Kyptobot – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Kyptobot - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
Besides the promise of a 100% payout when trading with Kryptobot, there is no other information provided by this broker about its account types and trading conditions. We do not know how many trading accounts are available, what the minimum deposit requirements are, the leverage ratios, the spreads or any other trading costs.
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://kryptobot.online/
Founded: 2013 – 2019
Regulations: Unregulated
Languages: English
Deposit Methods: Bitcoin, Ethereum
Minimum Deposit: Unknown
Free Demo Account: Not Available
Number of Assets: N/A
Types of Assets: Binary Options in Cryptocurrencies
Trading Accounts and Conditions
Besides the promise of a 100% payout when trading with Kryptobot, there is no other information provided by this broker about its account types and trading conditions. We do not know how many trading accounts are available, what the minimum deposit requirements are, the leverage ratios, the spreads or any other trading costs.
Kryptobot – Advantages
The only possible advantage to trading with Kryptobot would be the range of cryptocurrencies it offers for binary trading. You get to trade in Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether, Litecoin, Binance Coin, Tezos and EOS.
Kryptobot – Disadvantages
Here is the list of disadvantages to trading with Kryptobot:
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Anonymous Brokerage
Kryptobot claims to be an award-winning binary options broker that is based in New York, USA. It also claims to have a clientele of more than 150,000 traders.
However, when you actually go through their website carefully, you realize that this broker has omitted to provide any relevant corporate information. So, we do not know the name of the company (or companies) that owns and operates this brokerage. We also do not know which company (or companies) processes this broker’s client payments.
Thus, we can see that this broker is actually operating anonymously and that is a clear indication that Kryptobot is most probably 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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Lies About Regulation Status
Besides claiming to be based in New York, Kyrptobot also claims to be regulated by the CFTC (Commodity Futures Trading Commission) in the US and the CySEC (Cyprus Securities and Exchange Commission) in Europe. The broker also claims to be regulated by the IFSC (International Financial Services Commission) of Belize.
We decided to verify these claims and so checked the online registries of all the financial regulators Kryptobot mentioned. Unsurprisingly, we found that this broker’s name is not listed as regulated by any one of these financial watchdogs.
What you as traders need to know is that it is almost impossible to get a license to operate in the United States because the conditions imposed by the financial regulators in the country are so stringent that only a handful of companies can afford to meet those standards.
Furthermore, binary options trading has been banned across the European Union (of which Cyprus is a part), so there is no way that Kryptobot would have been given a license to operate in that region.
This broker is clearly and deliberately misleading its potential customers with lies about its regulation status, when the reality is that Kryptobot is operating illegally.
Another sign that this broker is a scammer!
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No Demo Account
Kryptobot doesn’t offer its customers a demo account, which is another common tactic among scammers.
Legitimate brokers are transparent in their operations and allow their customers to assess the trading conditions they offer, and also try out the trading platform they are providing support for.
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No MetaTrader 4 Offered
Since this broker does not offer a demo account, we only know that this broker offers its customers an unknown and unproven web-based trading platform.
Brokers that are legitimate usually provide their customers with the MetaTrader 4 trading platform.
The MT4 platform, as it is popularly called, has an intuitive interface, making it simple to use for both novices as well as professionals. The features offered by this software make trading much easier too. You get numerous charting options, automatic trading options through their pre-programmed trading bots, market indicators and so on.
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No Terms and Conditions Offered
When you register for an account with a new broker, you are asked to read and agree to the terms and conditions laid out by that broker. There is usually a tick box next to a link that takes you to the Terms and Conditions page.
Most people simply click on that tick box, agreeing to whatever conditions without going through them. This is a very dangerous thing to do, especially since there are so many brokers in the market that are out to scam traders.
Kryptobot is one such example. While that tick box and link are present, when you actually click on the link, you will find that this broker doesn’t have a Terms and Conditions page!
What this means is that if you proceed with the registration process, you have agreed to whatever terms and conditions the broker decides to impose on you.
It is important to remember that the Terms and Conditions are a critical legal document that defines the terms of service set out by a broker. With brokers such as Kryptobot, these terms are usually extremely unfair.
Therefore, we strongly advise all traders to take the time to read through the terms and conditions before opening an account with any broker.
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Payment Options Limited
The only way you can make deposits and withdrawal with this broker is through either Bitcoin or Ethereum. Standard payment options such as credit or debit cards, or even bank wire transfers are missing. You also don’t get to use any of the popular e-wallets such as Neteller or Skrill.
The fact that Kryptobot only offers cryptocurrency payment options is yet another indication that this broker cannot be trusted. Cryptocurrency payments are virtually anonymous and untraceable, so you won’t know where your money is going.
Added to that, crypto transactions are irreversible, which means that once you have made a payment in cryptos, there is no way you can get your money back.
Conclusion
Kryptobot has lied about critical legal information such as its corporate identity and its regulation status. It is also missing terms and conditions and only offers crypto payment options.
We can conclude that this broker is a scammer and that your funds will be at risk if you trade with them.
Kyptobot
Pros
- Range of Cryptocurrencies Available for Binary Options Trading
Cons
- Anonymous Brokerage
- Lies About Regulation Status
- No Demo Account
- No MetaTrader 4 Offered
- No Terms and 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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.