Scam Brokers

Cryptodesktrade – Can You Trust Them?

Chainbits Staff | Publish date: 04/10/2022 (Last updated: May 02, 2022 06:38 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Cryptodesktrade - DO NOT TRADE WITH THIS PROVIDER

2.3/10

$100

Minimum Deposit

updated 2022

Try other platforms

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

Plus500 Review - Regulated broker

try this broker

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://cryptodesktrade.com

Founded: 2022

Regulations: None

Languages: English

Deposit Methods: Bitcoin Wallet

Minimum Deposit: $1,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Crypto Coins

Trading Accounts and Conditions

Cryptodesktrade offers their clients the following trading accounts:

Silver Account: The minimum deposit is $1,000 and the profit you are promised is $9,500 and above.
Gold Account: The minimum deposit is $2,500 and the profit you are promised is $19,540 and above.
Premium Account: The minimum deposit is $3,500 and the profit you are promised is $32,450 and above.

There is no mention of any trading conditions whatsoever. We do not know what the leverages, spreads, commissions, fees, tradeable financial instruments, order execution methods, etc., are.

Cryptodesktrade – Advantages

Cryptodesktrade’s website is sloppy and incomplete and there is nothing positive we can say about this broker.

Cryptodesktrade – Disadvantages

Here is the list of issues which clearly tell us that Cryptodesktrade is a shabby scammer:

Regulation Issues

The first thing that tells us that we are dealing with a scammer is the fact that this broker is operating anonymously. The only information that they have bothered to provide is an address in the UK. There is no other data provided – no company name, no contact number, no email address and so on.

Now, to be able to operate in the UK (we assume that this broker’s base of operations is the UK because of the address provided), a broker needs to be registered with the country’s financial regulator, the FCA (Financial Conduct Authority).

Luckily, verifying a broker’s legitimacy with a financial regulator such as the FCA is easy. We only needed to check the regulator’s online register for that information. So, that is what we did. And we found out that this broker has been blacklisted by the FCA for operating illegally in the UK. According to the announcement by the FCA, Cryptodesktrade is not authorized by them and the broker is targeting traders in the UK.

The FCA also revealed some critical information: that this broker may be operating a serial scam. According to the regulator, this broker may be operating under another name – FXBIT CORE. We decided to follow this lead and found out that there was, in fact, another broker – www.fxbitcore.com – that was also a scam operation.

Thus, through our investigation about Cryptodesktrade’s regulation status, we found out that this broker has been marked a scam by one of the world’s top financial regulators (the FCA) and this broker is a part of a serial scam operation.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

No Trading Software

We already found out that Cryptodesktrade is not authorized to offer forex and crypto trading services. As we dug deeper, we also found out that this broker also lied about having a trading software!

We were able to register for an account with this broker, and once we did so, we were able to check what kind of a trading software they offer. We found out that this broker doesn’t, in fact, have a trading software. When you access their so-called trading software, we see that there is just a basic chart of Bitcoin prices. There is no way to buy or sell any assets – and neither are there any assets listed.

Thus, all the pretty pictures of trading software on Cryptodesktrades’s website are just lies.

No Trading Conditions

Legitimate brokers clearly advertise their trading conditions on their websites. Thus, traders, when they log into a legitimate broker’s website, will be able to see the types of trading accounts offered, and what the trading conditions for each of those account types are.

With Cryptodesktrade, there is no information at all about what the spreads, commissions, leverages, etc. are.

We are told that there are 3 different account types, and the minimum deposit amounts are mentioned. We need to point out that a minimum deposit requirement of $1,000 is much too high. Even if this broker had been legitimate, this kind of minimum deposit would make them an unattractive choice. The market average for minimum deposits is between $100 and $250, and there are many, many very good brokers who will let you open an account with them for less than $10.

Profits Promised

When you check Cryptodesktrade’s Account Types section, you see that while there are no trading conditions mentioned under the individual account types, there are certain profits guaranteed. So, if you see the Silver Account, there is a profit of $9,500 and above guaranteed. For the Gold Account, that amount is a strange $19,540 and for the top-tier account, the Premium Account, you are promised a profit of $32,450.

This is where the scam is able to attract victims – the promise of mega profits.

And this is where we need to caution traders – especially novices – that such promises are lies. There is no broker on earth that can make such a promise. The forex and crypto markets are notoriously volatile. This means that most traders will LOSE, not make money while trading. In fact, according to regulations, licensed brokers need to publish the percentage of traders using their services that lose money. This number ranges from 75% to 85%! Thus, the majority of trades end in losses, therefore, it is just not possible for a broker to promise any kind of profit. It is only the scammers that will blind novice traders with promises of big profits.

Bitcoin Wallet Only Deposit Method

The only way you can make deposits with Cryptodesktrade is via Bitcoin wallet. A QR Code is provided, along with a link, so that you can make your deposit.

We need to point out that this is another sign of a scam, since Bitcoin payments are completely anonymous and irreversible. This means that once your money is gone, there is no way to get it back or even trace it.

Conclusion

Cryptodesktrade is a low-end scammer that does not even make the effort to create a decent website. This is not a broker that you need to do business with.