Kryptod – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Kryptod - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
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://kryptod.com
Founded: 2021
Regulations: None
Languages: German
Deposit Methods: Mirhax, Moonpay, Charge Money
Minimum Deposit: $10,000
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Forex, Stocks, Indices, Commodities, Cryptocurrency, Metals
Trading Accounts and Conditions
Kryptod offers their clients the following trading accounts:
- Classic: The minimum deposit is $10,000.
- Silver: The minimum deposit is $50,000.
- Gold: The minimum deposit is $100,000.
- VIP: The minimum deposit is $250,000.
While the broker has not mentioned trading conditions on their Account Types page, in another section of their website, Kryptod claims that the maximum leverage they offer is 1:400. There is no mention of spreads anywhere.
Kyptod – Advantages
There are no advantages to trading with Kryptod.
Kryptod – Disadvantages
Here is a list of all the red flags that prove to us that Kryptod is a scammer:
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Lack of Regulation
When a forex broker is legitimate, they prove that they are legally authorized to operate in their target jurisdiction. They provide details of their credentials: their company name, address, contact details as well as their regulation status for the country in which they operate.
Here is what we know about this broker. They claim to be owned and operated by Kryptod LLC – a company that is supposedly a part of a larger group called Krypto Holding Ltd. The broker does not give us an exact address; all they say is that they are based in the UK and are regulated by the Financial Conduct Authority. There is no information beyond this about their legal and corporate status.
We checked the FCA’s online register to verify the truth of this broker’s claim about being regulated by this authority. We found out that Kryptod lied. This broker is not regulated by the FCA at all. In fact, they are not even listed with this authority!
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 Website
While this may be a more superficial observation, we need to point out that this broker’s website is a hodge-podge of English and German. There are parts of their website in one language and then other parts that are in another language. This kind of inconsistency and sloppiness will not be found on a legitimate broker’s website.
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No Trading Platform
Kryptod claims to offer a trading platform on their website; we see a few vague images of a trading platform. However, after we registered for an account and checked their client area, we found out that this broker does not have any working trading platform at all. All we found were a few simple charts that showed some current asset prices. There is no way that any trader can actually trade on this broker’s platform.
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Issues with Trading Conditions
Considering the fact that this broker does not even have a working trading platform, it seems a waste of time to discuss their trading conditions. However, novice traders may get tempted to invest their money without knowing that there is not trading platform available, so it is a good idea to discuss what this broker supposedly offers.
Let us start with the minimum deposit requirement. A $10,000 demand as a first deposit is just not acceptable. The industry norm ranges from $100 to $150, and now there are so many regulated brokers that offer account openings for less than $50 too. So, this kind of investment requirement is just a huge red flag that this broker is trying to scam as many novice traders as possible before they get caught or get closed down.
As for the leverage, it is illegal. In the UK and Europe (which also seems to be a target for this broker), the maximum leverage a broker can offer is 1:30. So, a 1:400 leverage ratio is also another indicator of this broker’s lack of authorization and illegal status.
We also need to point out that the rest of the trading conditions necessary for traders to make informed decisions are missing: we do not have the spreads, the fees, the commissions, or even order execution methods.
All of this tells us that we are dealing with a scammer.
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Suspicious Payment Methods
Legitimate brokers offer their clients a wide range of payment methods: from the traditional bank transfers, wire transfers and credit and debit cards payments, to the more modern e-wallets such as Skrill, Neteller, PayPal and so on. And then there are the latest options of cryptocurrency payments too.
With Kryptod, we have three options: Mirhax, Moonpay and Charge Money. All three of these remittance methods are known to be rather shady.
The fact that this broker does not offer the safer payment options is another sign that they should not be trusted.
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Bonuses Offered
Kryptod also offers bonuses. This is a huge red flag since bonuses of the sort offered by this broker have been banned in most jurisdictions, especially in the UK and in Europe. This is because of the extremely unfair withdrawal conditions that are tied to these bonuses.
Brokers offer you attractive bonuses and then put in conditions such as an impossible to meet trading volume target. And if you do not meet this target, then you will not only not be allowed to withdraw the bonus amount, but you will also be stopped from withdrawing your own funds. This is a typical scam tactic that prevents traders from ever getting their money back once they have fallen for the bonus trap.
With Kryptod, the condition for withdrawal is that you need to trade up to 30 times the bonus amount and deposit amount before you will be allowed to withdraw any money.
The broker further confuses us by added another proviso: the lot size of your transactions should equal the total bonus amount divided by 3. Another impossible target.
Conclusion
Kryptod is a scammer that you need to avoid; they cannot be trusted.
Kryptod
Pros
- None
Cons
- Lack of Authorization
- Issues with Website
- No Trading Platform
- Issues with Trading Conditions
- Suspicious Payment Methods
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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