Scam Brokers

CryptoTradeCenter – Are They Trustworthy?

Chainbits Staff | Publish date: 09/13/2020 (Last updated: September 13, 2020 06:01 AM)

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

CryptoTradeCenter - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2020

Try other platforms

Traders can choose from the following account types if they sign up with CryptoTradeCenter:

Starter: The deposit requirement ranges from $500 to $1,000. The commission is 25, but it is not specified what this figure means.
Silver: The deposit requirement ranges from $1,000 to $2,000. The commission is 50.
Gold: The deposit requirement ranges from $2,000 to $5,000. The commission is 85.

Other trading conditions such as leverages and spreads are not mentioned at all.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

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://cryptotradecentr.com/

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Bitcoin

Minimum Deposit: Unclear – Contradictory Information

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Shares, Cryptocurrencies, Commodities, Indices

Trading Accounts and Conditions

Traders can choose from the following account types if they sign up with CryptoTradeCenter:

Starter: The deposit requirement ranges from $500 to $1,000. The commission is 25, but it is not specified what this figure means.
Silver: The deposit requirement ranges from $1,000 to $2,000. The commission is 50.
Gold: The deposit requirement ranges from $2,000 to $5,000. The commission is 85.

Other trading conditions such as leverages and spreads are not mentioned at all.

CryptoTradeCenter – Advantages

It is not advantageous to trade with CryptoTradeCenter.

CryptoTradeCenter – Disadvantages

Here are the reasons why it would not be a good idea to trade with this broker:

Unregulated Broker Blacklisted by CSSF

The owner of this brokerage is a company by the same name – Crypto Trade Center Ltd. In its Terms and Conditions, the broker claims that its parent company is based in Luxembourg and that it regulated by the Commission de Surveillance du Secteur Financier (CSSF), the financial authority of the country.

This claim is a lie. The broker has in reality been blacklisted by the CSSF for operating in Luxembourg without valid authorization. The warning clearly states that the broker’s claims are all lies and that it has never been given a license to operate in the country!

This first red flag is enough to tell us that this broker is a scammer and that if you invest your funds with CryptoTradeCenter, you will in all probability lose all your money.

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 Support for MetaTrader Platforms

CryptoTradeCenter offers its clients the use of a web-based trading platform, which really cannot compare to the MetaTrader platforms (MT4 and MT5) which are the world’s most popular trading interfaces.

The MT4 and MT5 platforms are so easy to use that even novice traders will not have a problem using them. Furthermore, clients get access to a wide range of charting tools, market indicators and even automatic trading bots.

The software offered by CryptoTradeCenter has none of these features. All you get to see is a simple dashboard that displays a live graph and some basic information about crypto prices. Besides buying and selling, there isn’t anything else that a trader can do on this broker’s platform.

Lack of Clarity on Minimum Deposit Requirement

On the broker’s home page, the minimum deposit requirement is shown as $50. However, when you read the Terms and Conditions, the figure is $100. But, when you enter the client area and look at the dashboard, then the minimum deposit requirement is $500!

The information displayed on CryptoTradeCenter’s homepage seems to be bait to attract more customers. But once they register for an account, then they are forced to pay $500 if they wish to use this broker’s services.

No Information on Trading Conditions

As we mentioned earlier in this review, CryptoTradeCenter has not mentioned anything about its trading conditions. There is absolutely no information on its website.

When you enter the client area, you get to see the different account types available. And in that table, there is mention of a commission of 25, 50 and 85. But there is no clarity whatsoever about that these figures are. We do not know if this means that you are charged a $25, €25 or even a £25 commission. It could even be a percentage of the trade (which seems highly unlikely as that commission amount would be absurdly high).

Even in the dashboard, there is no information provided on what the leverages are or even what the spreads could be.

Such lack of information of something so critical once again indicates that this broker is not to be trusted.

Bitcoin Only Deposit Option

The only way you can deposit money in your CryptoTradeCenter account is through Bitcoin. This is a huge red flag. Bitcoin transactions are irreversible and anonymous. This means that if you make a deposit and then change your mind, there is no way you will get your money back. You cannot even file for a chargeback! Once your money is gone, it’s gone.

Using cryptocurrencies as the only payment method is a tactic commonly used by scammers, so this point makes it even clearer that this broker is a scammer.

Unfair Withdrawal Conditions

The withdrawal policy this broker has imposed is ridiculously unfair. In the Terms of Service, CryptoTradeCenter states that the minimum withdrawal amount is €50. However, when you read further, the minimum withdrawal amount allowed is $500! And you are charged a 5% withdrawal fee!

First of all, imposing a minimum withdrawal limit is not right. The money in your account belongs to you and you have the right to withdraw any amount that you wish!

And second of all, the minimum withdrawal requirement of $500 is just outrageous! Add to that the 5% commission (with comes to a minimum of $25), this clause is simply wrong!

Another thing that lets us know that this broker is shady is the change in currency units in different sections of its website.

Unknown Fees

And finally, there is a strange clause that talks about unknown fees that this broker can impose on you at any time it chooses. Clause 26.1 in the Terms of Service states that a charges imposed by a clearing organization will be paid by you from time to time. If there is any interest due, that too must be paid by you.

Conclusion

Our investigation has revealed that CryptoTradeCenter is a scammer and that if you put your money on them, you will lose you funds. We recommend that you choose a legitimate and regulated broker to do business with.