. Spreads start from 0.16 pips.
- Standard: The minimum amount to fund your account is EUR2,500. The maximum leverage offered is 1:300. Spreads start from 0.12 pips.
- VIP: The minimum amount to fund your account is EUR25,000. The maximum leverage offered is 1:400. Spreads start from 0.0 pips.
The broker states that they charge no commissions and that there are no limits (to what is not specified).
Crypto Wallet – Advantages
You will find no advantages in trading with Crypto Wallet.
Crypto Wallet – Disadvantages
Here are all the reasons why we would not trust Crypto Wallet:
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Unregulated Broker
The first thing we notice about this broker that tells us the Crypto Wallet cannot be trusted is their lack of corporate information and lack of regulation.
There is no mention of their parent company anywhere on Crypto Wallet’s website. We also do not know where this broker is based or what their contact details are. There is no mention of their regulation status either.
The only reference we find to any form of legality is in the broker’s legal documents, where Crypto Wallet mentions that they operate under the laws of Estonia.
This claim is bogus because there is no way that an anonymous entity such as Crypto Wallet would be allowed to legally operate in the Estonian jurisdiction. Estonia is a member state of the European Union and therefore has strong rules in place that govern forex brokerages. Therefore, a broker such as this one – one that is anonymous – would never be legal in Estonia (or any other strongly regulated country, for that matter).
Since this broker has also not provided any other regulation-related information, we can confidently state that we are dealing with a complete scammer.
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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Poor Trading Platform
Since Crypto Wallet did not mention anything much about the kind of trading platform they offered, we registered for an account to check for ourselves.
What we found only confirmed the fact that we were dealing with a scammer.
The trading platform that this broker offers is a poorly constructed web-based software, one that we have seen innumerable times before with other scam brokers.
Legitimate brokers ensure that they offer only the best possible trading platform in the market since this is their main product offering. It is only scammers that skimp on the kind of trading platform they have, since their aim is not to offer a great customer experience, but to fool people into thinking they have a working trading platform – which, of course, they don’t. Rather, the money that traders believe is being invested in the market is actually being pocketed by these scammers.
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Issues with Trading Conditions
The service that brokers offer to complement the trading platforms they provide are the trading conditions. These trading conditions are what decide whether a trader will do business with a broker or not.
With Crypto Wallet, we can immediately tell that they are running a scam. Here is how. First, their leverage ratios are too high. Countries like Estonia, which are a part of the European Union, have placed a limit on how much leverage brokers may offer their clients. This limit is set at 1:30. Anything above that is illegal. Therefore, the maximum leverage of 1:400 offered by this broker tells us clearly that they are definitely operating illegally and may not even be based in Estonia.
Added to this, the spreads are extremely low. And the brokers to not charge any commissions. Such spreads, while extremely advantageous to traders, would put brokers in the red – especially if they do not charge any other trading fees. So, these spreads are unrealistic and are basically designed to entice novice and unwary traders into investing their money with this broker.
And while the funding amount may be just within industry standards at EUR250, we need to let our readers know that there are many excellent and regulated brokers with whom you can open an account for deposits as little as $10.
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Bonuses Offered
Another red flag that gives away this broker’s scam is the fact that Crypto Wallet offers their clients bonuses. Bonuses such as these have been banned in most jurisdictions as they come with very unfair conditions.
Sure enough, this broker states that you will not be allowed to withdraw your funds if you first do not meet the trading turnover target of 30x your bonus amount plus your deposit. This is target that you will never meet, so you will never be able to withdraw your money if your accept their bonus.
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Uncertain Payment Options
This broker claims to offer multiple payment methods – Bitcoin, Visa, MasterCard, Wire Transfer. However, when we checked the payment area, all we got was an error message, which meant that we were unable to really see for ourselves whether these payment options were actually available.
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Issues with Payments
Despite the fact that Crypto Wallet states that they do not charge any deposit or withdrawal fees, we found out that these were just lies. This broker charges exorbitant withdrawal fees – up to 50 currency units. Added to this, you will be charged a 10% withdrawal fee unless you meet a minimum trading volume of 200 in turnover (but the broker does not specify what this statement means).
All of this tells us that we are dealing with an unscrupulous scammer.
Conclusion
Crypto Wallet is a scammer and therefore cannot be trusted.
Crypto Wallet
Pros
- None
Cons
- Unregulated Broker
- Poor Trading Platform
- Issues with Trading Conditions
- Bonuses Offered
- Uncertain Payment Options
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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