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- - Or is there an excessive delay in processing your withdrawal?
- - Are they trying to push you into depositing more money with them even without withdrawing the one you've already put in?
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Crypgraph has no phone number but has an email. Also, they have provided a method of contacting them through the Telegram messaging app. This is a red flag because Telegram is very insecure. It is possible to chat and hide your identity through this app, making it unsafe and unreliable.
Crypgraph is a scam broker pretending to be a reliable trading services provider. This broker promises access to instruments, such as forex, commodities, cryptos, indices and stocks. After scouring through its website, we realized this broker was up to no good.
Anyone can access the forex market. While knowing how it functions is an added benefit, beginners can start with a small investment and gradually learn by gaining expertise over time. This is particularly as the financial world expands and new markets emerge, characterized by new trading investment opportunities. The potential for growth of this investment space is limitless.
Currency trading management is a factor for novice and veteran traders, whose importance we cannot emphasize enough. In the world of forex trading, many traders lose money because of their ignorance and lack of experience, which causes them to disregard the money management concepts in their trading strategy.
That said, there are things you should do to ensure that you invest the right way in this space. The first is choosing legalized crypto brokers. To do this, you must have some basics at your fingertips, especially pinpointing a scam. This subsequent review sheds some light on that.
It’s not clear which company owns this broker. The whois database indicates that this broker registered its domain only recently, on 19 October 2022. We don’t
view this broker as viable enough, and neither should you. We always urge investors to go for brokers with an established track record and reputation, which puts this broker out of the picture.
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Crypgraph assures its users of a cross-asset trading terminal with exceptional trading conditions. This will allegedly allow them to diversify their portfolio. The advantages of this platform are reportedly market reports and research, competitive spreads, zero fees & commissions, and low-risk trading. Despite promising solid customer support, this broker has not provided telephone contact. You are supposed to contact them via a weird thread. This undermines the validity of any of the broker’s claims.
Deposit & Withdraw Rules
The broker’s website reveals that it accepts payments via Stripe, Master card, Visa card, PayPal and Pay. Nevertheless, we could not confirm this as we couldn’t open an account. We urge investors to stick to reputable brokers with flexible payment options that are indiscreet and allow transaction reversal. One of these methods is the credit card.
There is a $50 fee for wire transfers, a $35 for credit cards, and a $25 fee for e-wallets. Then there is a 10 percent charge on accounts withdrawals not meeting the 200 turnovers. The minimum withdrawal for wire transfers is 250 GBP/EUR/USD but 100 GBP/EUR/USD for other methods. There are hazy hints of extra fees and levies, but there aren’t details on these. We know that they will likely be using them at some point.
CrypGraph Investment Plan
Crypgraph has seven accounts categorized based on investors’ knowledge, expectations, future goals and trading capabilities. The basic account has a deposit requirement of $250-5000.
Account holders access a one trial version of trading lessons, 100 trade instruments and 3 weekly signals. Investors interested in the bronze account must deposit at least $5001-15000. Investors in this plan access weekly trading lessons, 100 trading instruments, and 6 weekly signals. Third, the silver account has a funding threshold of $15001-50000. Silver investors access unlimited trading lessons, 300 trade instruments and 3 daily signals.
Next, the gold account has a funding threshold of $50001-150000. The perks for this account include 500 trade instruments, unlimited trading lessons and signals. The threshold for the platinum account ranges from $150001-500000.
Platinum investors access 1000 trade instruments and limitless lessons and signals. The diamond account requires $50000 to 1m while the black account requires deposits over 1M. Traders in the last two accounts access corporate signals, 5000 trade instruments, video courses, and wealth management.
The minimum deposit for the cheapest account is fair. However, we urge you to consider more viable options. You can get regulated brokers with accounts going for only few dollars.
A broker is only as good as its regulation, underscoring the need to verify whether a broker’s operations are monitored. Confirming regulation is simple, and an agency registry can reveal as much. The broker claims to comply with Estonian law, as evidenced by its legal documentation.
The official Estonian forex regulator is the Ministry of Economic Affairs and Communications of the Republic of Estonia. We sifted through the regulator’s database but couldn’t find any information that matched, signaling the broker was unregulated.
We insist on licensed brokers for a reason. These uphold the regulator’s guidelines and also guarantee the funds’ security. Regulated brokers segregate investors’ funds into separate accounts to ensure they are used only for the intended purpose.
Additionally, the brokers afford you zero balance protection to keep your account from overdrawing- meaning you can’t lose more than your balance allows. Moreover, the broker contributes to the Compensation Fund, covering you for eventualities such as bankruptcy. Lastly, there is a provision to take legal action against a broker in case of a dispute.
Although the broker has attached legal documents, they contradict each other. For instance, the Deposit & Withdraw policy states that accounts dormant for 6 months attract a deduction of 10 percent per month. Details on the T&Cs, however, indicate that an account will be rendered dormant after 3 months.
In another instance, the Deposit and Withdrawal policy states that investors awarded bonuses must trade for a minimum of 25 times the sum of deposits and bonuses before requesting a withdrawal. On the other hand, the T&Cs indicate that investors must meet a trading turnover of 30 times the sum of bonuses and deposits. Why are there discrepancies when the two documents belong to the same broker?
On EURUSD, the spreads were using 3 pips. The industry average for that pair is roughly 1.5 pip, which is absurdly excessive. With such a spread, you would have to pay $30 for each lot you trade which is unlikely to provide any reasonable returns.
The broker advertises a 1:100 leverage. Although the level is not as high, it still breaches the capping set by most forex oversight agencies. The UK’s FCA, Australia’s ASIC, and EU’s CySEC limit leverage to 1:30. Similarly, the US’s CFTC and Canada’s IIROC cap their leverage at 1:50. While the capping may sometimes be viewed as a hindrance, it is there for investors’ interests. The reason being it buffers you from excessive losses.
CrypGraph Trading Software
The MT4 has become the market standard for forex, probably due to its technological sophistication and compliance with different exchanges and markets. Additionally, it offers cutting-edge technology and improved security, allowing traders to execute trades without fussing about the reliability of their platform.
Additionally, the platform comes pre-installed with more than fifty technical indications, nine timeframes, and three chart timings are available to MT4 users. These crucial aspects enable a trader to monitor the market accurately, enabling timely entries and exits. The advanced version of MT4, MT5, has more pending orders, timeframes, and technical indicators.
Crypgraph provides access to a standard web-based trading platform. If you are a complete newbie, such software is suitable enough, but it lacks the robust functionality and intuitiveness of leading platforms like MT5 or MT4. Thus, for experienced traders, the web-based trading platform might short-change you. Look for brokers with a capable trading platform.
Viable forex investment goes hand in hand with regulation. If a broker falls under a financial watchdog, this translates to a mutually beneficial trade arrangement. Not so for scammers like Crypgraph. These jeopardize your investment prospects and steal from you.
Way out? Look for legalized crypto brokers who can guarantee your funds’ security at a minimum. Even without hyping their deal, you can trade comfortably, knowing your funds are safe. You can agree that that’s not too much to ask of a broker.