Cryptocycle Review, There’s surely a reason why fraudulent brokerage agencies like to present themself as UK based. It gives them a certain edge when traders look for a broker to invest with. Adding a false claim about being regulated to that and they are instantly preferred over other brokers. That is exactly what Cryptocycle does.
Unfortunately for this financial swindler, the financial authority of the UK, FCA, had something to publish about that. The official warning issued against Cryptocycle states that this broker is unlicensed.
As a matter of fact, they’re promoting or selling financial services or products to UK residents without being authorized.
Another independent financial supervision organization has also alerted the public against Cryptocycle, and that’s Financial Commission.
Atop of all mentioned, the official Cryptocycle website is currently down. The thief has either run away with the stolen investments or will sooner or later come back with another face.
After facing all these facts about Cryptocycle, you can’t tell us you’re still interested in investing here. If you still don’t feel entirely convinced, keep reading. Our Cryptocycle review brings up more disturbing facts about this fraud.
|Blacklisted by||FCA, Financial Commission|
Cryptocycle License and Regulation
Obtaining a license is far from easy. Especially with major regulatory bodies like FCA, CySEC, ASIC, BaFin, CONSOB, CNMV, and CFTC. In an attempt to prove the allegations against Cryptocycle wrong, we went through all these registers.
No trace of Cryptocycle being licensed by any regulator. All we ever found from our investigation were the mentioned warnings.
Being regulated by FCA, for example, means the brokerage enterprise invested at least £730 000. This is huge money and it serves to confirm the company intends on running a serious and stable business.
Furthermore, clients’ funds are secured in segregated accounts, the highest safety protocols are followed and measures for risk reduction are implemented. Clients can never lose more than they’ve invested and, in case of the firm going bankrupt, lost funds are compensated.
As an unregulated, possible offshore scamming project, Cryptocycle is unable to provide any of the mentioned. Of course, they can always lie about it, but the warnings easily rebuke their ridiculous claims.
Cryptocycle Trading Software
It’s almost like Cryptocycle defiles the true purpose and capabilities of the famous MT4 by only offering the web version of it. This would perhaps seem enough for novice traders who can be convinced it’s enough that it’s MT4. However, its functionality is limited and it rather serves promotional purposes than fully relies on it.
To truly enjoy everything MT4 has to offer, invest with a regulated broker instead. Brokers with valid trading licenses can offer MT4 in its full package, including a vast variety of features and advanced options.
Available Trading Instrument at Cryptocycle
It appears that Cryptocycle operates only based on trading cryptocurrencies. Some of them are Bitcoin, Ethereum, Litecoin, XRP, and Tether. It is a bit unusual to encounter this kind of offer. Most brokerage sites have more classes of tradable assets available, even scam firms do. Traders can buy and sell currency pairs, commodities, indices, shares, and crypto.
Our broker denies this possibility to its traders and only provides access to digital currencies. Not even that is for certain, taking into consideration that Cryptocycle is just a scammer.
Deposit and Withdrawal Methods
Since crypto is the only tradable asset, Cryptocycle decided to only accept deposits in crypto as well. Mad in love with digital currencies, this broker offers funding your account in BTC, ETH, and LTC. The real reason why con artists like this one prefer crypto depositing is simple. Withdrawals become a living hell for traders and E-wallet owners are hardly traceable. Scammers use any means possible to secure their anonymity to go unpunished for their crimes.
The minimum deposit at Cryptocycle turns out to be only $50. Almost on par with the requirements of legitimate brokers.
Withdrawals are not made clear at all by any policy or terms and conditions. Cryptocycle most probably will not let you withdraw any of your investments anyway. It’s their goal to rob you, not help you earn.
How Does Offshore Brokers’ Scam Implement?
It all starts with discovering your contact info somewhere online. A friendly agent contacts you to offer a remarkable, once-in-a-lifetime opportunity to earn. The risks are supposedly minimal but the turnover is huge. Acting as your right-hand and professional advisor, they will direct your investments and expectations to profit.
Except, heartbreaking truth is that they’re piling your hard-earned money while you live the illusion of anticipated wealth. It never really comes true and it remains but a dream.
Highly Recognized Trading Brokers
You don’t have to settle for an illusion when you can choose a regulated broker to invest with and gain a realistic chance of profit. Of course, it isn’t as easy as scammers make it sound and it certainly carries a percentage of risk.
However, with a legitimate brokerage house, you get to learn everything about the company’s history and trading conditions. The terms regulating the withdrawals are understandable and do not involve surprise fees. The trading terminal is functional and rich with options to ease up the trading process for you.
We invite you to check out these brokers as possible solutions:
|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|
Cryptocycle is a shameless scammer in disguise of a crypto online trading project.
Trading conditions aren’t at all as attractive as frauds usually advertise. Besides that, the trading platform is the web demo version of MT4. The glorious abilities of this award-winning platform are underestimated. All in all, we strongly advise you to pick a broker that provides solid several versions of the terminal so you can experience its full potential.
Although trading software is one of the major factors that should affect your decision about who to invest with, regulation is the priority.
As soon as you feel suspicious about a broker, stop doubting and look for another. Always run a double-check before depositing, as you can never be cautious enough.
FAQs About Cryptocycle Broker
Is My Money Safe with Cryptocycle?
No investments are safe with an unregulated broker that operates without the supervision of a regulatory institution.
When Was Cryptocycle Founded?
Since there is no background information on the owning company, we cannot find out the exact date.
How Long Do Cryptocycle Withdrawals Take?
Cryptocycle does not reveal the withdrawal processing time and possible involvement of fees.