Silvercrest review is a detailed description of this fraudulent business. This broker claims to be overseen by almost every financial authority in the world, but the truth is completely different. They are an average scammer, with a lot of inconsistent and illogical facts on their website.
There is no legit business that would hide things like their license data, who is their legal owner, or other fundamental information that is almost impossible to find. They are keeping their business anonymous, no doubt about that.
|Headquarters||United States of America|
How Safe and Regulated Silvercrest Investments Are
Silvercrest claims to be regulated by US Financial Services Authority (UFSA), Markets in Financial Instruments Directive (MiFID compliant), Financial Conduct Authority (FCA), Federal Financial Supervisory Authority (BaFin), French Prudential Supervisory Authority (ACP), National Securities Market Commission (CNVM), and FINANSTILSYNET.
The first issue we notice right off the top is that they claim to be regulated by the US “Financial Services Authority”. The financial regulators for the USA are called the CFTC and NFA.
To operate as a forex broker in the United States, a company must be registered as a futures commission merchant and foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA). If they are licensed, they should at least know the regulator’s name(s).
Also, we checked the FCA register, but we didn’t find Silvrecrest’s name. Their main idea is to lure beginners into Forex markets, by listing almost every financial authority in the world. This is a good showcase of why you should always do fact-checking before investing in some broker company.
However, you shouldn’t be discouraged by this financial swindler. Many brokers do everything by the book, and they are supervised by regulatory bodies. There are rules that investment companies have to follow and regulators make sure that they follow them. Financial regulation is key to maintaining orderly markets.
Trading Platform Available on Silvercrest
Silvercrest allegedly provides MetaTrader 5 trading platform. But when we took a closer look at their software, we noticed only an unconvincing imitation of trading software. MetaTrader 5 is one of the best platforms, with more than ten million downloads on the Google Play Store.
There are broker companies that do use this software, and not just claim to do so. That’s why it is important to distinguish real-deal trading firms and con artists. The first one offers functional platforms with great user experience, and the other one only offers an imitation of real trading software.
Trading Instrument Available at Silvercrest
Silvercrest claims to offer trading with crude oil, commodities, and cryptocurrencies (only Bitcoin). However, with everything we learned about this trading company, it is highly questionable whether they trade with any instruments.
They have 5 account types:
Several places on the website mention a leverage of 1:100 .A maximum leverage of 1:30 is allowed in the European Union and the United Kingdom and 1:50 in the United States.
Deposit and Withdrawal Methods
This broker only accepts payments in cryptocurrencies, with various crypto assets. Scammers are known for limiting their customers to paying in cryptocurrencies with good reason. They do it because such deposits are not eligible for any kind of chargeback – so anything you have given the broker is lost for good.
Cryptocurrency payments are especially dangerous when you want to invest in a broker that has a minimum deposit set at a shocking amount of 1000$. Some legitimate brokers ask for ten, and even one hundred times less money. Plus, they are operating by the rules. They aren’t scam artists like Silvercrest is.
How Does The Scam Operate?
This well-organized scheme is being operated by showing Silvercrest’s ads on social media, Youtube, Google, and wherever they can think of. They are pushy, and they promise an easy life. All you have to do is to leave your phone number.
After that, they will call you constantly until you agree to deposit your money. Once you make a first deposit, which is a whopping amount of 1000$, they will push you to invest more, and more.
Once their fraud is exposed, they will just think of a new name, set up a new website, and start their operation from the beginning. These kinds of investment scams will never disappear because they will always find naive people to scam them. You shouldn’t be one of them, and instead, you should choose one of the best broker companies we’ve listed.
The Finest Forex Brokers
It’s not a tough choice between this bogus broker and several top-tier companies. We call them the Forex finest, because they are highly rated, regulated, supervised by relevant financial authorities, have a functional platform, and have a long list of satisfied customers. Also, their minimum deposit isn’t ridiculously high.
|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||$100||FBS.Com|
Silvercrest is allegedly a US-based company that’s regulated by almost every financial authority in the world. However, when we started digging into this broker company, inconsistencies and lies started piling up.
They are unauthorized for the activities they are performing, which means that you can’t take any legal action against them. The only available payment method is via cryptocurrencies, and that is very suspicious. Especially when you have a 1000$ minimum amount. These anonymous people are fraudsters and they will steal your money in a blink of an eye! Do not choose them as your broker.
FAQs About Silvercrest Broker
What Funding Methods Does Accept?
The only funding method that Silvercrest accepts is via cryptocurrencies. These transactions are irreversible, and you should avoid paying with cryptocurrencies.
How Long Do Silvercrest Withdrawals Take?
Scam artists, like Silvercrest, don’t have withdrawals. However, if you are persistent, you may see your money again.
Is My Money Safe with Silvercrest?
There is no unsafer place for your money than Silvercrest. They are operating illegally!