Fexcryptonium – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Fexcryptonium - 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://fexcryptonium.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: BTC, ETH, LTC
Minimum Deposit: Not Specified
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: CFDs, Cryptocurrencies
Trading Accounts and Conditions
Fexcryptonium has provided absolutely no information about the types of trading accounts they may have or even their trading conditions. We could not find any information about the minimum deposit you are required to make. Or what spreads they offer. We did find a single reference to the leverage, which is at 1:5.
And since we were unable to even open an account with this broker, there was no way we could check to see if there was more information in their client area.
Fexcryptonium – Advantages
There are no advantages to trading with Fexcryptonium.
Fexcryptonium – Disadvantages
Here are all the red flags that clearly tell us that Fexcryptonium is a scammer:
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Lack of Regulation
The first key red flag is the fact that this broker is not regulated in any way whatsoever.
After going through Fexcryptonium’s website in detail, we found that there was only a single reference to this broker’s possible location: a vague claim in their legal document that stated that Fexcryptonium adheres to the laws of the United Kingdom. Besides this little snippet, this broker has not provided anything else of substance. Thus, we do not know the name of the company that runs this brokerage. There is no address or any other contact information provided. And there definitely is not regulation and licensing information given either.
If this broker claims to follow the laws of the UK, then they would need to be registered with and regulated by the Financial Conduct Authority (FCA), the country’s financial authority. So, we checked the FCA’s online records to see if this broker was telling the truth. We were unsurprised to see that no brokerage – or company – by this name is listed with the FCA.
Therefore, what we have here is an anonymous, unregulated entity – the worst kind of scammer. And dealing with such an entity dangerous and you stand to lose all your funds.
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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Lack of Trading Software
Fexcryptonium claims to offer their clients a Web Trader software for trading. However, when we checked more closely, we realized that none of what the broker claimed was true. All we saw was a collection of third-party market charts, and none of them was related to the other.
We also could not find any link or download button where we could actually access a real, working trading platform.
Thus, we can only conclude that there actually isn’t any trading platform at all. Another mark of a scammer.
We would like to point out that legitimate brokers make every effort to provide their clients with the best possible trading software in the market. After all, this is their main product offering, so they would need to ensure that they offer their clients the best and most competitive trading software. Scammers, on the other hand, try to either make do with a really shabby software that barely functions, or they don’t bother to even offer a trading software at all!
Fexcryptonium, it seems, fits into the second category of scammers!
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Investment Plans Offered
We have seen this repeatedly with low-end scammers. Rather than offering their clients real trading accounts, scammers like Fexcryptonium offer them investment plans along with promises of massive – and guaranteed – returns on their investments.
However, even in this offer, this broker hasn’t bothered with the details. There are only references to these so-called investment plans with no real details offered.
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Unable to Register
When we review a new broker, we usually try to open an account with them. This helps us understand how easy the registration process is. It also allows us to gain access to their client area and their trading software. This way, we are able to really check for ourselves whether the claims the broker has made are true or not.
With Fexcryptonium, there was not way to open an account. Every time we tried to, we got an error message stating that we had already registered for an account with them. We know that this was not true and this leads us to believe that the only way that a trader would be able to open an account with this broker is if the broker themselves were to contact you and get your account and payment details. This is, unfortunately, another typical scamming tactic.
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Only Crypto-Based Payment Options
Since we could not open an account with this broker, we would need to go by the information they have provided on their website with regard to payment options. And, sad to say, there was literally no information provided about the payment methods either.
The only way we reached the conclusion that this broker accepts only cryptocurrencies as a payment option is because of what they have stated in their Withdrawal Policy. In this section, the broker states that there are withdrawal fees, and then goes on to state that they are 0.000086 BTC, 0.00004 LTC and 0.00150068 ETH. BTC, LTC and ETH are Bitcoin, Ethereum and Litecoin – the top cryptocurrencies in the world.
Cryptocurrency payments are a favorite with scammers for the simple reason that they are untraceable and permanent. If you have invested with this broker using cryptocurrencies, then you can forget about being able to find your money again.
This is the reason it is important to use a safer payment method when you are dealing with a new broker. The best option is credit or debit cards; this payment method is traceable and it is possible to file for a chargeback in case you have been scammed.
Conclusion
Fexcryptonium is the worst kind of scammer – sloppy, careless and relying on a novice trader’s lack of knowledge to get away with their scam. Do not invest with this broker.
Fexcryptonium
Pros
- None
Cons
- Lack of Regulation
- Lack of Trading Software
- Investment Plans Offered
- Unable to Register
- Only Crypto-Based 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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