CryptWise – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CryptWise - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$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://cryptwise.io
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Credit Cards, Bank Transfer, Cryptocurrencies
Minimum Deposit: $100,000
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Cryptocurrencies
Trading Accounts and Conditions
CryptWise offers their clients the following trading account types:
- Silver: The minimum deposit is $100,000.
- Gold: The minimum deposit is $250,000.
- VIP: The minimum deposit is $500,000.
There is no other information about the trading conditions.
CryptWise – Advantages
We would not recommend CryptWise to any trader; there are no advantages trading with this broker.
CryptWise – Disadvantages
Here are all of the disadvantages we found in CryptWise because of which we would advise all traders against dealing with them.
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Anonymous Unregulated Broker
According to the broker’s Terms and Conditions section, CryptWise states that their domain, www.cryptwise.io, is owned and operated by a company called Dreammkt Ltd T/A, which is based in St. Vincent and the Grenadines (SVG). However, this is all the corporate information that this broker has provided. There is no physical address, no contact number and no licensing or registration information.
Being based in SVG means that CryptWise is an offshore broker. The problem is that the financial regulator of that country, the SVG FSA (St. Vincent and the Grenadines Financial Services Authority) has put out a public notice that they do not have any regulations in place to monitor forex and cryptocurrency brokerages. Therefore, to be a legal entity, CryptWise would need to be regulated by another agency in another part of the world. Unfortunately, this broker has not provided any other information about their legal status, so we can only conclude that CryptWise isn’t, in fact, regulated at all.
Thus, considering the fact that we have almost no corporate information about this broker and that it is not regulated in any way, we can say for sure that we are dealing with an anonymous illegal broker – a 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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Issues with Registration
When we review a broker, we also try and open an account with them. By doing so, we find out about the account opening process, and we also get to directly assess the broker’s trading platform.
With CryptWise, we were unable to register for a new account. Every time we tried to create an account with them, we were given the same message: We cannot register you at this time.
This could mean one of two things: that their website has a technical issue or that they are specifically targeting those traders who connect with them through their social media adverts. Either way, this is a huge negative, where people visiting their website are not allowed to open an account.
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No Trading Software
On their website, CryptWise claims to offer technologically advanced software for trading. The broker calls it a next generation platform too. However, there is no sign of a download button or even a web link. And since we could not access their client area (because we could not open an account with them), we do not even know if they actually have a working trading software.
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Very High Minimum Deposit Requirement
According to their website, the minimum deposit you have to make to trade with this broker is $100,000. This is just a massively ridiculous number. Reputed and regulated brokers across the world will allow their clients to open an account with them for $100 to $250, and there are many who allow you to open an account for much less (as little as $5 to $10). Thus, even if this broker had been regulated and a legal entity, we would still not recommend doing business with CryptWise.
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Almost No Trading Conditions
Another huge issue we have with this broker is that there are almost no trading conditions mentioned anywhere on their website. Without trading conditions, a trader will not be able to tell if trading with a particular broker will be profitable or affordable for them or not.
There is only a single reference to a leverage of 1:30 in their Terms and Conditions. And then the broker also has a reference to EU laws in their Client Agreement section. Here is what we need to mention: the EU, like many other jurisdictions in the world, have placed strong limits on how much leverage brokers can offer their clients. For forex pairs, that limit in the EU is 1:30, but for cryptocurrency trading, that limit is just 1:2. Therefore, the leverage that this broker is offering is much too high – when you realize that CryptWise is actually just a cryptocurrency broker.
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Issues with Inactivity Fees
CryptWise has very lengthy legal documents, giving them a sense of legitimacy. However, when you actually go through the Terms and Conditions in detail, you will realize that they are mostly couched in generalities. The Client Agreement is almost as vague, but there are a few pieces of information we were able to glean from there.
For example, the broker states that if your account has been inactive for 60 days, then you will be charged a one-ff maintenance fee of $200. Thereafter, there is a $90 monthly fee imposed if your account has a more than $250 balance. And then, if your account has been inactive for more than 90 days, your account will be suspended and if you wish to re-activate your account, then you will need to pay $100.
Legitimate brokers do not place such conditions on their clients. Usually, if a trader’s account has been inactive for more than 60 months to a year, then there is a nominal inactivity fee charged; the account is not suspended and neither is there such a high reactivation fee! This is just part of this broker’s scam.
Conclusion
CryptWise is not a broker that you can trust; they are a scam and must be avoided.
CryptWise
Pros
- None
Cons
- Anonymous Unregulated Broker
- Issues with Registration
- No Trading Software
- Very High Minimum Deposit Requirement
- Almost No Trading Conditions
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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