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Cloxyields is missing from the FCA’s register despite claiming offices and authorization to operate in the U.K. We did not check with the other brokers as we expected similar results- no matching credentials.
Cloxyields is a broker claiming to be among the largest growing CFD brokerage companies. The broker also purports that its operations are under the oversight of top-tier regulation bodies. However, none of these self-proclamations should fool you into thinking that this broker is genuine. From experience, scam brokers will say anything to make you invest with them.
Before engaging with any broker, confirm that they have your back regarding funds’ safety, security, and convenience. On top of this, ensure that the broker is under a governing body, as this comes with several benefits. Such diligence ensures that you only deal with a reliable crypto investment broker.
Concerning Cloxyields, we have good authority to dismiss it as a scam because of several issues that don’t seem to add up. We have tailored this review for those unsure of what to look for in a broker. Moreover, the review also draws attention to the warning signs we found on the website that indicate that this broker is as shady as it gets.
Cloxyields claims to offer a platform for trading stocks, CFDs, cryptocurrencies, indices, commodities, and forex. The broker allegedly provides over 150 trade instruments while its stocks cover about 1500 markets. Investors using the platform supposedly enjoy the broker’s deep legal and technical assistance. Also, Cloxyields provides trade facilitation tools, such as a trading academy and economic calendar.
However, we could not help but notice that this broker has nothing to offer but hype. For instance, it brags about 15 global recognitions. Also, the broker claims to have over 1727538 engaged clients. Going by its registration credentials on Whois, the broker is just barely 20 days. The claim that it has a vast market share, let alone global recognition is a flat lie. If this broker lies about trivial details such as accomplishments, how much will it lie about crucial information? Only established brokers with a proven track record can have such achievements.
Cloxyields gives its address as 668 Herschler Ave, Evanston, Wyoming (WY), 82930. However, given the stringent regulations on brokers here, it is unlikely that the broker is in the U.S. The broker also claims to have eight offices in other countries, including China, Germany, the U.K, Australia, and France. We doubt this is the case as there is no way an 18 days old broker can have the alleged global footprint in such a short time.
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Cloxyields claims that it has 24/7 customer service support. Investors can contact the broker at +15185682552 or firstname.lastname@example.org. While contact details may be good for you, we suggest you do not contact this broker. This is because the broker’s credibility is questionable and trusting them with personal details is risky. In any case, they will use such details to cold call and manipulate you.
Cloxyields Deposit and Withdrawal Policy
When assessing a broker, it is crucial to consider the deposit method and ensure you can file for a chargeback. Most legit brokers do not limit your deposit options, as they have no intention of stealing from you. Thus when you deposit your money, you use the most convenient channel and can identify the recipient if you wish.
According to its website, Cloxyields accepts deposits via Bitcoin, credit card, Paypal, Skrill, and Neteller. However, its deposit menu limits deposits to crypto wallets, another serious red flag! Cryptocurrency transactions are risky due to their anonymous nature. Put differently, you cannot tell who the recipient of the money is. Again, these transactions are not reversible. This means you lose your money the minute you deposit, as you cannot file for a refund. Regarding withdrawals, the broker claims to execute them in 96 hours.
Cloxyields has four investment plans. The standard plan has a minimum deposit requirement of USD 200 and a daily interest of 2.00%. Next, the premium plan has a minimum funding threshold of $2000 and a daily interest of 3 %. The third account is the professional with a deposit threshold of $18000 and 6 % daily interest. Lastly, the silver plan has a daily interest of 4 percent. The broker has Standard, ECN, and Family accounts for trading accounts. Also, the broker claims to have a demo account where new traders can acquaint themselves before getting into live trading.
The broker has high trade volumes, which is not right with us. Usually, scam brokers have a high funding threshold to get as much as possible from you. On the Contrary, legit brokers offer accounts for as low as $10. The low threshold helps you to first explore their package without risking much money.
Cloxyields Regulation & Licensure
The best way to confirm a broker’s licensure and regulation is to check with the respective regulatory body. Cloxyields claims to be under FCA, CMB, and KNF regulations. Since the broker claims to be in the U.S, we checked with the U.S commodity futures trading commission (CFTC) and found no matching credentials. Also, the broker is missing from the national futures association (NFA), which is strange because all CFD brokers have to be members of this body.
Also, Cloxyields is missing from the FCA’s register despite claiming offices and authorization to operate in the U.K. We did not check with the other brokers as we expected similar results- no matching credentials.
Falsifying location and legitimacy can only be explained by one thing- this is an unregulated offshore broker! Such brokers expose you to significant risk as they are not accountable for how they handle your money. This also makes it easier for them to defraud you and get away with it. Avoid this broker.
Trading conditions are vital in setting the ground rules for investor and broker engagement. The T&Cs, KYC, AML, and Risk and Disclosure policies clarify these conditions. Unfortunately, Cloxyields does not attach the legal document to evaluate trading conditions. The T&Cs are incoherent and vague.
Information regarding the leverage and spreads is also unavailable. This is a costly omission, and it would be unwise to take a broker making such a mistake seriously. Additionally, the broker offers a 50 % bonus for initial deposits. This indicates an unregulated broker as forex regulators frown on bonus issuance. We also find it odd that the broker promises fixated returns, a practice that distances it from genuine brokers. Authentic brokers make promises on returns as they are unpredictable.
Customer reviews help to get a clearer picture of a broker. However, this does not mean you should rely on them entirely. Remember that such experiences are highly subjective, which casts shade on their credence. Surprisingly, the available customer reviews are positive, and we suspect foul play. Most scam brokers manipulate reviews to save face or prompt users from lying for referral commissions. Ignore reviews for a scam broker, as you will not find an ounce of truth.
Considering the issues raised, we can confidently label this broker as a scam. Investors should not condone the falsifications of legitimacy and omission of material information evident with this broker. This broker is not remotely close to transparency, let alone being genuine, and, subsequently, we suggest that you be careful in your search for a reliable crypto investment broker.