Cryptics Review, This is yet another anonymous broker company we are going to discuss in this Cryptics review. They don’t even offer basic information like their headquarters or an email address.
However, that didn’t stop us from investing in this shady business, and we found out some interesting things about it. They are not only unregulated but also blacklisted by two regulators. Keep reading this article because we got more interesting information coming.
Cryptics License and Regulation
As we said, this is as an anonymous trading company as it gets. We have no information about the company owner or the license. However, in the Terms and Conditions, we found a statement that the firm belongs under the Estonian governing law.
Estonia is a European Union country, meaning that any company that wants to provide financial services has to be regulated by the country’s monetary authority body, called Finantsinspektsioon (FI). For whatever reason, scam brokers love to choose Estonia as their fictional headquarters.
The main issue with Cryptics is that they are blacklisted by two regulators. First, the Spanish CNMV issued an official warning saying that Cryptics is not authorized to provide investment services. After that, the Belgian FSMA republished this warning.
There is no such thing as certainty, but being blacklisted by two different regulators pretty much means that Cryptics is a scam.
Of course, not all trading providers are fraudulent. You will find several credible names at the end of this article.
Cryptics Trading Software
Cryptics offers a basic WebTrader. It has several simple functions – asset overview, a few charts and indicators, margin level, and opening and closing trading positions. Overall, their software is inferior compared to industry-standard trading platforms.
One of the problems with picking an anonymous broker is that they use manipulative software that shows some fictional trading. That way, it’s hard to tell whether it’s fake or real. This is a very common issue with most illicit providers, which makes it very important to stick to licensed firms with good platforms.
Our list of legit brokers we recommend is at the end of this article. All of them use trading platforms that provide a great user experience. Besides being easy to download and install, MetaTrader 4 and 5 have many trading capabilities and features that others simply don’t.
Available Trading Instrument at Cryptics
Customers dealing with Cryptics can trade the following instruments:
- Forex – GBP/AUD, CAD/JPY, USD/ZAR
- Commodities – gold, corn, crude oil
- Indices – DAX30, AUS200, CAC40
- Shares – AAPL, NFLX, AMZN
- Cryptocurrencies – BNB, ADA, SOL
It’s not a bad offer, but we always need to repeat it – they are unregulated.
The trading risks are high as leverage is fixed at 1:200, and it’s impossible to change. Leverage at 1:200 is dangerous, so disallowing customers to lower it puts them at great risk. This could result in big profits or huge losses.
Also, the EU regulators do not allow more than 1:30 leverage, which is yet another evidence that Cryptics aren’t regulated.
The trading costs are seemingly ultra-low – the EUR/USD spread floats around 0.1 pips. This means that for every lot you trade, you will have to pay only $1 to Cryptics. Occasionally it reaches 0.0, which is the best possible rate ever. It indicates that customers pay nothing or just $1 per lot traded, which is a highly favorable price for trading.
Deposit and Withdrawal Methods
The single funding method is via credit/debit cards, but each transaction is processed by cashier.boxipay.io and subsequently by GameChangers. This is a less conventional payment method – most legitimate brokers do accept electronic payments via popular payment solutions like Skrill, Neteller, PayPal, etc.
The minimum deposit at Cryptics is $500, which is absurd. Licensed brokers open micro accounts for $5-$10.
The minimum withdrawal is $50 for credit/debit cards and $250 for wire transfers. These are unfair requirements. The fees are even worse – $35 for credit/debit cards and $50 for each wire transfer. And that’s not all, as an additional 10% charge incurs if clients haven’t reached 200 in turnover.
There are enormous inactivity fees – 10% of the money in your account after 6 months of no trading fees. Needless to say, this fee could potentially be huge. Legitimate brokers only charge fees of around $5-$10 in such cases.
These fees are an obvious rip-off. You can’t find these shenanigans with credible trading providers.
How Does Offshore Brokers’ Scam Implement?
There are some common steps that financial swindlers take, and we are going to talk about them.
If you’ve reached out of the sky about a forex investment opportunity, it’s most likely to be a scam. Never give away your personal information or transfer money to these firms. You can never know for what purpose they will use that information.
Investing always comes with some level of risk so any company promising investment opportunities without any risk of losing money is probably a scam. Remember, if it looks too good to be true, it probably isn’t.
Scam brokers often promise to make high returns from your initial deposit that may seem life-changing. Any company that offers quick and easy returns is likely to be fraudulent.
When a company tries to pressure you into investing right away, it’s probably a fraud. Most scammers even offer bonuses or discounts to persuade you to invest right away.
Scammers are more and more often using social media to advertise fraudulent investment opportunities. They often use fake images and videos of luxury items to trick people into investing.
Highly Recognized Trading Brokers
Since we’ve spent more than enough time on this scam broker, we are going to devote a couple of sentences to real-deal trading companies. You’ve learned why it’s risky to pick a broker randomly.
We don’t want inexperienced people to get scammed, and that’s why we made a table of top-notch firms. High ratings, functional platform, all regulated. Everything an average user needs.
|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|
Cryptics is an anonymous broker. However, the lack of information on their website didn’t stop us from getting to the truth.
The truth is, Cryptics is an unregulated trading company. But that’s not the end. They are also blacklisted by the Spanish CNMV and Belgian FSMA.
Trading software is a basic WebTrader and is nowhere near industry-standard platforms. The minimum deposit is $500, which is absurd. Overall, there aren’t positive things we can say about this enterprise.
FAQs About Cryptics Broker
Is My Money Safe with Cryptics?
This is an unregulated company that is blacklisted by two credible regulators. There is no such thing as safety with them.
When Was Cryptics Founded?
Cryptics was founded in 2022. More reason not to trust them. This is a relatively new scam.
How Long Do Cryptics Withdrawals Take?
Allegedly, withdrawal takes up to five business days. But we are sure that some of the customers, if not all, won’t see their money back.