AllCryptMarkets was a fake online trading scam. They never revealed who owned it, where it was based, or what country’s laws they followed. But brokers can’t just pick and choose the rules they want to follow. They have to follow the laws of the country they’re operating in.
Since we don’t know where they were really based, we can be pretty sure that AllCryptMarkets was not a real business. Let’s take a closer look at this informative AllCryptMarkets review to learn more.
License and Safety of Funds at AllCryptMarkets
AllCryptoMarkets has kept the identity of its owner and legal jurisdiction as tight-lipped as a clam in a storm, not to mention any license or business registration number.
When firms cloak such core information, they tend to be based offshore or in Eastern European boiler rooms, far from the watchful gaze of legitimate regulators and their oversight.
For a broker to establish a reputable business, they must obtain a license. Regulatory bodies have established a tiered system consisting of three zones, each with varying levels of requirements for Forex firms.
The offshore zone, with its lax regulations, stands in stark contrast to the rigorous standards imposed by entities such as the UK FCA, Australian ASIC, and German BaFin.
AllCryptMarkets – Trading Platform
|Broker||AllCryptMarkets||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Prepare to be amazed! AllCryptMarkets trading platform was touted as the ultimate tool for the modern trader. However, instead of a jaw-dropping experience, we were presented with a basic WebTrader.
Although WebTrader is okay, it pales in comparison to the vast selection of technical analyses available on MetaTrader. MT4 and MT5 boast a plethora of trading options, including the ability to utilize bona fide trading bots.
Despite the grand promises made by this broker scam, the platform ultimately failed to deliver this essential functionality.
Trading Instruments Available at AllCryptMarkets
Behold the wonders of AllCryptMarkets, where people could have dabbled in the mystical world of digital currencies! The possibilities were endless, with assets such as BTC, BNB, TRX, ADA, DOT, and many more.
This phantom broker bragged about exceptional trading conditions. Yet, it concealed critical trading terms such as spreads and leverage. It was all smoke and mirrors, leaving traders to ponder the validity of such fantastic claims.
Note: Occasionally, purveyors of trading systems, such as signal vendors or automated bots, offer untested products that fail to generate profitable outcomes, both for individuals and enterprises alike.
Deposit and Withdrawal
To get in on the action, all it took was a minimum deposit of 250 USD. And the best part? You could fund your account with cards or wire transfers.
But wait, there’s more! When it came time for a withdrawal, the same methods were available, but with a catch.
There were some downright outrageous clauses in the fine print. For instance, the company could scrutinize your request and reject it. And as for an explanation? Well, that was nowhere to be found.
That’s not all – there were many upfront taxes and bank transfer fees. It was a classic case of bait-and-switch, leaving traders scratching their heads and wondering what they had gotten themselves into.
How Does This Scam Operate?
Scam brokers are the epitome of the proverbial wolf in sheep’s clothing. They employ many duplicitous tactics to lure you into their web of deceit.
By painting a rosy picture of quick and effortless profits, these unscrupulous operators promise the world while delivering little more than heartache. These crooks use false identities and fake addresses to evade detection by law enforcement.
Often leveraging high-pressure sales tactics, they convince victims to deposit more money in a vain attempt to recoup losses, ultimately leading to further disappointment. In light of these bogus practices, it’s imperative to maintain a keen awareness of such schemes. This is the unwritten rule.
Tip: We would be glad if you could share any negative experiences you may have had with this or any other deceitful broker. Know that we can help you report the scam.
The Best Foreign Exchange Brokers
If you’re looking for a secure and reliable forex broker, it’s important to consider the top options on the market. By doing so, you can ensure your investments are protected and your trades are executed smoothly.
So, without further ado, let’s dive into the list of the best forex brokers. Trust us, your financial safety is our top priority!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
AllCryptMarkets is a suspicious online trading scam that did not reveal its owner, location, or license, which is crucial for any reputable broker. Its WebTrader platform failed to deliver promised functionality, and critical trading info such as spreads and leverage is nowhere to be found.
The deposit and withdrawal process had many hidden fees, and the company could reject withdrawal requests without explanation.
Scam brokers use false identities and fake addresses to avoid detection and employ high-pressure sales tactics to convince victims to deposit more money. It is crucial to maintain awareness of such schemes.
It is wise to choose secure brokers like FXTM, OctaFX, FP Markets, XM, HFM HF Markets, or FBS.
FAQs About AllCryptMarkets Broker
Is It Safe to Use AllCryptMarkets?
AllCryptMarkets is not a regulated broker and has been flagged for advertising false data. It is not deemed safe.
Is my Money Safe with AllCryptMarkets?
As AllCryptMarkets is not a regulated broker, there is no guarantee that your money is safe with them.
Does AllCryptMarkets Offer a Demo Account?
It is unclear whether AllCryptMarkets offers a demo account as there is no information available on their website.